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1902000

-0 1000

2724000

3420000

29936000

-0

-24192000

-109198000

-925000

-926000

47622000

43452000

46697000

42526000

22513000

19491000

24184000

23035000

46697000

42526000

<a class="rdg-anchor" href="#"></a><a class="rdg-anchor" href="#" id="notes"></a>NOTE 1: Organization Independence Realty Trust, Inc. (“IRT”), is a self-administered and self-managed Maryland corporation that was formed on March 26, 2009 and that has elected to be taxed as a real estate investment trust (“REIT”). We are primarily engaged in the ownership, operation, management, improvement, and acquisition of multifamily apartment communities in non-gateway markets. As of June 30, 2026, we owned and operated 116 multifamily apartment properties (including one owned through a consolidated joint venture) that contain an aggregate of 33,898 units across non-gateway U.S. markets, including Atlanta, Columbus, Dallas, Denver, Houston, Indianapolis, Nashville, Oklahoma City, Raleigh-Durham, and Tampa. In addition, as of June 30, 2026, we owned one newly developed property in Austin, Texas, that is currently in lease‑up and contains 378 units. As of June 30, 2026, we also owned interests in three unconsolidated joint ventures, one of which owns and operates a multifamily apartment community that contains 275 units and two of which are developing multifamily apartment communities that will, upon completion, contain an aggregate of 642 units. We own all of our assets and conduct substantially all of our operations through Independence Realty Operating Partnership, LP, a Delaware limited partnership (“IROP”), of which we are the sole general partner. As used herein, the terms “we,” “our,” and “us” refer to IRT and, as required by context, IROP and its subsidiaries.

116

33898

378 275 642

NOTE 2: Summary of Significant Accounting Policies a. Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared by management in accordance with generally accepted accounting principles in the United States (“GAAP”). Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations, although we believe that the included disclosures are adequate to make the information presented not misleading. The unaudited interim condensed consolidated financial statements should be read in conjunction with our audited financial statements as of and for the year ended December 31, 2025 included in our Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Annual Report”). In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our condensed consolidated financial position and condensed consolidated results of operations and cash flows are included. The results of operations for the interim periods presented are not necessarily indicative of the results for the full year. The Company evaluated subsequent events through the date its financial statements were issued. No significant recognized or non-recognized subsequent events were noted other than those described in the footnotes. b. Principles of Consolidation The condensed consolidated financial statements reflect our accounts and the accounts of IROP and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Pursuant to the Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification Topic 810, “Consolidation”, IROP is considered a variable interest entity of which we are the primary beneficiary. As our significant asset is our investment in IROP, substantially all of our assets and liabilities represent the assets and liabilities of IROP. c. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. d. Cash and Cash Equivalents Cash and cash equivalents include cash held in banks and highly liquid investments with original maturities of three months or less when purchased. Cash, including amounts restricted, may at times exceed the Federal Deposit Insurance Corporation deposit insurance limit of $250 per institution. We mitigate credit risk by placing cash and cash equivalents with major financial institutions. To date, we have not experienced any losses on cash and cash equivalents. e. Restricted Cash Restricted cash includes escrows of our funds held by lenders to fund certain expenditures, such as real estate taxes and insurance, or to be released at our discretion upon the occurrence of certain pre-specified events. As of June 30, 2026 and December 31, 2025, we had $24,184 and $24,058, respectively, of restricted cash. f. Investments in Real Estate Investments in real estate are recorded at cost less accumulated depreciation. Costs, including internal costs, that both add value and appreciably extend the useful life of an asset are capitalized. Expenditures for repairs and maintenance are expensed as incurred. Investments in real estate are classified as held for sale in the period in which certain criteria are met including when the sale of the asset is probable, necessary approvals are obtained, and actions required to complete the plan of sale indicate that it is unlikely that significant changes to the plan of sale will be made or the plan of sale will be withdrawn. Allocation of Purchase Price of Acquired Assets In accordance with FASB ASC Topic 805 (“ASC 805”), we evaluate our real estate acquisitions to determine if they should be accounted for as a business or as a group of assets. The evaluation includes an initial screen to determine if substantially all of the fair value of the gross assets acquired is concentrated in a single asset or group of similar assets. If the screen is met, the acquisition is not a business. The properties we have acquired met the screen test and are accounted for as asset acquisitions. Under asset acquisition accounting, the costs to acquire real estate, including transaction costs related to the acquisition, are accumulated and then allocated to the individual assets and liabilities acquired based upon their relative fair value. Transaction costs and fees incurred related to the financing of an acquisition are capitalized and amortized over the life of the related financing. We estimate the fair value of acquired tangible assets (consisting of land, building and improvements), identified intangible assets (consisting of in-place leases), and assumed debt at the date of acquisition, based on the evaluation of information and estimates available at that date. The aggregate value of in-place leases is determined by evaluating various factors, including the terms of the leases that are in place and assumed lease-up periods. The value assigned to these intangible assets is amortized over the assumed lease up period, typically nine months. During the three and six months ended June 30, 2026, we acquired in-place leases with a value of $0 and $753, respectively, related to our acquisitions that are discussed further in Note 3 “Investments in Real Estate". During the three and six months ended June 30, 2025, we acquired in-place leases with a value of $0 and $1,829, respectively. During the three and six months ended June 30, 2026, we recorded $1,146 and $3,305, respectively, of amortization for intangible assets. During the three and six months ended June 30, 2025, we recorded $1,976 and $3,829, respectively, of amortization for intangible assets. For the six months ended June 30, 2026 and 2025, we wrote-off fully amortized intangible assets of $6,227 and $1,584, respectively. As of June 30, 2026, we expect to record additional amortization expense on current in-place intangible assets of $418 for the remainder of 2026. Impairment of Long-Lived Assets Management evaluates the recoverability of our investments in real estate assets, including related identifiable intangible assets, in accordance with FASB ASC Topic 360, “Property, Plant and Equipment”. This accounting standard requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that recoverability of the assets is not assured. We review our long-lived assets on an ongoing basis and evaluate the recoverability of the carrying value when there is an indicator of impairment. An impairment charge is recognized when it is determined that the carrying value of the asset exceeds the fair value. The estimated cash flows and estimated fair value used in the impairment analysis are determined based on our plans for the respective assets, including the expected hold period, and our assessment of market and economic conditions. The estimates consider matters such as current and historical rental rates and collection levels, occupancies for the respective and/or comparable properties, and recent sales data for comparable properties. Changes in our plans or views of market and economic conditions may result in adjustments to estimated future cash flows, which could lead to recognition of impairment losses. These losses, as guided by the applicable accounting standards, could be significant. For the three and six months ended June 30, 2026 and 2025 we recorded no impairment charges on account of real estate classified as held for sale and sold properties. Depreciation Expense Depreciation expense for real estate assets is computed using a straight-line method based on a life of 40 years for buildings and improvements and five to ten years for furniture, fixtures, and equipment. For the three and six months ended June 30, 2026, we recorded $63,171 and $125,123 of depreciation expense, respectively. For three and six months ended June 30, 2025, we recorded $57,396 and $113,850 of depreciation expense, respectively. During the three and six months ended June 30, 2026, we wrote-off fully depreciated fixed assets of $6,898 and $11,668, respectively. During the three and six months ended June 30, 2025, we wrote-off fully depreciated fixed assets of $8,296 and $16,088, respectively. Casualty Related Costs Occasionally, we incur losses at our communities from wind storms, floods, fires and similar hazards. In these cases, we estimate the carrying value of the damaged property and record a casualty loss for the difference between the estimated carrying value and the insurance proceeds, if any. Any amount of insurance recovery in excess of the amount of the losses incurred is considered a gain contingency and is recorded in casualty (gains) losses, net when the proceeds are received. During the three and six months ended June 30, 2026, we recorded $553 and $476 of casualty gains, net, respectively. During the three and six months ended June 30, 2025, we recorded $255 and $139 of casualty losses, net, respectively. g. Investments in Real Estate Under Development We capitalize direct and indirect project costs incurred during the development period such as construction, insurance, architectural, legal, interest costs, and real estate taxes. At such time as the development is considered substantially complete, the capitalization of certain indirect costs such as real estate taxes, interest costs, and all project-related costs in real estate under development are reclassified to investments in real estate. For the three and six months ended June 30, 2026, we recorded $1,520 and $3,077, respectively, of capitalized interest expense on our investments in real estate under development. For the three and six months ended June 30, 2025, we recorded $1,587 and $3,147, respectively, of capitalized interest expense on our investments in real estate under development. As of June 30, 2026 and December 31, 2025, the carrying value of our investments in real estate under development in Denver, Colorado and Austin, Texas, as applicable, totaled $67,814 and $60,116, respectively, net of $182,934 and $67,511 placed in service, respectively, and was recorded as a separate line item in our condensed consolidated balance sheets. During the three months ended June 30, 2026, our previously disclosed development property in Denver, Colorado was completed and transitioned into our stabilized operating portfolio. h. Investments in Unconsolidated Real Estate Entities We have entered into joint ventures with unrelated third parties to acquire, develop, own, operate, and manage real estate assets. Our joint ventures are funded with a combination of debt and equity. We will consolidate entities that we control as well as any variable interest entity ("VIE") where we are the primary beneficiary. Under the VIE model, we consolidate an entity when we have the ability to direct the activities of the VIE and the obligations to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the voting model, we consolidate an entity when we control the entity through ownership of a majority voting interest. We separately analyzed the initial accounting for each of our investments in unconsolidated real estate entities and concluded that each investment is a voting interest entity. Our equity interest varies for each of our investments in unconsolidated real estate entities between 66.6% and 90% but, in each case, we share control of the major decisions that most significantly impact the joint ventures with our partners. Since we do not control the joint venture through our ownership interest, they are accounted for under the equity method of accounting, and are included in investments in unconsolidated real estate entities on our condensed consolidated balance sheets. Under the equity method of accounting, the investments are carried at cost plus our share of net earnings or losses. For the three and six months ended June 30, 2026, we recorded $466 and $985, respectively, of capitalized interest expense on our investments in unconsolidated real estate entities in our condensed consolidated balance sheets. For the three and six months ended June 30, 2025, we recorded $1,014 and $1,969, respectively, of capitalized interest expense on our investments in unconsolidated real estate entities in our condensed consolidated balance sheets. i. Revenue and Expenses Rental and Other Property Revenue We apply FASB ASC Topic 842, “Leases” (“ASC 842”) with respect to our accounting for rental income. We primarily lease apartment units under operating leases generally with terms of one year or less. Rental payments are generally due monthly and rental revenues are recognized on an accrual basis when earned. We have elected to account for lease (i.e., fixed payments including base rent) and non-lease components (i.e., tenant reimbursements and certain other service fees) as a single combined operating lease component since (1) the timing and pattern of transfer of the lease and non-lease components is the same, (2) the lease component is the predominant element, and (3) the combined single lease component would be classified as an operating lease. We make ongoing estimates of the collectability of our base rents, tenant reimbursements, and other service fees included within rental and other property revenue. If collectability is not probable, we adjust rental and other property income for the amount of uncollectible revenue. j. Derivative Instruments We may use derivative financial instruments to hedge all or a portion of the interest rate risk associated with our borrowings. The principal objective of such arrangements is to minimize the risks and/or costs associated with our operating and financial structure, as well as to hedge specific anticipated transactions. While these instruments may impact our periodic cash flows, they benefit us by minimizing the risks and/or costs previously described. The counterparties to these contractual arrangements are major financial institutions with which we, and our affiliates, may also have other financial relationships. In the event of nonperformance by the counterparties, we are potentially exposed to credit loss. However, because of the high credit ratings of the counterparties, we do not anticipate that any of the counterparties will fail to meet their obligations. In accordance with FASB ASC Topic 815, “Derivatives and Hedging”, we measure each derivative instrument at fair value and record such amounts in our condensed consolidated balance sheets as either an asset or liability. For derivatives designated as cash flow hedges, the changes in the fair value of the effective portions of the derivative are reported in other comprehensive income and changes in the fair value of the ineffective portions of cash flow hedges, if any, are recognized in earnings. For derivatives not designated as hedges, the changes in fair value of the derivative instrument are recognized in earnings. Any derivatives that we designate in hedge relationships are done so at inception. At inception, we determine whether or not the derivative is highly effective in offsetting changes in the designated interest rate risk associated with the identified indebtedness using regression analysis. At each reporting period, we update our regression analysis and use the hypothetical derivative method to measure any ineffectiveness. k. Fair Value of Financial Instruments In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity for disclosure purposes. Assets and liabilities recorded at fair value in our condensed consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels, as defined in FASB ASC Topic 820, “Fair Value Measurements and Disclosures” and directly related to the amount of subjectivity associated with the inputs to fair valuations of these assets and liabilities, are as follows: <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;text-indent:0px;height:auto;width:100%;"><tbody><tr style="vertical-align:top;"><td style="padding:0;width:36pt;"> </td><td style="padding:0;width:36pt;">•</td><td style="padding:0;width:auto;">Level 1: Valuations are based on unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. The types of assets carried at Level 1 fair value generally are equity securities listed in active markets. As such, valuations of these investments do not entail a significant degree of judgment.</td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;text-indent:0px;height:auto;width:100%;"><tbody><tr style="vertical-align:top;"><td style="padding:0;width:36pt;"> </td><td style="padding:0;width:36pt;">•</td><td style="padding:0;width:auto;">Level 2: Valuations are based on quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or for which all significant inputs are observable, either directly or indirectly.</td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;text-indent:0px;height:auto;width:100%;"><tbody><tr style="vertical-align:top;"><td style="padding:0;width:36pt;"> </td><td style="padding:0;width:36pt;">•</td><td style="padding:0;width:auto;">Level 3: Inputs are unobservable for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.</td></tr> </tbody></table> FASB ASC Topic 825, “Financial Instruments” requires disclosure of the fair value of financial instruments for which it is practicable to estimate that value. Given that cash and cash equivalents and restricted cash are short term in nature with limited fair value volatility, the carrying amount is deemed to be a reasonable approximation of fair value and the fair value input is classified as a Level 1 fair value measurement. The fair value input for derivatives is classified as a Level 2 fair value measurement within the fair value hierarchy. The fair value of our unsecured revolver, term loans, and mortgage indebtedness is based on a discounted cash flows valuation technique. As this technique utilizes current credit spreads, which are generally unobservable, this is classified as a Level 3 fair value measurement within the fair value hierarchy. We determine appropriate credit spreads based on the type of debt and its maturity. There were no transfers between levels in the fair value hierarchy for the six months ended June 30, 2026. The following table summarizes the carrying amount and the fair value of our financial instruments as of the periods indicated: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:"Times New Roman", Times, serif;font-size:10pt;text-indent:0px;height:auto;width:100%;"><tbody><tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:44%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td colspan="6" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;width:15%;">As of June 30, 2026</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td colspan="6" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;width:15%;">As of December 31, 2025</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:44%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td colspan="2" style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;width:1%;">Carrying</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td colspan="2" style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;width:1%;">Estimated</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td colspan="2" style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;width:1%;">Carrying</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td colspan="2" style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;width:1%;">Estimated</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:44%;">Financial Instrument</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;width:1%;">Amount</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;width:1%;">Fair Value</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;width:1%;">Amount</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;width:1%;">Fair Value</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:44%;">Assets</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:44%;">Cash and cash equivalents</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;">$</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">22,513</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;">$</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">22,513</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;">$</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">23,564</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;">$</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">23,564</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:44%;">Restricted cash</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">24,184</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">24,184</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">24,058</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">24,058</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:44%;">Derivative assets</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">14,850</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">14,850</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">9,840</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">9,840</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:44%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:44%;">Liabilities</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:44%;">Debt:</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:44%;">Unsecured revolver</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">265,563</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">270,137</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">194,357</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">200,399</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:44%;">Unsecured term loans</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">746,421</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">751,797</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">598,858</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">602,687</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:44%;">Secured credit facilities</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">586,334</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">560,805</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">593,167</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">569,169</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:44%;">Mortgages</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">696,043</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">664,482</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">746,548</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">717,612</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:44%;">Unsecured notes</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;text-align:right;width:11%;">149,022</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;text-align:right;width:11%;">150,208</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;text-align:right;width:11%;">148,545</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;text-align:right;width:11%;">150,247</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:44%;">Derivative liabilities</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">—</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">—</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">346</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">346</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td></tr> </tbody></table> l. Deferred Financing Costs Costs incurred in connection with debt financing are deferred and classified within indebtedness and charged to interest expense over the terms of the related debt agreements, under the effective interest method. m. Office Leases In accordance with FASB ASC Topic 842, “Leases”, lessees are required to recognize a right-of-use asset and a lease liability on the balance sheet at the lease commencement date for all leases, except those leases with terms of less than a year. We lease corporate office space under leases with terms of up to 10 years and that may include extension options, but that do not include any residual value guarantees or restrictive covenants. As of June 30, 2026 and December 31, 2025, we had $2,461 and $2,771, respectively, of operating lease right-of-use assets and $2,744 and $3,082, respectively, of operating lease liabilities related to our corporate office leases. The operating lease right-of-use assets are presented within other assets and the operating lease liabilities are presented within other liabilities in our condensed consolidated balance sheets. During the three and six months ended June 30, 2026, we recorded $198 and $394, respectively, of total operating lease expense which is recorded within property management expense and general and administrative expenses in our condensed consolidated statements of operations. During the three and six months ended June 30, 2025, we recorded $117 and $237, respectively, of total operating lease expense which is recorded within property management expense and general and administrative expenses in our condensed consolidated statements of operations. n. Income Taxes We have elected to be taxed as a REIT. Accordingly, we recorded no income tax expense for the three and six months ended June 30, 2026 and 2025. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of our ordinary taxable income to stockholders. As a REIT, we generally are not subject to federal income tax on taxable income that we distribute to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income taxes on our taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost unless the Internal Revenue Service grants us relief under certain statutory provisions. Such an event could materially adversely affect our net income and net cash available for distribution to stockholders; however, we believe that we are organized and operate in such a manner as to qualify and maintain treatment as a REIT and intend to operate in such a manner so that we will remain qualified as a REIT for federal income tax purposes. o. Recent Accounting Pronouncements Below is a brief description of recent accounting pronouncements that could have a material effect on our condensed consolidated financial statements. In December 2025, the Financial Accounting Standards Board (“FASB”) issued ASU 2025-12, Codification Improvements, as part of its ongoing project to clarify, correct and improve various topics within the Accounting Standards Codification (“ASC”). The amendments cover 33 specific issues, two of which are particularly relevant to REITs, (i) clarifications on the calculation of diluted earnings per share when a loss from continuing operations exists (Topic 260), and (ii) the exclusion of certain lease receivables from enhanced credit loss disclosures (Topic 310). The standard is effective for the Company for annual reporting periods beginning after December 15, 2026, and interim periods within those years. Early adoption is permitted on an issue-by-issue basis. The Company is currently evaluating the impact of ASU 2025-12 on its consolidated financial position, results of operations and disclosures. In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements. The update is designed to better align hedge accounting with an entity's risk management activities by making targeted improvements to the hedge accounting model. Key amendments include, Similar Risk Assessment, which replaces the “shared risk exposure” requirement for grouping forecasted transactions in a cash flow hedge with a “similar risk exposure” requirement, permitting broader aggregation of hedged risks, Choose-Your-Rate Debt which introduces a model for hedging interest payments on variable-rate borrowings where the borrower can change reference rates without automatically triggering hedge de-designation, and Net Written Options which clarifies that certain instruments, such as, interest rate swaps with floors, may qualify as hedging instruments without being subject to the net written option test, provided. The standard is effective for the Company for annual reporting periods beginning after December 15, 2026, and interim periods within those years. Early adoption is permitted. The guidance is generally required to be applied on a prospective basis. The Company is currently evaluating the impact of ASU 2025-09 on its consolidated financial position, results of operations and disclosures. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which requires disclosure of information about specific cost and expense categories in the notes to the financial statements. This ASU is effective for the Company for annual reporting periods beginning after December 15, 2026, and for interim reporting periods commencing in 2028 and may be applied either prospectively or retrospectively. The Company is currently evaluating the effect that the ASU will have on its consolidated financial position, results of operations and disclosures.

a. Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared by management in accordance with generally accepted accounting principles in the United States (“GAAP”). Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations, although we believe that the included disclosures are adequate to make the information presented not misleading. The unaudited interim condensed consolidated financial statements should be read in conjunction with our audited financial statements as of and for the year ended December 31, 2025 included in our Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Annual Report”). In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our condensed consolidated financial position and condensed consolidated results of operations and cash flows are included. The results of operations for the interim periods presented are not necessarily indicative of the results for the full year. The Company evaluated subsequent events through the date its financial statements were issued. No significant recognized or non-recognized subsequent events were noted other than those described in the footnotes.

b. Principles of Consolidation The condensed consolidated financial statements reflect our accounts and the accounts of IROP and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Pursuant to the Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification Topic 810, “Consolidation”, IROP is considered a variable interest entity of which we are the primary beneficiary. As our significant asset is our investment in IROP, substantially all of our assets and liabilities represent the assets and liabilities of IROP.

c. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.

d. Cash and Cash Equivalents Cash and cash equivalents include cash held in banks and highly liquid investments with original maturities of three months or less when purchased. Cash, including amounts restricted, may at times exceed the Federal Deposit Insurance Corporation deposit insurance limit of $250 per institution. We mitigate credit risk by placing cash and cash equivalents with major financial institutions. To date, we have not experienced any losses on cash and cash equivalents.

e. Restricted Cash Restricted cash includes escrows of our funds held by lenders to fund certain expenditures, such as real estate taxes and insurance, or to be released at our discretion upon the occurrence of certain pre-specified events. As of June 30, 2026 and December 31, 2025, we had $24,184 and $24,058, respectively, of restricted cash.

24184000

24058000

f. Investments in Real Estate Investments in real estate are recorded at cost less accumulated depreciation. Costs, including internal costs, that both add value and appreciably extend the useful life of an asset are capitalized. Expenditures for repairs and maintenance are expensed as incurred. Investments in real estate are classified as held for sale in the period in which certain criteria are met including when the sale of the asset is probable, necessary approvals are obtained, and actions required to complete the plan of sale indicate that it is unlikely that significant changes to the plan of sale will be made or the plan of sale will be withdrawn. Allocation of Purchase Price of Acquired Assets In accordance with FASB ASC Topic 805 (“ASC 805”), we evaluate our real estate acquisitions to determine if they should be accounted for as a business or as a group of assets. The evaluation includes an initial screen to determine if substantially all of the fair value of the gross assets acquired is concentrated in a single asset or group of similar assets. If the screen is met, the acquisition is not a business. The properties we have acquired met the screen test and are accounted for as asset acquisitions. Under asset acquisition accounting, the costs to acquire real estate, including transaction costs related to the acquisition, are accumulated and then allocated to the individual assets and liabilities acquired based upon their relative fair value. Transaction costs and fees incurred related to the financing of an acquisition are capitalized and amortized over the life of the related financing. We estimate the fair value of acquired tangible assets (consisting of land, building and improvements), identified intangible assets (consisting of in-place leases), and assumed debt at the date of acquisition, based on the evaluation of information and estimates available at that date. The aggregate value of in-place leases is determined by evaluating various factors, including the terms of the leases that are in place and assumed lease-up periods. The value assigned to these intangible assets is amortized over the assumed lease up period, typically nine months. During the three and six months ended June 30, 2026, we acquired in-place leases with a value of $0 and $753, respectively, related to our acquisitions that are discussed further in Note 3 “Investments in Real Estate". During the three and six months ended June 30, 2025, we acquired in-place leases with a value of $0 and $1,829, respectively. During the three and six months ended June 30, 2026, we recorded $1,146 and $3,305, respectively, of amortization for intangible assets. During the three and six months ended June 30, 2025, we recorded $1,976 and $3,829, respectively, of amortization for intangible assets. For the six months ended June 30, 2026 and 2025, we wrote-off fully amortized intangible assets of $6,227 and $1,584, respectively. As of June 30, 2026, we expect to record additional amortization expense on current in-place intangible assets of $418 for the remainder of 2026. Impairment of Long-Lived Assets Management evaluates the recoverability of our investments in real estate assets, including related identifiable intangible assets, in accordance with FASB ASC Topic 360, “Property, Plant and Equipment”. This accounting standard requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that recoverability of the assets is not assured. We review our long-lived assets on an ongoing basis and evaluate the recoverability of the carrying value when there is an indicator of impairment. An impairment charge is recognized when it is determined that the carrying value of the asset exceeds the fair value. The estimated cash flows and estimated fair value used in the impairment analysis are determined based on our plans for the respective assets, including the expected hold period, and our assessment of market and economic conditions. The estimates consider matters such as current and historical rental rates and collection levels, occupancies for the respective and/or comparable properties, and recent sales data for comparable properties. Changes in our plans or views of market and economic conditions may result in adjustments to estimated future cash flows, which could lead to recognition of impairment losses. These losses, as guided by the applicable accounting standards, could be significant. For the three and six months ended June 30, 2026 and 2025 we recorded no impairment charges on account of real estate classified as held for sale and sold properties. Depreciation Expense Depreciation expense for real estate assets is computed using a straight-line method based on a life of 40 years for buildings and improvements and five to ten years for furniture, fixtures, and equipment. For the three and six months ended June 30, 2026, we recorded $63,171 and $125,123 of depreciation expense, respectively. For three and six months ended June 30, 2025, we recorded $57,396 and $113,850 of depreciation expense, respectively. During the three and six months ended June 30, 2026, we wrote-off fully depreciated fixed assets of $6,898 and $11,668, respectively. During the three and six months ended June 30, 2025, we wrote-off fully depreciated fixed assets of $8,296 and $16,088, respectively. Casualty Related Costs Occasionally, we incur losses at our communities from wind storms, floods, fires and similar hazards. In these cases, we estimate the carrying value of the damaged property and record a casualty loss for the difference between the estimated carrying value and the insurance proceeds, if any. Any amount of insurance recovery in excess of the amount of the losses incurred is considered a gain contingency and is recorded in casualty (gains) losses, net when the proceeds are received. During the three and six months ended June 30, 2026, we recorded $553 and $476 of casualty gains, net, respectively. During the three and six months ended June 30, 2025, we recorded $255 and $139 of casualty losses, net, respectively.

