outlook. executing Call. strategy will for year our thank our I the you our on Fourth on Earnings full quarter for Orion XXXX us forward and and and well and XXXX joining everyone, morning, Good business as general our Today, fourth portfolio, operations progress REIT's Quarter as discuss performance Office
our financial our Following my provide will and remarks, XXXX Gavin outlook. results review
are properties properties rentable occupancy properties December are unconsolidated currently XX, The agreement for XX in be we XXXX. double portfolio XX.X%, year-end, X.X were to either that creditworthy under as rate net triple leased occupied. XX.X% predominantly million or feet properties owned At Adjusted was the sold, to of joint square our that X tenants. venture and comprising
base our grade. as is December portfolio and annualized a tenant, of of rent, of were XXXX, investment of by diversified XX.X% industry XX, As tenant well percentage geography. The company's assets strong tenants
annualized and X the remains Our largest rent Healthcare in of tenant are base our XX.X% base Over rent from representing and markets. XX.X% States our government rent, base by XX% industries United Belt Sun tenant annualized largest of annualized is derived respectively. and government,
rent are XX.X% space On annualized basis, at XX.X% by Jersey at and each. an markets Texas New York largest state and New our
stayed at Our at weighted average years term steady year-end. X lease portfolio's
we for entered gained run investment-grade tenants the square renewals until XXXX. and During early fourth quarter, in new term some XX,XXX lease XX-year a will renewal Tennessee, Memphis, where We in year-end traction lease feet on now the the into leases.
secured early a until in Minnesota, also We property post square foot run United XX, a now where leased XX,XXX at lease to Postal the office's Service Minneapolis, renewal term X-year will lease XXXX. April the States
activity covering Overall, lease well square existing property. as from other XX,XXX the United lease averaged X We an lease properties one Covington, entered to XXXX, years. across these full government. an lease year leases property at expansion for as a of XX.X space States X,XXX retail feet feet a new at with feet leased renewals our the XX-year different square also tenant signed new terms Including Kentucky and during for leases XXX,XXX primarily this into square additional we
lease a in a The a United feet Shortly new Eagle renewal States X,XXX lease transactions property. XX,XXX square Pass, we Lincoln, at XX-year government, with square and Texas entered the X for after feet at into our long-term one XX-year lease for year-end, of Nebraska properties leased occupancy quarter be property, X Lincoln that government will time fully vacant backfilling to which property be of and Lincoln at States is currently the take following at landlords of the to third will is the premises, the tenants. XXXX, build-out space United expected
All accelerating million through we have on we the and than of told, forward renewal XXX,XXX continue various square and leases. feet feet the Further, quarter fourth yesterday, discussion. of to new pipeline more activity executed since of start XXXX leasing with in of have our documentation square X stages
or remain Since have we Turning portfolio, of the aggressive sold here. spin, XX to and XX% dispositions. our the we of initial progress a lot properties We in more made than have down has portfolio square stock. for total of and million gross of much to common to total pay debt repurchase feet with shares a gone which of proceeds our million, of X.X $XX rightsizing
we spin, than reduced by the million. since debt $XXX more Importantly, have
a challenging As quarter, for we an successfully square year, total of closed can increasingly to past which the aggregate in get to the some price we foot. $XX.X in we per be the feet have sales Even XXX,XXX properties, sale square fourth approximately vacant representing million. accomplished, progressed seen X declining sales of it so, noncore found price of degree over the
XXX,XXX $XX.X total year an For of representing square million. vacant sold X the full aggregate price XXXX, sales for of feet properties we a of approximately
Illinois properties redeveloped, the sell past also square X be properties, property had actively expected under Walgreens have representing agreement XXX,XXX we We campus to are to and under and X is feet selling to additional reviewing $XX million that sell in several additional properties. contract former included year. agreements for Deerfield, have approximately The the for
quarter expect its the plans, continues close to make While XXXX redevelopment fourth progress some of delays, quarter the XXXX. buyer the in the has we to project now and experienced this sale with first of or
in Denver, XXXX satisfactory have a This the of and next years. buyer its also first sell property to buyer's over due the property scheduled to approval quarter half the close is to a several fourth process. who Colorado, to and intends is during of contract under the put completion redevelop to the sale diligence in We which subject we vacant governmental
working the economic to for outcome the by not sales shareholders. While our buyers immediate, who them, expect redevelop is to with the best closing provide wish of we these
of sheet environment. strong, $XX.X supplemental. the balance expenses million in the carrying on to ended Executing property year is current operating assets of detailed sales critical noncore leverage necessary as further XX, were maintain controlling Page XX for December on XXXX, low the is as and vacant cost the a Making
said As sales while before, the become with to expense the ability we reduced buildings to in future earnings fewer operating will have our lease. asset it smaller pressure drag term, as we in grow short
sale in said, maximize current to company and the That remaining properties overall aggressive of the position is of conditions future. value the under best believe portfolio to to market the continue vacant approach we our the grow profitably long-term
reminder, years, and continue retention faced in tenant significant to feet a primarily approximately challenge million square leases in comprises as lease supplemental. in as we As single-tenant significant remains the our XXXX have alone X.X few including face portfolio roll our next a and will disclosed
that tenants to XXXX are with in leases several causing challenges not expect properties these rise decline can of rolling these get until to we our revenues renew, carrying will earnings and we costs released. and largest Highlighting materially
and are longer extremely proactive in line our to to conditions. vacancy, pushed we is it they further market full While efforts building out by takes a when time retain release this tenants, leave,
material the and expiring an and impact results, declines past accelerate have that effect in XXXX. leases in on years, over Therefore, outsized will couple revenues our the associated had of
than and have results improve, fall. will and out have costs market earnings begin However, to moderate grow expirations to the will in as as demand the should year the this half we on years financing fill beginning vacancy, less roll in XXXX, leased we begin then we improves impact
square have hybrid issue. portfolio model we stable low Orion of is for these growth. Despite pre-pandemic leveraged remember workplace by tenants not secular creating sheet has footage, office provides returned future solid assets the and mainstay The that good significant need important just foundation supported less to a an levels. to it is industry balance This not become activity the leasing has that pressures, for that a to continue do a
We term existing continue building and in cash to and improvement existing incentives current tenants our capital flows. and to sustained prioritize for lease expected extend new portfolio's and allowances weighted attract drive order retain ones, average lease to future spend
persisting Given our is a plan. necessary business of commercial our that core in support estate in strong investments capital office maintaining structure the economic critical part real portfolio a especially conditions, can sector, the
While we seek per recycling face role market retaining filling tenants, noncore spaces next through streamlining lease existing in offset efforts. the strategic share strategically challenges may and capital The through years asset pillars our pressure disposals in which will empty on we partially targeted to place. persist, ongoing few remain firmly create results,
at our ] will spun. a take we more plan our than that expect years fully reposition [ confident we its it a in remain and we smaller execution, to to While few base when portfolio committed
to to approach changes I nondogmatic for that strategies market we our the Finally, Within given constantly are want our Board, plan. believe outcome shareholders. and will and making our our stress we our we remain assessing and realities in business flexible if best doing are so generate open plans options the to to also
that, turn With call to now over Gavin. I will the
