Financial Highlights

Fiscal Year Data
Quarterly Historical Data

Period Ended	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Balance Sheet (in thousands)
Real Estate	307,487	259,331	249,779	204,102	160,175	135,532	133,499	109,041	94,224	47,916
Real Estate (Less Accumulated Depreciation)	268,726	227,851	223,613	182,014	142,460	121,520	123,712	103,100	91,488	47,586
Secured Debt	171,393	147,081	145,093	127,122	98,976	86,483	88,905	74,948	68,720	35,168
Total Debt	171,393	147,081	145,093	127,122	98,976	86,483	88,905	74,948	68,720	35,168
Total Liabilities	183,144	156,974	155,649	136,073	108,703	96,939	98,404	84,212	76,609	40,322
Equity (Attributable to Common Shares)	79,761	78,312	73,260	55,838	50,895	32,557	33,717	35,806	23,678	9,761
Equity (Attributable to Partnership Units)	46,821	41,820	38,074	21,265	17,292	16,219	18,207	18,444	16,937	18,844
Total Equity	126,582	120,132	111,334	77,103	68,187	48,776	51,924	54,250	40,615	28,605
Total Assets	309,726	277,106	266,983	213,176	176,891	145,714	150,328	138,462	117,224	68,927
Income Statement (in thousands)
Rental Revenue	32,878	28,847	26,783	25,874	20,784	20,970	19,332	18,213	10,040	1,560
Interest Expense	7,458	6,521	5,089	4,390	3,552	3,682	3,798	3,259	2,122	425
Total Revenue	35,891	33,455	35,793	25,874	32,008	21,033	19,433	18,331	10,061	1,567
Net Income	7,005	6,551	12,529	5,200	2,839	1,249	-891	-2,630	-2,525	-3,173
Net Income (Attributable to Common Shares)	4,450	4,242	8,412	3,534	1,849	792	-568	-1,650	-1,409	-1,916
Net Income (Attributable to Partnership Units)	2,555	2,309	4,117	1,666	990	457	-323	-980	-1,116	-1,257
FFO	14,370	12,239	20,384	12,349	8,442	8,498	6,738	7,124	3,357	-1,941
Modified FFO	14,080	12,225	20,039	12,349	8,442	8,498	6,738	7,124	4,035	351
Total Expenses	28,886	26,904	23,264	18,859	19,069	19,784	20,325	20,960	12,585	4,739
Key Metrics (in thousands)
FFO Payout (%)	68.42%	73.44%	36.19%	52.92%	62.93%	57.01%	66.83%	57.21%	88.61%	-45.14%
FFO/Total Revenue (%)	40.03%	36.58%	56.95%	47.73%	40.61%	40.41%	34.75%	38.86%	31.72%	-123.91%
Total Debt/Gross Real Estate (%)	55.74%	56.72%	58.09%	62.28%	61.79%	63.81%	66.60%	68.73%	72.93%	73.40%
Per Share Information ($)
FFO/Share	$1.01	$0.90	$1.84	$1.20	$0.99	$1.06	$0.88	$1.01	$0.63	($1.02)
Modified FFO per Share	$0.99	$0.90	$0.90	$1.20	$0.99	$1.06	$0.88	$1.01	$0.76	$0.18
Dividends Declared per Share	0.6880	$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 Year	-	11,658	4,221	5,338	3,090	17,346	2,500	2,026	1,758	954
Debt Due during Second Fiscal Year	21,625	-	15,547	4,108	4,535	2,359	29,132	2,115	1,865	993
Debt Due during Third Fiscal Year	39,775	14,864	4,152	15,428	3,235	5,792	1,770	28,729	1,941	1,033
Debt Due during Fourth Fiscal Year	26,437	41,115	17,598	3,912	14,517	2,330	5,189	1,350	28,512	1,073
Debt Due Thereafter	84,351	79,963	104,257	98,337	73,600	59,100	50,785	41,166	35,144	31,353
Shareholder Data YTD Weighted Averages
Common shares/UPREIT Units Outstanding	14,290,000	13,584,443	11,073,335	10,307,796	8,565,331	8,026,079	7,640,300	7,047,029	5,298,534	1,900,496
