Record Occupancy and Rental Rates
Set a new occupancy record at 97.2% and achieved a new average in-place net rental rate of $24.44 per square foot.
Strong Same-Property NOI Growth
Same-property cash NOI grew by 6.2%, with contributions from increased occupancy and higher rents.
Successful Lease Renewals
Renewed over 625,000 square feet with a year 1 renewal rate increase of 16.2%, and 80% of renewed leases included rent escalations.
Positive Financial Performance
Operating FFO increased 6% year-over-year to $73 million, with OFFO per unit rising to $0.33.
Progress on Strategic Plan
Tracking well on the 3-year strategic plan with operating FFO per unit CAGR of approximately 5%.
Strong Demand for New Developments
Advancing major development projects like Yonge & Roselawn and 1071 King Street West, with significant interest from retailers.