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| Statement |
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| Rent collection across our portfolio remains strong despite the residual challenges of the pandemic |
| Surprisingly, we have continued to benefit but at a lower rate from remittances under the New York Emergency Rental Assistance Program, or ERAP, and the Landlord Rental Assistance Program, or LRAP |
| Residential leasing activity continues to improve based on strong rental demand at our properties as New York City is fully reopened, people seek to relocate back to the city and employees increasingly return to their offices |
| We also continue to benefit from the new leases on retail properties at the Tribeca House property |
| We are experiencing particularly strong rental demand at our Tribeca House property |
| And overall rent levels were a record $75 per foot, 19% better than the $63 at the end of December 2022 |
| Our operating results continued their positive trends |
| Our balance sheet continues to be well positioned from a liquidity perspective |
| At the Tribeca House, for example, new leases in the first quarter exceeded $77 per foot, 17% better than in the previous rents |
| Our other residential properties, Clover House, 10 West 65th Street, Aspen and 250 Livingston Street continued to perform well, while average leased occupancy for these properties has maintained at 99%, average rental rates have increased 11% from a year ago |
| With regard to our first quarter results, we are reporting record quarterly revenue of $33.7 million; NOI of $17.1 million, both exceeding pre-pandemic levels; and AFFO of $4.5 million as a result of improved leasing I mentioned above |
| These results represent significant improvements over the first quarter of last year and a testament to the progress of the management executive team, and J.J |
| I’m pleased to report that our residential leasing performance at all our properties continues to improve |
| We are now benefiting from the guidelines put forth by the rent stabilization board in October 2022, which allows increases on rent stabilized units of 3.25% for one year leases and 5% for two year leases |
| We expect rent per square foot to continue to grow for at least another quarter as a result of turnover of our one and two year leases entered into last year in response to pandemic conditions and as a result of continued strong overall leasing conditions |
| NOI this quarter was $17.1 million or $0.6 million better than last year as reported and $1.7 million better after adjusting for the one-time revenue recovery |
| At the end of the first quarter, all our residential properties occupancy and rent levels are exceeding pre-pandemic levels |
| Overall, new lease rental rates in the first quarter exceeded previous rents by over 14% and renewal rate by over 8% |
| For the first quarter, our reported revenues increased by $1.6 million to a record $33.7 million from $32.1 million last year first quarter |
| We look forward to our current operating improvements to continue to accelerate to the next quarter and into 2023 |
| The revenue increase was due to the higher residential revenue rates from continued strong leasing, as mentioned by J.J., and higher occupancy at the Flatbush Gardens property |
| We have steadily increased average rent per square foot to $75 from $63 over that same period |
| And Buck, as I also noted, we’ve already started to benefit from the increases that were permitted effective October of last year |
| As a result, overall average rents for the property have begun to increase, again, rising to $26.17 per square foot at the end of the quarter versus $25.12 at the end of last year |
| Looking ahead, we remain focused on optimizing occupancy, pricing and expenses across the business to best position ourselves for growth |
| And rents on renewals were $74 per square foot, a 14% increase over previous rents |
| Similarly, AFFO this year was $4.7 million, an increase of $0.2 million from the $4.5 million reported last year or $1.3 million better after adjusting for the one-time recovery items |
| On a more comparable basis, after eliminating a one-time recovery of previously written-off receivables of $1.1 million under the new accounting standard implemented last year, revenue last year was $31 million, representing an increase of $2.7 million or 9% |
| In the first quarter, rents on new leases were $77 per square foot, a 17% increase over previous rents |
| Nice talking to you |
| Statement |
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| The climate is not right |
| But there will be, I think, a good possibility that there will be an increase |
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