Brandywine Realty Trust (BDN): Business Model Canvas [Dec-2025 Updated]

You're looking to cut through the noise and really see how a major office REIT like Brandywine Realty Trust is navigating this tricky market, right? Honestly, their Business Model Canvas shows a clear focus on owning top-tier, transit-rich office and mixed-use assets in Philadelphia, Austin, and D.C., while actively managing a transition year. They are banking on a 'flight-to-quality' appeal, evidenced by a super low forward lease expiration rate of just 4.9% through 2026, and they are targeting about $72.7 million in asset sales for capital recycling in 2025. To get a full picture of how they plan to hit their expected $480.84 million revenue for the full year 2025, you need to see the details on their key partnerships-like those with academic institutions-and how they're managing significant development costs and debt. Dive into the full breakdown below to see the engine driving their strategy.

Brandywine Realty Trust (BDN) - Canvas Business Model: Key Partnerships

You're looking at how Brandywine Realty Trust (BDN) structures its major projects by bringing in external expertise and capital. This is crucial because, as a REIT, they rely heavily on joint ventures and debt to fund their ambitious development pipeline, especially in high-value markets like Philadelphia and Austin.

Global institutional investors for development joint ventures

Brandywine Realty Trust actively partners with global institutional investors to share risk and bring in significant capital for large-scale projects. This strategy is evident in their flagship development.

• The Schuylkill Yards mixed-use tower at 3025 JFK Blvd was initially a joint venture with an undisclosed global institutional investor.
• In October 2025, Brandywine Realty Trust spent $70.5 million to acquire that partner's preferred equity interest, taking full ownership of the asset.
• The total cost for the 3025 JFK project was approximately $287 million, which included 326 rental residences and 200,000 square feet of Life Science/Innovative Office space.
• For capital deployment in Q2 2025, Brandywine Realty Trust allocated $30 million to equity contributions specifically to fund recently signed tenant leases within its joint ventures.
• The company anticipates development project recapitalizations in the second half of 2025 or 2026, signaling continued reliance on external capital partners for future phases.

Academic and research institutions (e.g., Schuylkill Yards)

Partnerships with anchor institutions are central to Brandywine Realty Trust's strategy, particularly for creating innovation hubs. The relationship with Drexel University is the prime example.

• Brandywine Realty Trust is the master developer for the $3.5 billion, 14-acre Schuylkill Yards innovation community, in partnership with Drexel University, which owns the land.
• The development is designed to connect Center City's economic district with University City's 'eds and meds' epicenter.
• The project includes the adaptive reuse of the historic Bulletin Building for life sciences company Spark Therapeutics.
• Drexel University negotiated the option to use up to 10% of any Schuylkill Yards building at favorable rates.
• The partnership included a $16.4 million neighborhood engagement program to benefit surrounding West Philly communities.

Construction and general contracting firms for development

While Brandywine Realty Trust manages the overall development, specialized firms execute the physical construction. You see their involvement in the design and engineering teams.

For the 3025 JFK Boulevard tower, the design team included HDR as the Executive Architect, alongside a team of nationally recognized Engineering firms. Brandywine Realty Trust has unfunded committed development of approximately $140 million for projects under construction as of September 30, 2025, which necessitates ongoing contracts with these execution partners.

Financial institutions for securing construction and term loans

Securing and managing debt facilities is a constant activity, involving a mix of revolving credit, term loans, and construction financing. You need to track the maturity ladder closely.

The company's weighted-average debt maturity was calculated at 3.1 years, proforma for recent activity and consolidation of the 3025 JFK project, as of late 2025.

Co-developers for large-scale mixed-use projects

For the initial structuring of the Schuylkill Yards master plan, Brandywine Realty Trust brought in specialized co-developers to lead specific components.

• Gotham Organization, Inc. was named to lead the residential development component.
• Longfellow Real Estate Partners was designated to lead the life sciences component of the project.

These initial co-developer roles were part of the plan announced in 2016 for the 20-year development timeline. Anyway, the recent buyout at 3025 JFK Blvd shows Brandywine Realty Trust is consolidating control over stabilized assets.

Finance: draft 13-week cash view by Friday.

Brandywine Realty Trust (BDN) - Canvas Business Model: Key Activities

The Key Activities for Brandywine Realty Trust center on intensive asset management, strategic capital deployment through development and recycling, and proactive balance sheet maintenance.

