The following table sets forth the significant expenses that comprise the line item “Property expenses” in our calculation of consolidated net income (in the accompanying consolidated statements of operations) for the years ended December 31, 2025, 2024 and 2023 (in thousands).


	Year Ended December 31,
	2025		2024		2023
Recoverable property expenses(1)	$	193,824	$	179,592	$	157,537
Non-recoverable property expenses(2)	33,901		30,668		26,942
Property expenses	$	227,725	$	210,260	$	184,479

(1)Recoverable property expenses include real estate taxes, insurance, repairs and maintenance, utilities and management fee expenses which can be billed back to tenants as a form of additional revenue.

(2)Non-recoverable property expenses include overhead allocation expenses and other property expenses directly associated with operating our properties which cannot be billed back to tenants.