Thank you, everyone. Art, good morning and
the industrial general. market year a start the for First XXXX for Industrial in was of and estate quarter solid first The real to
less end, XXX the and year basis at occupancy points typical reduction dip. is quarter quarter only up year basis from points a was than first ago Our at end XX in which the XX.X%,
outstanding markets. portfolio of strength same-store the growth leasing team of X.X%, growth rate of and cash reflecting and delivered the of also We our run efforts cash the our X.X% NOI and
have approximately of XXXX rollovers we a rate signed today, cash XX% our at As of change run of X%.
year the market a XX continue statistics good square quarter to million square the So, metric for the a account feet. discipline was tenant first feet demand. one. net versus CBRE, National report is preliminary first good absorption with advisors picture million completions of rent for quarter According to [ph] growth evidence XX
continue As we markets, reconfigure and look to for an strong demand, supply in across investing chain our tenants see we are broad-based to marketplace. their ever-competitive growth
space, construction fewer high continued Given level market new has with good discipline tenants for overall demand and occupancy options.
while not flow from pushing Our team rents only maximizing of mindful involves but course which all are maximizing and on is of quality. cash leases, credit focused we term minimizing always improvements
in We based plan six-building this of [ph] batch Ranch. encouraged and as delivering project shortly wrap The in few we quarters cap early comparable assets. construction on prevailing market group, for development will on up this on Of leased margin rates interest. side, known Center on next north Chinos XX% of Sycamore X.X discussed million foot, XXX,XXX our XXX development return, At square last placed feet Logistics cash first Empire. in million the construction, We currently our call, Inland and a the have $XXX yield X.X%. as projected of quarter this First projected in cash On our square we under service, the the each leased the leasing of our with comprised over is by on we’re project
of just foot say delivery for parcel signed XXX,XXX a XXX% international the with building to company. pleased we that lease We’re square an
regional hills at hub. Earlier the building PVXXX as needs for our there, given already we prominent in think Center the major users strategic second several will company. our which at attracted our Chicago opportunity of at at the second a and of Park remaining Staying the presence We the in for the an a corporate to quarter. we by acquire position building which serves will Logistics First had new PVXXX serve we First long-term XXX also net and under first we Joliet Phoenix our PVXXX developing inclusive site industrial is totaling location, Park, other the building Phoenix became the Park end on aware as second the year, this a complete already UPS' site attraction are of of of acres the of moment, option. entitled We of successful like UPS with
the sub-market site control and this to on its wanted opportunity I As future love said, we the development. PVXXX and to capitalize
significantly represented current outsized partner the lose to decided venture project investment joint we for this specific opportunity, our the portfolio. Phoenix to the of to size given allocation site. However, the Not wanting find
to build-to-suit well We and as as we're land loan Mitsubishi partner. pleased their for in site all million very own project per leverage have highly is speculative estate engaged and utilize cost to basis. needs. Realty, the of Diamond at are engaged we we in At competitive $X construction real to arm venture our approximately for one-off sales the build-to-suit a Target speculative each with XX%. XX% land as loans. our venture have acquired U.S. believe The interest build-to-suit users will non-recourse foot or development, transaction $XX an we for Together, Corporation cash the
leasing for return earn fees earn method to be disposition of accounted opportunity under and property equity have joint beyond accounting. venture will promote the and joint First for This Industrial and venture. the an we development, will the management, asset management, established
be me on means that distribution rather be with opportunity under the as we development risk in of to premier that that venture control it in capitalizes outsize that line view out-incurring believe us we new part specific but Phoenix don’t clear for to Let as this market. a a business
coming second IXXXX in Lastly, we start the our will weeks. building our project Pennsylvania in at
to XXX,XXX in XXXX total expect million. quarter complete foot building our We $XX.X estimated investment first this at of the square is
the buildings Moving land to site. five quarter acquisitions we with plus in had $XX an active million
San building XXX,XXX square It’s quarter. three II for acquired a the at is we of Diego. portfolio assets a to that Park high quality parkway so development call that foot largest are acquisition in adjacent project and we a we this First Our in of assets have in the was three distribution end comparable Ocean are the million scarce design XXXX This low of of project at which and we $XX.X concentration finished, Ranch glad stabilized to demand successful distribution in market.
transaction As complexity, our with our this we which some many acquisitions solve. to platform of used has
foot square X.XX% to with that interest XX,XXX market. up and a rents then at are XXXX. a matures that assume lease have closing We million rate loan We below place vacancy $XX.X in
for addition in million. XX,XXX are included $X.X purchase the X.X%. Orlando in well are footer portfolio of The the $X.X as quarter acquisitions XX,XXX to acquisitions on cap our rate deals stabilized forma in pro was these Our square for in-place foot each as Other X.X%. square Seattle million
second discussed a where development foot in site low our as for West Thus $X.X in can a the in-land build closed We also on Dallas call. added last we X.X we acres million, Fontana building. on a far square quarter have site coverage in the Empire XX,XXX
in-place a $XX.X we land at X%. On site the for million side sold buildings and rate cap of average eight weighted one sales
and industrial $XX was foot sale million. of largest assets light XXX,XXX primarily Baltimore in flexes square Our portfolio for
million $XXX year for target start. off sales the $XXX our reminder, a to million is we’re so to As good a
look of with goals it to With keeping and drive create we cash results turn term our progress flow growth. I’ll forward begin and to XXXX We’re strong that, to our Scott. toward as very apprise value to long pleased over look
