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Income Statement · Annual · Millions · USD

Line item	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Rental revenue	2,422	2,471	2,578	2,701	2,572	2,464	3,094	2,874	2,980	3,094
Total revenues	2,426	2,471	2,578	2,701	–	–	–	–	–	–
Realized investment gains (losses)	(0)	0	(0)	–	–	23	–	2	(2)	–
Gross profit	–	–	–	–	–	–	–	–	–	–
Gain on sale of real estate	4,044	157	257	448	532	1,072	304	283	547	626
Impairment of real estate	–	2	–	–	–	–	–	–	–	–
Total operating expenses	–	–	–	–	–	851	872	927	962	1,015
Operating income	856	1,005	1,115	1,356	1,318	1,676	1,116	1,161	–	–
Interest expense	482	384	413	390	365	272	283	270	286	307
Interest and investment income	66	6	16	3	6	26	2	22	30	52
Income before taxes	417	613	689	939	932	1,401	813	875	1,081	1,173
Income tax expense	2	0	1	(2)	1	1	1	1	1	2
Net income from continuing operations	4,480	628	685	1,010	963	1,397	807	868	1,071	1,152
Net income	4,292	603	658	970	914	1,333	777	835	1,036	1,120
Net income to common shareholders	4,289	600	654	967	911	1,330	774	832	1,033	1,119