Strong Same-Property NOI Growth
Same-property cash NOI grew by 6.4% in Q3, excluding lease termination fees and bad debt expense. Year-to-date growth is 6%, exceeding initial expectations.
High Occupancy Rate
Occupancy levels remained strong at 97.1%, slightly down from a record high of 97.2% in Q2.
Record In-Place Net Rental Rate
The average in-place net rental rate reached an all-time high of over $24.50 per square foot.
Successful Lease Renewals
Renewed approximately 550,000 square feet at an average year 1 renewal rent increase of over 13%. Overall, 75% of renewed leases included contractual rent escalations.
Positive Strategic Plan Progress
The 3-year strategic plan is on track, with operating FFO per unit CAGR at approximately 5%, and debt-to-EBITDA improved to the low 9s.
Notable Dispositions
Sold several properties, including Place Anjou in Montreal at a 30% premium over IFRS value.