Active property management and leasing of 11.3 million square feet is a core function, focusing on the urban, town center, and transit-oriented portfolio concentrated in Philadelphia, PA, and Austin, TX. As of June 30, 2025, the core portfolio comprised 60 properties totaling 11.3 million square feet. Operational metrics for this core portfolio as of Q2 2025 showed strong leasing momentum, with the portfolio being 88.6% occupied and 91.1% leased (reflecting new leases commencing after June 30, 2025). This activity is supported by capturing a high share of market transactions, for example, capturing 49% of all office space transactions in Philadelphia in 2024.

The company prioritizes Strategic development and redevelopment, especially life science conversion, leveraging its presence in the Greater Philadelphia life sciences hub, where 80% of U.S. pharmaceutical and biotech companies have offices. A prime example of this is the 3151 Market Street project, which completed construction in March 2025. This tower spans approximately 472K SF to 495,000 square feet and is designed with 60% life sciences space and 40% office space. The life science vacancy rate in the University City submarket, where this asset is located, was reported at 34% last quarter.

You can see the scale of the development focus in the table below, comparing the recently completed 3151 Market Street with another key Schuylkill Yards asset, 3025 JFK Blvd, which demonstrates stabilization success:

Capital recycling through asset dispositions is a continuous activity to enhance liquidity and improve the portfolio composition. Brandywine Realty Trust targeted property sales (excluding land) in its 2025 business plan, with activity reported up to $72.7 million as of June 30, 2025. This figure comprised $17.6 million complete and $55.1 million under agreement. This follows a strong 2024 where dispositions totaled over $298 million in gross proceeds, significantly exceeding the initial $90 million target.

Proactive debt management ensures balance sheet flexibility. In late 2025, Brandywine Operating Partnership, L.P. priced and closed an underwritten public offering of $300 million of its 6.125% guaranteed notes due 2031. The net proceeds were approximately $296.3 million, intended to repay consolidated secured debt. This activity followed the repayment of a $70 million unsecured term loan in February 2025. Furthermore, in the fourth quarter of 2025, the company repaid a $245 million secured term loan due February 2028, resulting in all wholly-owned properties becoming unencumbered as of September 30, 2025.

The activity of optimizing value on development projects is evidenced by stabilization metrics on major assets. For instance, the residential portion of the 3025 JFK Blvd asset, called Avira, reached 98% leased for its 326 apartments. The CEO noted that stabilization for that building took about 24 months from its October 2023 completion. The company is also focused on leasing activity, having executed approximately 306,000 square feet of forward new leasing commencing after the first quarter of 2025.

• Core Portfolio End-of-Year Occupancy Target (2025): 88-89%
• Core Portfolio End-of-Year Leased Target (2025): 89-90%
• Rental Rate Mark-to-Market (accrual) Range (2025): 3.8-4.2%
• Cash Same Store NOI Range (2025): 2-3%
• Total Development Potential on Land Inventory (as of Q1 2025): 11 million square feet

Brandywine Realty Trust (BDN) - Canvas Business Model: Key Resources

You're looking at the hard assets and core capabilities that let Brandywine Realty Trust (BDN) operate and grow. These aren't just line items on a balance sheet; they're the engines driving their strategy, especially in their key markets.

The foundation is definitely the core portfolio, which as of September 30, 2025, consisted of 60 properties totaling 11.3 million square feet. This portfolio is heavily concentrated in Philadelphia, Austin, and D.C., which you know are their primary focus areas. It's a tangible asset base that generates the day-to-day cash flow. Speaking of cash flow, the company made a significant move to strengthen its balance sheet by repaying a $245 million secured term loan on October 6, 2025, using proceeds from a recent unsecured note issuance. This action resulted in all of their wholly-owned properties becoming unencumbered, which is a huge resource for future financing flexibility.

Liquidity management is another critical resource. Brandywine Realty Trust maintains a substantial backstop for operational needs and opportunistic moves. As of September 30, 2025, they had $75.5 million in cash and cash equivalents on hand, plus access to a $600.0 million unsecured revolving credit facility, on which they reported a $0 outstanding balance. That's a lot of dry powder, honestly.

The expertise in large-scale, mixed-use urban development is best quantified by their flagship project, Schuylkill Yards. This is where they deploy their development muscle in partnership with Drexel University. At full buildout, this project is slated to deliver approximately 6 million square feet across various uses on a 14 acre site, with a total estimated cost of $3.5 billion. This signals deep, specialized capability in complex, transit-oriented, life science-focused urban infill.

