| Schedule of reconciliation of reportable segment to net income |
| | | | | | | | | | | | For the Three Months Ended June 30, 2026 | | | | | | All other & | | | | | | Real estate | | eliminations, | | | | | | segment | | net | | Consolidated | | | | | | | | | | | Income: | | | | | | | | | | Lease Income | | $ | 1,661,034 | | $ | (1,325) | | $ | 1,659,709 | Management fees and other revenues | | | — | | | 40,834 | | | 40,834 | Other Income | | | 50,055 | | | 40,000 | | | 90,055 | Total | | | 1,711,089 | | | 79,509 | | | 1,790,598 | Expenses: | | | | | | | | | | Property Operating | | | 222,635 | | | (51,195) | | | 171,440 | Real estate taxes | | | 130,838 | | | 1,067 | | | 131,905 | Repairs and maintenance | | | 31,575 | | | 1,112 | | | 32,687 | Advertising and promotion | | | 39,899 | | | (843) | | | 39,056 | Other | | | 26,792 | | | 22,780 | | | 49,572 | Total | | | 451,739 | | | (27,079) | | | 424,660 | NOI of consolidated entities | | $ | 1,259,350 | | $ | 106,588 | | $ | 1,365,938 | Other Income: | | | | | | | | | | Income from unconsolidated entities | | | | | | | | | 119,127 | Other Expenses: | | | | | | | | | | Depreciation and amortization | | | | | | | | | 459,876 | Home and regional office costs | | | | | | | | | 69,842 | General and administrative | | | | | | | | | 12,004 | Interest expense | | | | | | | | | 281,164 | Loss due to disposal, exchange, or revaluation of equity interests, net | | | | | | | | | 11,950 | Income and other tax expense | | | | | | | | | 10,809 | Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net | | | | | | | | | 56,425 | Loss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | | | | | | | | | 8,747 | Other expense | | | | | | | | | 118 | Consolidated Net Income | | | | | | | | $ | 574,130 |
| | | | | | | | | | | | For the Six Months Ended June 30, 2026 | | | | | | All other & | | | | | | Real estate | | eliminations, | | | | | | segment | | net | | Consolidated | | | | | | | | | | | Income: | | | | | | | | | | Lease Income | | $ | 3,292,454 | | $ | (4,214) | | $ | 3,288,240 | Management fees and other revenues | | | — | | | 81,022 | | | 81,022 | Other Income | | | 91,919 | | | 86,510 | | | 178,429 | Total | | | 3,384,373 | | | 163,318 | | | 3,547,691 | Expenses: | | | | | | | | | | Property Operating | | | 449,666 | | | (107,466) | | | 342,200 | Real estate taxes | | | 269,900 | | | (2,035) | | | 267,865 | Repairs and maintenance | | | 71,677 | | | 1,211 | | | 72,888 | Advertising and promotion | | | 75,719 | | | (2,733) | | | 72,986 | Other | | | 49,785 | | | 33,003 | | | 82,788 | Total | | | 916,747 | | | (78,020) | | | 838,727 | NOI of consolidated entities | | $ | 2,467,626 | | $ | 241,338 | | $ | 2,708,964 | Other Income: | | | | | | | | | | Income and other tax benefit | | | | | | | | | 9,125 | Income from unconsolidated entities | | | | | | | | | 97,879 | Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | | | | | | | | | 55,593 | Other Expenses: | | | | | | | | | | Depreciation and amortization | | | | | | | | | 918,773 | Home and regional office costs | | | | | | | | | 137,498 | General and administrative | | | | | | | | | 66,303 | Interest expense | | | | | | | | | 556,826 | Loss due to disposal, exchange, or revaluation of equity interests, net | | | | | | | | | 18,329 | Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net | | | | | | | | | 31,037 | Other expense | | | | | | | | | 130 | Consolidated Net Income | | | | | | | | $ | 1,142,665 |
| | | | | | | | | | | | For the Three Months Ended June 30, 2025 | | | | | | All other & | | | | | | Real estate | | eliminations, | | | | | | segment | | net | | Consolidated | | | | | | | | | | | Income: | | | | | | | | | | Lease Income | | $ | 1,382,428 | | $ | (2,974) | | $ | 1,379,454 | Management fees and other revenues | | | — | | | 37,931 | | | 37,931 | Other Income | | | 30,050 | | | 51,024 | | | 81,074 | Total | | | 1,412,478 | | | 85,981 | | | 1,498,459 | Expenses: | | | | | | | | | | Property Operating | | | 183,092 | | $ | (43,276) | | $ | 139,816 | Real estate taxes | | | 104,461 | | | 854 | | | 105,315 | Repairs and maintenance | | | 25,737 | | | 501 | | | 26,238 | Advertising and promotion | | | 37,299 | | | (989) | | | 36,310 | Other | | | 16,527 | | | 19,127 | | | 35,654 | Total | | | 367,116 | | | (23,783) | | | 343,333 | NOI of consolidated entities | | $ | 1,045,362 | | $ | 109,764 | | $ | 1,155,126 | Other Income: | | | | | | | | | | Gain due to disposal, exchange, or revaluation of equity interests, net | | | | | | | | | 104,499 | Income from unconsolidated entities | | | | | | | | | 122,875 | Other Expenses: | | | | | | | | | | Depreciation and amortization | | | | | | | | | 339,058 | Home and regional office costs | | | | | | | | | 57,564 | General and administrative | | | | | | | | | 14,298 | Interest expense | | | | | | | | | 232,724 | Income and other tax expense | | | | | | | | | 35,107 | Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net | | | | | | | | | 50,455 | Loss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | | | | | | | | | 9,604 | Other expense | | | | | | | | | 9 | Consolidated Net Income | | | | | | | | $ | 643,681 |
| | | | | | | | | | | | For the Six Months Ended June 30, 2025 | | | | | | All other & | | | | | | Real estate | | eliminations, | | | | | | segment | | net | | Consolidated | | | | | | | | | | | Income: | | | | | | | | | | Lease Income | | $ | 2,757,384 | | $ | (10,502) | | $ | 2,746,882 | Management fees and other revenues | | | — | | | 71,723 | | | 71,723 | Other Income | | | 55,750 | | | 97,117 | | | 152,867 | Total | | | 2,813,134 | | | 158,338 | | | 2,971,472 | Expenses: | | | | | | | | | | Property Operating | | | 354,829 | | | (78,192) | | | 276,637 | Real estate taxes | | | 217,948 | | | (5,180) | | | 212,768 | Repairs and maintenance | | | 55,294 | | | 1,086 | | | 56,380 | Advertising and promotion | | | 73,126 | | | (2,560) | | | 70,566 | Other | | | 31,187 | | | 35,445 | | | 66,632 | Total | | | 732,384 | | | (49,401) | | | 682,983 | NOI of consolidated entities | | $ | 2,080,750 | | $ | 207,739 | | $ | 2,288,489 | Other Income: | | | | | | | | | | Gain due to disposal, exchange, or revaluation of equity interests, net | | | | | | | | | 80,507 | Income from unconsolidated entities | | | | | | | | | 153,234 | Other Expenses: | | | | | | | | | | Depreciation and amortization | | | | | | | | | 667,109 | Home and regional office costs | | | | | | | | | 122,630 | General and administrative | | | | | | | | | 26,927 | Interest expense | | | | | | | | | 459,720 | Income and other tax expense | | | | | | | | | 27,470 | Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net | | | | | | | | | 87,220 | Loss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | | | | | | | | | 9,604 | Other expense | | | | | | | | | 9 | Consolidated Net Income | | | | | | | | $ | 1,121,541 |
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