• pre-tax gains in 2023 due to the disposal, exchange, or revaluation of equity interests of $362.0 million, or $0.96 per diluted share/unit, of which, $204.9 million, or $0.55 per diluted share/unit, was non-cash, • decreased income from unconsolidated entities of $168.3 million, or $0.45 per diluted share/unit, the majority of which is due to lower results of operations from other platform investments, partially offset by improved operations and core fundamentals in our other unconsolidated entities, • increased interest expense of $51.1 million, or $0.14 per diluted share/unit, primarily due to new USD and EUR bond issuances as well as increases to rates on variable rate mortgages, • increased property operating expenses in 2024 of $40.4 million, or $0.11 per diluted share/unit, and • an unrealized unfavorable change in fair value of publicly traded equity instruments and derivative instrument, net of $29.3 million, or $0.08 per diluted share/unit . Portfolio NOI increased 4.6% in 2024 as compared to 2023. Average base minimum rent for U.S. Malls and Premium Outlets increased 2.5% to $58.26 psf as of December 31, 2024, from $56.82 psf as of December 31, 2023. Ending occupancy for our U.S. Malls and Premium Outlets increased 0.7% to 96.5% as of December 31, 2024, from 95.8% as of December 31, 2023, primarily due to strong leasing demand. Our effective overall borrowing rate at December 31, 2024 on our consolidated indebtedness increased 13 basis points to 3.62% as compared to 3.49% at December 31, 2023. This increase was primarily due to an increase in the effective overall borrowing rate on the fixed rate debt of 14 basis points, due to increasing benchmark rates on new USD and EUR bond issuances. The weighted average years to maturity of our consolidated indebtedness was 8.1 years at December 31, 2024 and 2023. Our financing activity for the year ended December 31, 2024 included: • completing, on October 1, 2024, the redemption at par of the Operating Partnerships $900 million 3.38% senior unsecure notes at maturity, • the Operating Partnership completing, on September 26, 2024, the issuance of $1.0 billion senior unsecured notes with a fixed interest rate of 4.75% and a maturity date of September 26, 2034, • amending, restating, and extending our Supplemental Facility on September 19, 2024, • completing, on September 13, 2024, the redemption at par of the Operating Partnership’s $1.0 billion 2.00% senior unsecured notes at maturity, and • completing, on February 1, 2024, the redemption at par of the Operating Partnerships $600 million 3.75% senior unsecured notes at maturity. United States Portfolio Data The portfolio data discussed in this overview includes the following key operating statistics: ending occupancy, and average base minimum rent per square foot. We include acquired properties in this data beginning in the year of acquisition and remove disposed properties in the year of disposition. For comparative information purposes, we separate the information related to The Mills and TRG from our other U.S. operations. We also do not include any information for properties located outside the United States.
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