Full Repayment of Credit Facility
The company has fully repaid and retired its recourse corporate level credit facility, which had a balance of approximately $169 million, demonstrating progress on strategic initiatives.
Increase in Hotel Net Operating Income
The Sheraton Grand Sacramento hotel reported a 15% increase in net operating income on a year-over-year basis, driven by increased occupancy and average daily rate.
Office Leasing Activity Improvement
Leasing activity picked up in Los Angeles and Austin, with approximately 30,000 square feet of leases executed in the quarter and an office lease percentage of 71.4%.
Completion of Financing Program
The company successfully completed a refinancing program in a challenging environment, securing a floating rate mortgage on its creative office campus, contributing to financial flexibility.