753000

1829000

1146000

3305000

1976000

3829000

6227000

1584000

418000

P40Y

63171000

125123000

57396000

113850000

6898000

11668000

8296000

16088000

553000

476000

255000

139000

g. Investments in Real Estate Under Development We capitalize direct and indirect project costs incurred during the development period such as construction, insurance, architectural, legal, interest costs, and real estate taxes. At such time as the development is considered substantially complete, the capitalization of certain indirect costs such as real estate taxes, interest costs, and all project-related costs in real estate under development are reclassified to investments in real estate. For the three and six months ended June 30, 2026, we recorded $1,520 and $3,077, respectively, of capitalized interest expense on our investments in real estate under development. For the three and six months ended June 30, 2025, we recorded $1,587 and $3,147, respectively, of capitalized interest expense on our investments in real estate under development. As of June 30, 2026 and December 31, 2025, the carrying value of our investments in real estate under development in Denver, Colorado and Austin, Texas, as applicable, totaled $67,814 and $60,116, respectively, net of $182,934 and $67,511 placed in service, respectively, and was recorded as a separate line item in our condensed consolidated balance sheets. During the three months ended June 30, 2026, our previously disclosed development property in Denver, Colorado was completed and transitioned into our stabilized operating portfolio.

1520000

3077000

1587000

3147000

67814000 60116000 182934000 67511000

h. Investments in Unconsolidated Real Estate Entities We have entered into joint ventures with unrelated third parties to acquire, develop, own, operate, and manage real estate assets. Our joint ventures are funded with a combination of debt and equity. We will consolidate entities that we control as well as any variable interest entity ("VIE") where we are the primary beneficiary. Under the VIE model, we consolidate an entity when we have the ability to direct the activities of the VIE and the obligations to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the voting model, we consolidate an entity when we control the entity through ownership of a majority voting interest. We separately analyzed the initial accounting for each of our investments in unconsolidated real estate entities and concluded that each investment is a voting interest entity. Our equity interest varies for each of our investments in unconsolidated real estate entities between 66.6% and 90% but, in each case, we share control of the major decisions that most significantly impact the joint ventures with our partners. Since we do not control the joint venture through our ownership interest, they are accounted for under the equity method of accounting, and are included in investments in unconsolidated real estate entities on our condensed consolidated balance sheets. Under the equity method of accounting, the investments are carried at cost plus our share of net earnings or losses. For the three and six months ended June 30, 2026, we recorded $466 and $985, respectively, of capitalized interest expense on our investments in unconsolidated real estate entities in our condensed consolidated balance sheets. For the three and six months ended June 30, 2025, we recorded $1,014 and $1,969, respectively, of capitalized interest expense on our investments in unconsolidated real estate entities in our condensed consolidated balance sheets.

0.666

0.90

466000

985000

1014000

1969000

i. Revenue and Expenses Rental and Other Property Revenue We apply FASB ASC Topic 842, “Leases” (“ASC 842”) with respect to our accounting for rental income. We primarily lease apartment units under operating leases generally with terms of one year or less. Rental payments are generally due monthly and rental revenues are recognized on an accrual basis when earned. We have elected to account for lease (i.e., fixed payments including base rent) and non-lease components (i.e., tenant reimbursements and certain other service fees) as a single combined operating lease component since (1) the timing and pattern of transfer of the lease and non-lease components is the same, (2) the lease component is the predominant element, and (3) the combined single lease component would be classified as an operating lease. We make ongoing estimates of the collectability of our base rents, tenant reimbursements, and other service fees included within rental and other property revenue. If collectability is not probable, we adjust rental and other property income for the amount of uncollectible revenue.

j. Derivative Instruments We may use derivative financial instruments to hedge all or a portion of the interest rate risk associated with our borrowings. The principal objective of such arrangements is to minimize the risks and/or costs associated with our operating and financial structure, as well as to hedge specific anticipated transactions. While these instruments may impact our periodic cash flows, they benefit us by minimizing the risks and/or costs previously described. The counterparties to these contractual arrangements are major financial institutions with which we, and our affiliates, may also have other financial relationships. In the event of nonperformance by the counterparties, we are potentially exposed to credit loss. However, because of the high credit ratings of the counterparties, we do not anticipate that any of the counterparties will fail to meet their obligations. In accordance with FASB ASC Topic 815, “Derivatives and Hedging”, we measure each derivative instrument at fair value and record such amounts in our condensed consolidated balance sheets as either an asset or liability. For derivatives designated as cash flow hedges, the changes in the fair value of the effective portions of the derivative are reported in other comprehensive income and changes in the fair value of the ineffective portions of cash flow hedges, if any, are recognized in earnings. For derivatives not designated as hedges, the changes in fair value of the derivative instrument are recognized in earnings. Any derivatives that we designate in hedge relationships are done so at inception. At inception, we determine whether or not the derivative is highly effective in offsetting changes in the designated interest rate risk associated with the identified indebtedness using regression analysis. At each reporting period, we update our regression analysis and use the hypothetical derivative method to measure any ineffectiveness.

k. Fair Value of Financial Instruments In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity for disclosure purposes. Assets and liabilities recorded at fair value in our condensed consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels, as defined in FASB ASC Topic 820, “Fair Value Measurements and Disclosures” and directly related to the amount of subjectivity associated with the inputs to fair valuations of these assets and liabilities, are as follows: <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;text-indent:0px;height:auto;width:100%;"><tbody><tr style="vertical-align:top;"><td style="padding:0;width:36pt;"> </td><td style="padding:0;width:36pt;">•</td><td style="padding:0;width:auto;">Level 1: Valuations are based on unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. The types of assets carried at Level 1 fair value generally are equity securities listed in active markets. As such, valuations of these investments do not entail a significant degree of judgment.</td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;text-indent:0px;height:auto;width:100%;"><tbody><tr style="vertical-align:top;"><td style="padding:0;width:36pt;"> </td><td style="padding:0;width:36pt;">•</td><td style="padding:0;width:auto;">Level 2: Valuations are based on quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or for which all significant inputs are observable, either directly or indirectly.</td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;text-indent:0px;height:auto;width:100%;"><tbody><tr style="vertical-align:top;"><td style="padding:0;width:36pt;"> </td><td style="padding:0;width:36pt;">•</td><td style="padding:0;width:auto;">Level 3: Inputs are unobservable for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.</td></tr> </tbody></table> FASB ASC Topic 825, “Financial Instruments” requires disclosure of the fair value of financial instruments for which it is practicable to estimate that value. Given that cash and cash equivalents and restricted cash are short term in nature with limited fair value volatility, the carrying amount is deemed to be a reasonable approximation of fair value and the fair value input is classified as a Level 1 fair value measurement. The fair value input for derivatives is classified as a Level 2 fair value measurement within the fair value hierarchy. The fair value of our unsecured revolver, term loans, and mortgage indebtedness is based on a discounted cash flows valuation technique. As this technique utilizes current credit spreads, which are generally unobservable, this is classified as a Level 3 fair value measurement within the fair value hierarchy. We determine appropriate credit spreads based on the type of debt and its maturity. There were no transfers between levels in the fair value hierarchy for the six months ended June 30, 2026. The following table summarizes the carrying amount and the fair value of our financial instruments as of the periods indicated: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:"Times New Roman", Times, serif;font-size:10pt;text-indent:0px;height:auto;width:100%;"><tbody><tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:44%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td colspan="6" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;width:15%;">As of June 30, 2026</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td colspan="6" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;width:15%;">As of December 31, 2025</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:44%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td colspan="2" style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;width:1%;">Carrying</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td colspan="2" style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;width:1%;">Estimated</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td colspan="2" style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;width:1%;">Carrying</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td colspan="2" style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;width:1%;">Estimated</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:44%;">Financial Instrument</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;width:1%;">Amount</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;width:1%;">Fair Value</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;width:1%;">Amount</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;width:1%;">Fair Value</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:44%;">Assets</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:44%;">Cash and cash equivalents</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;">$</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">22,513</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;">$</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">22,513</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;">$</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">23,564</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;">$</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">23,564</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:44%;">Restricted cash</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">24,184</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">24,184</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">24,058</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">24,058</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:44%;">Derivative assets</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">14,850</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">14,850</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">9,840</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">9,840</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:44%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:44%;">Liabilities</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:44%;">Debt:</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:44%;">Unsecured revolver</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">265,563</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">270,137</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">194,357</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">200,399</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:44%;">Unsecured term loans</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">746,421</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">751,797</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">598,858</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">602,687</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:44%;">Secured credit facilities</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">586,334</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">560,805</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">593,167</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">569,169</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:44%;">Mortgages</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">696,043</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">664,482</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">746,548</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">717,612</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:44%;">Unsecured notes</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;text-align:right;width:11%;">149,022</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;text-align:right;width:11%;">150,208</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;text-align:right;width:11%;">148,545</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;text-align:right;width:11%;">150,247</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:44%;">Derivative liabilities</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">—</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">—</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">346</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">346</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td></tr> </tbody></table>

<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:"Times New Roman", Times, serif;font-size:10pt;text-indent:0px;height:auto;width:100%;"><tbody><tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:44%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td colspan="6" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;width:15%;">As of June 30, 2026</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td colspan="6" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;width:15%;">As of December 31, 2025</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:44%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td colspan="2" style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;width:1%;">Carrying</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td colspan="2" style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;width:1%;">Estimated</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td colspan="2" style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;width:1%;">Carrying</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td colspan="2" style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;width:1%;">Estimated</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:44%;">Financial Instrument</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;width:1%;">Amount</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;width:1%;">Fair Value</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;width:1%;">Amount</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;width:1%;">Fair Value</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:44%;">Assets</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:44%;">Cash and cash equivalents</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;">$</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">22,513</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;">$</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">22,513</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;">$</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">23,564</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;">$</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">23,564</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:44%;">Restricted cash</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">24,184</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">24,184</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">24,058</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">24,058</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:44%;">Derivative assets</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">14,850</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">14,850</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">9,840</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">9,840</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:44%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:44%;">Liabilities</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:44%;">Debt:</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:11%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:44%;">Unsecured revolver</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">265,563</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">270,137</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">194,357</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">200,399</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:44%;">Unsecured term loans</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">746,421</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">751,797</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">598,858</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">602,687</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:44%;">Secured credit facilities</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">586,334</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">560,805</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">593,167</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">569,169</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:44%;">Mortgages</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">696,043</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">664,482</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">746,548</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">717,612</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:44%;">Unsecured notes</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;text-align:right;width:11%;">149,022</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;text-align:right;width:11%;">150,208</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;text-align:right;width:11%;">148,545</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;text-align:right;width:11%;">150,247</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:44%;">Derivative liabilities</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">—</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">—</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">346</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:11%;">346</td><td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td></tr> </tbody></table>

22513000

23564000

24184000

24058000

14850000

9840000

265563000

270137000

194357000

200399000

746421000

751797000

598858000

602687000

586334000

560805000

593167000

569169000

696043000

664482000

746548000

717612000

149022000

150208000

148545000

150247000

346000

l. Deferred Financing Costs Costs incurred in connection with debt financing are deferred and classified within indebtedness and charged to interest expense over the terms of the related debt agreements, under the effective interest method.

m. Office Leases In accordance with FASB ASC Topic 842, “Leases”, lessees are required to recognize a right-of-use asset and a lease liability on the balance sheet at the lease commencement date for all leases, except those leases with terms of less than a year. We lease corporate office space under leases with terms of up to 10 years and that may include extension options, but that do not include any residual value guarantees or restrictive covenants. As of June 30, 2026 and December 31, 2025, we had $2,461 and $2,771, respectively, of operating lease right-of-use assets and $2,744 and $3,082, respectively, of operating lease liabilities related to our corporate office leases. The operating lease right-of-use assets are presented within other assets and the operating lease liabilities are presented within other liabilities in our condensed consolidated balance sheets. During the three and six months ended June 30, 2026, we recorded $198 and $394, respectively, of total operating lease expense which is recorded within property management expense and general and administrative expenses in our condensed consolidated statements of operations. During the three and six months ended June 30, 2025, we recorded $117 and $237, respectively, of total operating lease expense which is recorded within property management expense and general and administrative expenses in our condensed consolidated statements of operations.

