| Schedule of Segment Reporting Information, by Segment |
Below is a summary of financial information for the three and six months ended June 30, 2025 and 2024. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended June 30, | | For the Six Months
Ended June 30, | | (Amounts in thousands) | | 2025 | | 2024 | | 2025 | | 2024 | | Rental revenues | | $ | 51,589 | | | $ | 53,392 | | | $ | 106,504 | | | $ | 114,789 | | | Real estate tax expense | | (14,758) | | | (14,453) | | | (29,684) | | | (28,913) | | | Other segment expenses (1) | | (11,176) | | | (10,538) | | | (21,814) | | | (21,341) | | | Total operating expenses | | (25,934) | | | (24,991) | | | (51,498) | | | (50,254) | | | NOI | | $ | 25,655 | | | $ | 28,401 | | | $ | 55,006 | | | $ | 64,535 | | | | | | | | | | | | | (1) | Includes various expenses associated with operating our properties including but not limited to ground rent, insurance, repairs and maintenance and utilities. |
Below is a reconciliation of NOI to net income for the three and six months ended June 30, 2025 and 2024. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended June 30, | | For the Six Months
Ended June 30, | | (Amounts in thousands) | | 2025 | | 2024 | | 2025 | | 2024 | | NOI | | $ | 25,655 | | | $ | 28,401 | | | $ | 55,006 | | | $ | 64,535 | | | Interest and debt expense | | (12,801) | | | (16,219) | | | (23,595) | | | (32,453) | | | Interest and other income | | 3,928 | | | 7,054 | | | 7,873 | | | 14,216 | | | General and administrative | | (1,955) | | | (2,159) | | | (3,546) | | | (3,635) | | | Depreciation and amortization | | (8,707) | | | (8,697) | | | (17,306) | | | (18,174) | | | Net income | | $ | 6,120 | | | $ | 8,380 | | | $ | 18,432 | | | $ | 24,489 | |
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