| Schedule of Segment Reporting Information, by Segment |
Below is a summary of financial information for the years ended December 31, 2025, 2024 and 2023. | | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | (Amounts in thousands) | 2025 | | 2024 | | 2023 | | Rental revenues | $ | 213,183 | | | $ | 226,374 | | | $ | 224,962 | | | Real estate tax expense | (61,665) | | | (59,256) | | | (57,722) | | | Other segment expenses (1) | (44,711) | | | (43,984) | | | (43,488) | | | Total operating expenses | (106,376) | | | (103,240) | | | (101,210) | | | NOI | | $ | 106,807 | | | $ | 123,134 | | | $ | 123,752 | | | | | | | | | | | (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 years ended December 31, 2025, 2024 and 2023. | | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | (Amounts in thousands) | 2025 | | 2024 | | 2023 | | NOI | $ | 106,807 | | | $ | 123,134 | | | $ | 123,752 | | | Net gain on sale of real estate | — | | | — | | | 53,952 | | | Interest and debt expense | (51,624) | | | (62,818) | | | (58,297) | | | Interest and other income | 14,657 | | | 24,429 | | | 22,245 | | | General and administrative | (6,555) | | | (6,519) | | | (6,341) | | | Depreciation and amortization | (35,061) | | | (34,782) | | | (32,898) | | | Net income | $ | 28,224 | | | $ | 43,444 | | | $ | 102,413 | |
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