Strong Leasing Activity
1.7 million square feet of leases executed in the quarter, including lease-up of 4 repositioning and redevelopment projects. Net effective and cash leasing spreads for comparable leases were 21% and 8%, respectively.
Positive Occupancy Trends
Same property occupancy increased to 96.1%, up 40 basis points sequentially, with positive net absorption of 220,000 square feet.
Low Levels of Bad Debt
Bad debt levels were minimal at only 6 basis points of revenue, demonstrating strong tenant health.
Repositioning and Redevelopment Success
520,000 square feet of leases executed from repositioning and redevelopment projects, with a year-to-date total of over 900,000 square feet, representing over $16 million of annualized NOI and a 7.4% unlevered stabilized yield on total investment.
Strong Financial Position
Core FFO was $0.59 per share, a $0.01 increase over the prior quarter when excluding one-time termination revenue. The balance sheet ended with over $1.8 billion of liquidity and net debt to EBITDA of 4x.