Strong Financial Performance
Normalized FFO was $0.41 per share, a $0.02 sequential increase, and FAD was $0.33 per share, a $0.04 sequential increase. Same-store NOI growth was 5.1%, the highest in 9 years, with a 280 basis point sequential increase.
Successful Leasing Activity
The second highest new leasing quarter in the last 3 years with nearly 1.5 million square feet of leases executed, including over 450,000 square feet of new leases.
Strategic Portfolio Optimization
Completed a full bottom-up analysis, segmenting 650 assets into stabilized, lease-up, and disposition portfolios, with major growth potential identified in the lease-up portfolio.
Asset Sales and Guidance Raise
Year-to-date sales increased to $211 million with an additional $700 million under contract or LOI, leading to a full-year disposition outlook of $800 million to $1 billion.
Corporate Restructuring and Cost Savings
Achieved $10 million in run rate G&A savings through headcount reduction and office expense savings, with further savings expected.
Improved Balance Sheet
Successfully recast $1.5 billion revolver and extended the maturity of term loans, reducing near-term maturities significantly.