Increase in FFO and NOI
FFO as adjusted increased by 12% over last year and 8% year-to-date. Same-property net operating income increased by 7.4% for the quarter and 5.6% year-to-date.
Strong Leasing and Occupancy Rates
Same-property occupancy increased to 96.7%, up 10 basis points from the prior quarter, and the shop occupancy rate reached a record high of 92.5%, up 270 basis points over the prior year.
Capital Recycling and Asset Sales
Year-to-date, $66 million of assets sold at a blended cap rate of 4.9%, including high-value, lower-growth properties. Capital recycling achieved through acquisition of $552 million at a 7.2% cap rate and sale of $493 million at a 5.2% cap rate.
Guidance Increase
Increased 2025 FFO as adjusted guidance by $0.02 per share to a new range of $1.40 to $1.44 per share, reflecting growth of 5% over 2024 at the midpoint.
Strong Balance Sheet
Resilient balance sheet with $1.5 billion in nonrecourse mortgages, 42 unencumbered properties valued at nearly $2 billion, and only 9% of total debt maturing through 2026.