And Thank all you, in. Michael. thank calling you for
decision portfolio the Today course topics result This our desirable. a Directors. of discuss Company that of as top never careful was is and of its mind, we economic part well dividend, Board and are will It run in rate action recent of as a of reduction.
We took prepared this us step ability view of increase with storms, XXXX, be this any action allow forgiving prospects global a be FFO and portfolio of customers percentage hopefully and Turbulent the economic anticipate on circumstances. our possible. in share environment increase for to economic will a the more per flexible forward-looking though it our economic to less even
portfolio, office the Taking economy. the our confirm a over the of we of has to interest much address the to inflation rise negative year, at rates had the have unprecedented on in effects pandemic navigate the occurred past to impact is and lingering look change placed how continue on
long-term decrease continue Fed risk interest near a and as economists a target high which January activity Many to released although -- was rate. most that February The on the decelerating, Fed's future well it of recent revealed of inflation rate based of continues inflation of to is in data remains above ability XXXX, there recession believe in surveys. from rates the is manufacturing the increase variety
basis rather rise, points, the continue the but at slower again XX XX by the than points February to a Federal perhaps rates pace. X, rates On that Reserve signaling raised basis will
a challenging the have have had factors overall. commercial these estate market real of All effect are continue on to and to expected
Regarding return levels quality. believe the towards environment a the ongoing the that originally fight pandemic once hybrid by would throughout office pandemic to was albeit broad environment impacted and over back for office economic to pre-pandemic space arrangements office the bring we properties, utilization of
begin of players office back-up industry also that Other once of Supporters not rearview could collaborative in companies that anticipated work. and properly the office was return to social will fill mirror. to COVID-XX predicted function benefits in-person
the and full the reluctance layoffs excuse to of office with future. scale workers and However, of full sorry, work part me, as foreseeable return Most see demand leasing to a of time. space return many for unrealistic pre-pandemic office us time many increasing utilization workers -- or reduction now in-office to
the decision in factors expectations month somewhat company's and the tight $X.XX these rate action per and Concerning year. prudent company in With competitive by effect a adjustment, stockholders is is to the per appreciate in support to $X.XX dividend run to had mind, a by per dividend we the improve the we taken to sensitive position the of lower the unpredictable a adjustment company. the understanding made received for many forward looking and marketplace. the This share
capital office our advisor line in through dividend will into action assets To dividend incentive this with confident industrial year. of least recycling Notably, allow ratio and contractual away non-recoverable with REIT our ease that strong from payout aligned continued this shareholder continue as at well the the our for XX also June future peers, the we external returns. efforts is to as given bring equity of waiver appreciation, are company's
like also I several highlight positive developments. to would
added higher borrowing rate to recast, we the previous corporate and we our change, million than calculation mentioned availability interest more banks. have credit With our also As million. extended base facility upsized this $XX our XX a of to by and increased allow addition calls, more with bank in availability the Since amended new environment. approximately another amended recently on initial multiple most
assets. to acquisition industrial candidates. portfolio into success overall we and Further continue and capital to stable we have attractive Our recycling remains see re-tenanting with continue
let the for state and in positions. on review comments financial portfolio provide on the the our our call period outlook covering quarter capital liquidity turning in Gary Gerson, the before mind, to our of facts to these discussion CFO results and me for market a for some to over last move With results
the Colorado focus building improving of on a with cap quarter of we $XX XX,XXX XX industrial and a rate for Denver, our industrial square leaseback acquisitions foot We operations. During transaction million fourth continued XXXX, sale acquired in year a GAAP X.X.
