Community Strip Centers Occupancy
Community strip centers are nearly fully occupied at 99% and achieved a 7% same asset increase in net operating income for the first quarter.
Enclosed Malls Performance
Enclosed malls are performing well with positive leasing spreads and a three-year average annual same-asset net operating income growth of 6.5%.
Interest Expense Reduction
Interest expense declined by almost $900,000 for the quarter due to a $28 million decline in gross debt year-over-year and lower interest rates.
Liquidity Improvement
Liquidity at the end of the quarter was $87 million, up from $81 million at the end of the previous year.
Positive Leasing Efforts at Penn West Plaza
Penn West Plaza achieved an 80% occupancy level despite market challenges.