Below is a summary of financial information for the three months ended March 31, 2026 and 2025.


		For the Three Months Ended March 31,
(Amounts in thousands)		2026		2025
	Rental revenues	$	53,412	$	54,915
	Real estate tax expense	(16,105)		(14,926)
	Other segment expenses (1)	(12,875)		(10,638)
	Total operating expenses	(28,980)		(25,564)
	NOI	$	24,432	$	29,351

(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 months ended March 31, 2026 and 2025.


		For the Three Months Ended March 31,
(Amounts in thousands)		2026		2025
	NOI	$	24,432	$	29,351
	Interest and debt expense	(10,729)		(10,794)
	Interest and other income	1,446		3,945
	General and administrative	(1,713)		(1,591)
	Depreciation and amortization	(8,774)		(8,599)
	Net income	$	4,662	$	12,312