EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2026

The following is a summary of the components used to calculate basic and diluted earnings per share (in thousands, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Numerator:
Net loss	$	(5,183)	$	(11,760)	$	(1,361)	$	(9,100)
Adjusted for:
Distributions to and accretion of redeemable non-controlling interests	(656)		(656)		(1,970)		(1,970)
Preferred dividends	(3,968)		(3,968)		(11,906)		(11,906)
Losses (income) attributable to non-controlling interests in joint ventures	1,217		3,565		(727)		3,051
Dividends paid on unvested time-based restricted stock	(121)		(113)		(372)		(324)
Allocation of loss to Common Units	935		1,415		1,735		2,211




Numerator for loss per common stockholder - basic and diluted	$	(7,776)	$	(11,517)	$	(14,601)	$	(18,038)

Denominator:





Weighted average common shares outstanding - basic and diluted	104,856		105,889		105,112		107,169

Net loss per share available to common stockholders:
Basic and diluted	$	(0.07)	$	(0.11)	$	(0.14)	$	(0.17)