We also grow by generating supplemental revenues from the following activities: • establishing our properties as leading market resource providers for retailers and other businesses and consumer-focused corporate alliances, including national marketing alliances, static and digital media initiatives, business development, sponsorship, and events, • offering property operating services to our tenants and others, including waste handling and facility services, and the provision of energy services, • selling or leasing land adjacent to our properties, commonly referred to as “outlots” or “outparcels,” and • generating interest income on cash deposits and investments in loans, including those made to related entities. We focus on high quality real estate across the retail real estate spectrum. We expand or redevelop properties to enhance profitability and market share of existing assets when we believe the investment of our capital meets our risk-reward criteria. We selectively develop new properties in markets we believe are not adequately served by existing retail properties. We routinely review and evaluate acquisition opportunities based on their ability to enhance our portfolio. Our international strategy includes partnering with established real estate companies and financing international investments with local currency to minimize foreign exchange risk. To support our growth, we employ a three-fold capital strategy: • generate the capital necessary to fund growth, • maintain sufficient flexibility to access capital in many forms, both public and private, including but not limited to, having in place, the Operating Partnership’s $5.0 billion unsecured revolving credit facility, or the Credit Facility, its $3.5 billion supplemental unsecured revolving credit facility, or its Supplemental Facility, together, the Credit Facilities and its global unsecured commercial paper note program, or the Commercial Paper program, of $2.0 billion, or the non-U.S. dollar equivalent thereof, and • manage our overall financial structure in a fashion that preserves our investment grade credit ratings. We consider FFO, Real Estate FFO, net operating income, or NOI, and portfolio NOI to be key measures of operating performance that are not specifically defined by accounting principles generally accepted in the United States, or GAAP. We use these measures internally to evaluate the operating performance of our portfolio and provide a basis for comparison with other real estate companies. Reconciliations of these measures to the most comparable GAAP measures are included below in this discussion. Results Overview Diluted earnings per share and diluted earnings per unit increased $0.28 during 2024 to $7.26 as compared to $6.98 in 2023. The increase in diluted earnings per share and diluted earnings per unit was primarily attributable to: • improved operating performance and solid core business fundamentals in 2024, as discussed below, • increased lease income in 2024 of $225.4 million, or $0.60 per diluted share/unit, • a pre-tax gain during the first quarter of 2024 on the sale of all our remaining interests in Authentic Brands Group, or ABG, of $414.8 million, or $1.10 per diluted share/unit, and a non-cash pre-tax gain of $100.5 million, or $0.27 per diluted share/unit, during the fourth quarter of 2024 related to the acquisition by J.C. Penney of the retail operations of SPARC Group, partially offset by an other-than-temporary impairment charge of $57.0 million, or $0.15 per diluted share/unit, in the fourth quarter of 2024, representing our pre-development costs associated with an unconsolidated joint venture development project, • increased other income of $72.3 million, or $0.19 per diluted share/unit, primarily due to increased interest income of $76.4 million, or $0.20 per diluted share/unit, and an increase in land sales of $13.6 million, or $0.03 per diluted share/unit, partially offset by a decrease in distributions and other income of $17.7 million, or $0.05 per diluted share/unit, • decreased income and other tax expense of $58.6 million, or $0.16 per diluted share/unit, primarily due to transactional activity and unfavorable year-over-year results of operations from other platform investments, • decreased other expenses in 2024 of $38.2 million, or $0.10 per diluted share/unit, partially offset by
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