P10Y

2461000

2771000

2744000

3082000

198000

394000

117000

237000

n. Income Taxes We have elected to be taxed as a REIT. Accordingly, we recorded no income tax expense for the three and six months ended June 30, 2026 and 2025. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of our ordinary taxable income to stockholders. As a REIT, we generally are not subject to federal income tax on taxable income that we distribute to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income taxes on our taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost unless the Internal Revenue Service grants us relief under certain statutory provisions. Such an event could materially adversely affect our net income and net cash available for distribution to stockholders; however, we believe that we are organized and operate in such a manner as to qualify and maintain treatment as a REIT and intend to operate in such a manner so that we will remain qualified as a REIT for federal income tax purposes.

o. Recent Accounting Pronouncements Below is a brief description of recent accounting pronouncements that could have a material effect on our condensed consolidated financial statements. In December 2025, the Financial Accounting Standards Board (“FASB”) issued ASU 2025-12, Codification Improvements, as part of its ongoing project to clarify, correct and improve various topics within the Accounting Standards Codification (“ASC”). The amendments cover 33 specific issues, two of which are particularly relevant to REITs, (i) clarifications on the calculation of diluted earnings per share when a loss from continuing operations exists (Topic 260), and (ii) the exclusion of certain lease receivables from enhanced credit loss disclosures (Topic 310). The standard is effective for the Company for annual reporting periods beginning after December 15, 2026, and interim periods within those years. Early adoption is permitted on an issue-by-issue basis. The Company is currently evaluating the impact of ASU 2025-12 on its consolidated financial position, results of operations and disclosures. In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements. The update is designed to better align hedge accounting with an entity's risk management activities by making targeted improvements to the hedge accounting model. Key amendments include, Similar Risk Assessment, which replaces the “shared risk exposure” requirement for grouping forecasted transactions in a cash flow hedge with a “similar risk exposure” requirement, permitting broader aggregation of hedged risks, Choose-Your-Rate Debt which introduces a model for hedging interest payments on variable-rate borrowings where the borrower can change reference rates without automatically triggering hedge de-designation, and Net Written Options which clarifies that certain instruments, such as, interest rate swaps with floors, may qualify as hedging instruments without being subject to the net written option test, provided. The standard is effective for the Company for annual reporting periods beginning after December 15, 2026, and interim periods within those years. Early adoption is permitted. The guidance is generally required to be applied on a prospective basis. The Company is currently evaluating the impact of ASU 2025-09 on its consolidated financial position, results of operations and disclosures. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which requires disclosure of information about specific cost and expense categories in the notes to the financial statements. This ASU is effective for the Company for annual reporting periods beginning after December 15, 2026, and for interim reporting periods commencing in 2028 and may be applied either prospectively or retrospectively. The Company is currently evaluating the effect that the ASU will have on its consolidated financial position, results of operations and disclosures.

NOTE 3: Investments in Real Estate As of June 30, 2026, our investments in real estate consisted of 116 operating apartment properties, including one owned through a consolidated joint venture, that contain an aggregate of 33,898 units. The following table summarizes our investments in real estate except for two properties that we classified as held for sale as of June 30, 2026: <table cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:Times New Roman;font-size:10pt;text-indent:0px;height:auto;width:100%;"> <tbody> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:10pt;margin:0px;padding:0px;width:41%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin:0px;padding:0px;text-align:right;width:19%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin:0px;padding:0px;text-align:right;width:19%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin:0px;padding:0px;text-align:right;width:12%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin:0px;padding:0px;width:1%;"> </td> </tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:10pt;margin:0px;padding:0px;width:41%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin:0px;padding:0px;width:1%;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin:0px;padding:0px;text-align:center;width:20%;">As of June 30, 2026</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin:0px;padding:0px;width:1%;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin:0px;padding:0px;text-align:center;width:20%;">As of December 31, 2025</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin:0px;padding:0px;width:1%;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin:0px;padding:0px;text-align:center;width:13%;">Depreciable Lives (In years)</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin:0px;padding:0px;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:41%;">Land</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;">$</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:19%;">588,581</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;">$</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:19%;">573,777</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:center;width:12%;">—</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:41%;">Building</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:19%;">5,577,785</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:19%;">5,450,891</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:center;width:12%;">40</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:41%;">Furniture, fixtures and equipment</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:19%;">631,854</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:19%;">571,339</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:center;width:12%;">5 - 10</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:41%;">Total investments in real estate</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;">$</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:19%;">6,798,220</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;">$</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:19%;">6,596,007</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;text-align:right;width:12%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:41%;">Accumulated depreciation</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:19%;">(1,029,116</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;">)</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:19%;">(915,247</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;">)</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;text-align:right;width:12%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:41%;">Investments in real estate, net</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px 0px 3px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:19%;">5,769,104</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px 0px 3px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:19%;">5,680,760</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;text-align:right;width:12%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> </tr> </tbody> </table> The following table summarizes our properties held for sale as of June 30, 2026: <table cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:"Times New Roman", Times, serif;font-size:10pt;text-indent:0px;height:auto;margin-left:0pt;margin-right:0pt;width:100%;"> <tbody> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:39%;">Property</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;width:30%;">Market</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;width:1%;">Units</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;width:1%;">Carrying Value</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:39%;">Bella Terra at City Center</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:30%;">Denver, CO</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:12%;">304</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;">$</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:12%;">49,828</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:39%;">Stonebridge Crossing</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:30%;">Memphis, TN</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:12%;">500</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:12%;">27,928</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:39%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:30%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding-bottom:3px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:12%;">804</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding-bottom:3px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:12%;">77,756</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> </tr> </tbody> </table> Acquisitions The following table summarizes our asset acquisition for the six months ended June 30, 2026: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:"Times New Roman", Times, serif;font-size:10pt;text-indent:0px;height:auto;width:100%;"> <tbody> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:24%;">Property</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;width:22%;">Date Acquired</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;width:22%;">Market</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;width:1%;">Units</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;width:1%;">Purchase Price</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:24%;">The Retreat at Canal</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;width:22%;">1/15/2026</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:22%;">Columbus, OH</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:12%;">140</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;">$</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:12%;">29,500</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> </tr> </tbody> </table> The following table summarizes the relative fair value of the assets and liabilities associated with acquisitions during the six months ended June 30, 2026, on the date of acquisition accounted for under FASB ASC Topic 805-50-15-3. <table cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:Times New Roman;font-size:10pt;text-indent:0px;height:auto;width:100%;"> <tbody> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:72%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td colspan="2" style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:center;width:26%;">Fair Value of Assets and Liabilities Acquired During the</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> </tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:72%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td colspan="2" style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:center;width:26%;">Six Months Ended</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> </tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px;width:72%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:center;width:26%;">June 30, 2026</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:72%;">Assets acquired:</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:25%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:72%;">Investments in real estate</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;">$</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:25%;">28,923</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:72%;">Other assets</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:25%;">16</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:72%;">Intangible assets</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:25%;">753</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:72%;">Total assets acquired</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:25%;">29,692</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:72%;">Liabilities assumed:</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:25%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:72%;">Accounts payable and accrued expenses</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:25%;">281</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:72%;">Other liabilities</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:25%;">19</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:72%;">Total liabilities assumed</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:25%;">300</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:72%;">Estimated fair value of net assets acquired</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:25%;">29,392</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> </tr> </tbody> </table> Dispositions There were no asset dispositions for the six months ended June 30, 2026.

116

33898

588581000

573777000

5577785000

5450891000

P40Y

631854000

571339000

P5Y

P10Y

6798220000

6596007000

1029116000

915247000

5769104000

5680760000

<table cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:"Times New Roman", Times, serif;font-size:10pt;text-indent:0px;height:auto;margin-left:0pt;margin-right:0pt;width:100%;"> <tbody> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:39%;">Property</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;width:30%;">Market</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;width:1%;">Units</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;width:1%;">Carrying Value</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:39%;">Bella Terra at City Center</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:30%;">Denver, CO</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:12%;">304</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;">$</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:12%;">49,828</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:39%;">Stonebridge Crossing</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:30%;">Memphis, TN</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:12%;">500</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:12%;">27,928</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:39%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:30%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding-bottom:3px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:12%;">804</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding-bottom:3px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:12%;">77,756</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> </tr> </tbody> </table> 304

