Strong Financial Performance
Normalized FFO increased by 116% year-over-year, reaching $17.4 million or $0.26 per share, and same-property cash basis NOI increased by 3% compared to the same period a year ago.
High Occupancy Rates
Consolidated occupancy reached 94.1%, outperforming the U.S. industrial average by 150 basis points.
Successful Leasing Activities
Completed 836,000 square feet of leasing with weighted average rental rates 22% higher than previous rates and an average lease term of 8 years.
Debt Refinancing Benefits
Interest expense decreased by $4.4 million following a $1.16 billion fixed rate debt refinancing completed in June.
Strong Tenant Base
Over 76% of annualized revenues come from investment-grade rated tenants or secure Hawaii land leases.