Some direct quotes from the Q2 press release “In Toronto downtown, in-place occupancy increased by 1.5% relative to Q1 2023...”
“Subsequent to June 30, 2023, the Trust executed a further 53,000 square feet of leases in Toronto downtown at a weighted average initial net rent of $37.17 per square foot, or 54.8% higher than the weighted average prior net rent per square foot on the same space, with a weighted average lease term of 12.6 years. In addition, the Trust has a further 229,000 square foot of deals which are conditional or in advanced stages of negotiations at a weighted average initial net rent of $27.13 per square foot, or 11.8% higher than the weighted average prior net rent per square foot on the same space with a weighted average lease term of 5.4 years.”
“To date, the Trust has secured commitments for approximately 742,000 square feet, or 107%, of 2023 full-year natural lease expiries.”
“During Q2 2023, we successfully completed the launch of premium restaurant Daphne in the ground floor retail space at 67 Richmond Street West alongside our joint venture partner, INK Entertainment. Since the beginning of 2022, as part of our strategy to pursue premium retail offerings at our properties, we have completed 52,000 square feet of restaurant leases in the downtown core at weighted average initial net rents of $54.44 per square foot, or 24.8% higher than the weighted average prior net rents on the same space, escalating to an average net rent of approximately $70.00 per square foot over the terms of the leases with a weighted average lease term of 14.1 years. For certain restaurant leases, the Trust has revenue participation rights over and above the contractual net rents. These restaurants elevate our assets and bring vibrancy and traffic to our properties.”
“Subsequent to Q2 2023, we secured a commitment at 366 Bay Street for a lease for the entire building with a global financial institution that has been attracted by the location of the asset, as well as the successful completion of our redevelopment and decarbonization program at the building. The lease is expected to have a term of 15 years for approximately 40,000 square feet with initial net rents of $38.00 per square foot, escalating to $50.00 per square foot over the term of the lease. The full building fixturing and fitout is expected to commence in Q4 2023 on redevelopment project completion with lease commencement scheduled for Q4 2024.”
“Also during the quarter, we announced our 50/50 joint venture partnership with CentreCourt for the mixed-use development of Block 2 at 2200-2206 Eglinton Avenue East and 1020 Birchmount Road in Scarborough, Ontario. The development planning process for the project is underway and we are currently working through the next steps with our partner. The development is expected to consist of two towers comprising 651,000 square feet of gross floor area, which will contain approximately 1,000 residential units, 39 affordable housing units and 8,000 square feet of retail space.”
I'm very happy with these results.