Strong Same Property NOI Growth
Same property NOI grew approximately 6% for the first half of the year, with a 4.8% increase in the second quarter compared to the same period last year.
High Occupancy Rates
Leased Occupancy stood at 97.3% near an all-time record, with Small Shop Occupancy reaching a high watermark of 93.8%.
Successful Asset Sales and Redeployment
Completed the sale of a 5-property California portfolio for approximately $306 million, with proceeds being redeployed into high-growth Sunbelt markets.
Positive Leasing Activity
Executed 73 leases for approximately 304,000 square feet in the second quarter with a blended leasing spread of 16.4%.
Improved Financial Metrics
Nareit FFO per share rose nearly 5% year-over-year, with a 2.3% increase in the second quarter compared to last year.
Strong Balance Sheet
Ended the quarter with $787 million of total liquidity and a net leverage ratio of 17%.
Dividend Increase
Declared an annualized dividend of $0.95 per share, representing a 5% increase over the prior year.