Solid Third Quarter Performance
Core FFO per share exceeded the midpoint of guidance by $0.03 due to lower G&A and interest expenses. The midpoint for Core FFO per share was raised to $15.94.
Strong Northern California Market
Northern California was the best-performing region with close to 4% blended lease rate growth, benefiting from AI-related start-ups and positive migration trends.
Strategic Capital Allocation
Almost $1 billion of assets acquired in Northern California since 2024, achieving accretion relative to dispositions and improving the overall portfolio age.
Balance Sheet Strength
Managed debt maturities with a net debt to EBITDA of 5.5x and over $1.5 billion in available liquidity.