Strong Cash Rental Rate Growth
The portfolio produced a strong cash rental rate increase of 33% for new and renewal leasing, meeting expectations of 30% to 40% growth.
Successful Development Leases
Leased 501,000 square feet in the Camelback 303 joint venture in Phoenix, bringing the entire 1.8 million square foot project to 100% leased. Also leased 58,000 square feet at the First Loop project in Orlando.
Bond Market Milestone
Issued $450 million of senior unsecured notes at a coupon rate of 5.25%, marking the first public bond offering since 2007, following an upgrade by Fitch to BBB+.
NAREIT FFO Growth
NAREIT funds from operations were $0.76 per fully diluted share, up from $0.66 per share in 2Q 2024.