Here's a quick look at the scale of the core operating assets and the development pipeline as of late 2025:

Beyond the physical assets and credit lines, the human capital and strategic positioning are key resources. You can see this in their leasing activity and focus areas:

• Expertise in securing life science tenants, evidenced by the 3151 Market St. building being 60% life sciences space.
• Strong lease execution, with 164,000 square feet leased in the wholly-owned portfolio during Q3 2025.
• High tenant retention in the core portfolio at 68% for the third quarter of 2025.
• Low forward lease expiration risk, with only 4.9% of revenues expiring through 2026.

The ability to execute a $70.5 million transaction in October 2025 to acquire full control of the 3025 JFK joint venture asset shows they have the internal capital allocation skill to consolidate ownership of high-value properties. Finance: draft 13-week cash view by Friday.

Brandywine Realty Trust (BDN) - Canvas Business Model: Value Propositions

You're looking at the core reasons why tenants choose Brandywine Realty Trust's properties, especially as the market sorts itself out. It's all about quality, location, and minimizing future uncertainty for your lease commitment.

High-quality, modern, and transit-rich office environments are central to the offering. This isn't just a marketing phrase; the operational data shows a clear preference for their prime assets. As of September 30, 2025, the core portfolio, which represents their primary focus, was 88.8% occupied and 90.4% leased. This suggests tenants are consolidating into better spaces.

Brandywine Realty Trust delivers mixed-use ecosystems integrating office, residential, and life science. This integration is most visible in their major development hubs. For example, the Uptown ATX development in Austin is planned to include 1.0 million square feet of office, 0.5 million square feet of life science, and 1,900 multi-family units within its 66-acre transit-oriented community.

The focus on specialized life science and research space in University City, Philadelphia, is a key differentiator. Brandywine Realty Trust has committed to developing over 3 million square feet of life science lab and research space in leading markets. Specific examples in University City include 3151 Market St, a building with 285,000 square feet of mixed office and lab space, and another dedicated life science building with 65,000 square feet fully leased to Spark Therapeutics for intensive biological lab use.

A significant value proposition is the low forward lease expiration rate, which directly reduces renewal risk for current tenants and signals portfolio stability. Brandywine Realty Trust continues to boast one of the office sector's lowest schedules, with only 4.9% of revenues expiring through 2026. This is a concrete number that speaks to long-term contractual revenue visibility.

The flight-to-quality appeal in key urban and suburban submarkets is evident when you break down the occupancy by geography as of late 2025. Tenants are clearly favoring the Philadelphia market over others, which supports premium rental rates on new deals.

Here's a quick look at the geographic split in occupancy and leasing as reported after Q3 2025:

The strength in the core markets is further supported by leasing performance; in the third quarter of 2025, new leasing saw accrual rental rate growth increase by 9.3%. This ability to secure higher rates on new space, while having minimal near-term lease expirations, is the value proposition in action. Also, management reported strong liquidity with no outstanding balance on its $600 million unsecured line of credit and $75 million in cash on hand as of September 30, 2025, which underpins their ability to execute on development and maintain assets.

You can see the value drivers clearly:

• Low Near-Term Risk: Only 4.9% of revenues expire through 2026.
• Premium Pricing Power: New leasing showed accrual rental rate growth of 9.3% in Q3 2025.
• Asset Quality Bifurcation: 41% of the company's buildings were fully leased as of Q1 2025, showing quality separation.
• Development Pipeline Scale: Land inventory supports an estimated 11 million square feet of future development potential.

Finance: draft 13-week cash view by Friday.

Brandywine Realty Trust (BDN) - Canvas Business Model: Customer Relationships

You're looking at how Brandywine Realty Trust (BDN) keeps its tenants happy and locked in, which is key for a real estate investment trust (REIT) like this, especially in the current market. The relationship focus is all about long-term value creation, not just signing a lease and walking away.

Direct, long-term leasing relationships with corporate tenants

Brandywine Realty Trust focuses on owning, developing, leasing, and managing an urban, town center, and transit-oriented portfolio, with key markets including Philadelphia, PA, and Austin, TX. The company's core portfolio as of September 30, 2025, comprised 11.3 million square feet across 60 properties. This scale allows for direct engagement with corporate clients, aiming for deep, multi-year commitments. The company's strategy reinforces this through its development pipeline; for instance, the commercial development pipeline stands at 1.6 million square feet, with 75,000 square feet currently in active lease negotiations, indicating a forward-looking approach to securing long-term occupancy with new partners. The company also emphasizes a partnership approach with stakeholders, including tenants.

