Asset Acquisition and Leasing Success
Acquired $850 million in assets and signed nearly 400,000 sq. ft. of new leases with new lease spreads averaging over 20% and renewal spreads just under 10%.
Capital Efficiency and Strong NOI Growth
Capital expenditures averaged just 6% of NOI, and NOI was up 17% sequentially, driven by organic growth and acquisitions.
High Occupancy and Leasing Activity
Achieved a 60 basis point increase in lease rate to 96.7%, among the highest in the retail REIT sector.
Strong Balance Sheet and Liquidity
Net debt-to-EBITDA ratio less than 1x, with over $250 million of cash on hand, providing substantial liquidity for acquisitions.
Raised Guidance for 2025
OFFO guidance raised to $1.04-$1.05 per share, driven by better-than-expected operations and acquisition pacing.