Financial Highlights

    Period EndedFY 2024FY 2023FY 2022FY 2021FY 2020FY 2019FY 2018FY 2017FY 2016
    Balance Sheet (in thousands)
    Real Estate259,331249,779204,102160,175135,532133,499109,04194,22447,916
    Real Estate (Less Accumulated Depreciation)227,851223,613182,014142,460121,520123,712103,10091,48847,586
    Secured Debt147,081145,093127,12298,97686,48388,90574,94868,72035,168
    Total Debt147,081145,093127,12298,97686,48388,90574,94868,72035,168
    Total Liabilities156,974155,649136,073108,70396,93998,40484,21276,60940,322
    Equity (Attributable to Common Shares)78,31273,26055,83850,89532,55733,71735,80623,6789,761
    Equity (Attributable to Partnership Units)41,82038,07421,26517,29216,21918,20718,44416,93718,844
    Total Equity120,132111,33477,10368,18748,77651,92454,25040,61528,605
    Total Assets277,106266,983213,176176,891145,714150,328138,462117,22468,927
    Income Statement (in thousands)
    Rental Revenue28,84726,78325,87420,78420,97019,33218,21310,0401,560
    Interest Expense6,5215,0894,3903,5523,6823,7983,2592,122425
    Total Revenue33,45535,79325,87432,00821,03319,43318,33110,0611,567
    Net Income6,55112,5295,2002,8391,249-891-2,630-2,525-3,173
    Net Income (Attributable to Common Shares)4,2428,4123,5341,849792-568-1,650-1,409-1,916
    Net Income (Attributable to Partnership Units)2,3094,1171,666990457-323-980-1,116-1,257
    FFO12,23920,38412,3498,4428,4986,7387,1243,357-1,941
    Modified FFO12,22520,03912,3498,4428,4986,7387,1244,035351
    Total Expenses26,90423,26418,85919,06919,78420,32520,96012,5854,739
    Key Metrics (in thousands)
    FFO Payout (%)73.44%36.19%52.92%62.93%57.01%66.83%57.21%88.61%-45.14%
    FFO/Total Revenue (%)36.58%56.95%47.73%40.61%40.41%34.75%38.86%31.72%-123.91%
    Total Debt/Gross Real Estate (%)56.72%58.09%62.28%61.79%63.81%66.60%68.73%72.93%73.40%
    Per Share Information ($)
    FFO/Share$0.90$1.84$1.20$0.99$1.06$0.88$1.01$0.63($1.02)
    Modified FFO per Share$0.90$0.90$1.20$0.99$1.06$0.88$1.01$0.76$0.18
    Dividends Declared per Share$0.66$0.66$0.63$0.63$0.60$0.59$0.56$0.55$0.34
    Principal Payments Schedule (in thousands)
    Debt Due this Fiscal Year---------
    Debt Due during Next Fiscal Year11,6584,2215,3383,09017,3462,5002,0261,758954
    Debt Due during Second Fiscal Year-15,5474,1084,5352,35929,1322,1151,865993
    Debt Due during Third Fiscal Year14,8644,15215,4283,2355,7921,77028,7291,9411,033
    Debt Due during Fourth Fiscal Year41,11517,5983,91214,5172,3305,1891,35028,5121,073
    Debt Due Thereafter79,963104,25798,33773,60059,10050,78541,16635,14431,353
    Shareholder Data YTD Weighted Averages
    Common shares/UPREIT Units Outstanding13,584,44311,073,33510,307,7968,565,3318,026,0797,640,3007,047,0295,298,5341,900,496
    UPREIT Units Outstanding4,787,4843,639,0813,302,4862,987,1072,937,4312,769,8772,626,5182,342,335752,903
    Common shares Outstanding8,796,9497,434,2547,005,3105,578,2245,088,6484,870,4234,420,5102,956,1981,147,593
    Period EndedQ3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022Q3 2022Q2 2022Q1 2022Q4 2021Q3 2021Q2 2021Q1 2021Q4 2020Q3 2020Q2 2020Q1 2020Q4 2019Q3 2019Q2 2019Q1 2019Q4 2018Q3 2018Q2 2018Q1 2018Q4 2017Q3 2017Q2 2017Q1 2017Q4 2016Q3 2016
    Balance Sheet ($000)
    Real Estate296,481298,595259,994259,331260,412262,898249,870249,779213,396210,934205,186204,102188,820181,578179,612160,175150,123136,153135,618135,532135,376134,520134,079133,499126,385126,242126,558109,041108,687108,24795,96294,22470,35761,33560,90047,91624,216
    Real Estate (Less Accumulated Depreciation)259,725263,456226,806227,851229,872233,449249,870223,613187,598186,586182,100182,014168,014161,594160,844142,460133,514120,156120,567121,520122,406122,586123,185123,712117,631118,494119,741103,100103,292103,58892,29291,48868,39859,96760,08847,58624,095