UPREIT Units Outstanding	5,207,000	4,787,484	3,639,081	3,302,486	2,987,107	2,937,431	2,769,877	2,626,518	2,342,335	752,903
Common shares Outstanding	9,083,000	8,796,949	7,434,254	7,005,310	5,578,224	5,088,648	4,870,423	4,420,510	2,956,198	1,147,593

Year to Date	3/31/2026	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022	6/30/2022	3/31/2022	12/31/2021	9/30/2021	6/30/2021	3/31/2021	12/31/2020	9/30/2020	6/30/2020	3/31/2020	12/31/2019	9/30/2019	6/30/2019	3/31/2019	12/31/2018	9/30/2018	6/30/2018	3/31/2018	12/31/2017	9/30/2017	6/30/2017	3/31/2017	12/31/2016	9/30/2016
Balance Sheet ($000)
Real Estate	339,823	307,487	296,481	298,595	259,994	259,331	260,412	262,898	249,870	249,779	213,396	210,934	205,186	204,102	188,820	181,578	179,612	160,175	150,123	136,153	135,618	135,532	135,376	134,520	134,079	133,499	126,385	126,242	126,558	109,041	108,687	108,247	95,962	94,224	70,357	61,335	60,900	47,916	24,216
Real Estate (Less Accumulated Depreciation)	299,029	268,726	259,725	263,456	226,806	227,851	229,872	233,449	249,870	223,613	187,598	186,586	182,100	182,014	168,014	161,594	160,844	142,460	133,514	120,156	120,567	121,520	122,406	122,586	123,185	123,712	117,631	118,494	119,741	103,100	103,292	103,588	92,292	91,488	68,398	59,967	60,088	47,586	24,095
Secured Debt	179,486	171,393	168,493	156,518	146,001	147,081	148,946	150,009	144,040	145,093	126,321	126,321	126,152	127,122	119,042	114,585	115,463	98,976	94,391	86,062	85,813	86,483	87,143	87,717	88,319	88,905	85,740	75,740	86,291	86,830	74,948	75,425	75,868	68,330	68,720	52,675	46,263	46,538	35,168
Total Debt	179,486	171,393	168,493	156,518	146,001	147,081	148,946	150,009	145,093	145,093	126,321	126,321	126,152	127,122	119,042	114,585	115,463	98,976	94,931	86,062	85,813	86,483	87,143	87,717	88,319	88,905	85,740	85,750	86,291	86,860	74,948	75,425	75,868	68,341	68,720	52,675	46,263	46,538	35,168
Total Liabilities	197,472	183,144	179,223	168,120	155,667	156,974	159,842	160,182	154,156	155,649	135,853	135,951	135,390	136,073	128,853	124,861	125,276	108,703	103,322	94,960	94,724	96,939	98,809	99,496	98,937	98,404	94,216	94,998	97,291	84,212	84,435	85,290	76,226	76,609	58,200	51,589	52,072	40,322	19,530
Equity (Attributable to Common Shares)	79,864	79,761	79,027	77,695	77,783	78,312	77,987	77,144	77,012	73,260	56,932	56,066	55,461	55,838	53,855	52,742	52,414	50,895	34,599	33,604	33,720	32,557	32,246	32,096	32,584	33,717	34,560	34,851	35,281	35,806	36,390	36,949	33,550	23,678	24,249	24,650	24,751	9,761	10,938
Equity (Attributable to Partnership Units)	46,961	46,821	44,714	44,392	41,231	41,820	39,946	40,089	37,739	38,074	21,352	20,650	20,739	21,265	20,699	20,548	20,751	17,292	17,686	16,164	16,551	16,219	16,342	16,589	17,201	18,207	16,897	17,354	17,878	18,444	19,045	19,639	17,124	16,937	17,592	18,115	18,372	18,844	8,756
Total Equity	126,824	126,582	123,741	122,087	119,013	120,132	117,933	117,233	114,751	111,334	78,284	76,716	76,200	77,103	74,554	73,290	73,166	68,187	52,285	49,768	50,271	48,776	48,588	48,685	49,785	51,924	51,457	52,205	53,159	54,250	55,435	56,588	50,674	40,615	41,841	42,765	43,123	28,605	19,694
