Record FFO Growth
Funds from operations (FFO) excluding involuntary conversions were $2.12 per share, up 7.1% year-over-year, continuing a decade-long trend of growth.
Strong Leasing Performance
Quarter-end leasing was at 97.3% with occupancy at 96.5%, and average quarterly occupancy was 95.8%. Quarterly releasing spreads were 47% GAAP and 31% cash.
Diversified Rent Roll
The top ten tenants now account for just 7.1% of rents, down 70 basis points from the previous year, indicating more diversified income sources.
Refinancing Savings
The company refinanced a $100 million unsecured term loan, reducing the credit spread by 30 basis points, resulting in $1.5 million in savings over five years.
Positive Development Yield
Development yields were strong, with a notable 9% yield on recent completions.