“There will be a little more volatility from quarter-to-quarter when it comes to SPARC and JCPenney, but please keep in -- this in the proper perspective. It's all upside from here.”

In context

“eady planning next year's event, which we expect to be bigger. So please stay tuned on that. Our occupancy cost at the end of the quarter are the lowest they've been in 7 years, 12.1% in Q2 of 2022. Now our other platform of investments, let's talk about it. We were pleased with the results of our investments in the platform for the second quarter. They contributed approximately $0.21 in FFO, even though we were down from last year's terrific results, primarily, as I mentioned, continued investment and the inflationary pressures that have developed. Based on our distributions -- based upon our cash distributions received, we have no cash equity investment in SPARC and JCPenney. And in fact, we have parlayed our SPARC investment into our investment in ABG that is now worth over $1 billion. There will be a little more volatility from quarter-to-quarter when it comes to SPARC and JCPenney, but please keep in -- this in the proper perspective. It's all upside from here. During the quarter, we also, as I mentioned, had our mark on our SoHo and Lifetime Holdings of $0.05. A reminder on that it's a noncash mark, and we would expect that those companies would bounce back. We completed the refinancing of 14 property mortgages during the first half of the year for a total of $1.6 billion at an average interest rate of 3.75%. We reduced our share of total indebtedness by more than $650 million. And once again, our balance sheet is strong. We had $8.5 billion of liquidity. $8.5 billion. Today, we announced our dividend of $1.75 per share for the third quarter, a year-over-year increase of 17%. This will be payable at the end of the third quarter, September 30. During the quarter, we repurchased 1.4 million shares of our common stock for $144 million. And let me”