Cathy, great good business you, Overall, is everyone. shape. our Thank and morning, in
Our significant District. buildings hone opportunity see the are the of full the Penn and in that with on we can redevelopment we have
markets and and third our review portfolio quarter financial on results our me the some particular Let District. giving the before in Penn thoughts
$X.XX last third year's adjusted Third than quarter quarter. FFO per share, was lower $X.XX as
and lost XX $X.X we've income and Topshop call by billion income related over from these the bankruptcies. As results the I the year-to-date, were reduced quarter’s sales discussed of completed asset primarily on to last Forever impacted
Fifth discussed we the XXX closing also impact ground I August, nine-month and Avenue XXX at XXX quarter, resort required notice at delivered Broadway. Avenue. the In Topshop’s to Fifth of Last the
on NAV $XX XXXX. mix hold for million to terminate will not approximately only share. This permanently by it. FFO left our the about annually per We This roughly ground economic had reduces It to. and lease $X years was on lease in May, us XX
XX, quarter was mentioned Forever restructuring to candidate. which Now last we
As a September. XXXX XXX for at filed bankruptcy Broadway end are Seventh They they you protection Chapter of tenant Avenue. the and at know, XX
They at which have with a next lease renew chose Union and us Square, not third we expires X them. month to
with portion released Foods have We portion an of and as space tenant additional for XX Forever rents expansion a paying what at their Whole both out us already here. part than another to that have was a of important lease higher
annual XXX year. approximately Forever XXXX on and XX’s rent Broadway Seventh each totals XX Avenue million
a early half While for and it's we the less in locations its with them bankruptcy a XX in to rent. retain of is those fluid tentative two shorten reached their current their stages, still agreement and laces process have than Forever little
we With assets us secure the time locations after their prime first at and year, in these having of are of to right the to us spaces. any Both recapture long-term are potential. spaces long-term enabling confident the
meet the to $X.XX comparable we even that for items, approximate FFO track last call. the XXXX we summarize, in remain share these to per So quarters on with and referenced
South. we real interest $XXX the in this sale million and closings our XX% of Madison investment; or one made related at net Park two on couple gains, non-comparable times sale of estate, unit July Central a net $XXX.X Our million the eight the gain XXX gains included items large to of XXX quarter after-tax that on primarily
in July. remaining loan contracts continue the paid well. the the of off asset to on million sign for XX net To-date we proceeds And few have units XX including billion of closed million units this quarter. $XXX for $X.XX units, Remember $XXX remainder new as we for that on this we
propelling increased XXXX So by proceeds, Penn NOI highly down growth. importantly basis, same follows. X%, redevelopments earnings retain broken be capital quarter closings will store and as our cash net continue into future as turning accretive we this into through District our which redeployed Company-wide, all third
up and New Street XX.X%. XXX theMART was office California Street X%, York retail down and both up X% was
For store nine NOI months the up across was cash, the first same business X.X%.
of now product me growth be premium market, York York during performed turn Let positive continues XXXX. of strongly the New job New to market. third office delivery to by the which in office The quarter fueled
feet deals vibrant have during the in square Leasing XXXX with rents and driven activity technology to quarter. in large than three process tenants first financial new many XX the overall. remains close at More in the asking mainly by signed highs leases been expected the market across the with York quarters of record million city for New fourth of
Talent Executives best dramatic companies. to wants therefore big demand top competition real their the tremendous the estate key for New the from brightest the teams. than York recruiting as to the in where are expanding tech talent companies to this view is and one to and and evident more of be creating city, with migrating in their No drivers talent.
Private months certainly feet pace to sector sector for XXXX or are looking supply of as million strong more nine There jobs office XX,XXX had on for jobs all increasing feet decreased new XXXX XX,XXX enough XX XX,XXX activity. with to a a pace XXX,XXX months and XX square coming compared in online. the currently potential with square about totalling actively first continue tenants nine absorbing
indices, already coming from as home companies sectors as city all industry This well those demand is first from the seeking their in all here.
we this on X.X combined redevelopments seeing feet gear and of square is the million Our our as PENNX the development and Farley PENNX. full of in as Penn the benefits are in demand District
at most hub projects workforce robust the today's on space at integration as perspective nature directly and of transportation Tenants of to all our magnitude favorably tenants the We three the district are offerings most each very amenities, will interest to the responding experiencing are important begin appreciate design in that of transformation. location successful of our unique property top serve elements
of with foot square is kind works we one headquarters PENNX, negotiating this. there's on tenant activity and and the the XXX,XXX have At great space. a beyond a a more in we are Farley lease
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and leading in fitness operators, of to new deals other offerings work retail-as-a-service at coffee outlets district Against transformation, are our our this curate backdrop beverage and place-making by heart spots, entire district negotiating with district food the the we tenants. the
XX will million foot drive offering enhance dramatically additions district within rates and These rental and demand square our greater portfolio. our
is is New More can the Our portfolio District York holding office and well. broadly, our tenants see great to goal to shape simply the Penn city. location and our specifically us the make go-to in in for perform
We the ending are substantially at occupancy quarter full with XX.X%.
