Having said that, I'd like to introduce management with us today. Eugene Landy, Chairman and Chief Executive Officer; Kevin Miller, Chief Financial Officer; and Michael Landy, Chief Operating Officer. It is now my pleasure to turn the call over to Monmouth's Chief Operating Officer, Michael Landy.
Michael P. Landy
Thank you very much, Susan. Good morning, everyone, and thanks for joining us. Following last quarter's results, which marked one of our strongest quarters in recent years, our third quarter results were satisfactory. We have now completed 7 acquisitions this year, representing a total of 1 million square feet and an aggregate cost of $70 million. These acquisitions were all new built-to-suit constructions. This brings our gross leasable area to 8.5 million square feet, consisting of 71 industrial properties and 1 shopping center located across 26 states.
As of quarter-end, FedEx remains our largest tenant, representing approximately 42% of our gross leasable area and 50% of our rental revenue. We are currently working with FedEx on the expansion of 4 of our existing facilities totaling approximately 180,000 square feet and anticipate additional expansion requests from them over the next few years.With regards to our most recent acquisitions, on June 8, we acquired a 120,000-square-foot industrial building in Oklahoma City, Oklahoma for $9.5 million. This new built-to-suit facility is leased to FedEx Ground for the next 10 years and is ideally located midway between that city's airport and downtown. Subsequent to quarter-end, on July 18, we acquired a 103,000-square-foot industrial building in Waco, Texas, for $8.7 million. This new built-to-suit facility is also leased to FedEx Ground for 10 years. Both of these new acquisitions also have future expansion capabilities. We ended the quarter with an occupancy rate of 94%. Following 2 consecutive years of 100% tenant retention, this year, we had 12 lease expirations representing approximately 1.3 million square feet or 16% of our gross leasable area. We were successful in renewing 10 of our 12 leases, representing an 86% tenant retention rate. The average term for these renewals was 3.6 years and the average rent was $4.66 per square foot, representing a reduction of approximately 3% from prior rents.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts