for behalf of to I to REIT’s morning, welcome call. Orion thank joining On Paul. want Good you, Thank team, us. Office everyone. you all And our earnings
guidance. our on and XXXX, on we're turn making provide discuss year over today, in the then our call update and Gavin and the call on highlight touch fourth I progress full quarter first performance portfolio. financial an Orion's will ongoing results operations of On I to full the will year our to the
As our mentioned, of Income. XXXX operations following I full first Realty year from spin-off was our
core During economic strategy real in the year, in the challenging particular. our mission-critical owning on backdrop high in and office for against United general, located markets and States. came focuses suburban that evolving an suburban environment of throughout quality estate office properties we made significant These accomplishments the progress properties in
to as mission we own markets. our is communicated right assets portfolio assets, quality years. And the we've managing recession large in capital have making allocation our issues. of and timing Our coming in signing interest that resolved a to including the require are rates, will rising we ongoing decisions environment fears, persistent order maturities leases intensively extending since lease or to inception, our and in in new pending vacancies thoughtful the so, The current do high across impacting on inaction inflation, properties. mandating around return tenants portion effectively To economic office is and many address the stabilized these of
these We headwinds our many of have faced spin. since
XX.X% up properties As as and will unconsolidated XX% that changing and venture suburban the net the the these navigated our slightly properties Orion's to term owned workplace was six quarter, XX joint fourth conditions long to large team office cycles in improve yearend before. will square six senior non-core trends Orion demographic including from given the term we core lease However, of quarter. persevere serve last our management position with confidence We representing assets, that of have quality approach X.X owning of core our markets unlock million us the in properties disposition we growth, time. this feet and have spur portfolio believe effectively attractive long properties from of value occupied, base to Many that in a the inevitably
portfolio core our that strengths the stress possesses. to important is This
Our to on worthy credit primarily properties net leased basis. lease are a tenants
As a of either portfolio, XX.X% leases grade investment and percentage triple across are the XX.X% of rent, approximately was our tenancy there or base annualized double net.
with Our ended average one ago. year steady portfolios at remaining XXXX weighted X.X years lease term
Our XX.X% of also No by up no makes industry assets up rent. tenant tenant annualized more tenant rent, and geography. base more than annualized tenant, industry makes single diversified are base and XX.X% of than
proportion Our rent and approximately to And annualized we largest represent annualized over is time. grow markets markets, New Jersey, XX% derived our of rent by state from are of base respectively. which Texas and XX% Sunbelt XX% base a intend
economy can, a begin office in Orion of we leasing the proactively of return symptom the to The with existing push as found for constant but are country not tenants early the the environment assets, needs, facing the waiting continuing companies our growth. consequence to their perspective, decisions uncertain realign and office that hesitancy every renewal are have commit negotiations continue to is a space their nor resulting new recalibration From out, the businesses however, we we our to expectations as as to our to and and around leasing look space landlord. tenants tenants new This is space. dynamic unique wider shrinking is to
momentum year. Importantly, leasing throughout we the maintained
in year fourth company's One of the company's lease XX,XXX renewal square year The X.X square lease Lawrence, properties of a renewal company of for signed X.X year the properties the had for at quarter, we Woodlands total Kansas, The two in also feet company's in one X,XXX Brownsville, square one its for one XX feet for of Texas. new and In Houston, renewals one in feet XXX,XXX Texas. of York. lease properties in square at lease at XX,XXX the properties feet year two five a at New
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tenant our expirations, continue of nature quarter-to-quarter lease year-to-year. be to retention and will the Given lumpy
had five year expirations vacant own totaling feet, quarter, scheduled at and end. during lease we we Specifically, the assets about three square fourth XXX,XXX
returning. renewing. remaining as XXXX addressing has both this vacancy a about vacant on and vacant and incur for one and management retention, the XXX,XXX Accordingly, vacancy that keep commercially identified lease as where to campus. term foot the operating portfolio we We knew expenses XX two not properties property roughly costs focused have X approximately that will average, not estimate on annual three $XX costs the expiring million feet overall we expirations of XX the of and near on the sold we non-core save end, million. been more we $XX, annual suburban $X.XX XXXX, focused of in us of will approximately sell and allow we the to square year regards for reasonable square investment variety the main had the or assets square were challenges That leases excluded, present term existing in of in of vacant in of avoiding square date to on do beginning and a price near timing our expire. at said, the XX year Chicago, the vacancy space are $X.X space. the sale, on Walgreens tenants term the about these of asset sale were significant of represented expenditures equated both closed terms square fit sales intently million. Illinois foot particularly uncertainty to foot X.X auction to of XXX,XXX At per our assets the strategy expense. square long with of resources the feet including our than of objectives strategies per This line reducing price associated deliberately the carrying and that feet space for sales per to with reduce in about our vacant average capital that If given properties portfolio, avoid the of was expectations year. we our In our fourth $XX in carry quarter about and XX% at
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agreement in foot property Walgreens where Walgreen entered sell six will corporate campus Illinois, into Additionally, definitive August the XXXX square be to expire renewing. the will and have we our leases XXX,XXX in not a tenant
close scheduled to is is subject of the early sale XXXX completion to titling and in The and process. buyers
closer sale currently targets, long closer our have to Walgreen under totaling about moved the to the for properties the right sell these our and that given determined point, To have our carry all markets. We have campus, sales to including our in high -- at of we upcoming XXX,XXX and/or marketing square on an feet vacancy, portfolio for term focus seven We're vacant, we cost to looking portfolio properties locating feet $XX.X square currently know is $XX contract a the leases other number that not the assets renew. decision believe aggregate square these sale assets have of XXX,XXX per for value or approximately actively price sale We selling we're right will foot. totaling long are short of create. the tenant term the million over also where term
use to changing took the to deliberate selling rose. to proceeds in focused with a and assets on portfolio pay During rapidly debt. very the where rates non-core Rather values balance funded approach carry as we quickly debt cost were our grow a market sheet. acquisitions and reduce XXXX, down We than vacant
debt is current at rates. largely Our hedged attractive
on asset a our portfolio and net and no with direction. debt company execute tremendous XXXX, gross progress and flow, producing conservative moved more proactive capital investments long to XX%. full real management finished our a momentum, we public with positive have to term disposition overall estate available year our right business our We on plan, meaningfully activities, leasing in business is plan our portfolio In along borrowings a good than net revolver, first our made is cash sufficient. our as the We
we class emerge a Our Orion years the many provides lease us in our own force financial proven years. the portfolio XX strength that past asset with underlying net this coming the of over with in of the along the properties operating ability the capacity, office will as confidence
With the to call Gavin. I that now will over turn
