With our sharp focus on leasing we signed over 700,000 square feet during the quarter, leveraging our specialized expertise in serving the tech and media industries across our world-class, amenitized, collaborative and sustainable office and studio space. This leasing activity combined with 16% GAAP and nearly 6% cash rent growth, and the fact that our leasing pipeline remains close to 2 million square feet, reflects the recovery in tenant demand we saw at the beginning of the second quarter. On the development front, we have nearly 790,000 square feet of compelling state-of-the-art office and studio value creation opportunities under construction. These accomplishments notwithstanding, while more than 65% of our debt is at fixed rates, given the current interest rate environment we expect to incur interest rate-related pressure on our results in the coming quarters. From a capital allocation perspective, we continued to repurchase our common stock, inclusive of the successful conclusion of our accelerated share repurchase program subsequent to the quarter, as part of our ongoing efforts to enhance long-term shareholder value.
Victor Coleman
Chairman & CEO, Hudson Pacific Properties