49828000

500

27928000

804

77756000

29500000

28923000 16000 753000 29692000 281000 19000 300000 29392000

NOTE 4: Investments in Unconsolidated Real Estate As of June 30, 2026, our investments in unconsolidated real estate entities had aggregate land, building, and capitalized construction in progress costs of $184,432 and aggregate construction debt of $93,872. We do not guarantee any debt, capital payout or other obligations associated with these entities. We recognize earnings or losses from our investments in unconsolidated real estate entities consisting of our proportionate share of the net earnings or losses of the joint ventures. We recognized losses of $836 and $1,883 from equity method investments during the three and six months ended June 30, 2026, respectively, and $562 and $1,151, respectively, during the three and six months ended June 30, 2025, and these were recognized within loss from investments in unconsolidated real estate entities in our condensed consolidated statements of operations. The following table summarizes our investments in unconsolidated real estate entities as of June 30, 2026 and December 31, 2025: <table cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:Times New Roman;font-size:10pt;text-indent:0px;height:auto;width:100%;"> <tbody> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:34%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:13%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;text-align:center;width:8%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;text-align:center;width:9%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td colspan="6" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:center;width:27%;">Carrying Value As Of</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> </tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px;width:34%;">Investments in Unconsolidated Real Estate Entities</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:center;width:13%;">Location</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px 0px 1px;width:1%;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:center;width:9%;">Units (1)</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px 0px 1px;width:1%;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:center;width:10%;">IRT Ownership Interest</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px 0px 1px;width:1%;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:center;width:12%;">June 30, 2026</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px 0px 1px;width:1%;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:center;width:13%;">December 31, 2025</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:34%;">Lakeline Station (2)</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:13%;">Austin, TX</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">—</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:9%;">—</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;">$</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:11%;">—</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;">$</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:12%;">42,179</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:34%;">The Mustang (3)</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:13%;">Dallas, TX</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">275</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:9%;">85.0</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:11%;">31,036</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:12%;">30,578</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:34%;">Nexton Pine Hollow</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:13%;">Charleston, SC</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">324</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:9%;">90.0</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:11%;">29,892</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:12%;">22,097</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:34%;">The Approach</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:13%;">Indianapolis, IN</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">318</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:9%;">66.6</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:11%;">9,042</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:12%;">3,409</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td colspan="3" style="font-family:Times New Roman;font-size:10pt;padding:0px;width:48%;">Total</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px 0px 3px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">917</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;text-align:right;width:9%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px 0px 3px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:11%;">69,970</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px 0px 3px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:12%;">98,263</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> </tr> </tbody> </table> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:Times New Roman;font-size:10pt;height:auto;width:100%;"> <tbody> <tr> <td style="padding:0;width:18pt;"> </td> <td style="padding:0;vertical-align:top;width:18pt;">(1)</td> <td style="padding:0;vertical-align:top;">Represents the total number of units after development is complete and each property is placed in service.</td> </tr> </tbody> </table> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:Times New Roman;font-size:10pt;height:auto;width:100%;"> <tbody> <tr> <td style="padding:0;width:18pt;"> </td> <td style="padding:0;vertical-align:top;width:18pt;">(2)</td> <td style="padding:0;vertical-align:top;">On January 20, 2026, we acquired our joint venture partner's 10% membership interest and assumed full operational control and 100% equity ownership of the Tisdale at Lakeline Station property underlying this joint venture. We began consolidating the assets and liabilities of the property and its operating results effective January 20, 2026. As of December 31, 2025, we had a 90% interest in the 378-unit property underlying the joint venture.</td> </tr> </tbody> </table> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:Times New Roman;font-size:10pt;height:auto;width:100%;"> <tbody> <tr> <td style="padding:0;width:18pt;"> </td> <td style="padding:0;vertical-align:top;width:18pt;">(3)</td> <td style="padding:0;vertical-align:top;">The Mustang is an operating property consisting of 275 total units. </td> </tr> </tbody> </table> The following table summarizes the assets and liabilities recognized upon the consolidation of Tisdale at Lakeline Station, our former unconsolidated real estate entity during the six months ended June 30, 2026 on the date of consolidation of January 20, 2026. <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:"Times New Roman";font-size:10pt;text-indent:0px;height:auto;width:100%;"> <tbody> <tr class="finHeading" style="font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:79%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:19%;">Assets and Liabilities Consolidated During the</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> </tr> <tr class="finHeading" style="font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:79%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:19%;">Six Months Ended</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> </tr> <tr class="finHeading" style="font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:79%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:19%;">June 30, 2026</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"></td> </tr> <tr style="background-color:rgb(204, 238, 255);font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:79%;">Assets:</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:18%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;width:1%;"></td> </tr> <tr style="background-color:rgb(255, 255, 255);font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:79%;">Cash and cash equivalents</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:18%;">41</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> </tr> <tr style="background-color:rgb(204, 238, 255);font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:79%;">Restricted cash</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:18%;">53</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> </tr> <tr style="background-color:rgb(255, 255, 255);font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:79%;">Other assets</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:18%;">204</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> </tr> <tr style="background-color:rgb(204, 238, 255);font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:79%;">Investments in real estate</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:18%;">28,708</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> </tr> <tr style="background-color:rgb(255, 255, 255);font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:79%;">Investments in real estate under development</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:18%;">90,395</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> </tr> <tr style="background-color:rgb(204, 238, 255);font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:79%;">Total assets</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:18%;">119,401</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:3px;padding-left:0;padding-right:0;padding-top:0;width:1%;"></td> </tr> <tr style="background-color:rgb(255, 255, 255);font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:79%;">Liabilities:</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:18%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;width:1%;"></td> </tr> <tr style="background-color:rgb(204, 238, 255);font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:79%;">Accounts payable and accrued expenses</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:18%;">4,394</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> </tr> <tr style="background-color:rgb(255, 255, 255);font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:79%;">Other liabilities</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:18%;">49</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> </tr> <tr style="background-color:rgb(204, 238, 255);font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:79%;">Mortgage loan (1)</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:18%;">72,675</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> </tr> <tr style="background-color:rgb(255, 255, 255);font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:79%;">Total liabilities</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-top:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-top:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:18%;">77,118</td> <td style="border-top:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> </tr> <tr style="background-color:rgb(204, 238, 255);font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:79%;">Derecognition of investments in unconsolidated real estate entities</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:18%;">42,283</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> </tr> <tr style="background-color:rgb(255, 255, 255);font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:79%;">Total liabilities and equity</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:18%;">119,401</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> </tr> </tbody> </table> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:Times New Roman;font-size:10pt;height:auto;width:100%;"> <tbody> <tr> <td style="padding:0;width:18pt;"> </td> <td style="padding:0;vertical-align:top;width:18pt;">(1)</td> <td style="padding:0;vertical-align:top;">The mortgage loan was repaid using proceeds from our unsecured revolver and paid off concurrently with acquiring our joint venture partner's 10% membership interest on January 20, 2026.</td> </tr> </tbody> </table>

184432000

93872000

-836000

-1883000

-562000

-1151000

<table cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:Times New Roman;font-size:10pt;text-indent:0px;height:auto;width:100%;"> <tbody> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:34%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:13%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;text-align:center;width:8%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;text-align:center;width:9%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td colspan="6" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:center;width:27%;">Carrying Value As Of</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> </tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px;width:34%;">Investments in Unconsolidated Real Estate Entities</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:center;width:13%;">Location</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px 0px 1px;width:1%;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:center;width:9%;">Units (1)</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px 0px 1px;width:1%;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:center;width:10%;">IRT Ownership Interest</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px 0px 1px;width:1%;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:center;width:12%;">June 30, 2026</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px 0px 1px;width:1%;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:center;width:13%;">December 31, 2025</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:34%;">Lakeline Station (2)</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:13%;">Austin, TX</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">—</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:9%;">—</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;">$</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:11%;">—</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;">$</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:12%;">42,179</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:34%;">The Mustang (3)</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:13%;">Dallas, TX</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">275</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:9%;">85.0</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:11%;">31,036</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:12%;">30,578</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:34%;">Nexton Pine Hollow</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:13%;">Charleston, SC</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">324</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:9%;">90.0</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:11%;">29,892</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:12%;">22,097</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:34%;">The Approach</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:13%;">Indianapolis, IN</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">318</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:9%;">66.6</td> <td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:11%;">9,042</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:12%;">3,409</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td colspan="3" style="font-family:Times New Roman;font-size:10pt;padding:0px;width:48%;">Total</td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px 0px 3px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">917</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;text-align:right;width:9%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px 0px 3px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:11%;">69,970</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:10pt;padding:0px 0px 3px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:12%;">98,263</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> </tr> </tbody> </table> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:"Times New Roman";font-size:10pt;text-indent:0px;height:auto;width:100%;"> <tbody> <tr class="finHeading" style="font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:79%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:19%;">Assets and Liabilities Consolidated During the</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> </tr> <tr class="finHeading" style="font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:79%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:19%;">Six Months Ended</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> </tr> <tr class="finHeading" style="font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:79%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:19%;">June 30, 2026</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"></td> </tr> <tr style="background-color:rgb(204, 238, 255);font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:79%;">Assets:</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:18%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;width:1%;"></td> </tr> <tr style="background-color:rgb(255, 255, 255);font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:79%;">Cash and cash equivalents</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:18%;">41</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> </tr> <tr style="background-color:rgb(204, 238, 255);font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:79%;">Restricted cash</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:18%;">53</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> </tr> <tr style="background-color:rgb(255, 255, 255);font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:79%;">Other assets</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:18%;">204</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> </tr> <tr style="background-color:rgb(204, 238, 255);font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:79%;">Investments in real estate</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:18%;">28,708</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> </tr> <tr style="background-color:rgb(255, 255, 255);font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:79%;">Investments in real estate under development</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:18%;">90,395</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> </tr> <tr style="background-color:rgb(204, 238, 255);font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:79%;">Total assets</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:18%;">119,401</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:3px;padding-left:0;padding-right:0;padding-top:0;width:1%;"></td> </tr> <tr style="background-color:rgb(255, 255, 255);font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:79%;">Liabilities:</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:18%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;width:1%;"></td> </tr> <tr style="background-color:rgb(204, 238, 255);font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:79%;">Accounts payable and accrued expenses</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:18%;">4,394</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> </tr> <tr style="background-color:rgb(255, 255, 255);font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:79%;">Other liabilities</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:18%;">49</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> </tr> <tr style="background-color:rgb(204, 238, 255);font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:79%;">Mortgage loan (1)</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:18%;">72,675</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> </tr> <tr style="background-color:rgb(255, 255, 255);font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:79%;">Total liabilities</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-top:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-top:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:18%;">77,118</td> <td style="border-top:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> </tr> <tr style="background-color:rgb(204, 238, 255);font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:79%;">Derecognition of investments in unconsolidated real estate entities</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:18%;">42,283</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> </tr> <tr style="background-color:rgb(255, 255, 255);font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:79%;">Total liabilities and equity</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:18%;">119,401</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> </tr> </tbody> </table>

