For the Three Months Ended March 31, 2026

All other &

Real estate

eliminations,

 

segment

 

net

 

Consolidated

For the period ended March 31, 2026:

Income:

Lease Income

$

1,631,420

$

(2,888)

$

1,628,532

Management fees and other revenues

—

40,189

Other Income

39,432

48,940

88,372

Total

1,670,852

86,241

1,757,093

Expenses:

Property Operating

225,918

(55,158)

170,760

Real estate taxes

139,063

(3,103)

135,960

Repairs and maintenance

39,503

697

40,200

Advertising and promotion

35,820

(1,890)

33,930

Other

22,791

10,424

33,215

Total

463,095

(49,030)

414,065

NOI of consolidated entities

$

1,207,757

$

135,271

$

1,343,028

Other Income:

Income and other tax benefit

19,934

Unrealized gains in fair value of publicly traded equity instruments and derivative instrument, net

25,388

Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net

64,339

Other Expenses:

Depreciation and amortization

458,898

Home and regional office costs

67,656

General and administrative

54,299

Interest expense

275,662

Income from unconsolidated entities

21,248

Loss due to disposal, exchange, or revaluation of equity interests, net

6,379

Other expense

12

Consolidated Net Income

$

568,535