ESG Initiatives and Development Overview slide image

ESG Initiatives and Development Overview

2.0 HIGHLIGHTS - Q1 2022 Q1 FFO per unit, excluding OGLE(1) amounts, was $0.28, +14% YoY Q1 2022 SP NOI growth of 1.9% Primarily due to rent escalations and lower BDE, partially offset by lower same property occupancy (-20 bps) and lower lease termination fees YoY Strong NAVPU growth, new high of $24.55 Growth of 9.8% year over year ($22.35) and 1.2% quarter over quarter ($24.26) Leasing and Occupancy Very strong leasing activity: 77k sf of new leasing plus 838k sf of renewals at average net rental rate increase of 7.5% $22.57 net rent psf +2.6% (+$0.58) YoY (new high): Primarily due to openings at higher rents than closures, rent steps, renewal lifts and dispositions. Occupancy of 95.5%: down from Q4 2021 (96.1%) and Q1 2021 (95.8%) (1) OGLE = Other Gains/Losses and Expenses; Q1 2022 FFO per unit was $0.25, +1.6% YoY First Capital
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