Basic income (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 income (loss) EPS is the same as diluted income (loss) EPS for the three months ended June 30, 2025 and 2024. The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the six months ended June 30, 2025 and 2024, respectively:


	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
Numerator
Net income (loss)	$	4,664,000		$	(25,000	)	$	4,047,000		$	(614,000	)
Net loss attributable to noncontrolling interests		(1,652,000	)		6,000			(1,435,000	)		205,000
Net income (loss) attributable to common shareholders, basic and diluted	$	3,012,000		$	(19,000	)	$	2,612,000		$	(409,000	)

Denominator
Weighted average number of common shares outstanding, basic and diluted		16,615,390			16,112,050			16,568,790			15,908,667

Net income (loss) per common share attributable to common shareholders, basic and diluted	$	0.18		$	(0.00	)	$	0.16		$	(0.03	)