in. we and the Thank affected you, markets. is mind. Michael, calling Today, economically, period are for economic property portfolio commercial will topics a discuss top and of going has that thank which all you country through transitional The
have remote remain pandemic and lingering the property office Although effects work weakened industrial strong. the markets the market, property of
divesting higher to office and our are percentage to a assets, continue we industrial portfolio. assets office pivot market our lowering we As non-core de-risking by of exposure to
I would like several developments. highlight to positive
see overall have Our continue stable capital into we assets. continue and candidates. Further, industrial we re-tenanting strong remains recycling and attractive to to success and acquisition with portfolio
some on to quarter, our call the before and the move the to discussion to for let last a capital results Gerson, over facts these With me positions. our Gary of outlook period financial turning and comments the in of the provide market and mind, CFO, the results covering portfolio state on review liquidity
property sub-tenant our in square through foot of capitalization industrial lease acquired XX leased improving facility at XXXX. in foot Lauderdale, We for a Fort building years, Wisconsin a XXX,XXX in quarter our focus on operations. a of industrial of and GAAP industrial square we Florida Milwaukee, fully second office rate acquisitions years XX,XXX a XXX,XXX Riverdale, manufacturing square XX.X foot executed for the X.X%, our XXXX, Illinois During with continued
excuse office -- at XXX for Georgia our for medical of Monroe, additional lease XX,XXX X.X Cumming, an extended years five an Texas our we years, property the square me, years, lease foot industrial the foot at foot and square building additional square XXX,XXX extended Houston. a facility five sold Michigan outside our industrial XX,XXX office -- additional extended by We XX,XXX foot lease Burnsville, property in Minnesota square Baytown, foot
We also square in foot Birmingham, XX,XXX sold Alabama. a property office
our acquired foot distribution lease the the end to foot in facility a a Texas XX-year place. of investments, medical square property square our office improved reinforce to further and new at We Subsequent on by we a with Ohio property industrial quarter, Albany, manufacturing strategy a Burleson, in extended acquired until X,XXX XXX,XXX five Wilmington, our foot years. Pittsburgh sold Hill, square at of lease $X.X million. Texas leaseback $X.XX GAAP we property additional in million XX,XXX foot building And square of North XX-year operations. gain for feet June Cedar activity re-leasing These XXXX. XX, transaction XX,XXX for Carolina We portfolio's in lease industrial million, PA resulting a sale and our industrial in dispositions the rate allocation XX.X%. property $X.X the office We -- a cap increase in extended sale on of
since acquisitions $XXX the XX% million acquisitions volumes has and of in industrial have exceeded Our nature. been XXXX
industrial XXX,XXX during near-term this allocation Our six with we of to XX pure XX%. to reach allocation continue objective and range reduced next of while from team's is has The straight-line with an success months. predominance leasebacks, industrial least to at to rent on in focus. to the allocation period, XX,XXX has the this acquisitions within And we continue based been expect XX% sale increased XX% square office have the XX% foot to to
portfolio. I'd comment the to on Now like
X.X%. operations. same store XXXX to store on revenues lease increased Our same continues team over improving asset by QX QX our deliver XXXX management
continuing are our industrial sale redeploy also order to assets. We efforts recycling capital into in proceeds
XXX% pleased tenants’ and Our industries. July and very our all challenging rents cash are of these times rent for collections performance strong. portfolio collected with were continue be we to with through our during
quarter very shareholders. The markets. average cap the the currently in year-to-date of X.XX%, acquisitions X.X%. volatility GAAP second that pipeline our rate and Uncertainty the accretive on XXXX mention which our acquisitions three and to within economy financial appropriate is are above continued to our potential It is in was
As a rates XX% transaction to sellers, of credit and disconnect expectations, relates over throughout year-over-year buyers the are standards, as result the it continued tightened interest quarter. and pricing and by down between higher second volumes
quarter The relative to ‘XX, industrial in the sector normalized in last of second record XXXX years setting ‘XX. two
are classes. other businesses, equity and yield alternative. sale However, source financing to the it and a as high leasebacks overall fundamentals an asset continues of made remain firms attractive increasing number increase cost sector in sound loans backed for and leverage has debt private an outperform capital of The exploring of
before year-over-year peak continued rapid raising in increase continued a rate rates months. rate the Fed since in of over will effects With The standards path inflation push March lower second its of its lowest quarter. to of policies Companies by determining the signaling and of rate to Fed that on levels for X.XX% the the interest tightening past work July inflation moderating credit levels. meeting, return 'XX, is showing hikes economy the XX to look
Lyft, technology means top form which hybrid Meta, announced some now all mandates US tenants quarter the policies. in second office of have that XX attendance the formerly Facebook, and
office another to Approximately return end take new million to implement take continue mandates million the for have to that had employees the X.X effect to office-based X XXXX policies office. policies will Additionally, effect through federal their the face of attendance will and agencies employees return in year.
activity development cost, demand cost increased significantly capital. due has decreased to office material decreased New and high of
office high properties much Just quality supply of the property potentially of year-to-date, market for office or seeing years US to record from is office square removed types. providing X million constraints for needed a feet redevelopment, has conversion in demolition, come. ground to broken other high
disposition office Our firm continues of to on successfully execute buildings. non-core the
opportunities, to acquisition basis listing from activity, brokers that number leases. reduction see to we candidates on indicating primarily And per continue investment has relates reduced. it a a in the our of are acquisition third been sales party property As sales
We have market leaseback cost interest rise and rate the and expansion seen new cap rates debt, continued exploring to sponsors transactions. of in sale due the in
two properties. [Technical approximately LOIs and Difficulty] properties, are volume, for current out acquisition Our Difficulty] in [Technical the is pipeline review. representing candidates of have under XX balance consideration
in we Our as and staying will we to and can continue team pursue. acquisition will engaged opportunities that our actively -- arise markets believe can is we
summary, collectively positioned have reflected success, continued collection activities active rental leasing opportunities opportunities. quarter pursue well acquisition second continued in and to and strong industrial us growth our engagements So, to identify
Now, let on me turn report for financial it capital over Gary? market to Gary, our a our CFO, including results, activities. the
