Financial Data and Key Metrics Changes - Adjusted EBITDA grew nearly 50% compared to Q2 2023, reflecting effective cost management and leasing success [5] - Revenue for Q2 2024 was flat at 15.8millioncomparedtoQ22023[10]−GAAPnetlossattributabletocommonstockholderswas91.9 million in Q2 2024, compared to a net loss of 10.9millioninQ22023,primarilyduetoanon−cashimpairment[10]BusinessLineDataandKeyMetricsChanges−Cashnetoperatingincomeremainednearlyflatat7.4 million compared to 7.5millioninQ22023[10]−Occupancyincreasedby80basispointsto85.963.5 million was finalized, expected to generate net proceeds of approximately $13.5 million [6] - The company has a conservative balance sheet with a net leverage of approximately 56% and a weighted average interest rate of 4.9% [10] Q&A Session Summary Question: Can you provide more details on the redeployment of proceeds from the sale of 123 William and 196 Orchard? - Management indicated that they are considering investments in the New England region and real estate coupled with operating business type investments [12] Question: What is the level of interest in the two assets, and do you expect them to be under contract soon? - Management has begun receiving offers and expects both assets to potentially be under contract by year-end [13] Question: Is there a non-refundable deposit for the Nine Times Square sale? - Yes, a non-refundable deposit of approximately 10% of the purchase price has been received [14] Question: Any updates on leasing activity at 123 and 1140? - Management reported significant interest in 123, with existing tenants looking to expand, and continued traffic at 1140 [15] Question: Are there signs that the office market has bottomed out? - Management observed increased foot traffic and leasing activity, suggesting a recovery in the office market [16]