Dedicated property management for tenant experience

Service is at the forefront of Brandywine Realty Trust's operations, supported by dedicated property management. They have introduced innovative tenant services to enhance the workplace. A prime example is BEX, short for Brandywine Experience, which offers flexible co-working touchdown spaces exclusively for tenants. These BEX locations are positioned in markets like Philadelphia, Radnor, PA, and Tysons, Virginia. These spaces offer amenities such as lounge and kitchen areas, coffee service, desk and conference space, and free WiFi. Furthermore, Brandywine Realty Trust actively works to improve building efficiency, which benefits tenants by potentially lowering operating costs. They incorporate clauses in new and re-negotiated leases that either require tenants to submit monthly utility data or allow the company to install sub-meters, a measure used to track energy usage and implement cost-effective efficiency measures.

High tenant retention focus, targeting 59-61% in 2025

The focus on retaining existing tenants is a measurable priority, as demonstrated by the initial 2025 guidance. The stated Tenant Retention Rate Range for 2025 was set between 59% and 61%. Performance against this goal has been strong through the third quarter. The tenant retention ratio for the third quarter of 2025 was reported at 68%, which was above the Q1 2025 retention rate of 55%. Management indicated an expectation to end the year at the upper end of their original range, despite the Q3 figure exceeding the initial target. The core portfolio ended Q3 2025 at 88.8% occupied and 90.4% leased.

The relationship success can be seen in the lease renewal metrics:

Strategic engagement to secure anchor tenants in new developments

Brandywine Realty Trust secures future relationships by proactively marketing its development pipeline. The company is capitalizing on trends like the 'flight to quality' in markets such as the Philadelphia Central Business District (CBD), where trophy class assets are outperforming the broader market. The ongoing commercial development pipeline of 1.6 million square feet is a key area for securing new, large-scale anchor tenants who value high-quality, modern, and sustainable environments. The company also has specialized product offerings, such as research + innovation spaces designed for Life Science businesses, which require specific features like large floor plates and emergency power generation, showing tailored engagement for specialized anchor tenants.

Relationship-driven approach for renewals and expansions

The approach to renewals is clearly relationship-driven, as evidenced by the Q3 2025 leasing activity. Of the 164,000 square feet of leases executed in the wholly-owned portfolio during Q3 2025, a significant portion came from existing relationships:

• Leases that were renewals accounted for 257,000 square feet.
• Tenant expansions accounted for 35,000 square feet.

This indicates that renewals and expansions made up a substantial part of the leasing volume, suggesting successful relationship management is driving significant square footage retention and growth within the existing tenant base. Furthermore, the company has 182,000 square feet of executed new leasing scheduled to commence after September 30, 2025, which represents future relationship commitments.

Brandywine Realty Trust (BDN) - Canvas Business Model: Channels

You're looking at how Brandywine Realty Trust (BDN) gets its product-Class-A office and mixed-use space-to the customer, which is primarily tenants in Philadelphia and Austin. This is all about getting space occupied and managing those relationships, so the channels are very hands-on.

In-house leasing and marketing teams

Brandywine Realty Trust relies heavily on its internal capabilities to drive leasing velocity, especially in its core markets. The company's commitment to its properties is evident in its market capture; for instance, in 2024, they captured 49% of all office space transactions in Philadelphia, which is well above their general market share. This suggests a strong, effective in-house sales and marketing channel. The overall size of the organization, which has 416 total employees as of a recent check, supports these direct teams.

Third-party commercial real estate brokers

While the in-house team is strong, third-party brokers are essential for filling space, especially for larger or more complex deals. Leasing activity is tracked both for wholly-owned properties and those held in joint ventures. For example, in the second quarter of 2025, total leasing activity was 461,000 square feet, with 233,000 square feet signed in the wholly-owned portfolio and 226,000 square feet signed in the joint venture portfolio. This shows a significant portion of deal flow is facilitated through external brokerage relationships.

