Financial Performance - The company reported a GAAP net income of $3.9 million, or $0.04 per diluted share, for the second quarter of 2025, compared to $0.4 million, or $0.00 per diluted share, for the same period in 2024 [3][5] - Funds from operations (FFO) attributable to common stockholders and OP Unit holders were $19.0 million, or $0.19 per diluted share, down from $22.4 million, or $0.25 per diluted share, in the second quarter of 2024 [6][30] - Normalized FFO for the second quarter was $25.4 million, or $0.25 per diluted share, compared to $30.2 million, or $0.34 per diluted share, for the same quarter in 2024 [6][30] Operating Metrics - The weighted average stabilized portfolio occupancy was 94.9%, with retail occupancy at 94.2%, office occupancy at 96.3%, and multifamily occupancy at 94.0% as of June 30, 2025 [6][7] - Same Store Net Operating Income (NOI) increased by 1.4% on a GAAP basis compared to the same quarter in 2024 [6][31] - The company executed 16 commercial lease renewals and 10 new commercial leases during the second quarter, totaling approximately 168,000 net rentable square feet [3][6] Construction and Development - The third-party construction backlog was reported at $106.6 million as of June 30, 2025 [7] - The company acquired the remaining interest in the Harbor Point Parcel 4 project, making it a wholly owned subsidiary [4][5] Debt and Financing - As of June 30, 2025, total debt outstanding was $1.4 billion, with 94% of the debt being fixed or economically hedged [8] - The company entered into a note purchase agreement on July 22, 2025, selling $115.0 million of senior unsecured notes to institutional investors [11] Guidance - The company maintained its full-year 2025 Normalized FFO guidance range of $1.00 to $1.10 per diluted share [9][10]