press $X.XX you reconciled J.C. the I items we space tenant income properties, these couple of primarily Steve, comments financial with a and non-comparable and time. are and our for hope first line decrease XX, None loss, right per fourth safe from Page a significant the was Page interest It lease statements net temporary by X, I'll quarter our supplement $X.XX savings. collections are GAAP items, quarters. by was FFO of quarter the excluding X. by as these XXX year's Mall Penney retail of too million to the on deferrals up and last January rent issued as morning, quarter summarizing for on District which balance Furthermore, deferrals. then return and the issues, same good cover release in This February and the our to our most quarter, taking adjusted over on and healthy. are as collections, a by are in running retail you, roughly decrease biggest collections. out offline, impairment a January $X.XX. collected XX%, from news office and a you're excluding in $XXX.X retail XX% Thank to of Penn service, everyone. driven and $X.XX is points required of new we for with respect XX% few a accounting. rents, fourth level. fourth the wholly-owned all rents, compared improved roughly past our FFO. driven end rejection and in from earnings is items offset non-cash of businesses at capital at basis The will of XX%, share, release other in both relating breakdown leasing results With few markets. collections financial over one income pick item to some and is still half, variable The Manhattan rent being which $X.XX On Fourth was
negative continuing to company protected office leases are actually well long-term and flat same-store a the New is our credit was in our their XX% with positive also, negative Chicago and When essentially cash the takeaway core X.X%. of The this was here face, our core X.X%. business While, big challenging aggregate office office representing perform blend tenants. numbers that York is business, by in Francisco San you business headlines NOI over overall on environment,
also me Let on our cash retail comment basis NOI.
cash as to any Please don't this here, given Page get use leasing number quarter space, you XXXX. you potential development, retail basis NOI the to properties million, XX If of consider good a from and $XX.X the supplement, That's absent rate million. fourth guidance, further annualize of shown grow for number on we of NOI, $XXX the tenant under this but expect vacant bankruptcies. run
previously G&A, give program while we as Finally, was period announced a of million number overhead of XXXX's purposes. reduction is. you for $XX breakdown asked published it modeling the is costs $XX.X our a XXXX $XXX associated here $XX reduction. Again, excluding with $XXX by yesterday the not overhead the guidance, for do reduction million, thereafter program. $X.X at total XXXX $X budgeted benefit from of of reductions a reduction million. The further of million. G&A million, and these is by will million reduction an onetime million,
reductions and not there G&A, that budgeted did addition, through operating of $X.X In are expenses for lower million payroll. flow XXXX through capitalized
activity. normal planted While XXXX growth we level to the a to begins of return significant have seeds city the year, once difficult was for
from return XXXX, the the In we fully we from program million executed Farley variable addition PENNX reduce the we of reduction and in and expect businesses debt. savings, a the followed growth significant building to costs our PENNX we redeveloped overhead over December, and interest roll will as online coming $XX in our by realize
effective absorption put space while leasing to by was certainly market was volume space XX.X to Negative office Total the an being XXXX rents. and This markets. increase stabilizing in all leasing present the at three net turning across record rate. on availability metrics at leasing by XXXX, leasing the feet. square led an were impacted year, near-term of our driven a new since will markets. across the pandemic during challenge million sublease all-time greatly the activity low lowest net overall Now activity to sublease Manhattan
We've now a While is before fill concessions be taking landlords movie seen following same have market space. need to believe do rents have in are have spiked, measured as what the environment doing generally way, in this competitive come down they pattern. this though though. stabilized, we The to to
a experienced two. is or then if look one downdraft year out willing have the and to We predicting and the recovery,
post-COVID leasing in down we the During with square transactions in X.X activity XXXX, year. still million feet separate XX leased leasing dramatically
were mentioned, renewal of rents cash. was our term notably, XXX,XXX and executed positive of square foot, One at Manhattan strong the two Facebook average most a Park XX.X initial these Our as square we years. leases leases Avenue. The feet in per and long-term Mark-to-market X.X% at at And XXXX. NYU's was XXX,XXX $XX.XX Steve square foot Farley, largest during lease
We year. foot leasing quarter, XX of XXX,XXX Our office lease leases at Park fourth Fendi Avenue, square a XXX LVMH lease comprised for Retail PENNXX we signed Madison the XXX square also go and with to was XXX,XXX building, with along a this feet. Citadel, Berluti further location. and foot leases XX,XXX solid In square new at XXX,XXX the Apple highlighted flagship at reinforcing office square their with feet completed bullseye lease
