Adjusted Net Income Increase
Excluding acquisition expenses, adjusted net income was up $281,000 or 21% over last year's third quarter.
Multifamily Segment Occupancy
At quarter end, 91% of the apartments were occupied and 74% of the retail space was occupied, showing resilience in the multifamily segment.
Development Pipeline and Future NOI
Completion of industrial projects will add over 1.8 million square feet to the platform, expected to generate annual NOI around $9 million.
Positive Leasing Trends
Mid-bay activity continues to demonstrate resilience. In Baltimore, leasing accelerated with roughly 2.9 million square feet executed and vacancy tightening to 7.4%.