in XX Carolina, XXX,XXX We square gap our acquired office We Greenville, Texas. rate a XX,XXX building square foot a foot with sold a building foot two story sale transaction XX,XXX leaseback in X. sold Columbus, industrial of We cap Ohio. square South in building year Allen, office
at Grand office occupancy. for years. property years property and We X years Ohio Michigan X property for XX,XXX our square total lease X.X period months bringing feet our the X XX,XXX leased increasing that the office foot Rapids extended Mason, at to square We to full lease
for lease square for We XX,XXX Bolingbrook, space Harbour industrial space New and additional of Illinois two of XX,XXX our our of extended two lease additional of years. Jersey X in feet extended We years. square feet office
stock announced redeemable our of X.XXX% to sale program X% preferred of and XX our repurchase million cumulative cumulative We redeemable each issue. our G series up preferred series for each stock
strategy investments market XXXX conditions was a XXX% collected activity Europe inflation, an base industrial fourth and portfolios property disposition despite by uncertain cash to allocation improve war our pandemic rents Further strong of increase further These reinforce in driven of and quarter. our the operations. releasing challenges. rising activities in we during Acquisition and
acquisition million finished XX.X lease an year years. team remaining Our comprised X.X properties, average million X of XXX.X acquisitions with in and of term the with totaling square XX feet, tenants
nature. Our acquisition volume exceeded all since industrial XXX in has million and XXXX been have assets
has an office at to The next XX% industry Our industrial allocation is of XX%. allocation been least to months. increased within XX% during allocation the reach period, team's while this reduced from XX% XX to XX objective term has to near peer
the and expect Our range dominance XXX,XXX with in candidates sale transactions success foot focus. has to been the square XX,XXX to of this we continue leaseback acquisition with
I'd to continued same-store on on our asset Now to team portfolio, improving comment the operations. deliver like our management
X.X For an line leased year, with renewed years. years. eight and extended. weighted to square calendar renewed square totaled average average XX feet tenants, covering straight term XXXX of annualized team The covering X.X tenants million lease team this with rent compares million the leased of extended the lease a where XX XXX,XXX $X.X the term or feet
a The million. line of proceeds was redeploy to These order industrial We're in rent efforts performance. recycling annualized transactions operating then $XX.X sale our assets. total capital go-forward also straight benefit continuing into our will
February Our rent collection in cash experience continues collected were well. through to as XX strong XXX% January into fact be and rents
Denver, transactions with $XX.X for X.X%. million first was industries. all are the located Colorado during closed million and challenging XX-year our fourth we did was total and the cap portfolio, times for these a performance tenants' was sale leaseback pleased in a purchase very our price quarter, with In of $XX again two We rate
acquisitions it's X.XX%. South term. accretive XX-year was which very to are cap the XX.XX GAAP $X.X a It's the days to price XXXX, to GAAP X%, million above million our since X.X% expect diligence appropriate XX $XXX rate Carolina average shareholders. mention January next Second, is to close currently in Transactions of purchase due scheduled be within on that rate cap we our of
the particularly challenges, increases comment, the worthy on quarter reflects fourth industrial in of office and are market, inflation, both The and improvement rate chain elevated statistics the the reports to review of consistent office and conditions with Market continued for interest effect continued and war of Europe. COVID-XX rapid some research relating challenges. supply
markets. types fundamentals Most and the strong capital a economic remain disconnection despite property and industrial the the to expectations between property creating continue outperform markets volatility,
opportunities with investors national real remains headwinds, economic resilient, indicating While market risk-off slowing fundamentals. slightly quality long-term estate remain. to investment slowdown, a albeit are beginning industrial Despite take the approach an the
absorption have million increasing finished industrial XXXX. be XX.X% on year-over-year. by Demand square JLL, of year been Per net XXXX continues highest to the strong market feet behind record asking $XXX second rents
under unchanged is quarter. deliveries record-breaking increased record-breaking new points the However, to There XXX construction, some of from X.X%. previous is by square the million quarter-over-quarter currently it basis remains a due XX number, to rate mostly feet but which vacancy
a is in of under XXXX million which deliveries and square through slated construction a over begun feet shrink currently XXXX. XXXX. XX% We there increase assets see square for XXX have also cause XXX to the proposed million projects, in slowdown year finished new feet pipeline delivery to from with could XXXX a
half second billion steep the interest slowdown of $XXX XXXX rate the the totaled volume transaction in increases. to Industrial due year despite in
promising the market XX investors more to has however feet million office However, a square seen square the realistic. XXXX XX JLL net versus negative per evolve feet office to pricing in XXXX. posted of expectations as negative market continued are become more absorption as million start The has reengaging sector
the square XXX ground leasing product pre-pandemic feet XXX in of the total over totaled currently continue XX% fourth quarter-over-quarter, broke put reflects feet under and XX.X% year But activity tenants of costs. reduce construction. square volume XXXX the quarter, feet for space only square by over a X.X% Leasing to nearly increase million million up X.X their construction volume increasing sublease for is
vacancies totaling With in sublease. downsize to XXX rates as year-end spaces office and which years, million expectations for renewal for square the sublease lead increase are feet currently next lower few rates offered vacancy leases will roll over for
relates sales and investment a it indicating has As opportunities, to recently number sale the been reduction we seeing have basis activity reduced. a acquisition per that growth brokers candidates in property on are of our been leasing
rate rates of market due have rise in to We in the interest seen debt. continued the cap cost and expansion
the are review. properties, acquisition volume, three a $XX Letter Intent are properties XX of initial representing pipeline due in in balance million XX million are is of are $XX candidates approximately industrial, two properties all and diligence $XXX of the totaling under totaling stage million, properties in of which Our
we to continue staying believe Our acquisition engaged will can opportunities we team markets and arise will is pursue. as in actively as our
in us strong position quarter have opportunities. activities identify active and pursue well So leasing industrial to rental summary, success, acquisition collection growth our to reflected and engagement continued opportunities continued fourth collectively
including Now Gary, our it to the let's capital on financial turn for over report a our CFO results, activities. Gary?
