Basic (loss) earnings per share (“EPS”) is calculated by dividing net loss or earnings, as applicable, attributable to the Company’s common shareholders by the weighted average number of common shares outstanding for the period including

participating securities, if applicable. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares and then shared in the earnings of the Company. OP Units are convertible into Class I Common Shares of the Company on a 1:1 basis and are allocated income on the same basis as common shares of the Company. Therefore, the result of an assumed conversion of the OP Units would have neither a dilutive nor anti-dilutive effect on earnings per share. Accordingly, basic (loss) EPS is the same as diluted (loss) EPS for the three months ended March 31, 2025 and 2024. The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the three months ended March 31, 2025 and 2024, respectively:


	Three months ended March 31,
	2025			2024
Numerator
Net (loss)	$	(617,000	)	$	(589,000	)
Net loss attributable to noncontrolling interests		217,000			199,000
Net (loss) attributable to common shareholders, basic and diluted	$	(400,000	)	$	(390,000	)

Denominator
Weighted average number of common shares outstanding, basic and diluted		16,521,673			15,705,274

Net (loss) per common share attributable to common shareholders, basic and diluted	$	(0.02	)	$	(0.02	)