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v3.25.4

Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2025
Segment Reporting [Abstract] |
Schedule of Reconciliation of Net Income | The following table reconciles net income, the most directly comparable GAAP measure, to NOI:
| Year Ended December 31
| 2025 |  | 2024 |  | 2023
Net income | $ | 111,421 |  |  | $ | 13,658 |  |  | $ | 5,269 |
Adjustments to reconcile to NOI: |  |  |  |  |
Other income and expense, net | (3,575) |  |  | (3,755) |  |  | (5,480) |
Equity in losses of unconsolidated entities | — |  |  | — |  |  | 557 |
Interest expense, net | 34,519 |  |  | 37,100 |  |  | 38,138 |
Loss on extinguishment of debt | — |  |  | — |  |  | 15 |
Gain on sale of investment properties, net | (90,961) |  |  | (3,857) |  |  | (2,691) |
Impairment of real estate assets | — |  |  | 3,854 |  |  | — |
Depreciation and amortization | 128,497 |  |  | 113,948 |  |  | 113,430 |
General and administrative | 34,925 |  |  | 33,172 |  |  | 31,797 |
Other fee income | — |  |  | — |  |  | (80) |
Adjustments to NOI (a) | (8,401) |  |  | (7,548) |  |  | (7,528) |
NOI | $ | 206,425 |  |  | $ | 186,572 |  |  | $ | 173,427 |
(a)Adjustments to NOI include lease termination income and expense and GAAP Rent Adjustments.
Schedule of Disaggregation of Property Operating Expenses | The following table reflects the disaggregation of property operating expenses:
| Year Ended December 31
| 2025 |  | 2024 |  | 2023
Repairs and maintenance | $ | 16,334 |  |  | $ | 13,366 |  |  | $ | 14,270 |
Payroll, benefits, and office | 10,559 |  |  | 10,510 |  |  | 10,690 |
Utilities and waste removal | 10,527 |  |  | 9,462 |  |  | 8,747 |
Property insurance | 5,507 |  |  | 6,668 |  |  | 5,552 |
Security, legal, and other expenses | 3,706 |  |  | 3,387 |  |  | 3,573 |
Lease termination expense | — |  |  | 20 |  |  | — |
Property operating expenses | $ | 46,633 |  |  | $ | 43,413 |  |  | $ | 42,832 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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