Net income per common share has been computed pursuant to the guidance in the ASC Topic 260, Earnings per Share. Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted-average number of common shares outstanding for the period. The guidance requires the classification of the Company’s unvested LTIP Units, which contain rights to receive non-forfeitable dividends or dividend equivalents, as participating securities requiring the two-class method of computing earnings per share. Diluted earnings per share is similarly calculated; however, the denominator is increased to reflect the potential dilutive effect of the Company’s outstanding unvested RSUs, LTIP Units, and unsettled shares under open forward equity contracts, determined using the treasury stock method, as well as OP Units, determined using the if-converted method. The Company has noncontrolling interests in the form of OP Units which are convertible into common stock and represent potentially dilutive securities, as the OP Units may be redeemed for cash or, at the Company’s election, exchanged for shares of the Company’s common stock on a one-for-one basis.




	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator:
Net income	$	6,311	$	3,289	$	12,022	$	4,989
Less: net income attributable to noncontrolling interest	(26)		(17)		(50)		(26)
Less: net income allocated to unvested LTIP Units	(54)		—		(83)		—

Net income attributable to common shares, basic	6,231		3,272		11,889		4,963
Net income attributable to noncontrolling interest	26		17		50		26
Net income attributable to common shares, diluted	$	6,257	$	3,289	$	11,939	$	4,989

Denominator:
Weighted average common shares outstanding, basic	97,354,281		81,895,840		96,454,101		81,770,860
Effect of dilutive shares for diluted net income per common share:
OP Units	402,654		424,956		405,170		424,956
Unvested RSUs and LTIP Units	540,449		173,333		532,697		118,205
Unsettled shares under open forward equity contracts	4,491,613		—		3,561,337		—
Weighted average common shares outstanding, diluted	102,788,997		82,494,129		100,953,305		82,314,021

Net income available to common stockholders per common share, basic	$	0.06	$	0.04	$	0.12	$	0.06
Net income available to common stockholders per common share, diluted	$	0.06	$	0.04	$	0.12	$	0.06

The three months ended June 30, 2026 exclude the impact of 5,800 unsettled shares under open forward equity contracts, and the three months ended June 30, 2025 exclude the impact of 111,161 unvested RSUs and 751,523 unsettled shares under open forward equity contracts, as such conversion would be antidilutive.

The six months ended June 30, 2026 exclude the impact of 62,803 unvested RSUs and LTIP Units and 7,999 unsettled shares under open forward equity contracts, and the six months ended June 30, 2025 exclude the impact of 264,106 unvested RSUs and 1,319,159 unsettled shares under open forward equity contracts, as such conversion would be antidilutive.