| Schedule of Financial Information |
Below is a summary of financial information for the three and six months ended June 30, 2026 and 2025. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended June 30, | | For the Six Months Ended June 30, | | (Amounts in thousands) | | 2026 | | 2025 | | 2026 | | 2025 | | Rental revenues | | $ | 54,711 | | | $ | 51,589 | | | $ | 108,123 | | | $ | 106,504 | | | Real estate tax expense | | (15,568) | | | (14,758) | | | (31,673) | | | (29,684) | | | Other segment expenses (1) | | (11,175) | | | (11,176) | | | (24,050) | | | (21,814) | | | Total operating expenses | | (26,743) | | | (25,934) | | | (55,723) | | | (51,498) | | | NOI | | $ | 27,968 | | | $ | 25,655 | | | $ | 52,400 | | | $ | 55,006 | | | | | | | | | | | | | (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 and six months ended June 30, 2026 and 2025. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended June 30, | | For the Six Months Ended June 30, | | (Amounts in thousands) | 2026 | | 2025 | | 2026 | | 2025 | | NOI | $ | 27,968 | | | $ | 25,655 | | | $ | 52,400 | | | $ | 55,006 | | | Interest and debt expense | (10,796) | | | (12,801) | | | (21,525) | | | (23,595) | | | Interest and other income | 1,684 | | | 3,928 | | | 3,130 | | | 7,873 | | | General and administrative | (3,266) | | | (1,955) | | | (4,979) | | | (3,546) | | | Depreciation and amortization | (8,230) | | | (8,707) | | | (17,004) | | | (17,306) | | | Net gain on sale of real estate | 148,002 | | | — | | | 148,002 | | | — | | | Net income | $ | 155,362 | | | $ | 6,120 | | | $ | 160,024 | | | $ | 18,432 | |
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