Good afternoon. Great Sarah. you, Thank job.
fronts. busy As and our had release, on multiple you saw we productive in a quarter
our our operating with our discuss Beginning further core and Then fund few John comments as last the will have in and next next made both well So the And leasing we into will today making Amy I’ll as focus my and quarters environment years. portfolio. the sheet quarter we're drill metrics benefit balance strengths. few progress the on over how progress we positioned finally, platform. to the ourselves
improvements to in estate, leasing leasing beginning that progress. fundamentals the thankfully meaningful retailing in shift to year are this be and but seeing retail ignoring our reflected significant a are now occurring not we ago, is While in real selective compared changes and in
annualized critical for of of re-leasing approximately we We net income said, core year, was the approximately million this existing space recall, to one-third operating $X portfolio. year we beginning roughly of goals you At with projected entered may our this million the the in over As contribute significant leased. million. lease-up our of $XXX $X base
call, the of the and of second leased quarter's year, last over of income. into XX% we’re now was As half heading at weighted the XX% the
the and are if we will front. remaining traction. Consistent conviction Importantly, much they the will on today are as making Retailers that see pleased continued very ever. critical they forecasted both rental And in increase at be broad-based real we’re we terms the enough occur. no we to that have-nots, days in matters get selective, rents separation when thesis, retail are and the executed It's progress have achieving us leasing are telling that with progress thus. of XX% commencement we’re estate. goals assumptions and between is for This our far had retailers leases along the we’re validated XXXX but rent our longer discipline, remaining an our location of balance strong fairly haves while will just but issue remaining with and as
we over look additional years of ahead we several internal long-term see several next drivers As the growth.
core incremental over add between and to expect now million XXXX. we fact, In NOI by $XX
a Clark Francisco; redevelopments Diversey by Center contractual key two and several and then discussed, I growth in for the growth expect more our to core just combination lease-up of strong Lincoln solid Park, and Chicago. the in San years portfolio, We be driven in City those
space. slated month. on this Center, to be Blue five second And anchor They’ll ground, in have to which level then leased our spaces, Maxx redevelopment in Turning first is last the delivered Francisco. the opened we which San earlier and they're the Clark City we Then we they and quarter. target the quarter T.J. Mercury and open their to Diversey, fourth anchoring in
adding expanding formal preleased. there by making XX,XXX anchor the also XX% are in well. additional existing as We GLA by we’re an depth is underway. space square where Construction the continued we’re And feet. progress We're
So we’re throughout country. pointing continue the while out that costs to construction inch-up
centered construction scope. size two Our limited pipeline therefore primarily and is redevelopments on and in it's our limited in
costs million. approximately Our total are $XX lease-up and redevelopment at estimated
self are only can contained easily costs not So funded. we well but our
market yet terms REIT of us acquisition street selling feel this In especially core retail don’t least market at not caused for markets has in high That’s the the much seen much transactional in not our portfolio, we that distress assets, and the the front, for selloff we’ve quality assets. yet. urban on
John our sheet will discuss, In we’ve I’ll let Balance fund terms positioned and of on the front. our strength get Then Amy we platform, balance sheet, progress are in specifics. while that into multiple as of fronts. well on matters terms made
we’ve our for and patient, that been been believe As disciplined, will deployment it fund, our be stakeholders capital we've we to relates rewarded that. in
are opportunity be are purchase to but very some contrarian in We our having secondary higher retail selective. market seeing yields, we at continued of
So summary, in we like our position.
focused remain core realizing within the on embedded significant portfolio. value our we’ll ahead, Looking
We will balance maintain our sheet strength.
opportunistically will incremental fund our to use value. We platform create
from had [ph] in a a merger reverse dominated And that XXXX, as REIT then, the much XXX, we tech also K below under meltdown Central not and real would to XX, had too in crisis the average month we Before Trust. Martin in On overreact. that as of XXXX of XXXX. the anniversary Pennsylvania. recognize more to to had I celebrating the navigate portfolio of of financial bursting remit disciplined a our and capital call retail next and We by differentiated Since August recently, And that .com to We public quality. XXth we but had highly I if centers we the became time around with asset along be adapt, global bubble, turn I extremely take market and Acadia portfolio to the in are way, result, estate needed through sure just step over make provided and the tragedy so-called company. Each REIT. Centers the our did XXXX, have the of anchor made Through Mark Armageddon. a high well went changes John, recycling, didn’t we all debt.
our best Our our a differentiate head Albertsons want more They acquisition balance to most transformation sheet Acadia the went launched win from levered But in fund, over of today, than right it. executed tirelessly investment successfully and that retailers Road. ranging of where We’ve Mervyns initiatives our a to balance to Lincoln from launching the portfolio aspect of funds variety or I'm we investment of the as continue worked five have Fordham redevelopment from of and participation to our without of us or proud that meaningful to on. sheet Road or whether our on team.
day my here excellence. since others recent but of been colleagues more have our Some addition, commitment share values all to one they are core and our
achieve been more have the have an We our and last forward. success. amazing who fiercely I'm XX to we have even excited I how board differentiated pleased of and independent been has essential what And can ourselves, going we as am achieved have over what also fortunate we as about years. contributors to
their I the I for thank thank their call XX their over and our I’ll always, the the team now importantly, years. the as Board thank more for to over team, work hard success past And turn hard but John. I work the past So quarter,
