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Income Statement · Annual · Millions · USD

Line item	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Total revenues	802	857	915	936	835	951	1,074	1,132	1,202	1,279
Rental revenue	787	854	912	933	832	949	1,048	1,101	1,170	1,245
Property operating expenses	158	165	173	188	171	198	229	232	250	267
Real estate taxes	95	108	115	111	119	118	128	131	142	151
Depreciation and amortization	194	216	244	240	255	280	302	322	343	368
Gain on sale of real estate	–	–	12	116	98	90	–	–	–	–
Total operating expenses	481	525	566	581	587	646	712	736	784	834
Funds from operations (NAREIT definition, derived)	443	506	474	477	289	452	688	559	638	779
Operating income	321	410	362	471	290	395	526	406	472	602
Interest expense	95	100	110	110	136	128	137	168	175	184
Interest and investment income	–	–	–	–	–	–	–	–	–	–
Net income from continuing operations	226	220	237	–	–	–	–	–	–	–
Net income	250	290	242	354	132	261	385	237	295	411
Net income to common shareholders	249	287	234	346	124	253	377	229	287	403