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In addition, we will be discussing non-GAAP numbers during this call, including normalized funds from operations, or normalized FFO; cash available for distribution, or CAD; and cash basis net operating income, or cash basis NOI.
In addition, we will be discussing non-GAAP numbers during this call, including normalized funds from operations, or normalized FFO; cash available for distribution, or CAD; and cash basis net operating income, or cash basis NOI.
Just a few questions, I just want to make sure, Marcus so the annualized interest expense on a cash basis, you said is $70 million, given the refinancing, did I hear that right?
Turning to our outlook for normalized FFO and same-property cash basis NOI expectations in the first quarter of 2023.
We expect same-property cash basis NOI to be down 5% to 7% as compared to the second quarter of 2022, mainly driven by 2 full building vacates since the beginning of the prior-year period and increased inflationary pressure on operating expenses.
"We saw a 19.3% increase in rental rates on a cash basis for the quarter and through July 31st, we have achieved a 23.1% increase on leases commencing in the second half of the year.