For the three months ended March 31, 2026 and 2025, the business management fees, incentive management fees, property management fees, construction supervision fees and expense reimbursements recognized in our condensed consolidated financial statements were as follows:



		Three Months Ended March 31,
	Financial Statement Line Item	2026			2025
Pursuant to business management agreement:
Business management fees	General and administrative expenses	$	5,792	`	$	5,735
Incentive management fees	General and administrative expenses	1,567			967
Total		$	7,359		$	6,702

Pursuant to property management agreement:


Property management fees	Other operating expenses	$	3,349		$	3,267
Construction supervision fees	Buildings and improvements (1)	81			30
Total		$	3,430		$	3,297

Expense reimbursement:
Other expenses	General and administrative expenses	$	44		$	50
Property level expenses	Other operating expenses	1,534			1,570
Total		$	1,578		$	1,620