The following table sets forth these key operating statistics for the combined U.S. Malls and Premium Outlets: • 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 2023 Change (1) 2022 Change (1) 2021 U.S. Malls and Premium Outlets: Ending Occupancy Consolidated ................................ 95.7% 80 bps 94.9% 140 bps 93.5% Unconsolidated .............................. 96.1% 120 bps 94.9% 180 bps 93.1% Total Portfolio ............................... 95.8% 90 bps 94.9% 150 bps 93.4% Average Base Minimum Rent per Square Foot Consolidated ................................ $ 55.47 2.8% $ 53.95 2.6% $ 52.59 Unconsolidated .............................. $ 60.59 3.8% $ 58.36 1.4% $ 57.55 Total Portfolio ............................... $ 56.82 3.1% $ 55.13 2.3% $ 53.91 U.S. TRG: Ending Occupancy .......................... 95.7% 120 bps 94.5% 330 bps 91.2% Average Base Minimum Rent per Square Foot . . . $ 65.01 5.3% $ 61.76 5.2% $ 58.69 The Mills: Ending Occupancy .......................... 97.8% -40 bps 98.2% 60 bps 97.6% Average Base Minimum Rent per Square Foot . . . $ 36.38 4.3% $ 34.89 3.2% $ 33.80 (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, 2023, we signed 1,185 new leases and 1,841 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 10.9 million square feet, of which 8.3 million square feet related to consolidated properties. During 2022, we signed 1,262 new leases and 1,517 renewal leases with a fixed minimum rent, comprising approximately 9.1 million square feet, of which 7.0 million square feet related to consolidated properties. The average annual initial base minimum rent for new leases was $66.39 per square foot in 2023 and $55.41 per square foot in 2022 with an average tenant allowance on new leases of $64.31 per square foot and $53.01 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, 2023 Change 2022 Change 2021 EndingOccupancy.............. 99.7% -10 bps 99.8% 0 bps 99.8%
Average Base Minimum Rent per Square Foot .................
¥
5,494
-4.93%
¥
5,779
4.90%
¥
5,509
62
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