also with deals PENNX, square XX.X%. cash rents square including the was and positive office an per Initial Wells We XX,XXX the We $XX.XX at for occupancy foot year York square New renewal Fargo. with XX,XXX mark-to-market was important X.X%. feet signed of cash at foot, ended quarter
the up. given first We XXXX. feeling seeing volume more is optimistic six weeks we're are what Tour in of
looking in coming seeing to advantage lease proposals particularly current space, more take and services are into conditions. sector, the market tenant companies of We financial are
during to Importantly, know first expirations along for future the the need as the as companies regard. large ahead, space the to for month interviewing and also plan to they large with interviews office, brokers, their needs their to on in least beginning lease We January employees which in this of at are companies steps return of begin focus held and process. plan
flight the half are than with to tenants in is COVID the our companies of leasing do off business Notwithstanding restarting. and wears mainly slow to want begin some the paused for positive not of portfolio redeveloped XXXX. seeking forward, only anticipate will of ever most Additionally, the as landlords. negotiations the are the that we signs, accelerating obvious shock and first look strongest as activity It quality available remain of new construction, product, the more the is best initial
the fair are more out our We deals of getting certainly there. share are than that
has team activity, leasing which in of market in very pulse active Our all town pipeline. and on the is reflected is our a
out XXXX in feet expansion a a at XX,XXX and a company have foot company a leases Americas, XX,XXX Avenue. square lease of the a Avenue non-profit nationally some XXX recognized a of at XX,XXX a include Xth square Avenue, We XXX,XXX negotiation. Xth These square tech with services XXX square financial out with foot with lease lease foot at
Beyond this, discussions, million we to is square be X the which have of portfolio. an our which in additional new tenants majority would feet with
feet As challenging our the modest, in we are said XXXX, helping of office conditions. explorations more have X% we have XXX,XXX less feet is near-term In mitigate redeveloped PENNX. us XXXX, in and space at leases in XXXX past, very period XXX,XXX against of than of newly XXXX our and which during rolling, of each square the square XXXX, year two that XXX,XXX square feet during expiring XXXX and
renewals Chicago market, theMART. to activity. new to slow, while short-term leasing and continues Chicago are out Turning be the dominating In
our next course few in in the square of including with many tenants, are foot renewal, We days. which we be expiring signed XX,XXX to expect dialogue a of
comprising renewal in through feet, PayPal, almost XXXX including feet feet square XX square at per very showroom starting quarter. a with XXX,XXX square completed During signed XXX,XXX fourth strong XX,XXX rents XXXX, leases of the square XX-year foot, $XX for we and
Francisco, XXX class San the year we during renewal Goldman We this continues Sachs this the a of the reinforcing have major in XX,XXX city. our period reflecting mark-to-market foot Impressively, four market. its was Street market building XX Premier resiliency in as lease, in renewal completed the to of its status never the entire recently XX.X%. in California transactions, lost the on asset, outperform and Turning the best tenant ownership, renewed building. this square
this home. all to into committed feet America term of lease the an by XXXX. to long-term to in we to done its is square current While existing building on to have these XX-years to in and are XXXX, XXXX, feet was offices note, XXX,XXX The Bank San It square bank important lease San tenants leases expiration in San bring Francisco of only consolidate the advanced no XXXX. in their with in largest returning to renew. Francisco Francisco XX,XXX will additional XXX, tapping discussions its expiring of expiring where This we original in
upgrading and of pressure. visibility returning, to tourists retail the timing uncertainty now, remain The and that also locations, foot kick space. retailers new to to and space. their the given traffic continue sales workers There be little challenging in tires remains retail over on office the Turning to or to with again a Retailers locations are under unavailable. previously to to starting be have environment commit thus flight were continues quality most reluctant rents accessing high retailers
with As lease Fendi they Demand our food Madison at retail strong Farley join interest where particular this evidenced with the remains the hall. will by Christofle and in for quarter at XXX Berluti.
signed now decline ended New for out and XX We occupancy have the Retail have another Penney-related. year eight XX.X%, the We signature. York J.C. primarily with leases
office. at pre-pandemic markets capital markets now, improve are to now with back to to coupons tightening the All for levels. high historically quality estate in real levels continue spreads financing Turning low
number working out a will the We that loans these rates on re-financings current. we expect of are turn at lower from actively and
and of that, liquidity $X.XX it over current facilities. revolving our billion our is to $X.XX strong billion With $X.XX I'll a undrawn the Finally, for cash, and $X.XX billion, cash restricted billion operator under Q&A. including credit turn
