0000025232-26-000044
SEC filingRevenue and gross profit grew year-over-year, but a net loss of $24.9M was driven by impairment charges, reflecting operational progress offset by portfolio repositioning costs.
Net income declined to a loss of $24.9 million from a profit of $20.9 million in the prior year, resulting in diluted EPS of $(0.15) versus $0.12. The swing was primarily due to impairment charges recognized during the quarter, which were not present in the prior year. These charges reflect the company's ongoing portfolio optimization strategy, including the repositioning of certain non-core assets. Excluding these items, operational performance remained solid, with same-property NOI increasing on higher occupancy.
Management intends to actively manage the portfolio, strategically selling non-core assets to reposition toward higher-growth properties. The company expects to continue using cash from operations and third-party capital, including construction financing, to fund development and redevelopment activities. No material impact from recent accounting guidance is anticipated.