42179000

275

0.85

31036000

30578000

324

0.90

29892000

22097000

318

0.666

9042000

3409000

917

69970000

98263000

0.10

0.90

378

275

41000

53000

204000

28708000

90395000

119401000

4394000

49000

72675000

77118000

42283000

119401000

0.10

NOTE 5: Indebtedness Unsecured Revolver and Term Loans On February 11, 2026, IROP entered into the Sixth Amended and Restated Credit Agreement (the “Sixth Restated Credit Agreement”) by and among IROP, as borrower, IRT as parent guarantor, KeyBank National Association, as administrative agent, and the other agents and lender parties thereto, which amended and restated in its entirety the Fifth Amended and Restated Credit agreement dated as of January 8, 2025 (the “Fifth Restated Credit Agreement”). The Fifth Restated Credit Agreement provided for a $750,000 unsecured revolving credit facility (the “Unsecured Revolver”) with a January 8, 2029 scheduled maturity date and two unsecured term loans, specifically: (i) a $200,000 term loan with a May 18, 2026 maturity date (the “2026 Term Loan”) and (ii) a $400,000 term loan with a January 28, 2028 maturity date (the “2028 Term Loan”). The Sixth Restated Credit Agreement provides for a new $350,000 unsecured term loan with a maturity date of February 11, 2030, subject to a one year extension option (the “2030 Term Loan”). A portion of the proceeds from the 2030 Term Loan were used to pay off outstanding borrowings under the 2026 Term Loan. The Sixth Restated Credit Agreement increased the aggregate amount of borrowings under the credit agreement to $1,500,000 and permits IROP to request the capacity be further increased to $2,000,000 subject to certain terms and conditions, including receipt of commitments from one or more lenders, whether or not currently parties to the Sixth Restated Credit Agreement, to provide such increased amounts, which increase may be allocated, at IROP’s option, to the Unsecured Revolver and/or to one or more of the term loans, in accordance with the Sixth Restated Credit Agreement. Refer to our 2025 Annual Report for additional borrowing terms and financial covenant details. The following tables contain summary information concerning our consolidated indebtedness as of June 30, 2026: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:Times New Roman;font-size:9pt;text-indent:0px;height:auto;width:100%;"> <tbody> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:20%;">Consolidated Debt:</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:center;width:9%;">Outstanding Principal</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:center;width:9%;">Unamortized Debt Issuance Costs</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:center;width:9%;">Unamortized Loan (Discount)/Premiums</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:center;width:8%;">Carrying Amount</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:center;width:7%;">Type</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:center;width:9%;">Weighted Average Contractual Rate (2)</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:center;width:8%;">Weighted Average Effective Rate (3)</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:center;width:8%;">Weighted Average Maturity (in years)</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;padding:0px;width:0%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:20%;">Unsecured revolver (1)</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">$</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">269,372</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">$</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">(3,809</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">)</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">$</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">—</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">$</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">265,563</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:center;width:7%;">Floating</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">4.4</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">4.8</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">2.5</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:0%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:20%;">Unsecured term loans</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">750,000</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">(3,579</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">)</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">—</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">746,421</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:center;width:7%;">Floating</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">4.5</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">4.0</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">2.5</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:0%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:20%;">Secured credit facilities</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">577,953</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">(1,303</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">)</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">9,684</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">586,334</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:center;width:7%;">Fixed</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">4.2</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">4.4</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">2.4</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:0%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:20%;">Mortgages</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:right;width:8%;">690,224</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:right;width:8%;">(2,310</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;">)</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:right;width:8%;">8,129</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:right;width:7%;">696,043</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:center;width:7%;">Fixed</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:right;width:8%;">3.9</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:right;width:7%;">4.0</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:right;width:7%;">3.0</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:0%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:20%;">Unsecured notes</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px 0px 1px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:right;width:8%;">150,000</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px 0px 1px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:right;width:8%;">(978</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;">)</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px 0px 1px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:right;width:8%;">—</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px 0px 1px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:right;width:7%;">149,022</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:center;width:7%;">Fixed</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px 0px 1px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:right;width:8%;">5.4</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px 0px 1px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:right;width:7%;">5.6</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px 0px 1px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:right;width:7%;">6.8</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:0%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:20%;">Total Consolidated Debt</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">2,437,549</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">(11,979</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">)</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">17,813</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">2,443,383</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:7%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">4.3</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">4.3</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">2.9</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:0%;"> </td> </tr> </tbody> </table> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:Times New Roman;font-size:10pt;height:auto;width:100%;"> <tbody> <tr> <td style="padding:0;width:18pt;"> </td> <td style="padding:0;vertical-align:top;width:18pt;">(1)</td> <td style="padding:0;vertical-align:top;">The unsecured revolver total capacity is $750,000, of which $269,372 was drawn as of June 30, 2026.</td> </tr> </tbody> </table> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:Times New Roman;font-size:10pt;height:auto;width:100%;"> <tbody> <tr> <td style="padding:0;width:18pt;"> </td> <td style="padding:0;vertical-align:top;width:18pt;">(2)</td> <td style="padding:0;vertical-align:top;">Represents the weighted average of the contractual interest rates in effect as of June 30, 2026, without regard to any interest rate swaps or collars.</td> </tr> </tbody> </table> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:Times New Roman;font-size:10pt;height:auto;width:100%;"> <tbody> <tr> <td style="padding:0;width:18pt;"> </td> <td style="padding:0;vertical-align:top;width:18pt;">(3)</td> <td style="padding:0;vertical-align:top;">Represents the weighted average effective interest rates for the three months ended June 30, 2026, including the impact of interest rate swaps and collars, the amortization of hedging costs, and deferred financing costs, but excluding the impact of loan premium amortization, discount accretion, and interest capitalization.</td> </tr> </tbody> </table> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:"Times New Roman", Times, serif;font-size:10pt;text-indent:0px;height:auto;width:100%;"> <tbody> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td colspan="22" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;">Scheduled maturities on our consolidated indebtedness outstanding as of June 30, 2026</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> </tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:28%;">Consolidated Debt:</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;">2026</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;">2027</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;">2028</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;">2029</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;">2030</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;">Thereafter</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;">Unsecured revolver</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;">$</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;text-align:right;width:9%;">—</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;">$</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;text-align:right;width:9%;">—</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;">$</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;text-align:right;width:9%;">—</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;">$</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;text-align:right;width:9%;">269,372</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;">$</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;text-align:right;width:9%;">—</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;">$</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;text-align:right;width:9%;">—</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;">Unsecured term loans</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;text-align:right;width:9%;">—</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;text-align:right;width:9%;">—</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;text-align:right;width:9%;">400,000</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;text-align:right;width:9%;">—</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;text-align:right;width:9%;">350,000</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;text-align:right;width:9%;">—</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;">Secured credit facilities</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:9%;">5,293</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:9%;">10,081</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:9%;">453,353</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:9%;">2,669</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:9%;">106,557</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:9%;">—</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;">Mortgages</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:9%;">78,263</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:9%;">11,281</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:9%;">125,842</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:9%;">415,336</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:9%;">—</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:9%;">59,502</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;">Unsecured notes</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;text-align:right;width:9%;">—</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;text-align:right;width:9%;">—</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;text-align:right;width:9%;">—</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;text-align:right;width:9%;">—</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;text-align:right;width:9%;">—</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;text-align:right;width:9%;">150,000</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;">Total</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:9%;">83,556</td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:9%;">21,362</td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:9%;">979,195</td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:9%;">687,377</td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:9%;">456,557</td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:9%;">209,502</td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> </tr> </tbody> </table> The following table contains summary information concerning our consolidated indebtedness as of December 31, 2025: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:Times New Roman;font-size:9pt;text-indent:0px;height:auto;width:100%;"> <tbody> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:17%;">Consolidated Debt:</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:center;width:9%;">Outstanding Principal</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:center;width:9%;">Unamortized Debt Issuance Costs</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:center;width:9%;">Unamortized Loan (Discount)/Premiums</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:center;width:8%;">Carrying Amount</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:center;width:10%;">Type</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:center;width:9%;">Weighted Average Contractual Rate (2)</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:center;width:8%;">Weighted Average Effective Rate (3)</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:center;width:8%;">Weighted Average Maturity (in years)</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;padding:0px;width:0%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:17%;">Unsecured revolver (1)</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">$</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">198,892</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">$</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">(4,535</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">)</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">$</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">—</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">$</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">194,357</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:center;width:10%;">Floating</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">4.5</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">4.8</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">3.0</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:0%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:17%;">Unsecured term loans</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">600,000</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">(1,142</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">)</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">—</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">598,858</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:center;width:10%;">Floating</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">4.6</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">4.0</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">1.5</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:0%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:17%;">Secured credit facilities</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">582,535</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">(1,525</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">)</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">12,157</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">593,167</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:center;width:10%;">Fixed</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">4.2</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">4.4</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">2.9</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:0%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:17%;">Mortgages</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">739,596</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">(2,741</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">)</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">9,693</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">746,548</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:center;width:10%;">Fixed</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">3.9</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">4.0</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">3.3</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:0%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:17%;">Unsecured notes</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:right;width:8%;">150,000</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:right;width:8%;">(1,455</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;">)</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:right;width:8%;">—</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:right;width:7%;">148,545</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:center;width:10%;">Fixed</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:right;width:8%;">5.4</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:right;width:7%;">5.6</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:right;width:7%;">7.3</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:0%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:17%;">Total Consolidated Debt</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">2,271,023</td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">(11,398</td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">)</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">21,850</td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">2,281,475</td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:10%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">4.3</td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">4.3</td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">3.0</td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:0%;"> </td> </tr> </tbody> </table> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:Times New Roman;font-size:10pt;height:auto;width:100%;"> <tbody> <tr> <td style="padding:0;width:18pt;"> </td> <td style="padding:0;vertical-align:top;width:18pt;">(1)</td> <td style="padding:0;vertical-align:top;">The unsecured revolver total capacity was $750,000, of which $198,892 was drawn as of December 31, 2025.</td> </tr> </tbody> </table> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:Times New Roman;font-size:10pt;height:auto;width:100%;"> <tbody> <tr> <td style="padding:0;width:18pt;"> </td> <td style="padding:0;vertical-align:top;width:18pt;">(2)</td> <td style="padding:0;vertical-align:top;">Represents the weighted average of the contractual interest rates in effect as of year-end December 31, 2025, without regard to any interest rate swaps or collars.</td> </tr> </tbody> </table> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:Times New Roman;font-size:10pt;height:auto;width:100%;"> <tbody> <tr> <td style="padding:0;width:18pt;"> </td> <td style="padding:0;vertical-align:top;width:18pt;">(3)</td> <td style="padding:0;vertical-align:top;">Represents the total weighted average effective interest rate for the three months ended December 31, 2025, including the impact of interest rate swaps and collars, the amortization of hedging costs, and deferred financing costs, but excluding the impact of loan premium amortization, discount accretion, and interest capitalization.</td> </tr> </tbody> </table> As of June 30, 2026, we were in compliance with all financial covenants contained in our consolidated indebtedness.

750000000

200000000

400000000

350000000

1500000000

2000000000

<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:Times New Roman;font-size:9pt;text-indent:0px;height:auto;width:100%;"> <tbody> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:20%;">Consolidated Debt:</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:center;width:9%;">Outstanding Principal</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:center;width:9%;">Unamortized Debt Issuance Costs</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:center;width:9%;">Unamortized Loan (Discount)/Premiums</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:center;width:8%;">Carrying Amount</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:center;width:7%;">Type</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:center;width:9%;">Weighted Average Contractual Rate (2)</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:center;width:8%;">Weighted Average Effective Rate (3)</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:center;width:8%;">Weighted Average Maturity (in years)</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;padding:0px;width:0%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:20%;">Unsecured revolver (1)</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">$</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">269,372</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">$</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">(3,809</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">)</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">$</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">—</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">$</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">265,563</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:center;width:7%;">Floating</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">4.4</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">4.8</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">2.5</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:0%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:20%;">Unsecured term loans</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">750,000</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">(3,579</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">)</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">—</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">746,421</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:center;width:7%;">Floating</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">4.5</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">4.0</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">2.5</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:0%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:20%;">Secured credit facilities</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">577,953</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">(1,303</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">)</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">9,684</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">586,334</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:center;width:7%;">Fixed</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">4.2</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">4.4</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">2.4</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:0%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:20%;">Mortgages</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:right;width:8%;">690,224</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:right;width:8%;">(2,310</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;">)</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:right;width:8%;">8,129</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:right;width:7%;">696,043</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:center;width:7%;">Fixed</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:right;width:8%;">3.9</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:right;width:7%;">4.0</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:right;width:7%;">3.0</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:0%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:20%;">Unsecured notes</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px 0px 1px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:right;width:8%;">150,000</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px 0px 1px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:right;width:8%;">(978</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;">)</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px 0px 1px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:right;width:8%;">—</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px 0px 1px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:right;width:7%;">149,022</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:center;width:7%;">Fixed</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px 0px 1px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:right;width:8%;">5.4</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px 0px 1px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:right;width:7%;">5.6</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px 0px 1px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:right;width:7%;">6.8</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:0%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:20%;">Total Consolidated Debt</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">2,437,549</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">(11,979</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">)</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">17,813</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">2,443,383</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:7%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">4.3</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">4.3</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">2.9</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:0%;"> </td> </tr> </tbody> </table> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:Times New Roman;font-size:9pt;text-indent:0px;height:auto;width:100%;"> <tbody> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:17%;">Consolidated Debt:</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:center;width:9%;">Outstanding Principal</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:center;width:9%;">Unamortized Debt Issuance Costs</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:center;width:9%;">Unamortized Loan (Discount)/Premiums</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:center;width:8%;">Carrying Amount</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:center;width:10%;">Type</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:center;width:9%;">Weighted Average Contractual Rate (2)</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:center;width:8%;">Weighted Average Effective Rate (3)</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:center;width:8%;">Weighted Average Maturity (in years)</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:9pt;padding:0px;width:0%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:17%;">Unsecured revolver (1)</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">$</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">198,892</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">$</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">(4,535</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">)</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">$</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">—</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">$</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">194,357</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:center;width:10%;">Floating</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">4.5</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">4.8</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">3.0</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:0%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:17%;">Unsecured term loans</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">600,000</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">(1,142</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">)</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">—</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">598,858</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:center;width:10%;">Floating</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">4.6</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">4.0</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">1.5</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:0%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:17%;">Secured credit facilities</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">582,535</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">(1,525</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">)</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">12,157</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">593,167</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:center;width:10%;">Fixed</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">4.2</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">4.4</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">2.9</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:0%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:17%;">Mortgages</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">739,596</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">(2,741</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">)</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">9,693</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">746,548</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:center;width:10%;">Fixed</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">3.9</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">4.0</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">3.3</td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:0%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:17%;">Unsecured notes</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:right;width:8%;">150,000</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:right;width:8%;">(1,455</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;">)</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:right;width:8%;">—</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:right;width:7%;">148,545</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:center;width:10%;">Fixed</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:right;width:8%;">5.4</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:right;width:7%;">5.6</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;text-align:right;width:7%;">7.3</td> <td style="font-family:Times New Roman;font-size:9pt;margin:0px;padding:0px;width:0%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:17%;">Total Consolidated Debt</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">2,271,023</td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">(11,398</td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">)</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">21,850</td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">2,281,475</td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:10%;"> </td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:8%;">4.3</td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">4.3</td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:1%;">%</td> <td style="font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:Times New Roman;font-size:9pt;padding:0px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;text-align:right;width:7%;">3.0</td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:Times New Roman;font-size:9pt;margin-left:0pt;padding:0px;width:0%;"> </td> </tr> </tbody> </table>

