“These results are impressive, in particular, given lack of international tourism, which we believe will start to increase after the strict restrictions on international travel are lifted beginning next week.”

In context

“These growth rates do not include any contribution from the TRG portfolio, or lease settlement income. And if you did include TRG and international properties, our portfolio NOI increased 34.3% for the quarter and 18.7% year-to-date. Occupancy was 92.8%, which was an increase of a 100 basis points compared to the second quarter. Average base rent was $53.91. However, that excludes percentage rent. And if you included that, that would add actually another $7 to BMR. For the first nine months, we signed 3500 leases for 12.8 million square feet, which was nearly 3 million square feet or approximately 800 more deals compared to the first 9 months of 2019. Mall sales for the third quarter were up 11%, compared to third quarter 2019, up 43% year-over-year. Our sales are over 2019 peak levels. These results are impressive, in particular, given lack of international tourism, which we believe will start to increase after the strict restrictions on international travel are lifted beginning next week. Our Company's focus, as you know, is cash flow growth, which should allow us to fund our growth opportunities and increase our dividend. We would encourage the analytic community to focus on our cash flow and its growth because there are many levers that contribute to it beyond what is contained in 1 or 2 operating metrics. A simplication point, our mathematical open and close spread has declined yet our cash flow has significantly increased. Leasing spreads are calculated at a point in time. We have studied the leasing spread metric across the various retail real estate companies and highlight the following: Spreads are significantly impacted by tenant mix. Our leasing spreads include all openings and closing and is not a same-space measure. However, we believe many other companies use”