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Income Statement · Annual · Millions · USD

Line item	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Total revenues	1,160	1,356	1,761	1,566	473	786	1,194	1,326	1,369	1,350
Realized investment gains (losses)	0	3	0	0	–	–	–	–	–	–
Depreciation and amortization	163	187	242	212	194	188	185	179	179	186
Impairment of real estate	0	0	0	14	0	145	0	0	–	–
Total operating expenses	940	1,175	1,505	1,348	730	981	1,072	1,173	1,220	1,223
Funds from operations (NAREIT definition, derived)	363	262	430	353	(210)	27	227	256	247	215
Operating income	220	181	–	–	–	–	–	–	–	–
Interest expense	59	78	102	91	100	106	93	99	111	112
Interest and investment income	2	3	5	9	4	1	5	20	17	14
Other non-operating income (expense)	0	0	3	1	2	(8)	9	4	5	3
Income before taxes	210	118	200	126	(357)	(310)	44	78	70	30
Income tax expense	8	42	9	(4)	52	1	2	1	2	1
Net income from continuing operations	155	67	191	129	(409)	(311)	42	77	68	29
Net income	200	75	189	128	(404)	(305)	42	76	68	29
Net income to common shareholders	200	66	164	103	(430)	(330)	17	51	43	3