Total Revenue

+0.6% (392.0M USD to 394.3M USD)

Steady revenue performance with a marginal increase reflects consistent property operations and stable market conditions. The slight growth indicates that the underlying property income components remained largely unchanged from Q1 2024 to Q1 2025. " " "

Net Income

–52% (85,759K USD to 40,767K USD)

A dramatic drop in profitability is evident as net income fell by approximately 52%, suggesting that despite steady revenue, higher operating expenses, reduced margins, or the absence of prior period gains likely contributed to the decline in net income. " "

Borrowings on the Unsecured Revolving Credit Facility

+350% (120,000K USD to 546,000K USD)

A substantial surge in borrowings indicates an increased reliance on short-term liquidity facilities. This change contrasts with the previous period’s lower usage and may be explained by a shift in debt management strategy or greater liquidity needs to fund operations and potential investments. " "

Cash and Cash Equivalents

–74% (100,923K USD to 26,182K USD)

A notable reduction in cash reserves reflects significant outflows possibly due to higher financing activities (e.g., debt repayments, distributions) and increased capital expenditures. This decline in liquidity signals that the company is offsetting operating performance with aggressive balance sheet management compared to Q1 2024. " "

Property Revenues & Geographic Revenue Contribution (Stability)

No significant YoY change reported

Property revenues remain dominant (approximately 390.6M USD) and geographic revenue aligns closely with overall revenue, emphasizing that the core revenue drivers have remained stable compared to prior periods. " " " This stability reinforces the idea that changes in other metrics (net income, borrowings, and cash) are driven more by expense, financing, or balance sheet shifts.