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Three Months Ended September 30, | |||||||||
(per share amounts) | 2018 | 2017 | |||||||
Net income (loss) per diluted share | $ | 0.00 | $ | (0.06 | ) | ||||
FFO per diluted share¹ | $ | 0.37 | $ | 0.37 |
(1) | A reconciliation of net income (loss) attributable to common shareholders to funds from operations (FFO) is included in this release. |
• | The year-over-year difference in net income for the three months ended September 30 is primarily due to an impairment loss resulting from property dispositions recorded during the third quarter of 2017, with no such charge occurring in the third quarter of 2018. |
• | Occupancy for the Company’s 41 Tier One enclosed retail properties (“Tier One”) increased 100 basis points to 93.6% as of September 30, 2018, compared to a year ago, demonstrating strong leasing demand. |
• | Combined Tier One and Open Air comparable net operating income (NOI) decreased 0.5% during the third quarter of 2018, demonstrating continued stable performance. As of September 30, 2018, Tier One and Open Air assets represented approximately 90% of core portfolio NOI. |
• | Leasing continues to be robust with total leasing volume for the core portfolio totaling 3.1 million square feet during the nine months ended September 30, 2018. |
• | Lifestyle tenancy, which includes food, beverage, entertainment, home furnishings, fitness and services accounted for 63% of total new leasing activity during the nine months ended September 30, 2018. |
• | The Company has allocated approximately $300 million to $350 million of capital necessary to reposition 28 department store spaces over a three to five year period. These costs are included in the Company's previously anticipated redevelopment spend of approximately $100 million to $125 million per annum. This excludes spaces owned by non-retailers including Seritage Growth Properties (“Seritage”). |
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