Question · Q3 2025
Nick Gilman sought clarification on whether the negative 1% mark-to-market excludes all redevelopment and repositioning projects. He also asked for details on the actual in-place square footage and occupancy for the projected 2.3 million square feet rolling out of expirations in late 2025 and 2026.
Answer
Howard Schwimmer, Co-Chief Executive Officer, confirmed that the negative 1% mark-to-market indeed excludes repositioning and development. He detailed the components of the projected $65 million in future annualized NOI from repositioning and redevelopment: $12 million stabilized in Q3, $30 million tied to 1.5 million square feet currently in lease-up (with 75% activity), and over $20 million related to projects under construction, expected online in late 2026 and 2027.