good and everyone. Cathy, morning, you, Thank
before giving and provided redevelopments important on District with start the on earnings second thoughts few financial comments some me our release Penn a results markets our in our Let we portfolio and on the disclosure new and supplement. our quarter
strong $X.XX cash than was results, GAAP underlying which will was a X.X% basis shortly. last of reflecting business $X.XX basis review I year's adjusted per as second FFO with quarter, core While quarter our for strength up same-store the FFO second on lower share the
as a they the Let little numbers contain noise. me explain GAAP
our these and Properties. stake applauded Notably, and to Edge Upper as our have done Urban earnings $X interest all year Realty been were so assets sales at which Even by price almost and assets aggregated and result. share XX.X% were down sold Trust this go the Times First, Square have our though a in billion. stock NAV Fifth and accretive Lexington far should we they in Avenue
an $XXX by $X.XX reaction. share notes, share disappointed As per surprised decreased aside, were and of these a million the second so unsecured by of to $X from accounts market's we retirement $X.XX the or quarter, decrease. in million, million, $XX net X% per the partially that stock interest the due offset or $X.XX share sales ho-hum by per FFO savings for
of reduced vesting per the FFO to from accelerated almost of the new one-time the savings awards restrictive award in the of from Next, stock share $X.XX first quarter. the equity leadership was issued net impact group, non-cash by
also We a second retail had impact of results. quarter couple tenant our issues
commencement by end operating of June, Topshop administrators our administration placed XX case and its two Chapter in the entity at U.S. the a the U.K. Fifth being in stores York. the At XXX and U.S. following all Avenue locations XXX Broadway retail Topshop U.K. closed New of including
Broadway. million, write-offs second While quarter straight-line quarter both is share, primarily the with increase to which the wrote-off or same-store associated attributable included at June, this we paid second per balances comparable the tenant. results, in Topshop last year's of were in over $X.XX to end to and rent we straight-line The this NOI rent amounted FFO in $X.X year's
XX-year non-recourse X, we accounting Under the an year on of value asset this the the rents new standard write-off Fifth and We as Avenue this January as of and rent straight-line of non-comparable building use at ground asset at the XXX the the we of present lease this treated right recorded lease. pay under location.
the cancel have to ground We non-recourse this lease. right
In XXX will eye Broadway, be nick no XXX event course. Avenue, some the per the million per reduced creative at will temporarily year, ground terms upon our which by lease reduced by And Topshop, SoHo the types. NAV cancellation given attractiveness of from will roughly to in be of will permanently At million line $X of such location FFO bottom the may longer vacancy. $X office we release floors great space, to we in FFO this convert upper per impact have $XX This Fifth is such the of of the the will asset. by share. ordinary year which bull's in We
by quarter summarize, items all was business, to core $X.XX was offset will the a cover in This in a partially I of share $X.XX the which comparable these of So minute. second aggregate that per growth results decrease. affected
previously XXX Avenue, In Fifth our press includes joint covered which $XX.X discussed million, on on charge the quarter, billion the at and gain million Central a gain details items XX in the unit the Park after-tax South. which July on an the retail release, XXX we non-cash of non-comparable net closings $XX.X was venture, $X.XXX net
To-date, debt-free. Speaking $XXX XX month property for on off of remainder earlier Central proceeds is units loan. have South, of the now Park net XXX of million paid $X.XX and the this sales we continue apace. billion, closed The
primarily ratings. turning And net importantly, be accretive which Closings will all retain from highly Penn proceeds, capital the here, this future throughout XXXX XXXX. continue into District will into redeployed will and we redevelopments
valuation, we XX, second the a mortgage. quarter, our close netting at we Madison of was at of a share than our On to XXX – the the subject offered, interest after This in concluded sale asset million our better buy. sold a $XXX pricing And us $XXX partner it XX% buy-sell. after interest our Avenue July just was the a the million of approximately
retail dividend looks year-end, times few as will will to like we XX-year big way, at taxable a this. the deal of on investment. $X.XX our the quite made coming top be now period, share. of per Over special this it our The approximately by gain And which hold eight have we like increase the related sale requirement
unsecured the million, of million, asset sales the and you share aforementioned $X.XX FFO after from for some $X.XX per will or give per $XX or year, lost FFO second To reduce FFO approximately by into Topshop the note $XX approximately visibility reduce rent the repayment by comparable will the half share.