You can see the leasing volume across the quarters of 2025 here:

Direct property management staff at each location

The management of the physical assets is a direct channel for tenant satisfaction and retention. As of September 30, 2025, Brandywine Realty Trust managed a core portfolio of 60 properties totaling 11.3 million square feet. The operational success of this portfolio is reflected in its occupancy; the core portfolio was 88.8% occupied and 90.4% leased as of September 30, 2025. The company emphasizes its decades of expertise in property management, tenant engagement, and operational innovation as a key differentiator.

The occupancy and leasing status of the core portfolio shows the direct impact of management:

• Core Portfolio Occupancy (as of September 30, 2025): 88.8%
• Core Portfolio Leased (as of September 30, 2025): 90.4%
• Average annual lease expiration rate through 2026: only 5.1%

Joint venture structures for specific development assets

Brandywine Realty Trust uses joint venture structures to execute on specific, often large-scale, development opportunities. This channel allows them to bring in capital partners for projects like their urban, town center, and transit-oriented assets. A recent example of managing these structures involved an acquisition in October 2025, where they redeemed their partner's preferred interest in 3025 JFK for $70.5 million, moving the asset to wholly-owned status. Furthermore, they commenced construction on a 121 room hotel component of their Radnor mixed-use complex in Q2 2025, with a project cost slightly less than $60,000,000 and an anticipated 10% return on cost.

Corporate website and investor relations outreach

For the financial community, the corporate website, www.brandywinerealty.com, serves as the primary channel for information dissemination, particularly through the "Investor Relations" section. This channel is used to communicate critical financial milestones, such as the announcement of Third Quarter 2025 Results on October 22, 2025. The company also uses this platform to detail capital structure activities, like the closing of a $300 million offering of 6.125% Guaranteed Notes due 2031 in October 2025.

The IR channel is critical for setting expectations, as evidenced by the revised 2025 FFO guidance range of $0.51 to $0.53 per share announced in October 2025.

Brandywine Realty Trust (BDN) - Canvas Business Model: Customer Segments

You're looking at the core clientele that drives the Net Operating Income (NOI) for Brandywine Realty Trust as of late 2025. Honestly, their customer base is tightly focused on high-quality, modern office space, with a strategic overlay of residential income from their mixed-use plays.

The primary segment is definitely the office user, heavily concentrated in the Greater Philadelphia area. As of the third quarter of 2025, the core portfolio-which is their main operating asset base-stood at 88.8% occupied and 90.4% leased. This high leased percentage, even with some new leases commencing after the reporting date, shows strong demand for their product.

Here's a quick look at the portfolio health as of September 30, 2025:

The types of tenants they attract lean toward the sophisticated end of the market. You see a clear preference for quality spaces; for instance, in 2024, 62% of their new leases were signed by tenants moving up the quality curve. This speaks directly to the large corporate and institutional office tenants who value the Brandywine Experience.

Specific industry segments are key focus areas:

• Life science, research, and academic organizations: Brandywine Realty Trust has actively catered to this demand, delivering its first life sciences building at 3151 Market in Philadelphia.
• Large corporate and institutional office tenants: These are the bread-and-butter clients, exemplified by the 16-year, 117,000 square foot headquarters lease signed with a major financial services firm at 3025 JFK Blvd.
• Government and defense contractors: While a core segment, specific financial breakdowns for this group aren't explicitly detailed in the latest reports, but they are part of the overall office tenant base.

Geographically, the focus is sharp. The majority of the Net Operating Income (NOI) is generated from the Greater Philadelphia market and Austin. While the exact NOI percentage for Philadelphia isn't explicitly stated in the latest filings, the operational focus is clear. For example, in Q2 2025, the Philadelphia suburbs portfolio was 88% occupied and 90% leased. Austin activity shows a recent sale of a 223,000 square foot property for $55.1 million in Q3 2025, and in Q2 2025, the Austin portfolio was reported at 78% leased and occupied. This suggests a disciplined approach to capital recycling in non-core or less concentrated markets.

Finally, you can't ignore the residential component that anchors their mixed-use developments. These residential tenants provide diversification and foot traffic to the office and retail components. As of late 2025 Q3, the two key residential developments were performing exceptionally well: Solaris at Uptown ATX and Avira at Schuylkill Yards were both 99% leased. To be fair, Avira was already at 96% leased back in Q1 2025. This high residential occupancy is a strong indicator of demand for their live-work-play environments.

Finance: draft 13-week cash view by Friday.

