“We have a significant pipeline of redevelopment projects, which will be funded from our internally generated cash flow.”

In context

“sales per square foot reached a record level for 2021 at $713 per foot for our mall and outlet business and $645 for the mills. These results obviously are impressive, particularly given the lack of international tourism for ‘21. Occupancy costs at the end of 2021 are the lowest they’ve been in five years at 12.6% year-end. We opened two new developments in 2021, one in the UK and a premium outlet in South Korea. Construction continues on our tenth outlet in Japan, opening this fall and Normandie, France opening in the spring of ‘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”