We will comparable expect XXXX represent year trough FFO share. per for a
up continually say Street up Company-wide retail increased X.X% up same-store we follows: a important As in was broken basis, business. was most metric Street valued. by is cash was and traditionally up California XXX X.X%; as how is real XX.X%. second NOI healthy X.X%; office cash NOI estate quarter the was down That's our York New XX.X%; our theMART
turn now to me market. New Let York the
pool capital live in New York's enormous that of to has coupled deep footprints tech here large important record employment Manhattan. city fact insatiable played venture tenants they continues talent their sector technology in an and want to growth work to has XX% role led grow to with investment the of since appetite attracting and This to the their XXXX. and feed
These be in York, they they tenant want New funnel need New to in to York. be
either the or Just actively last think of Who's space. the are a for names looking XX committed days who Who. It's in have
in template best companies fact, all other talent. copying In efforts industry in well-managed every attract their to this the are almost the
months driving office is jobs increasing increased well. with again enjoy sector first as continues all City as Overall, York all portfolio continues our XX,XXX six-month for Private XXXX jobs perform compared of great shape XX,XXX of for and XX,XXX XXXX. to office in to demand New in economy growth, the result, XX,XXX the a job sustained compared six sector to tenant strong for As to space. office
XX.X% stands Occupancy square of at XXXX. with feet in remaining only expirations XXX,XXX
foot. redeveloped for feet York and resilient Our In very separate Midtown $XX.XX portfolio, and XX and office leases quarter, the modernized per a leasing which square long-term transactions XXX,XXX completely our completed by sought in the team of of rent New average after very starting has highly healthy been at second remains tenants. square
GAAP. mark-to-market rents and were cash positive Our X.X% X.X%
While activity is side XXX,XXX story. more the substantially portfolio But of there historically, for on us the is first full. to our leasing the is wider square realistically half feet
negotiation. of have various pipeline million than We robust feet more leasing square in a stages with deals of two
across submarkets experiencing from in leasing sectors. are activity industry strong We tenants all all
We rents. all one media Street at our out XXnd XXX leading including West triple-digit a company delivered leases have the first at recently with
Now turning value District. creation and of major next the in Penn business growth our driver to the
most videos at build district will for and square latest costs these square renderings of new these space and overall. projected on and new earnings X on our PENNX we Farley Farley In feet of transformative square The returns published of the XXX,XXX redevelopments projects website. three page PENNX of and million renovated yesterday and an the total, our buildings our and and supplement and First PENNX. for for million Building at these X.X comprised redevelopments. see be Please importantly, release X.X consisting feet of the our XX page PENNX projects foot and
on comfortably strong in XXXX, spend before on are ground asset's along projecting PENNX stabilized This initial yield have reset spent NOI project costs. a cash be other rent $XXX NOI. district-wide these We date. $XXX of stabilization, on redevelopments $X.X will We to very to of is with assets lease that to increased generate these will billion improvements million which X.X% absorbed which redevelop incremental by million we
earnings redevelopments achieve replace expect Farley. PENNX in and XXXX plus rents to as triple-digit foot rents accelerate up. plus $XX time office PENNX contribute foot per to per square begin Overall, will are at $XX the leased to to we and expect finished and These with square at over and projects rents
Park capital new have accretive the any net Central XXX for we need earnings. these South funded which proceeds will be mentioned will of the be without previously, very from for As to debt, the projects
pack. put that head expect the the at growth earnings will We our this of
of projects and assets effects enormously. Notably, existing will our we multiple Penn the District returns additional clearly the development in on all projected benefit the knock include opportunities not on other do control. in the All these
Penn the we development be Pennsylvania District the in the takes of that hold, will transformation best one As the city. sites believe Hotel
the will in the their environments where District, will to attract talent serving heart of confident the in flag our Once workplace are new redeveloped, we by and creating which companies West top become directly retain city of is on order Side and major region transportation Penn the new all plant buildings. located
