Long-term Leasing Momentum & Lease StructureA 7-year weighted average lease term and 6.9M sq ft of annual leasing create durable, predictable cash flows and lower short-term vacancy risk. Accelerating leasing in H2 signals sustained tenant demand, supporting revenue stability and easier capital planning over 2–6 months.
Very High Operating Margins And FFO GrowthConsistently very high NOI/EBITDA margins and rising FFO demonstrate strong operating leverage and cash-generation capability from core leasing operations. High margins support resilience to cost pressures and provide internal funding for development and dividends over the medium term.
Improved Liquidity And Capital Structure ActionsMaterial cash on hand and the prepaid $118M facility that removed secured debt improve financial flexibility and reduce refinancing risk. Moving toward an unsecured capital structure enhances future borrowing optionality and supports disciplined capital allocation over the coming quarters.