Strong Portfolio Occupancy
Overall portfolio occupancy averaged 96%, with office at 96.5%, retail at 96%, and multifamily at 94.2%.
Retail Portfolio Performance
Retail portfolio renewal spreads averaged 6.5% on a cash basis. Foot traffic rose 13% compared to the prior quarter.
Office Leasing Success
Office portfolio occupancy is at 96.5%, with strong renewal spreads of 21.6% on a GAAP basis and 8.9% on a cash basis.
Debt Private Placement
Raised $115 million in a debt private placement, enhancing liquidity and extending weighted average debt maturity.
Improved Dividend Alignment
Aligned dividend with property level cash flows and reduced reliance on fee income.