3/4/2023 0 Comments Starmoney 2 mac![]() We continue to ramp up our development efforts as we move past COVID-19. We beat the midpoint of our guidance, and we narrowed and bumped our guidance range. We saw same-center NOI growth of 5.4% in the second quarter compared to the second quarter of '21, which is yet another strong quarterly gain. That's a 27% increase over the second quarter of last year and a 42% increase over the pre-COVID quarter of 2Q '19. We saw strong leasing volumes for the quarter significantly in excess of pre-COVID levels.įor the quarter, we executed 274 leases. Some of the other second quarter highlights include an occupancy level at 91.8%, which was a 240-basis-point improvement from the second quarter of '21 and a 50 basis point improvement from - on a sequential basis compared to the first quarter of '22. The quarter's leasing activity continue to reflect retailer demand that is at a level that we have not seen since 2015. The first half of '22 sales were up 7.6% versus the first half and sales per foot were up 11% compared to the pre-COVID quarter ended in the second quarter of 2019. We continue to see traffic at about 95% of pre-COVID traffic, but tenant sales are exceeding 2021 levels and also pre-pandemic levels. Our portfolio average annual sales per foot for tenants under 10,000 square feet was $860. The resiliency of the American consumer was again on display and that is reflected in the 2.2% tenant sales increase in the second quarter compared to a very tough comp quarter of the second quarter of '21. Joining us today are Tom O'Hern, chief executive officer Scott Kingsmore, senior executive vice president and chief financial officer and Doug Healey, senior executive vice president, leasing. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures are included in the earnings release and supplemental filed on Form 8-K with the SEC which are posted on the Investors section of the company's website at. Actual results may differ materially due to a variety of risks and uncertainties set forth in today's press release and our SEC filings including the adverse impact of the novel coronavirus on the U.S., regional and global economies and the financial condition and results of operations of the company and its tenants. During the course of this call, we'll be making certain statements that may be deemed forward-looking within the meaning of the safe harbor of the Private Securities Litigation Reform Act of 1995 and including statements regarding projections, plans or future expectations. Thank you for joining us on our second quarter 2022 earnings call.
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