3/4/2024 | creating value
Seven years ago, we found a nationwide portfolio of older, well-located shopping centers that had been under-loved, and chronically under-managed and under-invested in, but were subject to leases with rents well below market.
We saw an unprecedented opportunity to deliver compelling value and returns through enhanced leasing, management, and reinvestment. We also found our purpose as a company to create and own shopping centers that are the vibrant centers of the communities we serve.
Since then, we have reinvested in & transformed more than 200 of our centers across the country.
As we deliver on these redevelopments, we have demonstrated a flywheel effect that drives substantial improvements in small shop occupancy and double-digit rent growth at balance of the centers impacted, resulting in both higher long-term NOI and a significant decrease in the appropriate applied cap rate for these assets.
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