Total Assets	324,296	309,726	302,964	290,207	274,679	277,106	277,775	277,416	268,907	266,983	214,137	212,667	211,590	213,176	203,407	198,151	198,441	176,891	155,607	144,727	144,995	145,714	147,397	148,181	148,722	150,328	145,673	147,203	150,450	138,462	139,870	141,878	126,900	117,224	100,041	94,354	95,195	68,927	39,225
	Income Statement ($000)
Rental Revenue	9,013	32,878	24,004	15,612	7,480	28,847	21,525	21,686	7,233	26,783	19,800	13,066	6,282	25,874	16,767	10,934	5,529	20,784	15,548	10,290	5,181	20,970	15,865	10,657	5,264	19,332	14,269	9,294	4,397	18,213	13,176	8,472	4,163	10,040	6,972	4,432	2,011	1,560	736
Interest Expense	2,107	7,458	5,351	3,295	1,569	6,521	4,675	4,590	1,534	5,089	3,655	2,398	1,163	4,390	3,197	2,098	1,018	3,552	2,602	1,715	857	3,682	2,783	1,894	985	3,798	2,797	1,819	853	3,259	2,400	1,543	746	2,122	1,474	936	441	425	180
Total Revenue	9,059	35,891	26,839	16,150	7,786	33,455	25,091	22,603	7,540	35,793	20,045	13,267	6,403	25,874	16,728	10,987	5,805	32,008	15,557	10,686	5,192	21,033	15,917	10,695	5,288	19,433	14,342	9,339	4,424	18,331	13,265	8,533	4,166	10,061	6,989	4,443	2,015	1,567	736
Net Income	1,079	7,005	5,493	2,310	1,119	6,551	4,921	2,629	819	12,529	2,847	1,559	665	5,200	1,599	891	901	2,839	2,737	1,103	381	1,249	906	548	82	-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)	687	4,450	3,490	1,654	814	4,242	3,189	1,709	535	8,412	1,949	1,067	454	3,534	1,086	605	614	1,849	1,753	708	244	792	573	346	52	-568	-597	-499	-285	-1,650	-1,273	-909	-411	-1,409	-973	-704	-721	-1,916	-780
Net Income (Attributable to Partnership Units)	392	2,555	2,003	656	305	2,309	1,732	921	285	4,117	898	492	211	1,666	513	286	287	990	984	396	137	457	333	202	30	-323	-337	-284	-163	-980	-765	-555	-269	-1,116	-784	-584	-649	-1,257	-318
FFO	3,740	14,370	10,400	6,891	3,319	12,239	9,082	9,299	3,016	20,384	8,533	5,391	2,615	12,349	6,899	4,421	2,672	8,442	6,654	4,415	2,028	8,498	6,505	4,491	2,044	6,738	4,783	3,116	1,434	7,124	4,920	3,134	1,552	3,357	2,217	1,224	-201	-1,941	-753
Modified FFO	3,740	14,080	10,110	6,601	3,319	12,225	9,068	9,299	3,016	20,039	8,188	5,391	2,615	12,349	2,470	4,421	2,672	8,442	6,654	4,415	2,028	8,498	6,505	4,491	2,044	6,738	4,783	3,116	1,434	7,124	4,920	3,134	1,552	4,035	2,896	1,901	477	351	255
Total Expenses	7,980	28,886	21,345	13,840	6,667	26,904	20,169	19,973	6,720	23,264	17,198	11,707	5,738	18,859	15,129	10,096	4,905	19,069	13,908	9,207	4,810	19,784	15,011	10,148	5,205	20,325	15,277	10,123	4,871	20,960	15,302	9,997	4,846	12,585	8,746	5,730	3,385	4,739	1,834
	Key Metrics
FFO Payout (%)	69.37%	68.42%	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 (%)	41.28%	40.03%	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 (%)	52.82%	55.74%	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	$0.26	$1.01	$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	$0.26	$0.99	$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	0.1772	0.6880	$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	-	-	-	2,382	11,533	-	-	-	-	-	-		1,392	-	944	1,820	2,739	-	12,071	12,680	16,646	0	754	1,355	1,884	-	590	590	1,173	1,745	-	505	983	1,338	-	354	602	903	-
