“In addition, we expect to begin construction this year on 6 to 8 mixed-use projects.”

In context

“-year. All platforms achieved record sales levels, including the mills, it's $679 per square foot which was a 5% increase. TRG was $1,095 per square foot, an 11% increase, and our occupancy at the end of the fourth quarter was 12%. We opened a new development in 2022, our 10th premium outlet in Japan. Construction continues, our new outlet in Normandy, France, west of Paris. This will be our second outlet in France and our 35th international outlet. Our international outlet platform is a hidden jewel for SPG. As a frame of reference, it is bigger and much more profitable with much higher sales per square foot than another public company's portfolio. We completed 14 redevelopments, and we will complete another major redevelopment project this year at some of our most productive properties. In addition, we expect to begin construction this year on 6 to 8 mixed-use projects. All of this will be funded with our internally generated cash flow. Now turning to other platform investments in the fourth quarter, it contributed $0.23 per share in FFO compared to $0.38 in the prior year period. For the year, OPI contributed $0.64 in FFO compared to $1.07 in the prior year. We are pleased with the contribution from our OPI investments, especially given our de minimis cash investment we've made in these companies. Turning to the balance sheet. We completed refinancing on 20 property mortgages for a total of $2.3 billion at an average interest rate of 5.33%. Our A-rated balance sheet is as strong as ever. Our fixed coverage ratio is 4.8x, and we ended the year with approximately $7.8 billion of liquidity. In 2022, we paid approximately $2.6 billion of common stock divide”