“The year-over-year increase was driven by: (i) an increase in revenues due to the completion of our global development pipeline and related lease up operating activities; (ii) an increase in interest income as a result of carrying higher cash balances; and (iii) a decrease in interest expense due to lower average balances on our Global Revolving Credit Facilities and unsecured term loans; (iv) offset by the net impact of properties sold and contributed in 2024 and 2025.”
“57 Table of Contents Income Tax Expense Income tax expense decreased $0.7 million and $8.1 million in the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024 due to jurisdictional rate mix in foreign jurisdictions and internal restructuring within the global group.”