Property Tax Refund
A large one-time net property tax refund of $3.2 million was received for one of the Trust's enclosed shopping malls, which positively impacted financial results.
Occupancy Improvement at Penn West Plaza
Occupancy at Penn West Plaza increased to 81% after transitioning from a single-tenant to a multi-tenant building.
Interest Expense Decline
Interest expense declined by $1 million for the quarter and over $3 million for the nine-month period due to lower short-term variable interest rates.
Retail Leasing Success
Community strip centers are nearly full at 99% occupancy, and there are positive rental growths on lease renewals in the retail sector.
Increased Liquidity
The Trust has increased its liquidity from $72 million in the second quarter to $76 million by the end of the third quarter.