269372000

3809000

265563000

0.044

0.048

P2Y6M

750000000

3579000

746421000

0.045

0.04

P2Y6M

577953000

1303000

9684000

586334000

0.042

0.044

P2Y4M24D

690224000

2310000

8129000

696043000

0.039

0.04

P3Y

150000000

978000

149022000

0.054

0.056

P6Y9M18D

2437549000

11979000

17813000

2443383000

0.043

P2Y10M24D

750000000

269372000

400000000

350000000

5293000

10081000

453353000

2669000

106557000

78263000

11281000

125842000

415336000

59502000

150000000

83556000

21362000

979195000

687377000

456557000

209502000

198892000

4535000

194357000

0.045

0.048

P3Y

600000000

1142000

598858000

0.046

0.04

P1Y6M

582535000

1525000

12157000

593167000

0.042

0.044

P2Y10M24D

739596000

2741000

9693000

746548000

0.039

0.04

P3Y3M18D

150000000

1455000

148545000

0.054

0.056

P7Y3M18D

2271023000

11398000

21850000

2281475000

0.043

P3Y

750000000

198892000

NOTE 6: Derivative Financial Instruments The following table summarizes the aggregate notional amounts and estimated net fair values of our derivative instruments as of June 30, 2026 and December 31, 2025: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:"Times New Roman", Times, serif;font-size:10pt;text-indent:0px;height:auto;width:100%;"> <tbody> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td colspan="10" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;">As of June 30, 2026</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td colspan="10" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;">As of December 31, 2025</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> </tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;">Notional</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;">Fair Value of Assets</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;">Fair Value of Liabilities</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;">Notional</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;">Fair Value of Assets</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;">Fair Value of Liabilities</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:28%;">Cash flow hedges:</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;">Interest rate swaps</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;">$</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:9%;">500,000</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;">$</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:9%;">10,405</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;">$</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:9%;">—</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;">$</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:9%;">600,000</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;">$</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:9%;">6,006</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;">$</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:9%;">346</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;">Interest rate collars</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:9%;">200,000</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:9%;">4,445</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:9%;">—</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:9%;">200,000</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:9%;">3,344</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:9%;">—</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;">Forward interest rate swap</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;text-align:right;width:9%;">—</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;text-align:right;width:9%;">—</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;text-align:right;width:9%;">—</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;text-align:right;width:9%;">150,000</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;text-align:right;width:9%;">490</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;text-align:right;width:9%;">—</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin:0;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;">Total</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:9%;">700,000</td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:9%;">14,850</td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:9%;">—</td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:9%;">950,000</td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:9%;">9,840</td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:9%;">346</td> <td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid black;font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> </tr> </tbody> </table> Effective interest rate swaps and collars are reported in accumulated other comprehensive income, and the fair value of these hedge agreements is recorded as derivative assets or liabilities on the face of our condensed consolidated balance sheets. For our interest rate swaps and collars that are considered highly effective hedges, we reclassified realized gains of $2,024 and $4,107 to earnings within interest expense for the three and six months ended June 30, 2026, respectively, and we expect gains of $7,946 to be reclassified out of accumulated other comprehensive income to earnings over the next 12 months. For the three and six months ended June 30, 2025, we reclassified realized gains of $3,402 and $6,711, respectively, to earnings within interest expense.

500000000

10405000

600000000

6006000

346000

200000000

4445000

200000000

3344000

150000000

490000

700000000

14850000

950000000

9840000

346000

2024000

4107000

7946000

3402000

6711000

NOTE 7: Stockholders' Equity and Noncontrolling Interests Stockholders’ Equity On May 13, 2026, our board of directors declared a dividend of $0.18 per share on our common stock, which represents a 5.9% increase over the prior quarterly rate of $0.17 per share. The second quarter dividend was paid on July 17, 2026 to common stockholders of record as of June 26, 2026. On March 9, 2026, our board of directors declared a dividend of $0.17 per share on our common stock, which was paid on April 17, 2026 to common stockholders of record as of March 27, 2026. ATM Program On July 28, 2023, we entered into an equity distribution agreement pursuant to which we were permitted from time to time to offer and sell shares of our common stock under our prior shelf registration statement having an aggregate offering price of up to $450,000 (the “Previous ATM Program”) in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”). Under the Previous ATM Program, we were also permitted to enter into one or more forward sale transactions for the sale of shares of our common stock on a forward basis. There were no forward sale transactions and no shares of our common stock were sold under the Previous ATM Program during the three months ended June 30, 2026. The Previous ATM program was terminated on June 12, 2026 in connection with the replacement of the previous shelf registration statement. There was $107,617 in shares of our common stock sold under the Previous ATM Program prior to its termination. Stock Repurchase Program On May 18, 2022, our board of directors authorized a common stock repurchase program (the "Stock Repurchase Program") covering up to $250,000 in shares of our common stock. Under the Stock Repurchase Program, we, in our discretion, may purchase our shares from time to time in the open market or in privately negotiated transactions. The amount and timing of the purchases will depend on a number of factors, including the price and availability of our shares, trading volumes and general market conditions. The Stock Repurchase Program has no time limit and may be suspended or discontinued at any time. During the six months ended June 30, 2026, we repurchased and retired 1,839,460 shares of common stock under our Stock Repurchase Program at a weighted average price of $16.24 per share at a total cost of $29,937. No shares were repurchased under our Stock Repurchase Program during the three months ended June 30, 2026. No shares were repurchased under our Stock Repurchase Program during the three and six months ended June 30, 2025. As of June 30, 2026, $190,087 in shares of our common stock remained authorized for repurchase under our Stock Repurchase Program. Noncontrolling Interest During the six months ended June 30, 2026, no holders of IROP units exchanged units for shares of our common stock. As of June 30, 2026, 5,941,643 IROP units held by unaffiliated third parties remain outstanding. On May 13, 2026, our board of directors declared a dividend of $0.18 per IROP unit, which was paid on July 17, 2026 to IROP unit holders of record as of June 26, 2026. On March 9, 2026, our board of directors declared a dividend of $0.17 per IROP unit, which was paid on April 17, 2026 to IROP unit holders of record as of March 27, 2026.

0.18

0.059

0.17

450000000

107617000

250000000

1839460

16.24

29937000

190087000

5941643

0.18 0.17

NOTE 8: Equity Compensation Plans Long Term Incentive Plan On May 18, 2022, our stockholders approved our 2022 Long Term Incentive Plan (the “2022 Incentive Plan”). The 2022 Incentive Plan provides for grants of equity and equity-based awards to our employees, officers, directors, consultants and other service providers, and such awards may take the form of restricted or unrestricted shares of common stock, non-qualified stock options, incentive stock options, restricted stock units (“RSUs”), stock appreciation rights (“SARs”), dividend equivalents and other equity and cash-based awards. A maximum of 8,000,000 shares of our common stock may be issued under the 2022 Incentive Plan (plus up to an additional 702,300 shares of our common stock remain available from our prior incentive plan, to the extent that shares subject to outstanding awards under a prior plan are recycled into the 2022 Incentive Plan), subject to customary adjustment for stock splits, reverse stock splits and similar corporate events or transactions affecting shares of our common stock. The restricted shares and RSUs granted under the Incentive Plan generally vest or vested over a two- to four-year period. In addition, we have granted unrestricted shares to our non-employee directors. These awards generally vest or vested immediately. A summary of restricted and unrestricted common share awards and RSU activity is presented below. <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:"Times New Roman", Times, serif;font-size:10pt;text-indent:0px;height:auto;width:100%;"> <tbody> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td colspan="6" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;">2026</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> </tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;">Number of Shares</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:center;">Weighted Average Grant Date Fair Value Per Share</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:70%;">Balance, January 1,</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:12%;">539,069</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;">$</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:12%;">17.94</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;">Granted</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:12%;">367,766</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:12%;">16.22</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;">Vested</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:12%;">(285,133</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;">)</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:12%;">17.58</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;">Forfeited</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:12%;">(38,539</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;">)</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:12%;">16.79</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;">Balance, June 30, (1)</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0px;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;text-align:right;width:12%;">583,163</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0px;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0px;text-align:right;width:12%;">17.11</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td> </tr> </tbody> </table> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;text-indent:0px;height:auto;width:100%;"> <tbody> <tr style="vertical-align:top;"> <td style="padding:0;width:36pt;"> </td> <td style="padding:0;width:18pt;">(1)</td> <td style="padding:0;width:auto;">The outstanding award balances above include 154,817 and 156,732 RSUs as of June 30, 2026 and December 31, 2025, respectively.</td> </tr> </tbody> </table> On February 3, 2026, our compensation committee awarded 194,574 performance share units (“PSUs”) (measured at target) to our executive officers. The number of PSUs earned will be based on attainment of certain performance criteria over a three-year period, with the actual number of shares issuable ranging between 0% and 150% of the target number of PSUs granted. Half of any PSUs earned will vest, and shares will be issued in respect thereof, immediately following the end of the three-year performance period; the remaining half of any PSUs earned will vest, and shares will be issued in respect thereof, after an additional one-year period of service. During the six months ended June 30, 2026 and 2025, a portion of the RSUs and PSUs granted were issued to employees who are retirement eligible. The fact that the grantees are retirement eligible resulted in immediate recognition of the associated stock-based compensation expense totaling $2,437 and $2,826, respectively.

8000000

702300

539069

17.94

367766

16.22

285133

17.58

38539

16.79

583163

17.11

154817

156732

0 1.50

2437000

2826000

NOTE 9: Earnings Per Share The following table presents a reconciliation of basic and diluted earnings per share for the three and six months ended June 30, 2026 and 2025: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:"Times New Roman";font-size:10pt;text-indent:0px;height:auto;width:100%;"> <tbody> <tr class="finHeading" style="font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td> <td colspan="6" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">For the Three Months Ended</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td> <td colspan="6" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">For the Six Months Ended</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;"></td> </tr> <tr class="finHeading" style="font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td> <td colspan="6" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">June 30,</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td> <td colspan="6" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">June 30,</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;"></td> </tr> <tr class="finHeading" style="font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">2026</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">2025</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">2026</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">2025</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;"></td> </tr> <tr style="background-color:rgb(204, 238, 255);font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:52%;">Net income</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">3,418</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">8,172</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">3,290</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">16,698</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> </tr> <tr style="background-color:rgb(255, 255, 255);font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;">(Income) loss allocated to noncontrolling interest</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">(27</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">(126</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">32</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">(298</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> </tr> <tr style="background-color:rgb(204, 238, 255);font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;">Income allocable to common shares</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">3,391</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">8,046</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">3,322</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">16,400</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> </tr> <tr style="background-color:rgb(255, 255, 255);font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;">Weighted-average shares outstanding—Basic</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">235,400,393</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">233,496,633</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">235,913,709</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">232,117,768</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> </tr> <tr style="background-color:rgb(204, 238, 255);font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;">Weighted-average shares outstanding—Diluted</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">236,037,395</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">234,131,752</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">236,663,887</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">233,041,087</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> </tr> <tr style="background-color:rgb(255, 255, 255);font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;">Earnings per share—Basic</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">0.01</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">0.03</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">0.01</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">0.07</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> </tr> <tr style="background-color:rgb(204, 238, 255);font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;">Earnings per share—Diluted</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">0.01</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">0.03</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">0.01</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:9%;">0.07</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td> </tr> </tbody> </table> Certain IROP units, RSAs and RSUs were excluded from the earnings per share computation because their effect would have been anti-dilutive, totaling 6,059,975 and 5,960,026 for the three and six months ended June 30, 2026. Certain IROP units and shares deliverable under the forward sale agreements pursuant to the Previous ATM Program were excluded from the earnings per share computation because their effect would have been anti-dilutive, totaling 14,223,243 and 8,623,243 for the three and six months ended June 30, 2025, respectively.