Debt Due during Next Fiscal Year	21,438	-	-	-	-	11,658	11,782	11,902	12,022	4,221	-		-	5,338	5,203	5,080	5,080	3,090	2,662	2,474	2,359	17,346	17,189	19,941	29,132	2,500	2,409	2,409	2,409	2,026	2,033	2,033	1,859	1,758	1,407	1,258	1,258	954	537
Debt Due during Second Fiscal Year	39,398	21,625	21,805	21,984	14,737	-	-	-	-	15,547	12,260	12,377	12,492	4,108	3,925	3,797	3,797	4,535	4,093	5,911	5,792	2,359	2,202	2,102	1,770	29,132	29,036	29,036	29,036	2,115	2,115	2,115	1,933	1,865	1,467	1,311	1,311	993	558
Debt Due during Third Fiscal Year	26,316	39,775	40,115	40,450	40,783	14,864	14,988	15,109	15,228	4,152	-		-	15,428	15,234	15,100	15,100	3,235	2,780	2,453	2,330	5,792	5,636	5,532	5,189	1,770	1,670	1,670	1,670	28,729	28,729	28,729	28,537	1,941	1,525	1,362	1,362	1,033	580
Debt Due during Fourth Fiscal Year	35,697	26,437	26,564	26,677	26,797	41,115	41,203	41,586	41,968	17,598	15,468	15,584	15,696	3,912	3,709	3,569	3,569	14,517	14,046	13,707	13,580	11,515	11,407	11,052	5,189	5,085	5,085	5,085	1,350	1,350	1,350	1,149	28,512	28,078	27,908	27,908	1,073	601
Debt Due Thereafter	57,421	84,351	80,910	61,313	52,630	79,963	81,532	82,020	75,455	104,257	99,143	98,950	96,571	98,337	90,671	85,858	85,858	73,600	59,250	49,217	45,520	59,100	50,323	47,886	39,732	50,785	47,425	47,425	47,425	41,166	41,167	41,166	33,995	35,144	20,139	14,090	14,090	31,353	15,129
	Shareholder Data YTD Weighted Averages
Common shares/UPREIT Units Outstanding	14,624,203	14,290,000	14,215,000	14,120,000	13,938,000	13,584,443	13,515,649	13,427,676	13,241,884	11,073,335	10,589,904	10,540,575	10,505,154	10,307,796	10,263,700	10,210,893	10,125,957	8,565,331	8,247,055	8,192,246	8,164,700	8,026,079	7,997,911	7,968,631	7,940,644	7,640,300	7,578,454	7,551,679	7,525,970	7,047,029	6,901,752	6,632,832	6,059,844	5,298,534	5,245,888	5,155,390	4,914,811	1,900,496	1,484,526
UPREIT Units Outstanding	5,310,178	5,207,000	5,184,000	5,132,000	4,985,000	4,787,484	4,756,270	4,719,198	4,602,231	3,639,081	3,339,694	3,326,831	3,326,831	3,302,486	3,294,281	3,277,737	3,228,097	2,987,107	2,963,911	2,937,431	2,937,431	2,937,431	2,937,431	2,937,431	2,937,431	2,769,877	2,735,348	2,735,348	2,735,348	2,626,518	2,589,843	2,515,884	2,397,620	2,342,335	2,340,904	2,338,018	2,329,360	752,903	430,082
Common shares Outstanding	9,314,025	9,083,000	9,031,000	8,988,000	8,953,00	8,796,949	8,759,379	8,708,478	8,639,653	7,434,254	7,250,210	7,213,744	7,178,323	7,005,310	6,969,419	6,933,156	6,897,860	5,578,224	5,283,144	5,254,815	5,227,269	5,088,648	5,060,480	5,031,200	5,003,213	4,870,423	4,843,106	4,816,331	4,790,622	4,420,510	4,311,910	4,116,948	3,662,224	2,956,198	2,904,984	2,817,372	2,585,451	1,147,593	1,054,444

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