“We expect to fund these redevelopments and mixed use projects with our internally generated cash flow of over $1.5 billion after our dividend payments.”

In context

“currency grew 4.5% for the quarter and 4.6% for the year. Fourth quarter funds from operation were $1.39 billion or $3.68 per share compared to $1.38 billion or $3.69 per share last year. Fourth quarter results include $0.20 per share of non-cash after-tax gain from the combination of JCPenney and SPARC Group. The mark-to-market fair-value of Klepierre's exchangeable bonds increased year-over-year, which offset a lower contribution from OPI operations. As a reminder, the prior year results include $0.33 per share in gain from the sale of part of our interest in ABG last year. Turning to new development and redevelopment. This year, we will open our first premium outlets in Jakarta, Indonesia in March and expect to begin construction on four to five mixed use projects throughout the year. We expect to fund these redevelopments and mixed use projects with our internally generated cash flow of over $1.5 billion after our dividend payments. Other platform investments, JCPenney and SPARC Group combined to form a portfolio of iconic retailer banners called Catalyst brands. Catalyst brings together SPARC's brands, Aeropostale, Brooks Brothers, Eddie Bauer, Lucky and Nautica with JCPenney in its exclusive private brands. Catalyst sold Reebok in early January and is currently evaluating strategic options for Forever 21. We view the Catalyst transaction as a positive development that will create significant synergies with a solid balance sheet that will enable the company to drive EBITDA growth. Catalyst shareholders include Simon, Brookfield, Authentic Brands Groups and Shein. Turning to the balance sheet. During 2024, we completed $11 billion in financing activities, including issuing $1 billion in senior notes with a 10 year te”