into office with XXXX, high workforce be at PENNX, Looking this a we'll is will redevelopment towards million coming today's McGraw-Hill, XXX,XXX of unique as PENNX square creating tomorrow. this lease service kicks of here at stands are where X.X the feet and be It providing campus out we with gear. taken amount of our primarily expiration which and PENNX at
many as our X.X fitness The These wellness food an full campus provide centers, work as at our buildings enables and scale spaces, service us spaces like to with much conferencing tenants unrivaled will and of facilities, million these operate colleagues. hall with facilities large a well to communal and feel beverage alongside amenity buildings square package. foot hotel town
things Anticipating sign $XX starting foot our first-generation mark-to-market square quarter, during lease signed approximately with program, second been to XX,XXX come. we rent This is a Office XX% York Fortune lease. a included a basis. would have XXX of in per have this at foot the been a for our of on redevelopment square cash New PENNX mark-to-markets would at the a lease a company If
with both negotiations large the digits. in addition, and Farley all In triple in spaces for at users PENNX, anchor are deep we multiple
in All unique nature delivering for our space District. what validates new we're the Penn the underwritten of this here of pricing and
Moynihan are XXrd spending the the Train station Street $X Penn and End is improvements Concourse, an the new the to Street train station on District, West infrastructure various the we subway estimated government entrance. capital, Hall, addition billion the improvements investing including also In XXth in
the have Seventh redevelopment Island to Long This the will we're underground, what Road New a the excited State and Concourse and natural Rail PENNX. addition, the doing together more Overall, ceiling memorandum corridor into user dramatically and experience. understanding improve York with couldn't into substantially we here. In Eighth the allow light entered widen Avenues redevelop be we raise tie Concourse of height under about
Chicago, in was at XX.X% At theMART occupancy quarter end.
discussions square their needs. in with strong two five by have negotiation expansion floors regarding XXX,XXX large much in and space leasing tenants addition sheets for renewals fueled feet of to vacant early on the term of four activity We with
the an square starting average rent During XX,XXX quarter leases completed feet of of we $XX.XX showroom per at foot. square
cash leased. X% our At were Street California and XXX% in GAAP. mark-to-market San Francisco are Our XXX complex XX.X% we positive rents
square tenants with square initial completed services financial During $XX the one our foot we XX,XXX blue starting of renewal, of chip at rent per an a foot. quarter,
XX.X% positive were cash mark-to-market Our XX.X% GAAP. rents and
aside, California we rents continued result under an are believe strong over few years as say, market the by, As which at in roll. growth XX% next XXX leases will
also provide continues market XX New assets the will Topshop. stabilize à is be company. advisers la velocity hired to Street out restructuring our to the slow Forever to owners Overall, prone now has relief business. negative York rent turning I to Retail Finally and challenging retail to point the with with and mall surprises, help working leasing
at continuing not Their are to of a this expires Seventh Square Avenue. and XXXX tenant They Broadway XXX Union November ours lease we them. X renew and chose at
a we expansion balance in and have small Whole rent will actively their they owners We XXX released is mall of rents. the Foods are space recently to an the portion release of participate with At opened. to store likely its lease at a new measure. relief five-year some for XXXX Broadway, where negotiating Seventh Avenue higher for
highlight XX,XXX and asset of submarket. square South, In total this the XX.X% with XX,XXX Square due at in XX.X% expansion Retail significant feet last quarter, quarter, renewal Topshop that mark-to-markets down of enlarging of the all the leased space, restaurant. Four retail foot and are square Whole we cash and occupancy X XX-year volume XX.X% the store. was end GAAP. and Foods a The Seasons remodeling second achieving high XX.X% Union to They was at from premier quarter
continue and with years. sheet a reasonable few leverage abundance an of over next and we balance the fortress to liquidity today conclude, To maintain growing
billion, Our undrawn and of cash, billion restricted facilities. securities is revolving cash and $X.XX billion comprised $X.X current credit on liquidity in our $X.X
the it With Q&A. that I'll turn operator for over to
