would quarter in to and areas earnings Kevin, highlight all Thank you, I remarks our joining thank you like today. my XXXX on for conference call. us second four
that our and achieving our and second, capitalize value-add third, sustainable cash our goals. activity towards leasing strong we related predictable our First, our to progress long-term on; properties; development to opportunities continue our flows; fourth, pad continued
My is leasing. first our strong point
and our the and on leasing posted e-commerce-resistant real retail estate and focus business to in second continue We quarter. commercial, have resilient model strong proven execute activity
flow. predictable on to our continue cash we solid build again, Once and
of of mixing including base that our developed leased disciplined result psychographics our and clauses; success the the X% is triple-net term extensive potential real controlling structures, leases. properties; businesses. X% a surrounding through of of and tenant estate the This in in tenants' through annual shorter increases durations lease leasing rent Our underwriting and analysis leasing co-tenancy and research rent percentage clauses, avoids base consumers our and participation demographics to inflation and an our provides well-crafted employing the in the neighborhoods restrictive of our hedge us
to We avoids consumer Our volume approach continues cause. that the oriented to focus tenant and our Internet the on entrepreneurial traffic the the service high retail disruption to centers. drive
allows to proactive leasing us transfer create value. to properties market-by-market Our
their We lease financially to is our primarily entrepreneurial. success are sound and tenants that Ultimately success.
portfolio. our estate have We we industry by real retail the redefined repositioned the real way estate
approach Our new tenants of based resistant, service leasing to economy, e-commerce the focused produces consistent on leasing results.
is for value create stakeholders. our Our all of end goal to REIT Whitestone
Let to leasing a me our in additional detail some now highlight take moment results.
representing the and a leases $XX.X of XXX,XXX million the new XX quarter executed and -- feet we lease leases XX incredible. for leases square XX During That's total of value. XX renewal
from of results percentages points basis XXXX. the a square our was from of points XX,XXX of and into footage first the feet ago quarter same-store deeper ago XX,XXX leasing rate from approximately and a square a Looking from year XXX our These year XX down square leased decrease quarter. first basis occupancy represent feet
our of year-over-year in result However, is X move the of tenants. this X,XXX only change of largely the occupancy out
retail are large tenants they representative tenants. the unique our of and more portfolio in that These they spaces traditional in occupy are older
in creating outs square were closed one our feet foot grocer grocery Houston was our Specifically, approximately in square market -- four XX,XXX and store of XX,XXX of Phoenix move the market. tenant vacancy
closure part grocery XXXX, a a building leasehold this about as previously market, at property received was square-foot lease original decline. half we occupancy of have In XX,XXX does spoken non-phoenix a of enough, interest. only of a property in the of represent settlement the which We Interestingly interest our termination.
we the So a cash received building received we back settlement. and
this Now smaller it already it's our spaces, our opportunity put model. to down we've into and break planned into which production
this to marketed currently year. under as Given potential balance our of vacancies value the included to the favorable balance of approximately are XX,XXX over end XX,XXX being the asset, remaining approximately tenants. square continue of quarter the actively replacement expected this maximize cost we will long-term are basis occupancy feet in be lease are in of feet and to work The of the The vacancies square asset.
to that As foot that are move believe each spaces square vacant demand with do, higher are will per that e-commerce-resistant into mix breaking we we we have spaces smaller ahead. rates rental and we and larger Whitestone tenant properties more add-value evaluating always properties reposition opportunities as attractive We these these to attract. -- great
of related component development to purchase opportunity. is of This we at point we many land second our of value-add acquisitions initial acquire a property. or our little development when the the cost includes with strategy The that pad residual no
We these pipeline square cash footage feeding our land and now expand flows. parcels are production of to into leasable
property from terms the X,XXX -- shareholders. for This a successful extract years. are multi-tenant XX.X% of to lease to our This to at development early our we quarter that at our we and opportunities yield Arizona portfolio X.X properties averaging pad our project-stabilized Marketplace add-value continue completed in square-foot ROI pad leases and a Anthem exemplifies
third our continues flows. and point reliable that predictable, is My to strategy produce cash sustainable
tenants of center consumers through -- surrounding properties and the neighborhoods is proposition owning in the where work for who live, play. they provide Our needs the unique community capturing and value prime
in our cities than our for the fastest-growing predictable, and such flows cash of anchors desirable not Phoenix, country. all portfolio a highly of Mesa, no Austin, communities Gilbert, on X past Worth, any our to built San such Environment's flows and are in we growth created increase. a which continue most Fort X% cash Chandler sustainable of have properties Whitestone's focuses locations Dallas, where in Houston of strategy ABR sit our that and list of Scottsdale markets stream With markets, attractive Antonio, are every years tenant produce the the diverse to of one over more accounts atop
renewed solid growth primarily evidence, grown fundamentals continue Whitestone base a has signed. such further year on rental of has rate a of As increase new X% to through from $XX.XX result that that as; ago average to X.X% and leases rent as
capital simplicity. all business and strategy and provide Our flexibility support stability, balance sheet and by means model structure our and growth us
ventures you own. stock common buy you what no one only have is which is What class We of partnerships. no stock, joint
discuss our goals. towards now progress continued me Let our long-term
sustainable We flow. scale reduce operations by creating our to efficiencies overhead to continue work our drive and increasing in to to cash overhead
goals and our long-term to general land improving administrative parcels. and out include: accretive acquisitions Our redeveloping expense ratio revenue leverage, and parcels and and developing reducing making dispositions
are a of at leadership team Whitestone and accomplishments Our result exceptional extraordinary people. an
We strong a have to belief business. employee fundamental is our development
talented hire program Jones further and our Business to development employees leaders dedicated scholar at remain our REED; the School future we our conjunction through become to developing of first University. real We and titled in our people with executive program Graduate which Rice estate
it. investors believe many we people our time others time helps to a they you know deep we From This to have and and us Whitestone in do, that in want replace our create us to workforce bench when perspectives is expand a But including when diverse talented goals. backgrounds helps who's and a cultured performance business. and to achieving with we it that our based to ways and also training dedicated
Holeman. to to would I the like that Dave over turn with David? call And
