Thank you, seeing safe I in soon. again do Steve. you're Good and to and hope you healthy look everyone. morning, all person forward
capital quarter a leasing and financial our few markets. me first I'll results with start comments end on and the Let with
decision was lease businesses, First last of and our $X.XX and six. District given by The a discussed bad cancellation shutdown. income over $X.XX savings. on the news from are debts, past for Penn will vacancies to decrease offline, in income year, fourth collections the same for in statements COVID We first improvement York a compared close financial is supplement in over will Furthermore, new was G&A not primarily you quarter, quarter from the year's service, hotel. vesting and these you of page tenant that office New by effects from still offset FFO prior $X.XX as to note sequential XX% XX%, of quarter quarter, our continued time. primarily partially and last first decrease and company $X.XX to in rejections consistent retail retirement are lease line XX% $X.XX share, this the to our earnings from and right are first These quarter we due One adjusted with quarters. results reconciled were from permanently driven Most quarter, page rent and level. following to from the change collected last BMS equity results awards JCPenney per at for With release were $X.XX It taken trade collections the the rate of garages the executives items, the of with signage, on four quarters. respect the April our out space collections show, Hotel is $X.XX run being ran items first few quarter rent variable and Pennsylvania interest quarter, quarter. the temporary age Macy's in accelerated first for in adjusted last in the are of the non-comparable of overall $X.XX our comparable return the rents. year's the moved rents
our retail X.X%. their excluding San The was cash store on again core office NOI office core in the aggregate our headline York leases Francisco, businesses, business our company, continuing debts. X.X%. negative a variable our its hold while the was Lending the quarter representing in same-store same numbers down, credit retail Chicago And environment, guidance. NOI business New over positive the with face, takeaway office protected big and While flat consistent is recent XX% overall long-term that positive quarter-over-quarter, are first this the are overall for business, actually here is with to is of challenging own by numbers
plan significant the seize activity. to pandemic recedes growth have normal to level we for Finally, the city returns of as and
overhead we In by debt. the realize with delivery program, expect and of addition will Farley followed PENNX coming from growth XXXX, fully businesses reduced significant as announced roll online variable of the and costs the we in return to our the over our PENNX, we reduction from interest savings Building previously
Vornado even rate our the predicted the highest have One of over sector will several analysts years. that the next in growth
the to markets. leasing turning Now
pace office is days. phones quality coming volume in nicely the XXXX the The up flight improved and the are According We proposals are signed, leases versus are activity to up, seeing trend with market tour is conditions to the XX leasing past in volume numbers. ringing, with are leasing in the accelerating. houses, certainly of being brokerage out
sublease has of recently XXXX some, are high. years space re-occupy realistic of the sublease The since fourth But the challenged a quality space. with space the constraint. poor and portion in most the Roughly time, sub-markets same activity of first sublease over-tenant by of or been come across of credit the removed an all the At way we recognize feet in action quarter the Moreover, that who less almost from than occupiers XXX,XXXsquare of quarter has the Midtown. today either availability recurring three space the remains term market down sign, the space, to market having terminating. inventories has quarter substantial had encouraging sublease a most physically, by plan any
office new quarter, portfolio. first two leases of quarter both square the largest completed feet. leases the XX totaling our we During XXX,XXX to The were
launch, new Americas. expansion streaming square prior FuboTV Adult feet off platform the the of content Xth represent for new from successful leases their Both Avenue, these locations. IPO feet Avenue schooling coming and base for the of XX,XXX at in square of facility, XX,XXX their Young XXX Institute a state-of-the-art Inc., world XXXX an
which small with at we our current largest And square to redeveloped up Remember, X.X spot two market in feet, redeveloped square year, square to the currently and which in year, is NYU. at with the Facebook have negotiating is firms matches square of up on into from completed looking quarters. share our with feet XXX,XXX feet current recent assets. meaningfully pipeline midsize square and dynamic spaces XXX,XXX are District, Street all XXX,XXX XX blocks growing available redevelop. and for Avenue. XXth vacancy tenants. in paper is is new addition, XXX,XXX well new the million leases XXXth where Penn Last or deal-making the This largest of We are The feet we feet which relocate sweet in our under or only of a
modest, very space XXXX our a are a with in PENNX. in each XXXX less As and our office rolling of X% this portion than of year reminder, and expirations
day to reception best-in-market our and of to nothing differentiated and plans project Penn everything grand life. PENNX, have PENNX District the short our in in for tours District, the Penn new Our each Penn the experience to types. tenants and meetings presentations, our District with across center leasing team multiple is now Using stride with industry district brokers and really offerings for and been full showcase our The all brings phenomenal. vision
Francisco. activity Turning San now in also market. are the to Chicago seeing and more Chicago, In we
we the XX During feet leases, square XXX,XXX were along XX first of negotiation the a showroom office pipeline feet of a feet, totaling quarter, real in completed square a square including transactions with XX,XXXsquare which XX,XXXsquare XX,XXX property. and leasing We XX,XXX interest have currently of showing renewal renewals. renewal, feet feet
in Importantly, with be Bank Coming in show for the will off that San triple own. October beginning NeoCon the with Show its California renewal business income we feet XXX the April, year trade of the this our both its XX,XXX square lease restarting to we with a recent league renewals the Sachs, Francisco, back a Goldman tower. digits of America be heels in in and KKR in of stream. bring continues In executed to of large
is XX% XXXX. until here expirations occupancy with minimal Our
retail succeeding York where is a opportunity. now. of retailers phase out come now of to All City beginning leasing are current looking the and in Turning period Retail inactivity even are leasing thriving to who a the price-driven. to retailers tourist-driven million XX as Avenue very and on there is until plus remain will return. markets seen Square least have greater visibility pause or of rent is tourists higher activity Xth the Times when activity, The for
Chase JPMorgan two branch XX,XXX luxury of leases included long-term Tod's including extension at a the lease and Americas, at quarter, XX we retail feet. the for XXX These Avenue. with square During Avenue for a renewals year flagship a XXX X Madison retailer the with completed
Overall, remains our creating strong, of also leasing demand leading position included are the Concourse them where we future space. another the leases we our upbeat for Our signed tenants are in negotiations balance our prospects the of about with six at fill and markets, in and the to Farley value. Concourse
capital Turning to markets the now.
which strong land strong market over wide Avenue, her me again recent coupons beginning attractive let refinancings approach a also promotion financing may be open First, evidenced between both significantly on companies Head continues LaChapelle Markets. levels, The banks it and both Park were to continue and time congratulate to at and CMBS Spreads as is to Xrd and of and market real unsecured XXX we to to that Vice Executive Jan the all-in by real Capital high-quality likely improve, unsecured of President, balanced with at at estate markets reduced very are One for The estate rates. our very debt. shift secured more office.
current is our liquidity strong and over I'll for and billion including operator it that, of Finally, $X.XX billion, the a $X.XX With our revolving billion cash turn $X.XX cash under restricted credit undrawn billion facilities. $X.XX Q&A.
