For the three and six months ended June 30, 2026 and 2025, the business management fees, incentive management fees, property management fees, construction supervision fees and expense reimbursements recognized in our condensed consolidated financial statements were as follows:



		Three Months Ended June 30,				Six Months Ended June 30,
	Financial Statement Line Item	2026		2025		2026		2025
Pursuant to business management agreement:
Business management fees	General and administrative expenses	$	6,024	$	5,754	$	11,816	$	11,489
Incentive management fees	General and administrative expenses	2,834		1,311		4,401		2,278
Total		$	8,858	$	7,065	$	16,217	$	13,767

Pursuant to property management agreement:


Property management fees	Other operating expenses	$	3,371	$	3,238	$	6,720	$	6,505
Construction supervision fees	Buildings and improvements (1)	159		87		240		117
Total		$	3,530	$	3,325	$	6,960	$	6,622

Expense reimbursement:
Other expenses	General and administrative expenses	$	44	$	51	$	88	$	101
Property level expenses	Other operating expenses	1,498		1,736		3,032		3,306
Total		$	1,542	$	1,787	$	3,120	$	3,407