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 CapitalView entire presentation