"Leasing Pipeline includes $15 million of signed not yet open leases, representing nearly 7% of pro rata annual base rent, with 85% derived from the street and urban portfolio, poised to drive incremental earnings in 2025-2027."
"Nearly $160 million in property acquisitions were completed during the quarter, with a focus on street retail corridors, including Williamsburg's North 6th Street and Manhattan's 85 5th Avenue."
"Core same-store net operating income growth is affirmed at 5%-6% for the year, with projected year-over-year NAREIT FFO growth near 10% at the midpoint of guidance."
"Total core operating occupancy increased by 50 basis points to 92.2%, with an outlook to reach 94%-95% by year-end, and street and urban retail portfolio targeting approximately 90% by year-end."
The company reported $15 million in signed not yet open leases, contributing to nearly 7% of annual base rent. Property acquisitions reached nearly $160 million in the quarter, totaling $420 million year-to-date, focusing on key retail corridors. Core same-store net operating income growth is projected at 5%-6%, with NAREIT FFO growth near 10%. The leasing volume in the street portfolio has doubled compared to last year, and occupancy rates are expected to improve significantly by year-end.
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