Earnings Per Share

3 Months Ended

Mar. 31, 2026

EPS is calculated by dividing net income attributable to common stockholders by the weighted average number of shares outstanding for the period. The following table presents a reconciliation of income from operations used in the basic and diluted EPS calculations (dollars in thousands, except share and per share data).


	For the Three Months Ended March 31,
	2026		2025

Numerator for earnings per share – basic and diluted:
Net income attributable to common stockholders	$	3,826	$	2,082
Less: Income attributable to participating securities	(770)		(590)
Numerator for earnings per share — basic and diluted	$	3,056	$	1,492

Denominator:
Weighted average common shares outstanding used in basic earnings per share	27,071,695		23,216,150
Effect of dilutive shares for diluted net income per share:
Unsettled shares under open forward equity issuance	121,616		—
Unvested RSUs	119,782		—

Weighted average common shares outstanding used in diluted earnings per share (1)	27,313,093		23,216,150
Basic earnings per share	$	0.11	$	0.06
Diluted earnings per share	$	0.11	$	0.06

Explanatory Note:

(1) Diluted EPS reflects the potential dilution of the conversion of obligations and the assumed exercises of securities including the effects of restricted shares and RSUs issued under the Company’s 2019 Equity Incentive Plan (the “Plan”) (See Note 11. Stockholders’ Equity). The effect of such restricted shares would not be dilutive and were not included in the computation of weighted average number of shares outstanding for the periods presented in the table above. Unvested RSUs subject to performance based measures are considered contingently issuable and are included in earnings per share if the effect is dilutive using the treasury stock method and the RSUs would be issuable if the end of the reporting period were the end of the contingency period. For the three months ended March 31, 2026, the effect of approximately 98,000 unvested RSUs were excluded from the computation because these RSUs either would not have been issuable if the end of the reporting period were the end of the contingency period or because they were anti-dilutive. For the three months ended March 31, 2025, there were no materially dilutive securities issuances. The three months ended March 31, 2026 exclude the effect of approximately 627,000 unsettled shares under open forward equity contracts, as the effect would have been antidilutive. OP Units and LTIP Units are redeemable for cash or, at the Company’s option, shares of Class A common stock on an one-for-one basis. The income allocable to such OP Units and LTIP Units is allocated on this same basis and reflected as non-controlling interests in these unaudited Consolidated Financial Statements. As such, the assumed conversion of these OP Units and LTIP Units would have no net impact on the determination of diluted EPS.