3418000

8172000

3290000

16698000

27000

126000

-32000

298000

3391000

8046000

3322000

16400000

235400393

233496633

235913709

232117768

236037395

234131752

236663887

233041087

0.01

0.03

0.01

0.07

0.01

0.03

0.01

0.07

6059975

5960026

14223243

8623243

NOTE 10: Segment Reporting Each of our multifamily properties is considered an operating segment that earns revenues through the leasing of apartment homes and incurs associated expenses. We aggregate our multifamily properties on a same-store and non same-store basis, and as a result, have identified two reportable segments. <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;text-indent:0px;height:auto;width:100%;"> <tbody> <tr style="vertical-align:top;"> <td style="padding:0;width:45pt;"> </td> <td style="padding:0;width:18pt;">•</td> <td style="padding:0;width:auto;">Same-Store includes properties that were owned and not a development property as of January 1, 2025, and that have not been sold or identified as held for sale.</td> </tr> </tbody> </table> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;text-indent:0px;height:auto;width:100%;"> <tbody> <tr style="vertical-align:top;"> <td style="padding:0;width:45pt;"> </td> <td style="padding:0;width:18pt;">•</td> <td style="padding:0;width:auto;">Non Same-Store includes properties that did not meet the definition of a same-store property as of January 1, 2025.</td> </tr> </tbody> </table> GAAP guidance requires that segment disclosures present the measures used by the Chief Operating Decision Maker (“CODM”) to decide how to allocate resources and for purposes of assessing segment performance. The CODM uses net operating income (“NOI”) as the primary financial measure to evaluate operating results of our multifamily properties, including analyses compared to prior periods and budgeted operating results. NOI is defined as total property revenues less total property operating expenses, excluding interest expenses, depreciation and amortization, casualty related costs and gains, property management expenses, general and administrative expense and net gains on sale of assets. Segment assets consist of real estate held for investment, real estate held for sale and investments in real estate under development. Non-segment assets consist of assets in the Company’s other non-reportable segments and corporate non-segment assets, which are comprised of cash and cash equivalents, restricted cash, investments in unconsolidated real estate entities, other assets, derivative assets and intangible assets. Reportable segment asset information is not provided to the CODM as the CODM does not use segment asset information to evaluate the business and allocate resources. The following table details NOI for our two reportable segments for the three and six months ended June 30, 2026 and 2025, and reconciles NOI to Net income on the condensed consolidated statements of operations. The segments are classified as same-store or non same-store based on the individual property’s status as of June 30, 2026. <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:"Times New Roman";font-size:10pt;text-indent:0px;height:auto;width:100%;"> <tbody> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td colspan="6" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">For the Three Months Ended June 30,</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td colspan="6" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">For the Six Months Ended June 30,</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> </tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">2026</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">2025</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">2026</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">2025</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:40%;">Revenue:</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Same-store (1) rental and other property revenue</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">157,076</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">155,612</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">313,171</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">309,616</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Non same-store (1) rental and other property revenue</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">10,050</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">6,279</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">19,168</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">13,180</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Total reportable segments revenue</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">167,126</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">161,891</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">332,339</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">322,796</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Other income</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">115</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">297</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">224</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">635</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Total consolidated revenue</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">167,241</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">162,188</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">332,563</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">323,431</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Operating Expenses:</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Same-store</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Real estate taxes</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">18,444</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">18,691</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">38,193</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">38,069</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Property insurance</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">3,010</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">3,548</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">6,289</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">7,448</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Personnel expenses</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">12,854</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">12,376</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">25,662</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">24,325</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Utilities</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">7,615</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">7,407</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">15,830</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">15,194</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Repairs and maintenance</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">5,883</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">5,822</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">10,059</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">10,167</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Contract services</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">6,578</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">6,139</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">12,739</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">11,929</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Advertising expenses</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">2,600</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">2,686</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">4,462</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">4,620</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Other property operating expenses (2)</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">1,659</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">1,690</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">3,248</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">3,314</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Total same-store operating expenses</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">58,643</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">58,359</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">116,482</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">115,066</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Non same-store</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Total non same-store operating expenses</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">4,732</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">2,576</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">9,017</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">5,132</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Total reportable segments operating expenses</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">63,375</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">60,935</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">125,499</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">120,198</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Net Operating Income:</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Same-store NOI</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">98,433</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">97,253</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">196,689</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">194,550</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Non same-store NOI</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">5,318</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">3,703</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">10,151</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">8,048</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Total reportable segments NOI</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">103,751</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">100,956</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">206,840</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">202,598</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Adjustments:</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Other revenue</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">115</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">297</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">224</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">635</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Property management expenses</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(7,931</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(7,715</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(16,168</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(15,541</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">General and administrative expenses</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(5,685</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(5,982</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(14,199</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(14,388</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Depreciation and amortization</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(64,861</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(59,794</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(129,494</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(118,521</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Casualty gains (losses), net</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">553</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(255</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">476</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(139</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Interest expense</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(21,583</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(18,773</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(42,315</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(38,121</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Gain on sale of real estate assets, net</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">—</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">—</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">—</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">1,496</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Loss on extinguishment of debt</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">—</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">—</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">—</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(67</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Other loss</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(105</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">—</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(191</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(103</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Loss from investments in unconsolidated real estate entities</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(836</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(562</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(1,883</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(1,151</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Net income</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">3,418</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">8,172</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">3,290</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">16,698</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> </tr> </tbody> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:"Times New Roman", Times, serif;font-size:10pt;text-indent:0px;height:auto;margin-left:0pt;margin-right:0pt;width:100%;"> <tbody> <tr style="font-family:"Times New Roman", Times, serif;font-size:10pt;"> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:18pt;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0px;vertical-align:top;width:3%;">(1)</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:auto;">Same-store portfolio consists of 109 properties, which represent 31,735 units. Non same-store portfolio consists of 7 properties, which represent 2,163 units.</td> </tr> <tr style="font-family:"Times New Roman", Times, serif;font-size:10pt;vertical-align:top;"> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:18pt;"> </td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:18pt;">(2)</td> <td style="font-family:"Times New Roman", Times, serif;font-size:10pt;padding:0;width:auto;">Other property operating expenses includes property office, administrative and legal costs.</td> </tr> </tbody> </table>

<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:"Times New Roman";font-size:10pt;text-indent:0px;height:auto;width:100%;"> <tbody> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td colspan="6" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">For the Three Months Ended June 30,</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td colspan="6" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">For the Six Months Ended June 30,</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> </tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">2026</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">2025</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">2026</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">2025</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:40%;">Revenue:</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Same-store (1) rental and other property revenue</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">157,076</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">155,612</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">313,171</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">309,616</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Non same-store (1) rental and other property revenue</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">10,050</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">6,279</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">19,168</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">13,180</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Total reportable segments revenue</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">167,126</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">161,891</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">332,339</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">322,796</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Other income</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">115</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">297</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">224</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">635</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Total consolidated revenue</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">167,241</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">162,188</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">332,563</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">323,431</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Operating Expenses:</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Same-store</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Real estate taxes</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">18,444</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">18,691</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">38,193</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">38,069</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Property insurance</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">3,010</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">3,548</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">6,289</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">7,448</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Personnel expenses</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">12,854</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">12,376</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">25,662</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">24,325</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Utilities</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">7,615</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">7,407</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">15,830</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">15,194</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Repairs and maintenance</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">5,883</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">5,822</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">10,059</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">10,167</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Contract services</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">6,578</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">6,139</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">12,739</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">11,929</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Advertising expenses</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">2,600</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">2,686</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">4,462</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">4,620</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Other property operating expenses (2)</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">1,659</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">1,690</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">3,248</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">3,314</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Total same-store operating expenses</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">58,643</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">58,359</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">116,482</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">115,066</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Non same-store</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Total non same-store operating expenses</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">4,732</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">2,576</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">9,017</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">5,132</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Total reportable segments operating expenses</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">63,375</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">60,935</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">125,499</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">120,198</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Net Operating Income:</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Same-store NOI</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">98,433</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">97,253</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">196,689</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">194,550</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Non same-store NOI</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">5,318</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">3,703</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">10,151</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">8,048</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Total reportable segments NOI</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">103,751</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">100,956</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">206,840</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">202,598</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Adjustments:</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Other revenue</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">115</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">297</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">224</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">635</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Property management expenses</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(7,931</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(7,715</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(16,168</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(15,541</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">General and administrative expenses</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(5,685</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(5,982</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(14,199</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(14,388</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Depreciation and amortization</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(64,861</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(59,794</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(129,494</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(118,521</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Casualty gains (losses), net</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">553</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(255</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">476</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(139</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Interest expense</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(21,583</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(18,773</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(42,315</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(38,121</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Gain on sale of real estate assets, net</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">—</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">—</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">—</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">1,496</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Loss on extinguishment of debt</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">—</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">—</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">—</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(67</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Other loss</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(105</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">—</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(191</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(103</td> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> </tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Loss from investments in unconsolidated real estate entities</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(836</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(562</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(1,883</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">(1,151</td> <td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">)</td> </tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"> <td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;">Net income</td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">3,418</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">8,172</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">3,290</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">16,698</td> <td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td> </tr> </tbody> </table>

157076000

155612000

313171000

309616000

10050000

6279000

19168000

13180000

167126000

161891000

332339000

322796000

115000

297000

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NOTE 11: Other Disclosures Litigation We are subject to various legal proceedings and claims that arise in the ordinary course of our business operations. Matters which arise out of allegations of bodily injury, property damage, employment practices and professional liability are generally covered by insurance. While the resolution of these matters cannot be predicted with certainty, we currently believe the final outcome of such matters will not have a material adverse effect on our financial position, results of operations or cash flows. Starting around November 2022, putative class action representatives began filing complaints in various United States District Courts across the country naming as defendants RealPage, Inc. (“RealPage”), a seller of revenue management products, and approximately 50 defendants who own and/or manage multifamily residential rental housing, alleging that the defendants conspired to fix, raise, maintain, and stabilize rent prices in violation of Section 1 of the Sherman Act. Some of the complaints, including one filed on November 14, 2022, in the U.S. District Court for the Northern District of Illinois, named us as one of the defendants, and others did not. The actions were consolidated for pretrial proceedings in the Middle District of Tennessee. Discovery is ongoing. It is not possible for the Company to estimate the amount of loss, if any, which may be associated with an adverse decision in this matter. We deny all allegations of wrongdoing and intend to defend against these claims vigorously. See Part II, Item 1, Legal Proceedings, for additional information regarding our legal proceedings. Other Matters To the extent that a natural disaster or similar event occurs with more than a remote risk of having a material impact on the consolidated financial statements, we will disclose the estimated range of possible outcomes, and, if an outcome is probable, accrue an appropriate liability. Loss Contingencies We record an accrual for loss contingencies when a loss is probable and the amount of the loss can be reasonably estimated. Management reviews these accruals quarterly and makes revisions based on changes in facts and circumstances. When a loss contingency is not both probable and reasonably estimable, management does not accrue the loss. However, if the loss (or an additional loss in excess of an earlier accrual) is at least a reasonable possibility and material, then management discloses a reasonable estimate of the possible loss, or range of loss, if such reasonable estimate can be made. If we cannot make a reasonable estimate of the possible loss, or range of loss, then a statement to that effect is disclosed.

<a class="rdg-anchor" href="#" title="otherinfo"></a><a class="rdg-anchor" href="#" id="otherinfo" title="otherinfo"></a>Item 5. Other Information. During the three and six months ended June 30, 2026, none of the Company's directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act). During the three and six months ended June 30, 2026, the Company did not adopt, terminate or modify a Rule 10b5-1 trading arrangement. The mortgage loan was repaid using proceeds from our unsecured revolver and paid off concurrently with acquiring our joint venture partner's 10% membership interest on January 20, 2026. The unsecured revolver total capacity is $750,000, of which $269,372 was drawn as of June 30, 2026. Represents the total number of units after development is complete and each property is placed in service. The unsecured revolver total capacity was $750,000, of which $198,892 was drawn as of December 31, 2025. Other property operating expenses includes property office, administrative and legal costs. The outstanding award balances above include 154,817 and 156,732 RSUs as of June 30, 2026 and December 31, 2025, respectively. Represents the weighted average of the contractual interest rates in effect as of March 31, 2026, without regard to any interest rate swaps or collars. On January 20, 2026, we acquired our joint venture partner's 10% membership interest and assumed full operational control and 100% equity ownership of the Tisdale at Lakeline Station property underlying this joint venture. We began consolidating the assets and liabilities of the property and its operating results effective January 20, 2026. As of December 31, 2025, we had a 90% interest in the 378-unit property underlying the joint venture. Same-store portfolio consists of 109 properties, which represent 31,735 units. Non same-store portfolio consists of 7 properties, which represent 2,163 units. Represents the weighted average of the contractual interest rates in effect as of June 30, 2026, without regard to any interest rate swaps or collars. Represents the weighted average effective interest rates for the three months ended March 31, 2026, including the impact of interest rate swaps and collars, the amortization of hedging costs, and deferred financing costs, but excluding the impact of loan premium amortization, discount accretion, and interest capitalization. The Mustang is an operating property consisting of 275 total units. The property is currently being marketed for sale. Represents the weighted average effective interest rates for the three months ended June 30, 2026, including the impact of interest rate swaps and collars, the amortization of hedging costs, and deferred financing costs, but excluding the impact of loan premium amortization, discount accretion, and interest capitalization.