Total Revenues

+2.5% (from $799,539K to $819,997K)

Total Revenues grew modestly in Q1 2025, building on the revenue base established in Q1 2024. The increase reflects slight improvements in property rental income and ongoing operational performance, consistent with prior periods where merger-related growth and organic improvements played key roles. " "

Property Rental Revenue

N/A (86% of total revenues at $704,380K)

Property Rental Revenue remains the primary revenue driver, comprising about 86% of total revenues in Q1 2025. This stable performance builds on past increases that were driven by strategic acquisitions and lease-up stores, maintaining its critical role in the company’s revenue mix. "

Income from Operations

+16% (from $335,828K to $388,730K)

Income from Operations improved by 16% as operational margins expanded. This was achieved through better cost management and enhanced efficiency compared to Q1 2024, where previous challenges were mitigated through streamlined operations and further integration of revenue-enhancing acquisitions. " "

Net Income

+27% (from $224,074K to $284,925K)

Net Income increased by 27% driven by a combination of stronger operating performance, improved gains on real estate transactions, and higher interest income. These factors reinforced earnings relative to the Q1 2024 baseline, reflecting benefits from initiatives started in earlier periods. " "

Basic Earnings per Share

+27% (from $1.01 to $1.28)

Basic EPS rose by 27%, largely as a result of the higher net income and effective management of share dilution. The improvement builds on prior period trends where earnings growth outpaced increases in the shares outstanding. " "

Cash & Cash Equivalents

Increased from $50,816K to $119,559K

Cash and Cash Equivalents more than doubled, jumping to $119,559K in Q1 2025. This improvement was driven by robust operating cash flows and a reduction in financing outflows compared to Q1 2024’s lower liquidity, reflecting a stronger cash generation process building on prior operational performance. " "

Total Assets

+5.5% (from $27,480,120K to $28,993,918K)

Total Assets grew by 5.5% as a result of continued investments, including higher operating lease right-of-use assets, increased investments in unconsolidated real estate entities, and notes receivable. These asset enhancements align with prior periods’ strategic investments aimed at supporting growth. " "

Total Liabilities

+16.5% (from $12,191,142K to $14,215,415K)

Total Liabilities increased by nearly 16.5%, primarily due to additional financing through the issuance of unsecured senior notes and an increase in operating lease liabilities. This reflects an expanded capital structure to support growth and prior period investments, despite some offsetting reductions in term loans and other short-term borrowings. " "