| Schedule of Financial Information |
Below is a summary of financial information for the three and nine months ended September 30, 2026 and 2025. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended September 30, | | For the Nine Months Ended September 30, | | (Amounts in thousands) | | 2026 | | 2025 | | 2026 | | 2025 | | Rental revenues | | $ | 72,056 | | | $ | 53,424 | | | $ | 180,179 | | | $ | 159,928 | | | Real estate tax expense | | (14,507) | | | (15,755) | | | (46,180) | | | (45,439) | | | Other segment expenses (1) | | (11,378) | | | (10,938) | | | (35,428) | | | (32,752) | | | Total operating expenses | | (25,885) | | | (26,693) | | | (81,608) | | | (78,191) | | | NOI | | $ | 46,171 | | | $ | 26,731 | | | $ | 98,571 | | | $ | 81,737 | | | | | | | | | | | | | (1) | Includes various expenses associated with operating our properties including but not limited to ground rent, insurance, repairs and maintenance and utilities. |
Below is a reconciliation of NOI to net income for the three and nine months ended September 30, 2026 and 2025. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended September 30, | | For the Nine Months Ended September 30, | | (Amounts in thousands) | 2026 | | 2025 | | 2026 | | 2025 | | NOI | $ | 46,171 | | | $ | 26,731 | | | $ | 98,571 | | | $ | 81,737 | | | Interest and debt expense | (10,933) | | | (14,078) | | | (32,458) | | | (37,673) | | | Interest and other income | 3,129 | | | 3,682 | | | 6,259 | | | 11,555 | | | General and administrative | (1,988) | | | (1,349) | | | (6,967) | | | (4,895) | | | Depreciation and amortization | (8,975) | | | (9,018) | | | (25,979) | | | (26,324) | | | Net gain on sale of real estate | — | | | — | | | 148,002 | | | — | | | Net income | $ | 27,404 | | | $ | 5,968 | | | $ | 187,428 | | | $ | 24,400 | |
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