Brandywine Realty Trust (BDN) - Canvas Business Model: Cost Structure

The Cost Structure for Brandywine Realty Trust centers heavily on property-level expenditures, significant debt servicing, and ongoing capital deployment for growth and maintenance. These costs are managed against a backdrop of market adjustments, as seen by non-cash charges.

Significant property operating expenses (utilities, maintenance, taxes) are inherent to owning and operating a 11.3 million square foot core portfolio as of June 30, 2025. While specific line items aren't itemized here, the operational performance reflects these costs. For the 59 same store properties in the second quarter of 2025, same store Net Operating Income (NOI), excluding termination revenues, increased 1.0% on an accrual basis and 6.3% on a cash basis.

High interest expense on debt remains a major cost component. Brandywine Realty Trust actively managed its debt structure in late 2025. In October 2025, the company issued $300 million of 6.125% guaranteed notes due 2031. The net proceeds of approximately $296.3 million were used to repay a consolidated secured debt loan totaling $245 million. This early prepayment of the secured loan is expected to generate a fourth-quarter earnings charge approximating $12.3 million, or $0.07 per share.

Development and redevelopment capital expenditures are substantial, reflecting the company's focus on its pipeline. The capital plan for the balance of 2025 totaled $388 million as of the third quarter. A specific example of a new commitment is the construction start on the last component of the Radnor mixed use campus, a 120-room luxury boutique hotel, estimated to cost $59.5 million.

General and administrative costs for REIT operations are reflected in the overall operating results. For instance, the Funds from Operations (FFO) contribution from unconsolidated joint ventures in the second quarter of 2025 totaled a negative $5,800,000.0. The company is targeting year-end core occupancy between 88% and 89%.

Non-cash impairment charges directly hit the bottom line when asset values are adjusted. Brandywine Realty Trust recorded non-cash impairment charges totaling $63.4 million, or $0.37 per diluted share, in the second quarter of 2025, primarily related to portfolio assets located in Austin, Texas.

Here's a quick look at some key financial metrics impacting the cost base:

The company's focus on managing its capital structure to reduce leverage and improve its credit profile is a strategic cost consideration. The revised 2025 FFO guidance, narrowed to a range of $0.51 to $0.53 per share, reflects transaction costs and delays in development recapitalizations.

The cost structure is also influenced by capital recycling activities, such as property sales. Brandywine Realty Trust completed sales totaling $72.7 million at an average cap rate of 6.9% through the third quarter of 2025.

• Core portfolio square footage as of June 30, 2025: 11.3 million square feet.
• Core portfolio occupancy as of September 30, 2025: 88.8%.
• Quarterly dividend distribution declared in September 2025: $0.08 per common share.
• FFO for the first nine months of 2025: $78.8 million.

Brandywine Realty Trust (BDN) - Canvas Business Model: Revenue Streams

The primary engine for Brandywine Realty Trust (BDN) revenue remains the rental income from its core office and mixed-use properties. This forms the bulk of the top line, driven by the performance of its urban, town center, and transit-oriented portfolio, which comprised 60 properties totaling 11.3 million square feet as of September 30, 2025.

For the trailing twelve months (TTM) ending in late 2025, Brandywine Realty Trust generated total revenue of approximately $0.48 Billion USD, or $480 million. This figure is in the ballpark of the expected full-year 2025 revenue around $480.84 million, giving you a clear picture of the scale of operations.

Beyond base rent, Brandywine Realty Trust captures value through transactional activities and property services. Here's a breakdown of the non-rental components based on the latest reported guidance and actuals through Q3 2025:

You should note that the property sales proceeds target of $72.7 million for 2025 was the revised goal after completing $17.6 million in sales by the end of Q2 2025, with $55.1 million under agreement at that time. However, by the Q3 2025 earnings call, management indicated they anticipate no property disposition activity for the balance of the year.

Parking and other ancillary property income is captured within the 'Termination fees and other income' line item, which saw estimates fluctuate slightly through the year. For instance, the Q2 estimate was about $1,500,000.0, which was revised up to about $2 million for the Q3 outlook.

The company's speculative revenue target, which likely incorporates some of these fee and ancillary items, was largely achieved by mid-2025, hitting $27.0 million by the end of Q2, against a target range of $27.0 - $28.0 million. This suggests that the core rental income is the foundation, and these other streams provide important, though variable, boosts to the overall financial picture.