Strong Leasing Performance
New leasing spreads reached 51.5%, and blended leasing spreads were 20.6% this quarter, supporting same-property NOI growth of 4%. Approximately 1.3 million square feet of leases were executed, including 1.2 million square feet of renewals.
Operational and Financial Growth
Funds from operation per unit increased to $0.47, up 9.3% year-over-year. The adjusted debt to adjusted EBITDA improved to 8.88x, and liquidity position remains strong at $1.3 billion.
Effective Capital Management
Year-to-date closed dispositions totaled $230.4 million, consistent with IFRS values and at a weighted average cap rate of 4.3%. Capital recycling strategy and NCIB program execution led to an acquisition and cancellation of 2.3 million units at a weighted average price of $17.25 per unit.
Tenant and Asset Quality
Committed retail occupancy remained high at 98.2%, and RioCan is the landlord of choice for Canada's leading retailers. Strong tenant relationships and asset quality are emphasized as drivers of growth.