Revenue (Q1 2024)

+0.2% (from $10,114,000 to $10,133,000) " " "

The slight revenue increase was driven by a $338,000 (4.9%) boost in lease revenue from multifamily and industrial segments (industrial revenue up 36% to $1,453,000) " " " , which offset a 9.7% decline in mining royalties due to an $842,000 overpayment adjustment, production shifts, and weather-related delays. " "

Net Income (Q1 2024)

+130% (reaching $1.3 million) " "

A significant gain in net income stemmed from improved operational performance in key segments despite some challenges, reflecting a strong recovery compared to the previous period. " "

Operating Profit (Q1 2024)

+1.0% (up to $2,882,000) " "

The modest increase in operating profit mirrored the overall slight revenue growth, bolstered by cost efficiencies and better-performing segments. " "

Net Operating Income (NOI) (Q1 2024)

+22% overall (with Multifamily up 92% and Industrial up 47%) " "

Robust increases in NOI were primarily driven by strong performance in the Multifamily and Industrial segments, which helped overcome setbacks elsewhere. " "

Interest Income/Expense (Q1 2024)

Interest income up by $401,000; Interest expense down by $95,000 "

Higher interest earnings on cash and lending ventures combined with reduced expense—thanks to more interest being capitalized on development projects—improved the net interest position. "

Revenue (Q1 2025)

+1.7% (from $10.1 million to $10.3 million) " " "

Revenue grew as a 9.1% increase in mining royalties outweighed a slight 1.4% decline in lease revenue, the latter impacted by a 57,000 sq ft tenant default in the industrial segment. " " "

Net Income (Q1 2025)

+31% (rising to $1.7 million) " " " "

Improved performance in the Multifamily and Mining segments, along with lower development professional fees, drove net income higher, although increased general and administrative expenses from executive transitions and tenant issues partially offset these gains. " " " "

Operating Profit (Q1 2025)

-19% (down to $2.3 million) " " " "

Despite revenue growth, higher general and administrative expenses—including costs related to an executive succession plan and an industrial tenant default—resulted in a 19% drop in operating profit. " " " "

Pro Rata NOI (Q1 2025)

+10% (increasing from $8.5 million to $9.4 million) " " " "

Improved occupancy levels, particularly at The Verge, and a 19% NOI improvement in the Mining segment due to reduced royalty overpayments contributed to a healthier pro rata NOI year-over-year. " " " "

Interest/Net Investment (Q1 2025)

Interest expense decreased by $216,000; Net investment income fell by $222,000 " " "

A reduction in interest expense came from increased capitalization on development-related interest, while overall net investment income declined due to reduced cash equivalent earnings, partially offset by increased income from lending ventures driven by more residential lot sales. " " "

Equity in Loss of Joint Ventures (Q1 2025)

Improved by $988,000 " " "

Better operating results in joint ventures—including improved occupancy at The Verge and higher revenues at Bryant Street and BC Realty—led to a significant reduction in the equity in loss of joint ventures. " " "