The mission of our business is to create value for shareholders by growing our asset base through the addition of carefully selected properties and by adding value through
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intensive and efficient management. As in past years, Mike and I are pleased to present leasing statistics for our businesses. In our business, leasing is what it's all about.
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In this rapidly rising New York market (where rents have risen 30 - 40% in the last year, and there's no end in sight), our job is to roll under market leases to market and to recapture low rent space. David and Glen (Glen Weiss, recently promoted to Senior Vice President, who does
a great job running New York leasing) are the kings of |
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recapture. Look at the statistics for 2006, where they leased four times the scheduled expiries; true, about 250,000 square feet of that represents increased occupancy, but a full 1,000,000 square feet represents low rent space that they worked to vacate and then re-rent at a profit.
Our retail team enjoyed similar success in 2006.
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