Revenue: As of FY2026 Q1, the actual value is USD 65.07 M.EPS: As of FY2026 Q1, the actual value is USD -0.77.EBIT: As of FY2026 Q1, the actual value is USD 4.508 M.<h4>Segment Revenue</h4><ul><li>Total Revenue decreased by $2.0 million (3.0%) to $65.1 million for the three months ended March 31, 2026, compared to $67.1 million for the same period in the prior year, primarily due to the sale of 12 apartment communities, partially offset by increased revenue from non-same-store communities.</li><li>Same-store Revenue remained consistent at $58.198 million for the three months ended March 31, 2026, compared to $58.193 million in the prior year period.</li><li>Non-same-store Revenue increased by $4.7 million for the three months ended March 31, 2026, compared to the prior year period.</li><li>Other Properties Revenue increased by $104,000 (12.7%) for the three months ended March 31, 2026, compared to the prior year period, mainly due to increased occupancy.</li><li>Dispositions Revenue decreased by $6.9 million for the three months ended March 31, 2026, compared to the prior year period.</li></ul><h4>Operational Metrics</h4><ul><li>Net loss available to common shareholders was -$12.889 million for the three months ended March 31, 2026, a 245.2% increase in loss compared to -$3.734 million for the same period in the prior year.</li><li>The company reported an operating loss of -$5.393 million for the three months ended March 31, 2026, contrasting with an operating income of $4.746 million for the same period in the prior year.</li><li>Core Funds from Operations (Core FFO) per diluted share decreased to $1.12 for the three months ended March 31, 2026, from $1.21 for the three months ended March 31, 2025.</li><li>Total Core FFO applicable to common shares and Units was $22.041 million for the three months ended March 31, 2026, compared to $23.979 million for the prior year period.</li><li>Total Property Operating Expenses decreased by $1.157 million (4.3%) to $25.574 million for the three months ended March 31, 2026, compared to $26.731 million for the same period in the prior year.<ul><li>Same-store Property Operating Expenses increased by $393,000 (1.7%) to $22.929 million for the three months ended March 31, 2026, compared to $22.536 million in the prior year period, driven by a $490,000 increase in controllable expenses, partially offset by a $97,000 decrease in non-controllable expenses.</li><li>Non-same-store Property Operating Expenses increased by $1.7 million to $2.367 million for the three months ended March 31, 2026, compared to $632,000 in the prior year period.</li><li>Other Properties Operating Expenses decreased by $27,000 (8.1%) to $305,000 for the three months ended March 31, 2026, compared to $332,000 in the prior year period.</li><li>Dispositions Operating Expenses decreased by $3.3 million to -$27,000 for the three months ended March 31, 2026, compared to $3.231 million in the prior year period.</li></ul></li><li>Total Net Operating Income (NOI) decreased by $867,000 (2.1%) to $39.495 million for the three months ended March 31, 2026, compared to $40.362 million for the same period in the prior year.<ul><li>Same-store NOI decreased by $388,000 (1.1%) to $35.269 million for the three months ended March 31, 2026, compared to $35.657 million in the prior year period.</li><li>Non-same-store NOI increased by $3.013 million to $3.591 million for the three months ended March 31, 2026, compared to $578,000 in the prior year period, attributed to the addition of two apartment communities.</li><li>Other Properties NOI increased by $131,000 (27.0%) to $616,000 for the three months ended March 31, 2026, compared to $485,000 in the prior year period.</li><li>Dispositions NOI decreased by $3.623 million to $19,000 for the three months ended March 31, 2026, compared to $3.642 million in the prior year period.</li></ul></li><li>Property management expenses decreased by $54,000 (2.2%) to $2.379 million, mainly due to reduced compensation related costs.</li><li>Casualty loss, net of recoveries, was a net recovery of $21,000 for the three months ended March 31, 2026, compared to a net loss of -$532,000 in the prior year period.</li><li>Depreciation and amortization decreased by $1.156 million (4.2%) to $26.498 million.</li><li>Impairment of real estate investments was $9.700 million for the three months ended March 31, 2026, with no impairment recorded in the prior year period.</li><li>General and administrative expenses increased by $1.3 million (26.7%) to $6.332 million, primarily due to $977,000 in strategic review fees and increased compensation costs.</li><li>Interest expense increased by $835,000 (8.7%) to $10.470 million, mainly due to a higher outstanding balance on lines of credit and higher mortgage interest.</li><li>Interest and other income increased to $890,000, primarily due to an unrealized gain on investments and higher interest income from a real estate related note receivable.</li></ul><h4>Cash Flow</h4><ul><li>Net cash provided by operating activities was $21.423 million for the three months ended March 31, 2026, compared to $25.429 million for the same period in the prior year.</li></ul><h4>Unique Metrics</h4><ul><li>Weighted Average Occupancy: Total weighted average occupancy was 95.1% for the three months ended March 31, 2026, a decrease from 95.5% in the prior year period. Same-store occupancy decreased from 95.8% to 95.4%, while non-same-store occupancy increased from 86.4% to 92.0%.</li><li>Number of Apartment Homes: As of March 31, 2026, the company owned 12,263 apartment homes, compared to 13,012 as of March 31, 2025.</li><li>Liquidity: As of March 31, 2026, total liquidity was approximately $267.1 million, including $259.6 million available on lines of credit and $7.6 million in cash and cash equivalents, a slight decrease from $267.9 million as of December 31, 2025.</li><li>Share Repurchase Program: As of March 31, 2026, $96.5 million remained authorized for purchase under the Share Repurchase Program, which expires on July 31, 2026. No shares were repurchased during the three months ended March 31, 2026 or 2025.</li><li>ATM Program: As of March 31, 2026, common shares with an aggregate offering price of up to $262.9 million remained available under the At-the-Market (ATM) Program. No sales occurred under this program during the three months ended March 31, 2026 or 2025.</li><li>Unfunded Commitments: As of March 31, 2026, the company had unfunded commitments of $650,000 in two real estate technology venture funds.</li></ul><h4>Future Outlook and Strategy</h4>The company aims to maintain a strong balance sheet and financial flexibility to capitalize on investment opportunities, focusing on generating positive cash flows from operations, maintaining appropriate debt levels, and controlling overhead costs. It intends to continue investing in high-quality assets in desirable locations and creating vibrant apartment communities to maximize resident satisfaction and retention. The company notes that while leases allow for rent adjustments, operating costs could increase faster than rent, and supply chain issues could delay projects and increase costs due to inflation and supply chain pressures.

iREIT MarketVector Quality REIT Idx ETF | 10-Q: FY2026 Q1 Revenue: USD 65.07 M