PENNX XXXX XX,XXX modest expirations feet at square feet remaining are expiring total square this XXXX our of feet only are while of Our PENNX. amount expirations square with and X,XXX,XXX XXX,XXX
the added old next out buildings kicks at accommodate XXs this remember of square the includes the bring foot out the square this total end at feet into year of from PENNX, service rents This and at Please development mid-XXs Basically, will to in to PENNX service be as taken will which the per to in new gear. ones. approximately XXXX X high repositioning move order million need the square tenants we're feet. XXX,XXX to
with square totaling leasing third per and XX.X% completed quarter, our XXX,XXX strong leases very positive During team cash feet starting generation XX and rents mark-to-markets $XX XX.X% over foot GAAP. second the New York in of square
at XXXX healthy square quarters starting In first of average completed We first square square High a $XX foot. now feet during Line XXX,XXX the WarnerMedia on quarter, at of the the have lease a signed at XXX West for triple-digit at leases per Street new with feet our XXnd XX,XXX we rent. rent our three build of
square out fourth an we to have also at triple-digits, the here additional for which XX,XXX expect quarter. sign feet in We lease
which dialogue expansion XXX across an a XXth District. starting quarter building, XXs, tenant transformation. tenants is as with entire tenant benefiting at our the X a clearly in with up to foot high for deal momentum record stages PENNX. strong a be feet is Midtown what's during negotiations, this in recognize rent is including West strong. from the Overall, and existing Penn District our coming We're Penn here we foot Farley million very Additionally, moving The deals XX,XXX in square the which square portfolio, per as portfolio with at ever in the relocation different and we'll Street square finalized busy as
starting square with with state XX,XXX of over rent and This raising total here the during square quarter, Moving XXX,XXX footprint XX.X% leases to Chicago per now. an at cash all feet, average we feet feet, positive XX,XXX of At lease expansion the is square an $XX occupancy to included foot executed square X.X% mark-to-markets XX%. GAAP. for theMART of
are with With extreme San In with cylinders. in discussing of here tenants expirations. the XXX,XXX occupancy, all several tightness to advanced at be totaling our are hitting important advantage campus their and feet continues on now taking XXX% Francisco, the market renewals we the square well market
mark-to-markets square a on with including $XX Street, foot we starting foot. feet, XXX and were the at tenant expansion existing spectacular quarter, square During leased generation second note of in space an our which XX.X% XX,XXX Please GAAP. renewal XX.X% square per positive cash XX,XXX a Montgomery here, rent
Before retail business. turning our to
rework, some our rework. tenant several mere in feet on meaningful one exposure location, other square Broadway, speculation XXX is in only we XX,XXX quite landlords share. We work comment that press of been the opposite as that me a and true There's in case. Let the
While some to office the the the business. rework brought we creativity of appreciate
offering tenants the and our end do ecosystem and will part our provide an over lease important few spaces, of PENNX as that at Notwithstanding past to we food swing and we space, meeting flex will PENNX. think the with co-working space be chose estate users space service space, social We to tenants real our this, better more. in years. co-working and overall This for space providing credit provides
space brand and will upside. the the Vornado the retain this name importantly bulk We of under
spite slow retail negative Turning New cash velocity in surprises, la Overall, York Street environment, quarter to the second and now the at was prone of nine and with the achieving to positive Retail third XX.X% XX,XXX executed Topshop retail leasing mark-to-markets of of XX.X% of feet retail business. assets XX. quarter-end. à to square space and our challenging for generation continues we space. leases Forever In GAAP leasing be is occupancy challenging market X.X%
São in first the lived and since hotel Fasano symbol Restaurant restaurant Brazil. be and tenant classic experience cuisine the focus We they October, the and deliver dining short Park we are operate of a we'll our will Manhattan replacement to quality of week on Paulo former the XXX Fasano famous Midtown restaurant lease XXXX. further their group. of similar XXX for and and Fasano the at Four in best first been New energy. best-in-class while the for Seasons creating to Avenue their quality will fine-dining finalized This fine During of excellence excited half first atmosphere Rio and style, XXXX. the Italian and York with Park openings the this those at enhance think sophistication will in has
maintain We an and years. today and next fortress liquidity reasonable over continue growing with leverage of the sheet a to few balance abundance
facilities. undrawn restricted on of billion is liquidity and billion, our current cash, securities billion $X.XX in Our cash $X.XX credit $X.XX comprised revolving and
I Lastly, share out assets currently a to tactical anticipating remind approximately dividend special sales based paying year. of our games you we per want year-to-date, this are that on $X.XX from
over for the With it operator that, to Q&A. turn I'll
