Strong Office and Retail Performance
Office occupancy remained high at 96.3% with positive re-leasing spreads of 11.7%, while retail occupancy was 94.2% with renewal spreads of 10.8%.
Successful Debt Private Placement
Completed the first debt private placement in July, raising $115 million with a blended interest rate of 5.86% and a weighted average term of 5.3 years, marking a milestone in balance sheet management.
Retail Portfolio Optimization
Backfilled former big box vacancies with stronger retailers, achieving a weighted average of 33% higher rents, and planning significant rent increases in various locations.
Positive Trends in Multifamily Leasing
Renewal leases grew by 4.8%, while new leases increased by 2.8%. Allied, a new multifamily building, is leasing ahead of schedule at 68% leased.
Reaffirmed Full-Year Guidance
Maintained full-year normalized FFO guidance of $1 to $1.10 per diluted share, supported by stable operating performance and a simplified capital base.