Increased FFO and NOI Growth
FFO as adjusted increased by 4% year-over-year with a year-to-date growth of 7%. Same-property net operating income increased by 4.7% for the quarter and 5.4% year-to-date.
Successful Acquisition and Capital Recycling
Completed a $39 million acquisition of Brighton Mills, a grocery-anchored shopping center, funded through the sale of other properties. This acquisition is expected to have significant NOI growth potential.
Strong Leasing Activity
Executed 31 deals totaling 347,000 square feet, with new leases achieving a 61% rent spread and renewals a 9% spread. Same-property lease rate is at 96.6%.
Raised FFO Guidance
Increased 2025 FFO as adjusted guidance by $0.01 per share, representing 6% growth over 2024 at the midpoint.
Healthy Liquidity and Debt Management
Liquidity position strong at over $900 million with a new $123.6 million mortgage at a lower interest rate.
Development and Redevelopment Progress
Stabilized projects with a blended yield of 17% and activated new redevelopments with a projected yield of 15%.