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SEC filingQ1 results showed revenue declining 3.3% to $38.1M amid commercial pressures, while operating income rebounded to $4.4M profitability from a $23.6M prior-year loss, narrowing net loss 68.3% to $11.1M despite elevated costs.
Revenue fell 3.3% year-over-year to $38.1 million from $39.4 million, primarily reflecting reduced commercial rental income tied to vacancies including the NYC departure from 250 Livingston Street. This topline pressure occurred despite stable residential performance, highlighting vulnerability to commercial tenant dynamics in the New York portfolio.
Net cash provided by operating activities declined to $3.6 million from $6.7 million, reflecting lower collections from vacant commercial spaces. Capital spending eased with Dean Street development completion in 2025, though investing details remain limited. Inflation has elevated costs for property operations, per management.