discuss performance update on REIT's you will an Today, Quarter business Call. joining Thank and XXXX I Good you, us on and Paul. Third our Orion and Office everyone, for morning, quarter thank provide operations. third our Earnings
year. for of our will and financial Gavin provide the our remarks, the outlook results my review rest Following
we With and existing the key term. completion of out initiatives the against extending our pushing weighted leases quarter, lease have made average progress third strong of
X at XXX,XXX including Longmont, Colorado leases quarter, square square feet a property. During our or renewal comprising XXX,XXX signed feet, the we XX-year
also weighted were renewals of lease combined renewals, and all leases represent other a term lease years. average The X X X.X
been from renewal as see have year-to-date benefiting successful, we new well-located and efforts properties our Our leasing leases. both
Through at total. the aspect now activity of on leasing leasing last to XXXX ago. from [ more square week, this so year walt positive also Overall, year X.X%. far than XXX,XXX far X is at year, our portfolio X.X over of Xx another time X same full quarter. third positive years, Tenant year Rent the leasing spreads ] completed we so have improve, this stands sentiment years at been up feet have continues which
increased more properties throughout have seeing from are traffic tenants. vacant are at We our as inquiries responding we active and and prospects to our in-place these tenants become both prospective XXXX, more
our stood square over leasing in discussion, stages forward million be and of negotiation pipeline strong. various pipeline X the Additionally, at end, At continues quarter to documentation. feet
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start will still dramatically next positives fundamental from years, the April. widely. fluctuate and dynamics is in between begin available own we quarters. space leasing to These to benefit a dramatically quite work up us like should see return further sentiment strengthened and our full-time Orion by X Class-A more Orion's rapidly to As the expecting and be space macro search recent by September our industry portfolios activity necessity tenants as leasing positive super shifting Even progress, are in for corporate pulled CEOs owners in absorbed, of lumpy XX% XX% management with over with anticipate
office also in future, We months. overall market years, will still recovery expect vacancy for foreseeable not measured be to continue substantial the the as carrying
feet. portfolio or during We and representing progress third believe about also we Through vacant markets have the we XX% on third million operating do our were properties currently align made million have XX for quarter, square further properties that square to sold X.X ] the transforming venture over sale been XX.X% the the in through end. select our sold operating focus XXXX, of growth XX.X% be and quarter sold [ comprising with XX not unconsolidated feet occupied. quarter around properties, the Adjusted rate are with an quarter of owned And agreement we at that properties X.X rentable portfolio X or properties country. of properties, occupied under end, assets owning was X at joint that
of located price Dublin, in approximately million properties During gross per total for November, the 'XX. since foot X, our property to XX,XXX sales spin vacant $XX a Ohio, square we bringing $X.X sold square or sold foot
an pipeline expect XXXX. or to on and close have early additional ongoing also in We year-end sales dispositions by
Illinois. properties, step vacant away building from the our sixth our decided pending Walgreen located former to Campus sell we in to Regarding contract Deerfield,
and there have under after when, progress remain in we years and plan, quarters almost what around the close? a been significant contract proposed redevelopment on X the questions buyer at would whether communicating price As some few past
were diligence additional to putting extend Given period the this risk the without unwilling with their terminated. buyer, which buyer they the further and declined, funds we at was due deposit persistent uncertainty contract
inherited some and markets, to assets emphasize a that efforts office have property our want health by office the in years. disposition all than market collapse X important the less portfolio the number of of buildings of are relatively made the a historic contained We tough how remarket again generic large in been long-term often sale to past ideal the for worse this of I company. begun already with talking parties. have potential interested We for the
more success our in us more longer now, a a resulted believe down as now. those In market. overall properties years activities have properties long-term sales can important, But revenues reduction $XX.X leasing vacant and very while focus generated and have we we we will continue, far will decided assets achieve our of disposition on re-tenant from and although sales short, the And to sold our gross us believe attractive year material in hold. is CapEx. expected portfolio the recovering forward costs Our allowed weigh and to million these in where flatten significantly smaller, in we we carry will proceeds. far out earnings The then rise X no
excess from operations proceeds maintain to from devoted financial have we to debt asset and maximum sales public, cash going Since reduction flexibility.
largest strategic particularly its research Company program remaining tenant's in XXXX. talent rating technology is due Such opportunity owned We net has the intend the of when Bay throughout Chemical Francisco came of a Area, that location UC parent Bay credit proximity September, Japan. some we located August a is recycle a development to in through company, subsidiary lease Area. San XX-year an Valent have The purchased XXX% term in the we to lab agricultural consistently XX,XXX capital Sumitomo should Valent, and foot The the leased within opportunity to property arise. This mission-critical for square research right said Chemical, graduate which to an has for wholly the U.S. Davis, agricultural that Sumitomo U.S.A. A+
X.X%, over Valent $XXX laboratory rents XXXX. and or below lab Valence market Furthermore, foot This supplemental operations. rate the various approximately support invested The We an the has the includes into that with cost. of premium $XX replacement to at HVAC over rate at is property square property million renovations cap and per X.X% acquired various since upgrades, term. significant cap discount other average a going-in
a a capital long being a assets. property property way a is rate adding asset with portfolio the efforts nonrecourse X%, a duration low finance focus sales believe ongoing below complementing high-quality, X-year a and at We cash like will this through selective repositioning on our smart that and flow lease very by leverage recycling to We making accretive. mortgage adding
our time portfolio very over California redeploy While in this we selective with with acquisitions intend to September property. we like to capital did strengthen
our poor properties of asset Our current first properties sales continues followed have prospects. those to be leasing leasing priority that future closely by
which consistently target balance will growth our long-term have adapting calls, reason remained significantly leverage portfolio, we we expenditures, properties the have highly previous want are strategy appropriately past -- the we disciplined located capital that This keep a sheet well can on and over to enhance investing the maintaining we our in years, capital fund in are markets. so we assets. of competitiveness X low discussed at the specifically As is those that
we and lease resulted spending vacant and over we have our Additionally, revenues. expect investments showings our realizing couple and along of leasings. benefits some pace our next they we with work are will long-term of of That as continues, build leverage past the in increased years the increase the space CapEx of as
rates, last have pronounced that impact We had enter carry the we cumulative combination interest tremendous XXXX, particularly look will that negative out and our and the resulted quarter few recent are the in ahead the stabilization rollover has be we are has continue as over and to want will increasingly sold of final vacancy leasing number our the the that years, of said, portfolio confident we properties results. the the XXXX sight. of significant to we momentum rise in lease continue the in year that from of a That our and and point earnings to
over consistently been past not have the surprise. a We and communicating these years, few they dynamics are
we much impacts and XXXX, million while that XXXX. to want these as as not expect to core $XX as could continue FFO on guidance we as However, be, formal transparent the cumulative we $XX can be we to to market are be versus for million issuing
initial past could level the overcome while this we the bottom conditions disappointed believe and challenged lower earnings for highly impact, expected not of XXXX portfolio should our at the we be the office few business. we in market are earnings the Given years,
newly give grow and options comes which associated to meaningfully we received. that expect from from level a leased additional to us and potentially online give us solid a should as This vacancy start then costs We standpoint. platform and space start to can stabilize grow strategic space
As and we to core an portfolio, and call want FFO I repositioning substantial the will we over to now expect company on that I our continue. basis continue the and made on With emphasize the FFO to execute date, turn that to that, remains profitable progress Gavin. to build
