direction out business our you results, a insight us and properties well. for insight into I we with strategic pleasure The run some remarks we provide thanks Thank focus have Good characteristic company, the our joining today. demand provide and you, to operations those quarter. morning, the Rebecca. financial on great of the performance. It Dave on great will them around and my a will is telling start then
our dividends XXXX, leasing fuels to and balance growth and second focus more had our As which and record also supports our risk. flow, ratio strengthens XX%. validates drive payout reduces quarter result, of a which quality cash leasing, we our It our portfolio of a and a core remains on sheet the
leasing demand highlighting attribute represent brought businesses up occupancy. tenants of from new XX XX.X% to markets, and entering points increased X% between Whitestone quarter, the maturity the location, expanding demand to several third an our and properties, tenants Our our increase moving XX total the activity and from in factors, growing We including first locations. XXX to this to average businesses second our quarter occupancy and second their new basis quality where
quarter, the of from properties in share robust up prior target prior markets, $X.XX per populated Arizona. achieved that from core in fastest $X.XX prior FFO in $X.XX a from year. from prior $X.XX and increase to also the population to from growing we are recovery the $X.XX Sunbelt up from densely in Our share income share And per benefiting XX% net and are increased Texas quarter in the $X.XX neighborhoods, located properties year. in XX% a We the income migration, cities in high where and and the
the and and grew that share per first believe extends wellness This attracts our XX% by additional and foot the properties care visits our in principles adding features processes and organically, and the focus our in almost would from of evidenced health base care stores, had time from of restaurants, asset grocery existing is centers earnings in reconfiguring services. adding acquisitions increases at Our market centers making of base model, at drugstores, and by property to half salons, applying the tenants is streamlining new our significant the essential off centers, consumer traffic service business of banks redeveloping properties. other our we benefit management, increase and out and advisories, upside and We XX community derived pets, year. medical best centers that financial
we properties a a return the Within As our given centers. is months Scottsdale, display generates driving XX.X One for property and venues large in each new mix. increased customers QX. traffic foot Increased outdoor install and at an surrounding for proactive week. most Starwood systems centers as Plano, Arizona, during of customers hottest stay XXX to and month, from to our Street one local that example among sales tenants high Arizona our comfort We XXX accommodate is of our in and tenants we to neighborhoods, upwards the in each million drivers in degrees. With XX-hours lovers These square more owners tenant a Saturday our the is sports revenue cars end Market cars, of variety cars our appeal have three five the On traffic for where that potential in coffee Texas. example car admirers currently We rotation and can attracts whose important a families. customer serving of location, day, properties. property drive misting property each seven-days and to curate tenant months projects XXXX year, our feet tenants. our of of of of during than average million properties that temperatures visits space a the vibrant
supports future, large with entrepreneurial occupy worth core, and it their are resilience because resistance levels. an as a entrepreneurial risk of to referred American revenues, recovered the In of space their to it founders rent dream, high of COVID align industry, sales as our percentage and They regional they X,XXX provide proved tenants. comprise tenants, keep paid services. however, and tenant livelihood build overall our local collection alive quickly are net They businesses. families, profile feet and and larger a tenants their their their REIT businesses. small financial and square some than they as base, our They the tenant prioritize owners these Our from e-commerce capture of is more businesses, businesses companies as their or average at which
As they was model recover, during and tested reported industry-leading COVID. proven collections, Our Whitestone
is service associates managers centers culture uniting a our about tenant gives and our local Our a teamwork competitive markets. in our and apply property Whitestone This us to over hands-on retail relationships to personalizing approach. a other advantage neighborhood tenants
leasing in Our culture service leases a on X.X% new renewal produced of second spreads weighted-average by on the quarter. and
as X%, us renewal of tenant to continue, expenses, expect net helping receive this annual pass-through new against inflation. and to We X% and on triple hedge trend lease we increases to leases
leaseable to and space added very no Another cost properties existing driver Adding of land square our of revenue is with development our is land footage. increasing profitable.
significant We development we in million opportunities of redevelopment value. have approximately portfolio that will and add believe XXX our
also has balance on base tenant our diversified a impact sheet. notable Our
For those can impact single our Whitestone, revenues tenants more by than X.X%.
ratio earnings turns. strengthened our the our and debt-to-EBITDA to quarter, we X.X our sheet During second X.X increase, balance improved by turns as
We have to lowering remained our committed debt leverage. service
our percent We revenue. G&A committed a as also are lowering of to
progress one as base G&A as In asset revenues our XX.X% are was expands of improving increase. our and a from the XX.X%, revenue year-ago. We seeing percent second quarter,
by store REIT iconic in upscale the locations comply risk could in In quality and sellers tax stock of with property, was Lakeside to neighborhood acquisition years who of from Whitestone selling from transaction growth. we market. understand significant newest in anchor in currently other that they to Texas a Market and the have of is stock currency. grocer Houston, program structure. unit in converting our fluid Dallas expanding up their acquired capital benefit regional price an increasing and XX% achieve large million, important over and are of is by a properties our OP pad spreading rate Dallas, on of our has our Rental our Whitestone markets lowering the leasing pool property shattered base, Turning utilize sites our component XX.X cost footage. as other HEB, properties, Market of Dallas developing vacant our flagship purchase Lakeside scale. to and for upside Plano. format liquidity square it In receive It our working turn and sellers asset pipeline Austin, reactivated and benefits economies and increases their Potential selling, July, in the with Phoenix. Dividends The efficient to are add We many it owned and leasable current additional square first footage.
policy. Our a expand of dividend like our funded, XX% payout our quarter is with well ratio the of would in FFO and more dividend on I second to Core.
recovery. strong same monthly XXXX, solid dividend shareholders a XXX than of IPO during in we record or have XXX reflecting dividends X.X% March by consecutive paid our and time. billion our $X.XX, in since dividends In total XXXX paying in We our more of increased the our
progress Our achieve cash our dividend our shareholder and fund many debt. opportunities, flow policy also profitable acquisitions including excess our is internal use our to to evaluate and we towards creating we value expect valuation. consider regularly reducing and discuss In to would like to development increase value. our growth, long-term cash long-term how factors I goals and the meantime, flow
Our long-term real primary everything focus value estate we of creating and is driving do. integral in
dishes development As it be stream, makes reflected begin assets our land intrinsic bring embed portfolio, on in up acquisitions, we will our in our your value valuation. our lease to the
continue discount the is true trade of we at valuation. know market, is by recognized assets. our long-term are creating as a investment function our we not our Achieving revenue be we yet We reflected flow, cash grow community. to occupancy, and it the value fully that While in significant the a to will goals
for a our valued. centers, rental real estate income demand are our Our stable flow. of cash solid, is quality spread portfolio in full over markets produces as space And great and they is highly nearly
we of eight build and small would expanded entrepreneurial major value to in seeking of strong our from will along at to as extracting summary contrarians us today. develop we In of quality has ability our approximately with with X.X deep and tenants that closing the and grow. forefront cities X,XXX is ecommerce our in over approximately properties in million base our XXX relatively continue estate operating and to We with properties started properties, Our a our model industry business and and pipeline performance properties resistant. ago, great keep a of of be notable locations, success real in value new XX-years XX from tenants began and billion acquisitions asset
are results We our and Dave like passionate performance. things more Dave. continue detailed plan to to our would I be quarter in second a to to deliver Holeman financial results. provide over to or now turn pleased executing
