| Schedule of Reconciliation of Net Income |
The following table reconciles net income, the most directly comparable GAAP measure, to NOI: | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30 | | Six months ended June 30 | | 2026 | | 2025 | | 2026 | | 2025 | | Net income | $ | 1,369 | | | $ | 95,942 | | | $ | 6,553 | | | $ | 102,734 | | | Adjustments to reconcile to NOI: | | | | | | | | | Other income and expense, net | (29) | | | (942) | | | (344) | | | (1,549) | | | Interest expense, net | 11,328 | | | 8,346 | | | 21,413 | | | 16,668 | | | | | | | | | | | Gain on sale of investment properties | — | | | (90,909) | | | — | | | (90,909) | | | | | | | | | | | Depreciation and amortization | 38,660 | | | 30,738 | | | 75,045 | | | 61,352 | | | General and administrative | 8,942 | | | 8,706 | | | 18,261 | | | 17,253 | | | Adjustments to NOI (a) | (2,726) | | | (1,981) | | | (6,964) | | | (3,780) | | | NOI | $ | 57,544 | | | $ | 49,900 | | | $ | 113,964 | | | $ | 101,769 | |
(a)Adjustments to NOI include lease termination income and expense and GAAP Rent Adjustments.
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| Schedule of Disaggregation of Property Operating Expenses |
The following table presents the disaggregation of property operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30 | | Six months ended June 30 | | 2026 | | 2025 | | 2026 | | 2025 | | Repairs and maintenance | $ | 4,919 | | | $ | 3,833 | | | $ | 9,067 | | | $ | 7,208 | | | Payroll, benefits, and office | 2,618 | | | 2,610 | | | 5,480 | | | 5,365 | | | Utilities and waste removal | 2,842 | | | 2,527 | | | 5,544 | | | 4,989 | | | Property insurance | 1,218 | | | 1,586 | | | 2,551 | | | 2,916 | | | Security, legal, and other | 1,056 | | | 920 | | | 2,032 | | | 1,745 | | | | | | | | | | | Property operating expenses | $ | 12,653 | | | $ | 11,476 | | | $ | 24,674 | | | $ | 22,223 | |
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