Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Operations

v3.25.4
Consolidated Statements of Operations - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues      
Lease revenue $ 714,180 $ 671,366 $ 619,847
Other property revenue 7,669 6,351 4,956
Construction contract and other service revenues 42,074 75,550 60,179
Total revenues 763,923 753,267 684,982
Operating expenses      
Property operating expenses 283,927 266,001 247,385
Depreciation and amortization associated with real estate operations 161,826 153,640 148,950
Construction contract and other service expenses 39,962 73,265 57,416
General, administrative, leasing and other expenses 47,840 47,038 42,769
Impairment losses 0 0 252,797
Total operating expenses 533,555 539,944 749,317
Interest expense (86,660) (82,151) (71,142)
Interest and other income, net 10,683 12,661 12,587
Gain on sales of real estate 3,350 0 49,392
Loss on early extinguishment of debt (66) 0 0
Income (loss) before equity in income (loss) of unconsolidated entities and income taxes 157,675 143,833 (73,498)
Equity in income (loss) of unconsolidated entities 2,806 397 (261)
Income tax expense (947) (288) (588)
Net income (loss) 159,534 143,942 (74,347)
Net (income) loss attributable to noncontrolling interests      
Common units in CDPLP (3,239) (2,694) 1,306
Other consolidated entities (3,980) (2,319) (428)
Net income (loss) attributable to common shareholders $ 152,315 $ 138,929 $ (73,469)
Earnings per common share      
Net income (loss) attributable to common shareholders - basic (in dollars per share) [1] $ 1.35 $ 1.23 $ (0.67)
Net income (loss) attributable to common shareholders - diluted (in dollars per share) [1] $ 1.34 $ 1.23 $ (0.67)
[1] Basic and diluted earnings per common share are calculated based on amounts attributable to common shareholders.