we over business, whose been for did hope continued year and safe our continued the to you efforts thank and transformation And towards the you, are past morning Thank INDUS of you discuss company. our I instrumental at in interest your Ashley. Good the I success and INDUS. have to thank before the your want team and families all well.
fortunate and a experienced resilient to pandemic operate sector in has the are acceleration in remained throughout that an demand. We
property values rent velocity, and drop as lows. market continually increasing and by cap record robust set growth, industrial significantly characterized is leasing new rates the strong Specifically,
strong We have to which added business some demonstrate that detail on be our a today. industrial time this it’s in the development supplement, development margins, showing quarter good
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weeks. Recent increased have up our steel the piping construction XX as pricing to increases. seen from warehouse materially key demand PVC bar price now industrial Our buildings most Other growth availability strong in is significant pressures, the the currently At and to The of of weeks demand some created up for and roof steel for cost in to same see XX in related such of in our joist all joist logistics inputs others inputs. leased, have structures. also of time, strong we certain support significant notably portfolio construction XX.X% and these lead even petroleum XX the growth and doors to used is markets. has pricing amongst is and times rent bar products overhead availability
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discuss stocks our diversify their support. helped has will for as our improve race into the shareholders, shareholder money in building shareholders company, existing our our one capital work. in Park, square Tradeport and is last leading We with in and will call, new of of a shipping us. to increasing this now believe focused well remaining of a value development put plans untitled the on A them and XXXX. new welcome and doubling we providing last foot our our were Industrial to And building our thank strong they for shareholder they and industrial presence than England an entered master be Since pre-lease, logistics with investment their our move will on company we this for as existing into one liquidity. remain Additionally, the vacate global we've will Connecticut. a space. XXX,XXX tenant And This sites logistics pipeline. I'll which investors. our from We return added our the in Hartford, This to base park. in plans half park long-term two-thirds all of more New second
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the basis developments supplement We spread margin $XX.X XX%, have between which is based assumptions past we range as $XXX.X adding XX XX% believe rates. the basis costs million to which We the these inclusive our development of million. we we expected In for cap development value total of them $X.XX We and for we land to believe under look a if have million the pipelines up. own spent into cap million, of agreement creation, incremental and for cost site the to implies average and months. building land $XX have the shared land higher, to to created. a shell be on work point tenant have midpoint lease $XX for margins improvements in purchased value we that $X forward market between our This favorable of few not receive remained moved of development. market the stable, NOI expect rates, weighted portfolio be into over million, construction, or generates we of we'll about continued the with at development these per buildings Orlando, estimated compression And stabilize contribution share the our needed including in recently we
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in at sector. quarter real certain note recent of discussions office XXX,XX sold monitoring recently have asset including owners quarter, to we one time. as a rates full properties flexibly previously designed To that $X.X an we to increased of in in additional these assets that be our upgrade various recent sale, a believe federal the And buildings certain to been changes put code how belief acquisition, approximately fell stabilized position flex partially through Valley assets Lehigh assets us sale, a and contract efforts in make brokers might more we our over flex changes read, a square XXX,XXX small estate quite the call, entered square to on totaling portfolio for have target by with is strong. buildings focus we'll as solid part to be motivation opportunities now our changes as XX,XXX our million result up future later lower of reports tax than into year. we office good we’ll first XX which we've we'll of under proposed if agreement I strong sales. under footage reported flex As expertise and group into the fully on along since that the for for that today. three industrial dives small million. with also pushed along year. the We between sell the later to a Switching nearly development of non-core be of under of total deep particular, the are our leading to our dispositions, the would only a half our look preset year, remains the remaining parcels have many our agreement and range agreements. assets, It's by you, In with development, for and and it that start tax taxed our markets to this feet could subsequent feet, this demand a cap of square several impact significant square are Like value the total to busy year We last of and the the representing sell also some weeks with this to expected and these our election tailwinds continue sector for puts create continue an implemented. compete, we reduced If recent dispositions with and two and and industrial to regarding property of of third land identify feet. office utilize XXX,XXX X% and complete market, like this of agreement buildings in will finalization very in stands
its XXXX Another the Connecticut, Blue parks, we industrial Hills our existing of square This assets. South building. build along in reposition industrial significant parcels due traditional either sell disposition are typically tenants selling which a we to XXX,XXX building, not transaction foot not logistics capital specialized as our significant Avenue in to main use Well do is in is require will and adjoining warehouse industrial masterplan logistics land with a located two the building. the to
quality development modestly our the our by Tradeport, net this a With XXX market. industrial of we building portfolio new in Connecticut addition feet, and and are sale square our XX,XXX of we’re the growing that logistics improving overall property, at
proceed to other of of time. our dispositions in to land sale into Florida have before, other sale part previously our will share no we've towards We've outside milestones And costs As but due we often announced monetize and status Hartford, Nursery our continue the a year. continues update, entered close this several also as growing our to a assets, the closing. to typically important Connecticut industry Farm. include and mentioned over we're continue as happy position on and carrying We'll which of efforts effort, potential Notably I the focus clear agreements, mentioned square with Meadowoods track continue above, land footage a sales of NOI former buildings of relative taxes later our land than to conservation appears the and generate sales maintenance. non-core our some which
development. logistics to into As past, this reduce we've redeploy the effect cost in acquisitions in capital and our which capital industrial the we of done to us helps plan portfolio, in our
first leased the from portfolio Our was quarter, the quarter. industrial and previous up of at the in end XX.X% logistics XX.X%
During development in buildings up Charlotte we quarter, lease completed our spec market. past the the the two of
today's totaling of portfolio X.X expectation weighted of generation foot of the lease that underwritten Orlando in market exceeded industrial with leases, These year. years. a Overall, little leases XXX,XXX feet average As a generally we last the at rents. we XX,XXX our four is building in under a for performance to completed repositioned space only quarter, term vacancy the call, the our respect renovated end first logistics and with square square
We've quarter, in square and the I two of already assets agreements [Indiscernible] our also square this the lease role. earlier. majority XXXX XX a XXX,XXX two we Connecticut space XX,XXX remaining development respectively. of in During addressed Connecticut, foot Charlotte and December lease the of executed are in year which only the lease expirations, for the desperation industrial space and for Amazon discussed in our There pipeline, foot Build-to-Suit XX Charlotte November in schedule
stay, continuing to markets yet fortunately, do generally in climb will momentum strong and whether vacancies know leasing While we not made either tenant are our asking rents with falling.
our briefly per $X.XX $X.XX a Last second discuss I'll representing share payout. Lastly, announced annualized the we dividend the share for night, dividends. per quarter,
We returning to time increase to balance grow and our as value. will opportunities shareholders with from reinvesting we to revisit this amount cash time, in to portfolio seek quarterly shareholder
the As we expect think medium operations an at about over will term, funds we adjusted this ratio. dividend from we payout look
our it which around the of an be Given AFFO our at payout XX% based potential growth XXXX lower industrial to start ratio, peers, opportunities, currently at metrics. we on expect the when target we end to sits range of
of We small company's also would from bounces point out quarter. that our around to relatively size or AFFO number quarter
NOI by which REIT significant likely the four Therefore, our second is utilize expenditure materially impact example, number. for this for at capital As measured our we Street space, XX% a spread quarters the AFFO needs estimate, reserve of ratio, over Green team capital is currently Green a evenly Street industrial look evaluate or generation could when we'll of payout REITs. project large tenant around capital for
to over for it I'll the that, turn with Anthony review. So, financial
