Total Revenue (Rental Income)

Declined from 59,227K USD to 56,971K USD (–3.8% YoY)

The decline reflects a slight contraction in rental revenue, possibly driven by subdued market demand or lease renegotiations relative to the previous period’s performance, as rental income in Q1 2024 was higher compared to Q1 2025. " "

Industrial Revenue

Increased from 14.83K USD to 24.033K USD (+62% YoY)

The significant surge was primarily due to the acquisition of the IOS Portfolio in late 2024 and boosted leasing activity, building on the solid performance observed in Q1 2024. " "

Office Revenue

Essentially flat (32.99K USD in Q1 2024 vs. 32.938K USD in Q1 2025)

Office revenue remained stable, indicating that this segment maintained its performance without significant market or strategic changes compared to the previous period. " "

Other Revenue

Fell from 11.40K USD in Q1 2024 to 0 USD (–100% YoY)

The complete disappearance of Other revenue suggests that non-core or underperforming assets contributing to this category were likely divested or reclassified, reflecting a strategic shift from prior periods. " "

Total Expenses (Real Estate Impairment)

Increased from 46,237K USD to 94,861K USD (with impairment jumping from 1,376K USD to 51,957K USD; +3,663% YoY)

The dramatic increase in total expenses is largely attributable to a massive jump in the real estate impairment provision, which soared from 1,376K USD in Q1 2024 to 51,957K USD in Q1 2025. This suggests significantly more properties faced impairment due to revised market valuations or anticipated hold periods compared to the previous period. " "

Income (Loss) Before Other Income

Swung from a gain of 12,990K USD in Q1 2024 to a loss of 37,890K USD in Q1 2025

Operating performance deteriorated sharply, driven by the combination of declining rental revenue and the substantial increase in impairment charges, reversing gains observed in the prior period. " "

Net Income Attributable to Common Shareholders

Turned from +5,025K USD in Q1 2024 to –49,382K USD in Q1 2025

The net income swing to a significant loss reflects the compounded effect of higher impairment charges, reduced rental income, increased depreciation, and other adverse factors that were not present or less severe in Q1 2024. " "

Net Cash Provided by Operating Activities

Increased from 16,191K USD to 20,216K USD

Despite the earnings volatility, operating cash flow improved, primarily due to better cash generation from the Same Store portfolio and more favorable working capital management compared to Q1 2024, partially offsetting the operating challenges. " "