Leasing Activity and Portfolio Improvement
303,000 square feet of space leased in Q3 with a weighted average lease term of over 10 years. The year-to-date leasing totals 919,000 square feet, improving the portfolio's weighted average lease term to 5.8 years from 3.5 years. Rent spreads on lease renewals were positive, up over 2% for renewals and over 4% for total leasing activity.
Successful Property Dispositions
Orion closed on the sale of 7 properties and has agreements to sell 4 more, totaling 1.3 million square feet with gross proceeds of more than $110 million. Since the spin, 27 properties have been sold, totaling 2.7 million square feet, saving an estimated $39 million in cumulative carry costs.
Improved Financial Guidance
Full-year core FFO guidance raised to $0.74 to $0.76 per share from $0.67 to $0.71 per share. The outlook for net debt to adjusted EBITDA improved to 6.7x to 7.2x, down from 7.3x to 8.3x.
Strong Liquidity Position
Total liquidity at quarter-end was $273 million, including $33 million in cash and cash equivalents and $240 million of available capacity on the credit facility revolver.