Total Revenues

+8.7% (from $426.928M in Q1 2024 to $464.583M in Q1 2025)

Increased demand and effective acquisition strategies boosted revenues, with improvements over Q1 2024's performance by building on enhanced same-property operations such as higher rental rates and improved occupancy, as noted in previous periods. " "

Rental and Other Property Revenue

+8.9% (from $424.215M in Q1 2024 to $462.089M in Q1 2025)

Enhanced operating performance and acquisitions drove revenues upward. Building on Q1 2024’s gains, improvements in same-property rental rate increases and additional income from recent property acquisitions contributed to this rise. " "

Management and Other Fees

-8.1% (from $2.713M in Q1 2024 to $2.494M in Q1 2025)

A decline in affiliate-related fee income indicates either reduced transactional volume or cost efficiencies implemented over Q1 2024. The drop suggests fewer or lower-fee management arrangements compared to the prior period. " "

Earnings from Operations

+94% (from $132.359M in Q1 2024 to $257.081M in Q1 2025)

A substantial surge driven by non-recurring gains and operational efficiencies. Gains such as the sale of real estate and enhanced performance from new property acquisitions—factors that started emerging in Q1 2024—contributed to nearly doubling earnings from operations in Q1 2025. " "

Net Income

-25% (from $285.140M in Q1 2024 to $212.778M in Q1 2025)

Despite strong operational results, net income declined due to the absence of one-off gains (e.g., remeasurement gains or exceptional legal settlements seen in Q1 2024) and possibly higher expenses or non-cash adjustments impacting bottom-line profitability. " "

Southern California Regional Revenues

+7.2% (from $176.002M in Q1 2024 to $188.600M in Q1 2025)

Regional performance strengthened with improved same-property execution through higher rental rates and occupancy, combined with incremental acquisition contributions reinforcing the growth achieved in Q1 2024. " "

Northern California Regional Revenues

+9.1% (from $168.839M in Q1 2024 to $184.300M in Q1 2025)

A robust improvement driven by effective management of same-property assets and successful acquisitions helped Northern California outpace previous year figures, mirroring similar trends observed in Q1 2024. " "

Seattle Metro Regional Revenues

+7.4% (from $71.913M in Q1 2024 to $77.200M in Q1 2025)

Incremental gains in scheduled rents and reduced delinquencies drove the modest regional revenue increase in Seattle Metro compared to Q1 2024, consistent with overall same-property performance enhancements. " "

Other Real Estate Assets

+~60% (from $7.461M in Q1 2024 to $11.900M in Q1 2025)

A marked jump likely reflects reclassifications or improved valuation of a changed portfolio mix. The significant increase suggests a strategic shift or market revaluation compared to Q1 2024, where these assets contributed at much lower levels. " "

Operating Cash Flow

-10.6% (from $314.855M in Q1 2024 to $281.503M in Q1 2025)

A decline in operating cash flow despite revenue gains suggests challenges in working capital management or increased non-cash adjustments. Factors such as changes in receivables, timing of cash collections, and a reduction in gains from non-cash items impacted cash flow relative to the strong net income of Q1 2024. " "