“we believe these investments will generate value above our bases as they fully reopen and reengage with their customers.”

In context

“med better than planned. I can say the same for SPARC, which also performed better than planned in the quarter. SPARC also completed the U.S. Reebok transaction, and we anticipate great things from this iconic brand. Remember we expect Reebok to incur operating losses for SPARC in 2022, due to the integration aspects of the transaction. SPARC financial position like Penney is strong with the recent refinancing of its ABL, and it is in fact, a net cash positive position. During the quarter, however, our investments in Soho House and Life Time Holdings, which both became public companies at the end of last year were impacted by overall market volatility, driving an $0.08 unrealized non-cash mark-to-market. These are high quality businesses that fit with our flywheel of unique companies, and we believe these investments will generate value above our bases as they fully reopen and reengage with their customers. On the balance sheet front, we completed very timely, a dual tranche U.S. senior notes offering that totaled $1.2 billion, including a 10-year fix rate offering at 2.65%. Early in the year, we used the net proceeds to pay off our amounts outstanding on our credit facility. We also refinanced seven mortgages for a total of $1.1 billion at an average interest rate of 2.92%. And our liquidity stands at $8 billion now. Today we announced our dividend of $1.70 per share for the second quarter, a year-over-year increase of 21%. The dividend will be payable on June 30, including our dividends declared today, we paid more than $37 billion in dividends over our years as a public company, $37 billion. We also announced today that our Board of Directors has authorized a new common stock repurchase p”