for you, afternoon, joining us. Jeff. everyone, thank Good Thank and you
quarter basis the XX positive by operating financial internal portfolio mentioned, reflected PECO occupancy incremental upside team And realized the some will the see in replaced environment. that portfolio. We seeing XXX we overall our growth in is be XXXX, by is is growth. results. strong encouraged that reaching occupancy are of of available, we growth rent driver third continued Jeff it We believe in and from longer As trends in sequentially grocery-anchored year-over-year, that portfolio by which XX.X%. in and all-time when the points still our basis Lease increased no our high by points an
We are historical spreads have increased today rent our transition as above that seeing levels.
XXXX, X% XX.X%, customer our XXXX neighbors technology and their our the respectively. labor their demonstrated invest resiliency Throughout renewal and in chain and many continue managed inflation, rent Comparable successfully supply challenges, spreads including to and and new at XX. were stores, Despite platforms overall experience. strong issues these for challenges, shortages. neighbors
renewal were Excluding in XX.X% spreads fourth anchors, the quarter.
neighbor of and restaurants most shows medical, active and and quick-serve slowing. The categories signs include strong remains pipeline leasing Our health beauty. no
seeing consistently are all We across geographic strong neighbor regions. demand
rates. excellent continue have We to rent at growing our while neighbors, attractive success retaining
rate XX%, historical over of quarter the was average fourth XX% ahead last five years. Our the of retention
growth As our Jeff mentioned, large time. contributor this rent over factor to is a
no tenant improvement costs. and Our downtime retention less means
renewals on square the years spend TI $X than Our over averaged per less five last foot.
We also another have increases. rent the growth. new higher leases executed fourth long-term in-line been to rent of bumps average, quarter renewal successful driving in X.X%, contractual On our and had contributor at our annual contractual
superior rental these the XXXX, has number continue ground-up outparcel that and projects. and trends, $X strong feet of our projects our single space we a and to In of we PECO of delivered returns million NOI growth. of in projects on approximately addition meaningful development ever provide These a team XXX,XXX repositioning and These focus our pipeline add over on risk-adjusted impact annually. to the In growth year. stabilized square expand projects long-term incremental have highest NOI delivered
yields $XX million million to XXXX, will with we X% between opportunities repositioning and in underwritten $XX cash-on-cash invest estimated In outparcel XX%. development and ground-up average
to of our from mix PECO's traffic recurring and offering national, top our continue continue rents to More come foot grocery many neighbors drive see necessity-based our regional with goods XX% We of local and strong portfolio and benefits than retailers. the centers. services, to of our anchor grocers healthy
consumer despite rents backdrop. services. We are seeing believe from are incentives goods downturn come necessity-based We economic tougher our of because by XX% than a currently our less macroeconomic impacted more an and the resilient
higher offer The is retailers centers. Our favorable space areas reinforced than trade demographic with $XX,XXX, which by trade of demand media. at U.S. our strength of the is continued incomes from areas household the our approximately median X% for demographics
continue store, local retailers. other barber, In necessity the quick-serve and the will to grocery a frequent the consumers restaurant recession,
Our single top list And X.X% Mac no ABR. PECO ABR. retailers, of X% to all X% neighbor just currently ABR. represent than exposure our less at The office watch limited of on is had and luxury non-grocery of distressed are very other T.J. XX neighbors retailers. theaters non-grocery exposure our neighbors or to
local ABR & our offering XX a basis These is exposure from respectively. XX necessity-based As XX% to XX% and of neighbors. neighbors retailers and our of rents of ABR, services. points City Beyond from combined local Bed our goods and represent minimal. come reminder, Bath two derived retailers is Party
successful similar corporate bankruptcy are run businesses and less to terms, neighbors rates The high acute caused national renewal performing local beginning weaker by entrepreneurs. more locations. A of to retention the susceptible capital by credit their local receives neighbor are typically at accepts lease, Peco-friendly hard-working lease less Our and neighbors. achieved spreads
merchandise differentiate mix our they Importantly, customers. our the that centers offer
centers Our years local on been and in our neighbors X.X for average. have resilient are
global most the recent retailers retail Predictions resilient report, and CoStar's to recessions. stores among are grocery According during essential
vacancy retail has recovered stores to spread pandemic, than positioned grocery experiencing locations. grocery-anchored widened. Grocery-anchored our centers are well pandemic, in faster maintain the centers non-grocery-anchored other a centers to these of the the at traffic we foot rate During which the lower and and between that vacancies, Since portfolio. these are
in these benefit XXXX to centers grocery-anchored expect favorable neighborhood continue trends PECO's We and beyond. to well-located,
CoStar presentation We on investor these slides insights. our recent have added to
In experiencing redevelopment and current operating summary, positive the are across the about momentum strong remains development. continued and optimistic leasing, PECO team environment the we
well growth. and grocery-anchored steady for positions healthy neighbor strategy our addition, In PECO continued mix
I'd now John. like to the call over to turn
