The following table sets forth these key operating statistics for domestic properties: • properties that are consolidated in our consolidated financial statements, • properties we account for under the equity method of accounting as joint ventures, and • the foregoing two categories of properties on a total portfolio basis. %/Basis Point
%/Basis Point
2024
Change (1)
2023
Change (1)
2022
U.S. Malls and Premium Outlets: Ending Occupancy Consolidated ................................ Unconsolidated .............................. Total Portfolio ............................... Average Base Minimum Rent per Square Foot Consolidated ................................ Unconsolidated .............................. U.S. TRG: Ending Occupancy .......................... Average Base Minimum Rent per Square Foot . . . The Mills: Ending Occupancy .......................... Average Base Minimum Rent per Square Foot . . .
96.5% 96.6% 96.5%
80 bps 50 bps 70 bps
95.7% 96.1% 95.8%
80 bps 120 bps 90 bps
94.9% 94.9% 94.9%
$ 56.60 $ 63.12
2.0% 4.2% 2.5%
$ 55.47 $ 60.59 $ 56.82 95.7% $ 65.01 97.8% $ 36.38
2.8% 3.8% 3.1%
$ 53.95 $ 58.36 $ 55.13 94.5% $ 61.76 98.2% $ 34.89
Total Portfolio ............................... $ 58.26
94.9% $ 68.06 98.8% $ 37.95
-80 bps
120 bps
4.7%
5.3%
100 bps
-40 bps
4.3%
4.3%
(1) Percentages may not recalculate due to rounding. Percentage and basis point changes are representative of the change from the comparable prior period. Ending Occupancy Levels and Average Base Minimum Rent per Square Foot. Ending occupancy is the percentage of gross leasable area, or GLA, which is leased as of the last day of the reporting period. We include all company owned space except for mall anchors, mall majors, mall freestanding and mall outlots in the calculation. Base minimum rent per square foot is the average base minimum rent charge in effect for the reporting period for all tenants that would qualify to be included in ending occupancy. Current Leasing Activities During the twelve months ended December 31, 2024, we signed 1,149 new leases and 2,549 renewal leases (excluding mall anchors and majors, new development, redevelopment and leases with terms of one year or less) with a fixed minimum rent across our U.S. Malls and Premium Outlets portfolio, comprising approximately 13.5 million square feet, of which 10.4 million square feet related to consolidated properties. During the comparable period in 2023, we signed 1,185 new leases and 1,841 renewal leases with a fixed minimum rent, comprising approximately 10.9 million square feet, of which 8.3 million square feet related to consolidated properties. The average annual initial base minimum rent for new leases was $66.61 per square foot in 2024 and $66.39 per square foot in 2023 with an average tenant allowance on new leases of $60.33 per square foot and $64.31 per square foot, respectively. Japan Data The following are selected key operating statistics for our Premium Outlets in Japan. The information used to prepare these statistics has been supplied by the managing venture partner. December 31, %/basis point December 31, %/basis point December 31, 2024 Change 2023 Change 2022 EndingOccupancy.............. 99.3% -40 bps 99.7% -10 bps 99.8%
Average Base Minimum Rent per Square Foot .................
¥
5,511
0.31%
¥
5,494
-4.93%
¥
5,779
63
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