0001873923-26-000082
SEC filingA challenging quarter marked by deepening net losses and negative operating cash flow, driven by portfolio repositioning costs and impairment charges.
Revenue decreased 4.6% to $36.3 million for the three months ended March 31, 2026, compared to $38.0 million in the same period of 2025. The decline was primarily driven by lower occupancy and property dispositions, partially offset by new leasing activity. As the company continues to reposition its portfolio, competitive market conditions for commercial office space and the volume of square footage subject to re-leasing are expected to influence future revenue trends.
Net loss widened to $13.6 million from $9.4 million in the prior-year quarter, a 45% increase. The larger loss reflects higher impairment charges and restructuring costs associated with portfolio repositioning. Diluted loss per share increased to $(0.24) from $(0.17). The company's chief operating decision maker reviews net loss as a key performance metric when allocating resources.