    Secured Debt168,493156,518146,001147,081148,946150,009144,040145,093126,321126,321126,152127,122119,042114,585115,46398,97694,39186,06285,81386,48387,14387,71788,31988,90585,74075,74086,29186,83074,94875,42575,86868,33068,72052,67546,26346,53835,168
    Total Debt168,493156,518146,001147,081148,946150,009145,093145,093126,321126,321126,152127,122119,042114,585115,46398,97694,93186,06285,81386,48387,14387,71788,31988,90585,74085,75086,29186,86074,94875,42575,86868,34168,72052,67546,26346,53835,168
    Total Liabilities179,223168,120155,667156,974159,842160,182154,156155,649135,853135,951135,390136,073128,853124,861125,276108,703103,32294,96094,72496,93998,80999,49698,93798,40494,21694,99897,29184,21284,43585,29076,22676,60958,20051,58952,07240,32219,530
    Equity (Attributable to Common Shares)79,02777,69577,78378,31277,98777,14477,01273,26056,93256,06655,46155,83853,85552,74252,41450,89534,59933,60433,72032,55732,24632,09632,58433,71734,56034,85135,28135,80636,39036,94933,55023,67824,24924,65024,7519,76110,938
    Equity (Attributable to Partnership Units)44,71444,39241,23141,82039,94640,08937,73938,07421,35220,65020,73921,26520,69920,54820,75117,29217,68616,16416,55116,21916,34216,58917,20118,20716,89717,35417,87818,44419,04519,63917,12416,93717,59218,11518,37218,8448,756
    Total Equity123,741122,087119,013120,132117,933117,233114,751111,33478,28476,71676,20077,10374,55473,29073,16668,18752,28549,76850,27148,77648,58848,68549,78551,92451,45752,20553,15954,25055,43556,58850,67440,61541,84142,76543,12328,60519,694
    Total Assets302,964290,207274,679277,106277,775277,416268,907266,983214,137212,667211,590213,176203,407198,151198,441176,891155,607144,727144,995145,714147,397148,181148,722150,328145,673147,203150,450138,462139,870141,878126,900117,224100,04194,35495,19568,92739,225
    Income Statement ($000)
    Rental Revenue24,00415,6127,48028,84721,52521,6867,23326,78319,80013,0666,28225,87416,76710,9345,52920,78415,54810,2905,18120,97015,86510,6575,26419,33214,2699,2944,39718,21313,1768,4724,16310,0406,9724,4322,0111,560736
    Interest Expense5,3513,2951,5696,5214,6754,5901,5345,0893,6552,3981,1634,3903,1972,0981,0183,5522,6021,7158573,6822,7831,8949853,7982,7971,8198533,2592,4001,5437462,1221,474936441425180
    Total Revenue26,83916,1507,78633,45525,09122,6037,54035,79320,04513,2676,40325,87416,72810,9875,80532,00815,55710,6865,19221,03315,91710,6955,28819,43314,3429,3394,42418,33113,2658,5334,16610,0616,9894,4432,0151,567736
    Net Income5,4932,3101,1196,5514,9212,62981912,5292,8471,5596655,2001,5998919012,8392,7371,1033811,24990654882-891-934-783-448-2,630-2,038-1,464-680-2,525-1,757-1,288-1,370-3,173-1,098
    Net Income (Attributable to Common Shares)3,4901,6548144,2423,1891,7095358,4121,9491,0674543,5341,0866056141,8491,75370824479257334652-568-597-499-285-1,650-1,273-909-411-1,409-973-704-721-1,916-780
    Net Income (Attributable to Partnership Units)2,0036563052,3091,7329212854,1178984922111,66651328628799098439613745733320230-323-337-284-163-980-765-555-269-1,116-784-584-649-1,257-318
    FFO10,4006,8913,31912,2399,0829,2993,01620,3848,5335,3912,61512,3496,8994,4212,6728,4426,6544,4152,0288,4986,5054,4912,0446,7384,7833,1161,4347,1244,9203,1341,5523,3572,2171,224-201-1,941-753
    Modified FFO10,1106,6013,31912,2259,0689,2993,01620,0398,1885,3912,61512,3492,4704,4212,6728,4426,6544,4152,0288,4986,5054,4912,0446,7384,7833,1161,4347,1244,9203,1341,5524,0352,8961,901477351255
    Total Expenses21,34513,8406,66726,90420,16919,9736,72023,26417,19811,7075,73818,85915,12910,0964,90519,06913,9089,2074,81019,78415,01110,1485,20520,32515,27710,1234,87120,96015,3029,9974,84612,5858,7465,7303,3854,7391,834
    Key Metrics
