REPORTABLE SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Information about Net Income (Loss)

Information about the net income (loss) of the Real Estate Properties segment that is regularly reviewed by our CODM, including revenue and significant expenses, was as follows for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
		2026		2025
Revenues:
Rental income		$	186,281	$	174,183
Fees and management income		3,445		2,783
Other property income		1,015		1,345
Total revenues		190,741		178,311
Operating Expenses:
Property operating(1)		32,990		29,936
Real estate taxes		22,067		21,079
Employee-related expenses		8,049		8,457
Other general and administrative expenses(2)		3,894		3,629
Depreciation and amortization		65,531		65,274
Total operating expenses		132,531		128,375
Other:
Interest expense, net(3)		(29,772)		(25,672)
Gain on disposal of property, net		6,817		5,609
Other expense, net		(2,013)		(980)
Net income		33,242		28,893
Net income attributable to noncontrolling interests		(2,864)		(2,584)
Net income attributable to stockholders		$	30,378	$	26,309

(1)Property operating is primarily made up of common area maintenance, compensation, insurance, and other costs related to the leasing of our real estate properties. Our CODM is not provided with further disaggregation and uses total property operating expenses to manage the business.

(2)Other general and administrative expenses is primarily made up of professional fees, technology and communication expense, and insurance, taxes, and board costs.

(3)Interest income is not a significant component of Interest Expense, Net.