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Segment Operating Income Breakdown
Shows operating profits for each segment after direct costs, revealing which lines are truly profitable, where margins are strong or weak, and where operational improvements could boost overall returns.Operating income is being driven less by steady rental growth and more by episodic transactions and financing activity: Income Properties shows sharp one-off swings (large negative then large positive entries), Real Estate Operations falls to zero after a big spike (consistent with asset dispositions/reclassification and management’s capital recycling), while Commercial Loans & Investments accelerates—reflecting the push into higher-yield structured investments that materially boost reported income but raise concentration/credit risk. Management’s higher 2026 FFO guidance leans on leasing momentum plus these structured yields, with some recognition backloaded into 2027.
Date | Income Properties | Management Services | Commercial Loans & Investments | Real Estate Operations |
|---|---|---|---|---|
Jun 30, 2026 | $12.29M | $1.47M | $4.14M | $0.00 |
Mar 31, 2026 | $10.47M | $1.35M | $3.56M | $0.00 |
Dec 31, 2025 | $28.76M | $1.25M | $3.42M | $0.00 |
Sep 30, 2025 | $10.63M | $1.18M | $3.07M | $0.00 |
Jun 30, 2025 | $7.92M | $1.25M | $3.02M | $0.00 |
Mar 31, 2025 | $8.44M | $1.18M | $2.96M | $0.00 |
Dec 31, 2024 | -$38.81M | $1.23M | $2.27M | $4.54M |
Sep 30, 2024 | $20.73M | $1.12M | $1.61M | $179.00K |
Jun 30, 2024 | $17.80M | $1.13M | $1.44M | $136.00K |
Mar 31, 2024 | $17.87M | $1.10M | $1.35M | $229.00K |