Lease TerminationsLease termination income from Loblaws enabled re-leasing of former space to new tenants at higher rents, increasing rental income and near-term cash flow.
Leasing And OccupancyHealthy leasing spreads combined with improved occupancy and contractual rent escalations supported same-property NOI growth, underpinning steady internal growth.
Valuation And Cap-rateImplied cap rate for the REIT is tighter than the peer average, supporting an increased NAV estimate and potential valuation upside relative to peers.