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New words:
advisory, asserting, decade, direction, discovery, Edge, enhanced, expressly, firm, hand, heading, indispensable, institutional, join, oppose, prejudice, proceed, quoted, remediation, repay, River, vigorously
Removed:
amendment, April, back, begin, Bond, breach, breached, cap, ConnectOne, continually, County, credited, distributed, drawn, effort, enforce, high, Icon, independent, limit, long, lower, People, prudently, PSC, reduction, replenish, requirement, settlement, soften, stated, underlying, utilized, Wayne
Financial report summary
?Management Discussion
- Real estate revenue for the three months ended January 31, 2024 (“Current Quarter”) increased 0.3% to $6,999,000 compared to $6,979,000 for the three months ended January 31, 2023 (“Prior Year’s Quarter”). The increase in revenue of approximately $20,000 for the Current Quarter was primarily attributable to the following: (a) an increase from the residential segment of approximately $294,000 driven by an increase of approximately $340,000 in base rents across most properties and an increase of approximately $104,000 related to a decline in the Current Quarter of revenue reversals for tenants deemed to be constrained for collectability, offset by a decrease of approximately $130,000 attributed to the decline in the average occupancy rate from 96.8% in the Prior Year’s Quarter to 95.3% in the Current Quarter; offset by (b) a decrease from the commercial segment of approximately $273,000 primarily driven by the decline in the average occupancy rate from 66.4% in the Prior Year’s Quarter to 50.1% in the Current Quarter resulting from Kmart vacating its space in October 2023 at the Westwood Plaza Shopping Center located in Westwood, New Jersey.