“RGG, including our Shop Premium Outlet marketplace growth continues, and we expect continued investment in 2022 to drive customer acquisition and sales growth.”

In context

“‘23. We completed five significant redevelopments. We added densification components with the opening of two hotels and the completion of an NHL headquarters and practice facility. Progress continues on the densification of Phipps Plaza which will open this fall. We have a significant pipeline of redevelopment projects, which will be funded from our internally generated cash flow. Let me turn to our other platform investments, they produced terrific results in 2021, namely JCPenney, SPARC, ABG, and RGG, which is Rue Gilt Groupe. JCPenney’s results were impressive. Their liquidity position is growing, now $1.6 billion. Company delevered their balance sheet, has no borrowings on their line of credit. CEO, Marc Rosen strengthened his management team with a new CIO and Chief Digital Officer. RGG, including our Shop Premium Outlet marketplace growth continues, and we expect continued investment in 2022 to drive customer acquisition and sales growth. SPARC Group will be the operating partner for Reebok in the U.S. There’s a tremendous opportunity for SPARC to develop sportswear and footwear expertise. The Reebok integration will require additional investment by SPARC as it expands its capability and reach. TRG, Taubman Realty Group, which we own 80%, posted great operating metrics and results, which also beat our underwriting. Reported retail sales was $942 per square foot, a 31% increase year-over-year. Occupancy also increased 210 basis points for the year. Now, turning to the balance sheet. We’ve been active in the debt markets. We amended and extended our $3.5 billion revolving credit facility with lower pricing grid for five years. We issued $2.75 billion of senior notes €750 million notes, completed the refinancing of 25 propert”