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Earnings Per Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

The two class method is used to determine earnings per share because unvested restricted shares and unvested LTIP units are considered to be participating shares. The LTIP units held by the non-controlling interest holders, which may be converted to common shares of beneficial interest, have been excluded from the denominator of the diluted earnings per share calculation as there would be no effect on the amounts since limited partners' share of income or loss would also be added back to net income or loss. Unvested restricted shares, unvested long-term incentive plan units and unvested Class A Performance LTIP units that could potentially dilute basic earnings per share in the future would not be included in the computation of diluted loss per share for the periods where a loss has been recorded, because they would have been anti-dilutive for the periods presented. For the years ended December 31, 2024, 2023 and 2022, the Company excluded 414,635, 157,641 and zero, respectively, of unvested shares and units as their effect would have been anti-dilutive.

The following is a reconciliation of the amounts used in calculating basic and diluted net income per share (in thousands, except share and per share data):

			For the year ended
			December 31,
			2024						2023						2022
Numerator:
Net (loss) income attributable to common shareholders			$	(3,784)					$	(5,306)					$	1,855
Dividends paid on unvested shares and units			(127)						(110)						(25)
Net (loss) income attributable to common shareholders			$	(3,911)					$	(5,416)					$	1,830
Denominator:
Weighted average number of common shares - basic			48,900,997						48,847,386						48,795,642
Effect of dilutive securities:
Unvested shares and units			—						—						263,080
Weighted average number of common shares - diluted			48,900,997						48,847,386						49,058,722
Basic (loss) income per common share:
Net (loss) income attributable to common shareholders per weighted average basic common share			$	(0.08)					$	(0.11)					$	0.04
Diluted (loss) income per common share:
Net (loss) income attributable to common shareholders per weighted average diluted common share			$	(0.08)					$	(0.11)					$	0.04

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- References

No definition available.

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- Definition

The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/260/tableOfContent

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-3

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