Near-Record Revenue and Growth
Reported near-record quarterly revenue of $39 million, a 4.5% increase over last year. Record NOI of $22.1 million, a 5% increase, and record AFFO of $8.3 million, a 17% increase.
Strong Residential Leasing Performance
New leases exceeded prior rents by over 14% across the entire portfolio. All residential rents are at record highs, and the overall collection rate in the second quarter was approximately 97%.
Successful Prospect House Development
Completed construction on the Prospect House development on time and on budget. Leasing commenced with 33% approximately leased and gross rents in excess of $88 per square foot.
Pacific House Stabilization
Pacific House at 1010 Pacific Street in Brooklyn is stabilized and contributing to cash flow after a year of full operation.
Sale of 10 West 65th Street Property
Sold 10 West 65th Street property for $45.5 million, generating approximately $13 million after payment of debt and cost.