morning, everyone. core last had Steve from quarter and Thank Though year business. you, down as good relates it we a to our solid
comparable to was a increased compared $X.XX by $X.XX FFO year's interest share or expense second higher driven quarter, adjusted last as quarter for $X.XX XX.X%, expected net per decrease Second rates. primarily from of
$X.XX restructuring In Montgomery addition, from include at each related essentially that interest San Street items there termination Those of tenant in several in income were nonrecurring the expense offset XXX former items of loan, Francisco, is of other. the a plan offset quarter recognized by additional $X.XX forgiven June. expense GAAP the $X.XX be implemented St. is to we additional by to and stock lenders of compensation compensation in to which retail by required related the the Regis but new
in quarter-over-quarter Notwithstanding our provided businesses bridge nonrecurring have with remain a interest financial earnings the our in impact core release and higher the leases. from our rates and headwinds credit We resilient from office retail items, and long-term supplement.
New Our was FFO was up to effect certain of a totaling of With interest said the respect of you'll XXXX York be York we business $X.XX same-store comparable business up rates. we from overall down XXXX provided items, XXXX, recall from and impact our expect that New known to cash X.X%. X% reduction, the rising and remainder primarily previously office that the
additional an rest of can $X.XX to in approximately G&A year. in granted expect beginning the related for new the since additional changed hasn't of awards expense of expense Though the the year. the recurring outlook share-based total you June, Our with the
the plan is XXXX, run prior the our overall. $X.XX rate of versus year impact incremental $X.XX to For
expectation our any potential impact of is of the additional absent course, Of sales. asset FFO
Class amenitized, in buildings. sponsorship has rate Midtown, from traditional new law our firms level Fed the buildings the activity X.X million in the Now strong highest rents by increases, feet almost redeveloped is leasing A near by year-to-date. the be Leasing XX% resulting and in of are with quarter. the the strong Westside, tenants growing transportation demand their or financial particular, and in well to turning in market we the been leased on and Overall, accounting up industries, financial to many to of square continue which continue backdrop in the led that activity markets. focused services interest the footprint quality, in for firms Against of encouraged be moving have sharp these
Our this is with filled flight the types quality quarter's leasing buildings. with office XX% theme. in of these for properties, of Midtown accounted activity A reinforcing Midtown of XX% portfolio occurring Class leasing to
B work levels, the are all delta accomplish will to and it's and in companies, willing these that between the For peak are help Class continues objectives. Class widen. to A environment culture top-tier retention Taking about and attraction more creating tenant and pay right at for rents they properties, buildings and
in flow deal concessions lagging, solid stubbornly activity there market, the remain While requirement large is is high.
Focusing on our portfolio.
starting we market-leading quarter, XXX,XXX first per leases foot, rents mark-to-market year, completed second we for of healthy one the at of months feet at $XX cash and of X.X% totaling very $XX.XX the six a the square feet, with X.X% foot. square square Overall, per million During have positive metrics XX GAAP. including a signed square leases,
starting to flight trend our the rents continue discussed. average of up, continued quality portfolio evidencing Our we've to and quality the
city. we in leases, a building. lease quarter, rents, the At tenants amenity PENN we to the the steady to have successful most tenants at reflecting signed in with stream top-tier Samsung new with a Last unique location we attraction X, at attractive offering of continue execute the
services square a leading lease firm. Genuity, a with signed XX,XXX This foot quarter, financial we Canaccord
new cases, activity well most tenants the that the new nearing product. the of construction to and the two completion Manhattan west project at top is testament in of West York. can versus picking market-leading reception, to marketplace's tier to these now compete the appreciate the of future PENN Yards. of X well Tour now projects New confidence PENN In Hudson as marketplace. better as PENN the and epicenter as a District redeveloped us at as X is is up PENN This very X, in and the
of many we Avenue at good rents have deal and than XXX forecast. including previously strong volume very and XXXX Overall, higher our assets activity at Park we in
of are buildings. Here's below pockets best-in-class us certain vacancy market Sixth headline. are and rental tenant these, insiders Avenue. as landlord the our rates healthy Avenue competitive a rents moving and higher to equilibrium, understand push up in a there Park space the on shortage is good There nicely. where in Actual Industry is XX%, such there's allowing
in not the of reflective negative office leasing media's York pipeline narrative. and New is strong, Our
square XXX,XXX activity This leases pipeline. of in well XX known in deals our vacancy renewals where is space an in most feet and have square be negotiation, The where active. is a feet We million financial we particular mix continues and coming plus over to buildings new additional to vacancy, balanced and is X.X current of expansions. sector the us good in the back next have months
continue the District, to the this Much quarter, in of other occurred and food a primarily of we leasing PENN fitness like mix neighborhood district activations, our the as retail in curate city. no
about current and the operators, best-in-class we our excited to the prospective are everything tenants we bringing really enjoying announced. both have office district. are done, we more have recently are importantly, We And
more the have We in here. works much
Turning an scrutiny as increases. Banks thus driven loan and to more and and dealing have with office, to cautious by lack sharp volatility increase remain they constrained Fed regulator for attrition, remain the lending. problem now. There's from markets constrained is retail loans, financing class capital particularly for perceived bought. markets are highly in The rate the of this appetite asset in
is quarter, more but in is CMBS than important ever. market the The sponsorship still the largely tone of modestly High-quality has closed. past improved
are We in shape though. good
maturities We material mid-XXXX. no have until
near-term Regis five extended that of the had term During restructuring of quarter, the maturities. smaller and loan, completed years adding a retail couple of we the also loans St.
out We and in are push our the loans beyond. with lenders on mature actively to maturities our working that XXXX
portfolio. non-recourse. loans we mantra or is secured the we are not sufficient term support to continue asset asset refinanceable, recover. markets were are Our assets or by We able consistent individual the review only will and we asset the as for to if this the because an generally to do overleveraged remains have If
thus the We cooperative in situations to banks working have be through far, these TBD. servicers found
hedges, over our good the next few You will see financials giving from that protection interest out in continue we us increases. rate to future years push our
announced assets closed active retail recently we continue four in closing July. much assets in in Finally, the and in quarter FFO, which the Show, be of Manhattan, to small Armory produce sale which and the don't third selling
on hard We as work others well. at are
remain volatile these In sheet times, strength. on focused maintaining we balance
cash of undrawn liquidity billion billion current revolving and including our strong restricted a billion $X.X $X.X under $X.X and credit cash facilities. $X.X Our billion is
for With that, to over turn the it I'll operator Q&A.
