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Income Statement · Annual · Millions · USD

Line item	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Rental revenue	279	299	310	344	330	360	403	419	424	410
Total revenues	295	315	331	367	345	376	423	441	458	436
Real estate taxes	28	33	35	40	42	43	45	45	44	45
Gross profit	187	198	209	235	223	246	270	277	290	267
Depreciation and amortization	71	83	107	96	108	116	123	120	125	127
Gain on sale of real estate	0	0	0	1	0	0	–	0	0	44
Total operating expenses	197	221	251	253	256	276	–	–	–	–
Funds from operations (NAREIT definition, derived)	104	112	127	141	136	153	179	184	198	154
Operating income	98	94	80	114	89	100	115	122	129	146
Interest expense	52	54	52	54	53	59	–	–	–	–
Interest and investment income	0	1	0	1	0	0	0	2	9	4
Other non-operating income (expense)	(0)	0	(0)	(0)	0	(0)	(1)	8	18	4
Income tax expense	1	0	0	1	(0)	1	1	1	1	1
Net income from continuing operations	46	40	27	60	36	37	44	50	57	56
Net income	33	29	20	46	28	37	56	65	73	71
Net income to common shareholders	33	29	20	46	28	28	44	50	57	56