    FFO Payout (%)70.53%141.87%72.22%73.44%73.76%70.67%72.74%36.19%61.46%64.51%66.28%52.92%70.87%73.39%60.51%62.93%56.33%56.15%60.89%57.01%55.67%53.56%58.64%66.83%70.03%71.41%77.33%57.21%61.41%62.98%60.17%88.61%100.35%120.86%-366.75%-45.14%-61.84%
    FFO/Total Revenue (%)38.75%42.68%42.63%36.58%36.20%41.71%40%56.95%42.57%40,64%40.84%47.73%41.10%40.43%51.58%40.61%42.79%42.89%39.14%40.41%41.00%42.14%38.83%34.75%33.52%33.53%32.61%38.86%37.09%36.73%37.27%31.72%31.72%27.54%-9.97%-123.91%-102.37%
    Total Debt/Gross Real Estate (%)57.13%52.42%56.16%56.72%57.20%57.06%57.65%58.09%59.20%59.89%61.48%62.28%63.05%63.11%64.28%61.79%63.24%63.21%63.28%63.81%64.37%65.21%65.87%66.60%67.84%68.35%68.63%68.73%69.40%70.09%71.22%72.93%74.87%75.43%76.42%73.40%71.72%
    Per Share Information ($)
    FFO/Share$0.73$0.49$0.25$0.90$0.67$0.47$0.23$1.84$0.81$0.51$0.25$1.20$0.67$0.43$0.26$0.99$0.81$0.54$0.25$1.06$0.81$0.56$0.26$0.88$0.63$0.41$0.19$1.01$0.71$0.47$0.26$0.63$0.42$0.24($0.04)($1.02)($0.51)
    Modified FFO per Share$0.71$0.47$0.25$0.90$0.67$0.47$0.23$1.81$0.81$0.51$0.25$1.20$0.67$0.43$0.26$0.99$0.81$0.54$0.25$1.06$0.81$0.56$0.26$0.88$0.63$0.41$0.19$1.01$0.71$0.47$0.26$0.76$0.55$0.37$0.10$0.18$0.17
    Dividends Declared per Share$0.52$0.17$0.17$0.66$0.50$0.33$0.17$0.66$0.50$0.33$0.17$0.16--$0.16$0.16$0.15$0.15$0.15$0.60$0.45$0.30$0.15$0.59$0.44$0.15$0.15$0.56$0.42$0.28$0.14$0.55$0.41$0.28$0.14$0.34$0.23
    Principal Payments Schedule ($000)
    Debt Due this Fiscal Year-2,38211,533------1,392-9441,8202,739-12,07112,68016,64607541,3551,884-5905901,1731,745-5059831,338-354602903-
    Debt Due during Next Fiscal Year---11,65811,78211,90212,0224,221--5,3385,2035,0805,0803,0902,6622,4742,35917,34617,18919,94129,1322,5002,4092,4092,4092,0262,0332,0331,8591,7581,4071,2581,258954537
    Debt Due during Second Fiscal Year21,80521,98414,737----15,54712,26012,37712,4924,1083,9253,7973,7974,5354,0935,9115,7922,3592,2022,1021,77029,13229,03629,03629,0362,1152,1152,1151,9331,8651,4671,3111,311993558
    Debt Due during Third Fiscal Year40,11540,45040,78314,86414,98815,10915,2284,152--15,42815,23415,10015,1003,2352,7802,4532,3305,7925,6365,5325,1891,7701,6701,6701,67028,72928,72928,72928,5371,9411,5251,3621,3621,033580
    Debt Due during Fourth Fiscal Year26,56426,67726,79741,11541,20341,58641,96817,59815,46815,58415,6963,9123,7093,5693,56914,51714,04613,70713,58011,51511,40711,0525,1895,0855,0855,0851,3501,3501,3501,14928,51228,07827,90827,9081,073601
    Debt Due Thereafter80,91061,31352,63079,96381,53282,02075,455104,25799,14398,95096,57198,33790,67185,85885,85873,60059,25049,21745,52059,10050,32347,88639,73250,78547,42547,42547,42541,16641,16741,16633,99535,14420,13914,09014,09031,35315,129
    Shareholder Data YTD Weighted Averages
    Common shares/UPREIT Units Outstanding14,215,00014,120,00013,938,00013,584,44313,515,64913,427,67613,241,88411,073,33510,589,90410,540,57510,505,15410,307,79610,263,70010,210,89310,125,9578,565,3318,247,0558,192,2468,164,7008,026,0797,997,9117,968,6317,940,6447,640,3007,578,4547,551,6797,525,9707,047,0296,901,7526,632,8326,059,8445,298,5345,245,8885,155,3904,914,8111,900,4961,484,526
    UPREIT Units Outstanding5,184,0005,132,0004,985,0004,787,4844,756,2704,719,1984,602,2313,639,0813,339,6943,326,8313,326,8313,302,4863,294,2813,277,7373,228,0972,987,1072,963,9112,937,4312,937,4312,937,4312,937,4312,937,4312,937,4312,769,8772,735,3482,735,3482,735,3482,626,5182,589,8432,515,8842,397,6202,342,3352,340,9042,338,0182,329,360752,903430,082
    Common shares Outstanding9,031,0008,988,0008,953,008,796,9498,759,3798,708,4788,639,6537,434,2547,250,2107,213,7447,178,3237,005,3106,969,4196,933,1566,897,8605,578,2245,283,1445,254,8155,227,2695,088,6485,060,4805,031,2005,003,2134,870,4234,843,1064,816,3314,790,6224,420,5104,311,9104,116,9483,662,2242,956,1982,904,9842,817,3722,585,4511,147,5931,054,444