“The primary components of other expenses (income) for the year ended December 31, 2025 and 2024 are detailed in the table below (in thousands, except percentages): Year Ended December 31, Other Expenses 2025 2024 Change % Change Interest expense (1) $ 33,672 $ 34,035 $ (363 ) (1 )% Extinguishment of debt cost 798 — 798 N/A Gain on sale of properties (2) (29,957 ) (22,125 ) (7,832 ) 35 % Loss on disposal of assets, net 239 547 (308 ) (56 )% Gain on partnership redemption (3) (2,075 ) — (2,075 ) N/A Interest, dividend and other investment income (138 ) (87 ) (51 ) 59 % Total other expenses $ 2,539 $ 12,370 $ (9,831 ) (79 )% (1) The $363,000 decrease in interest expense is primarily attributable to a decrease in our effective interest rate to 5%, compared to 5.12% for the same period in 2024.”
“As of December 31, 2025, subject to any potential future paydowns or increases in the borrowing base, we have $220.4 mil lion remaining availability under the revolving credit facility.”
“48 Table of Contents Reconciliation of Non-GAAP Financial Measures Funds From Operations (NAREIT) ( “ FFO ” ) and Core FFO The National Association of Real Estate Investment Trusts (“NAREIT”) defines FFO as net income (loss) available to common shareholders computed in accordance with GAAP, excluding depreciation and amortization related to real estate, gains or losses from the sale of certain real estate assets, gains and losses from change in control, and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity.”