Net earnings per CBFI doubled YoY to $0.1095. FFO per CBFI edged up to $0.0574. Occupancy slipped to 96.5% from 98.0%. Net effective rent change on rollover moderated to 36.2% from 47.2%. Same-store cash NOI growth slowed to 1.7% from 14.8%. Guidance calls for full-year FFO of $0.2400–$0.2500 per CBFI and year-end occupancy of 96.5%–97.5%. Leverage 24.2%, liquidity ~$1.2B. CEO cites improving demand and lower construction starts.
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