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Net Operating Income By Segment
Separates net operating income into segments (stabilized portfolio, development, services) to show where operating profits originate and whether earnings are driven by steady rental cash flows or one‑time development gains with different risk profiles.Same‑properties NOI has recovered and settled at a higher, more consistent run‑rate since mid‑2024, suggesting underlying leasing and rent fundamentals have strengthened and should better support distributable cash flow. Non‑same NOI is highly lumpy—large year‑end spikes reflect transactional activity (acquisitions, dispositions or development contributions) rather than recurring operations—so treat Q4 surges as one‑off volatility that can mask the true organic trend investors should monitor.
Date | Same Properties | Non-Same Properties |
|---|---|---|
Sep 30, 2026 | $394.49M | $48.76M |
Jun 30, 2026 | $395.91M | $59.54M |
Mar 31, 2026 | $389.79M | $57.09M |
Dec 31, 2025 | $299.12M | $222.75M |
Sep 30, 2025 | $399.88M | $112.83M |
Jun 30, 2025 | $428.21M | $109.40M |
Mar 31, 2025 | $437.06M | $94.70M |
Dec 31, 2024 | $522.69M | $358.31M |
Sep 30, 2024 | $422.36M | $135.99M |
Jun 30, 2024 | $436.52M | $112.96M |