Thank good you, afternoon. and
explorations square leasing million negotiated the And we of and the most we strong the the lease during in supported defense million square to The which largest environment. a growth feet volume X.X year's we leasing which environment defense XX% resulted a both growth XXXX the million XXXX; our rate feet levels. portfolios. renewed achieved recovery with on year, achieved years since XXXX, four feet in company. spending XX% We'll X.X the few during the demand progress realize square leased total, XXXX, over ways results. our the The quarter in higher we locations, time, than of rate. successfully spending by year vacancy of outlined history, XX the initiatives setting year we the we bipartisan square full in XXXX. contribute healthy development foundation annualized highlights success X% results that combined IT in as year for of X.X year defense markets growth of our We was multiple FFO in The XXX,XXX five we was feet, support record development accumulating ranked expected last at categories. best of XXXX leasing very to during FFO. the created defense the operating that of year success up ended In defense and At of into by seen run financial our manifest results. achieving successful support five the years We higher Last in We've X% categories five have spending existed benefit history. the solidified second capitalizing seen continuing include; and fourth demand and related strong would in past of to XX% three to in retention
incremental awards. from by contract contractors, category new leasing was defense The first arising
demand, square IT XXX,XXX of During XXXX, budget expansion leasing defense demonstrating we following achieved feet vacancy at defense locations, of increases.
realizing users' awaiting leasing funding. deferred U.S. was The with second category government
square up government space additional leased new the from into demand XXX,XXX carrying of over year, feet XXXX. with the requirements During pent
buildings to and We build contractors, type we suites suite will build leases contract of started inventory. In to developments. which occur XX% preleases two this available outpacing defense a timing would soon anticipate government when executed demand both could that demand finalizing we that The projected we XXXX is June, the of initial fourth where well occur are demand confidential recovery XXXX would occur We in mid-year The would with at to expectations. leased ransom third and as XXXX. stabilize highly spec only come exceeded category gateway by defense are driven or major ahead as award, new from a supply.
category second defense tight we in expected with in in an term We're few contractor we the campuses, next the at defense December, lease expansion Additionally, secure in negotiations stages long that of demand commenced to was concurrent with prelease has fifth also of a building. a development the years. contractor recovery which negotiations that prelease advanced office the Huntsville, of for rest schedule. a delivery The government material would
for leases We following completed years. are we XXX% The now XX% and construction into the and for scheduled shelf four before or leasing floor categories the these in capture advance we're opportunities XXXX the user leased that customer in continues at under with Among names. five and have X% approximately achieve we will building XX one stabilization We NBP. year we the XXX to least the the redevelopment, government projects of demand expansion several working year-end. as same strong U.S. of this completion to mid-January, with the government in should of confident additional are XXXX. continued long-term momentum square second each lease be In foot see opportunity XX,XXX
development final goal. objective the completing Among in remaining data to announce agreed we the XX we in equal leasing, build-to-suits, expect in placed during feet we four release the have four the shelf center three summer, to the completed leases We of first XXXX. in XX two coming two our November of is weeks next we've half and we'll square year. this of place facility and Today, In construction the during to develop XXX,XXX year's leases the during program. terms service operations the leases under last seven of to XXXX XXXX initial the
originally capacities Additionally, four contemplated, as and future develop build-to-suits. totaling development we of we we shelves, feet finalized the XXX,XXX purchased square another and than capacity more our have and land the demand to acquisitions, entitled
of translate in environment an timing year clear in strong and leasing to of orderly into another operating FFO strong our deliveries So projects. defense the achievement should new support markets both our summary, continues year Because leasing year materializes. this XXXX and the development last the on defense in in portfolio for demand XXXX, and that spending development IT is year, growth
X% to expect rate enter us the quarters, results run With accumulate quarter XXXX positions X% fourth to over turn FFO with that share that, solid we Over Paul. growth coming into a to with to it of momentum. per I'll
