Total Revenue

+1.3% ( " " " )

Total revenue increased from $51.047 million in Q2 2024 to $51.70 million in Q2 2025; this modest growth was driven by a strong performance in Commercial Real Estate—which accounts for approximately 98% of revenue—offsetting the decline in Land Operations revenue ( " " " ).

Commercial Real Estate

+3.1% ( " " " " )

CRE revenue rose from $49.208 million in Q2 2024 to $50.73 million in Q2 2025, largely as a result of higher rental and recovery revenue coupled with improved leasing conditions, building on trends observed in previous periods ( " " " " ).

Land Operations

-47% ( " " " " )

Land Operations revenue dropped significantly from $1.839 million in Q2 2024 to $0.97 million in Q2 2025, reflecting reduced land sales activity—including fewer unimproved and other property sales—and echoing the pattern seen in Q1 2025 where similar declines were driven by lower sales volumes ( " " " " ).

Minor Revenue Streams

N/A ( " )

In Q2 2025, Minor Revenue Streams contributed minimally with figures of $0.00, $0.83, and $0.15 million for development sales, unimproved/other sales, and other revenue respectively; there is no comparable prior‐period data, underscoring their limited impact on overall revenue ( " ).