Record High Occupancy
Q1 occupancy matched an all-time high of 96.9%, which was last set in Q4 of 2019. Rents in place are notably higher today than they were then.
Strong Leasing Activity
Over 500,000 square feet were renewed with a year one renewal rent increase of 13.6%, above the long-term average. Additionally, new leasing covered about 90,000 square feet across 42 spaces, achieving an average year one rent of approximately $32 per square foot.
Development Completion Target Increased
Development completions are now expected to be $300 million over the three-year plan versus $200 million previously, indicating progress ahead of initial expectations.
Same Property NOI Growth
Same property cash NOI grew by 5.3%, driven primarily by higher rents, exceeding internal business plan expectations.
Positive Leasing Market Outlook
Continued strong demand and leasing activity with no signs of slowdown despite macroeconomic uncertainties.