Leases Commenced	Type	Square Footage	Percent	Expiring Rent			New Rent			Cash Rent Spread
Q2	Renewal	1,159,623	79.8%	$	5.00		$	5.45		9.0%
	New	294,134	20.2%	$	4.92		$	5.61		14.0%
Total		1,453,757	100%	$	4.98		$	5.48		10.0%

An additional 239,500 square feet has been leased on a short-term basis with auto-renewals and landlord kick-out options.

Total executed leases commencing during 2025, which had terms of at least six months, totaled an aggregate of 5,811,172 square feet. These leases, which represent 67.5% of total 2025 expirations, include:

2025 Commencements	Type	Square Footage	Percent	Expiring Rent			New Rent			Cash Rent Spread
	Renewal	4,095,835	70.5%	$	4.47		$	5.13		14.7%
	New	1,715,337	29.5%	$	4.27		$	4.64		8.7%
Total		5,811,172	100%	$	4.41		$	4.98		13.0%

Excluding the effect of the St. Louis Lease (as defined below), which commenced in the first quarter, rental rates under these leases would have reflected a 15.8% increase with new leases reflecting a 19.9% increase on a cash basis. The Company executed a two-year lease at its 769,500-square-foot Class A industrial building in the Metro East submarket of St. Louis, Missouri that commenced on January 15, 2025 (the “St. Louis Lease”). The lease is for 600,000 square feet during the first year and 450,000 square feet during the second year with a major international logistics service provider. This deal was done on an “as is” basis with no abatements making it attractive from a net lease rate perspective. While we continue to actively market the balance of the building, the existing tenant has leased the remaining 169,500 square feet on a rolling 90-day basis with landlord kick-out rights.

Total executed leases commencing in 2026, which have terms of at least six months, total an aggregate of 1,052,775 square feet, representing 13.7% of total 2026 expirations.