And we’re able to then lease it like that very quickly. And that is to a great extent, I know it doesn’t feel like it, made a giant difference for us. Because where we’ve lost 1 and 2-floor tenants, we have gotten in and dealt with it, and we’ve leased them up. That’s why we’re just getting like little loss around the edges. We’re not getting colossal losses. So that’s probably — that has been a very big deal, and it kind of relates back to the last question, which is why I think there’s people that have had some large tenants move out of their buildings and they’re saying that — which might be good buildings for small tenants. — but they’re saying to themselves, “Oh my God, I mean, step one for me is I got to hire architect, I got to higher space planners, I got to hire a contractor, I got to go through the city with plans, and I got to turn this into a multi-tenant floor, and I don’t want to deal with it.” And that’s before I even have a lease.
So that might create opportunities for us, and it is something that I’m positive we’re the best in this market at.
Michael Griffin: And Jordan, how many of those large leases do you need to do in a quarter to really move the needle? And then how many are you doing actually on a quarterly basis?
Jordan Kaplan: We need to do three or four, and we’re doing one. And by the way, large is like over 10,000 feet. It doesn’t have to be that big. 10,000 to 30,000 foot leases. And we used to do like four — so we just need to get a couple more back. .
Michael Griffin: Got you. And then I was curious if you could give a little more color on the WME lease. Anything on concessions? Why offer the early termination right? And then, Stuart, I think you gave the GAAP rent spreads ex the William Morris lease, but can you give us the cash rent spreads ex the lease?
Jordan Kaplan: You want to answer all questions, Stuart?
Stuart McElhinney: Yes. I think that — so take in order, the concessions on the lease, very reasonable, essentially — especially considering a tenant of this size. They were larger than our average small tenant concession, as you expect. But very reasonable TIs on that deal. Very importantly, they renewed all of their space. We’ve made that point. They didn’t give us back any. They took the full amount of space that they had. They extended it out 10 years, out to 2037. The straight line roll-up without them in was 11.6. I gave that. I don’t have the cash roll-up number in front of me, excluding William Morris. It was slightly negative and it was better than the prior quarter, I remember that. But I don’t have the exact figure in front of me.
Operator: Next question comes from Rich Anderson with Wedbush.
Richard Anderson: So back to Warner Bros., Jordan, you said, gee, I hope it’s not a single tenant again. But why even let that into the process? Why not sort of driving — break up the building as you just described you’re good at, and take that bulky situation out of the future for yourselves? So why are you even entertaining a full building release there, or maybe you’re not? I just didn’t understand that.
Jordan Kaplan: You should know better now. We’re in the real estate business, so you know what that makes us, right? So that’s right. Full tenant comes, do we have that kind of resistance? I don’t know that we have that in us. That’s why I say I hope instead of I insist. I never — it’s probably built into our nature that when we have a deal, we know we can make it and that’s going to get done, we’re probably going to do that deal and get that dealt with. But we might — but I will say in reverse, which is that we’re much faster than — I think anyone else with a building like this would say, I need to get another big tenant for it. And we don’t do that. We will start doing deals, a couple of floors here and there, and we’ll just start leasing it up.
So that’s, I think in the end, that is the best way to run — it’s an outstanding building. It’s the best way to run the building. The building a spectacularly located. We have amazing signage we can offer. It has a huge amenity space, exactly what people are looking for. So I’m very confident in the success of the building. And that’s probably the reason why there’s a chance that one tenant would come and try and take it. But as I said, my hope is that we don’t have to face that and what happens is we get 6, 7, 8 tenants, and that’s the way we lease it up, and then we no longer have this kind of event risk.
Richard Anderson: Okay. Second question, just looking at the same-store stats on Slide 9. And multifamily revenues were exactly the same in both periods, $35 million to $672 million. First of all, make sure that’s not a typo. Second, what flattened out revenue? Was it Barrington’s impact? Was there something else? Just curious if there’s anything one-time-ish in the multifamily performance this quarter.
Jordan Kaplan: Yes. I mean they’re looking at it. I mean, I think multifamily revenue is going up and Barrington is going down, and all you’re saying is that’s kind of insane that those are the exact same numbers.
Peter Seymour: So Barrington is not in there. Look, we’re always going to have some variability quarter-to-quarter on revenues and…
Richard Anderson: Not in this case.
Peter Seymour: There’s nothing — yes. No, I know. There’s nothing…
Jordan Kaplan: [indiscernible] same number, I guess. Okay, let’s triple, quadruple check that’s not a typo. But I don’t think it is. We sure get a lot of accountants to look at this thing before it goes out.
Peter Seymour : That’s right. No, we’ve looked at it several times, multiple times.
Richard Anderson: So there’s nothing — then what explains the flatness then if we assume it’s the right number? I mean it’s not…
Peter Seymour: Yes. I mean, look, you have your rent increases and you have changes in occupancy in different buildings. I don’t think there’s anything unusual going on.
Jordan Kaplan: I don’t think — I think it’s pretty — if there’s a meaningful increase or decrease, you can look at something in the cost forward. If there’s a lot of ups and downs and they happen to land at the same number, that’s harder to explain. I know we don’t have an explanation here, sorry.
Richard Anderson: I just think in your multifamily product is a little bit different, a little bit more predictable and so on. So it just occurred to me, but I’ll leave it at that.
Operator: The next question comes from Peter Abramowitz with Jefferies.
