Strong Same-Store NOI Growth
Achieved same-store NOI growth of 5.3% for the quarter, driven by a 140 basis point improvement in same-store economic occupancy.
New Developments and Growth Prospects
Continued construction at the build-to-suit on Maui with anticipated completion in Q1 2026, expecting annual NOI uplift of $1 million. Executed a build-to-suit for a 91,000-square-foot building at Komohana Industrial Park, expecting $2.8 million annual NOI when stabilized.
Increased Leased Occupancy
Leased occupancy increased to 95.8%, up 40 basis points sequentially and 190 basis points year-over-year.
Improved Financial Performance
Generated $33.6 million of NOI, growing 6.3% over the same period last year. Reported Q2 CRE and Corporate-related FFO per share of $0.29, a 3.6% increase from the same quarter last year.
Raising 2025 Guidance
Raised 2025 guidance with expectations for same-store NOI growth to be within the range of 3.4% to 3.8% and total FFO of $1.35 to $1.40 per share.