| Schedule of Reconciliation of Net Income |
The following table reconciles net income, the most directly comparable GAAP measure, to NOI: | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30 | | Nine months ended September 30 | | 2026 | | 2025 | | 2026 | | 2025 | | Net income | $ | 19,413 | | | $ | 6,026 | | | $ | 25,966 | | | $ | 108,760 | | | Adjustments to reconcile to NOI: | | | | | | | | | Other income and expense, net | 14 | | | (1,628) | | | (330) | | | (3,177) | | | Interest expense, net | 13,210 | | | 8,969 | | | 34,623 | | | 25,637 | | | | | | | | | | | Gain on sale of investment properties | (17,379) | | | (52) | | | (17,379) | | | (90,961) | | | | | | | | | | | Depreciation and amortization | 39,731 | | | 32,734 | | | 114,776 | | | 94,086 | | | General and administrative | 8,557 | | | 8,316 | | | 26,818 | | | 25,569 | | | Adjustments to NOI (a) | (3,727) | | | (2,453) | | | (10,691) | | | (6,233) | | | NOI | $ | 59,819 | | | $ | 51,912 | | | $ | 173,783 | | | $ | 153,681 | |
(a)Adjustments to NOI include lease termination income and expense and GAAP Rent Adjustments.
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| Schedule of Disaggregation of Property Operating Expenses |
The following table presents the disaggregation of property operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30 | | Nine months ended September 30 | | 2026 | | 2025 | | 2026 | | 2025 | | Repairs and maintenance | $ | 4,810 | | | $ | 3,719 | | | $ | 13,877 | | | $ | 10,927 | | | Payroll, benefits, and office | 2,634 | | | 2,532 | | | 8,114 | | | 7,897 | | | Utilities and waste removal | 3,251 | | | 2,703 | | | 8,795 | | | 7,692 | | | Property insurance | 1,338 | | | 1,266 | | | 3,889 | | | 4,182 | | | Security, legal, and other | 1,169 | | | 834 | | | 3,201 | | | 2,579 | | | | | | | | | | | Property operating expenses | $ | 13,202 | | | $ | 11,054 | | | $ | 37,876 | | | $ | 33,277 | |
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