Mall Properties and Lease Rates - Total Center Square Footage for Kirkwood Mall is 832,690 sq ft with 228,833 sq ft of inline GLA, achieving a per square foot lease rate of 325[36]−LaurelParkPlacehasatotalcentersquarefootageof491,210sqftandinlineGLAof198,071sqft,withaleaserateof292 per square foot[36] - Layton Hills Mall features a total center square footage of 482,120 sq ft and inline GLA of 212,674 sq ft, achieving a lease rate of 404persquarefoot[36]−MeridianMallhasatotalcentersquarefootageof946,07sqftandinlineGLAof284,980sqft,withaleaserateof294 per square foot[36] - Mid Rivers Mall has a total center square footage of 1,035,810 sq ft and inline GLA of 286,699 sq ft, achieving a lease rate of 340persquarefoot[36]−MonroevilleMallhasatotalcentersquarefootageof985,270sqftandinlineGLAof446,583sqft,withaleaserateof310 per square foot[36] - Northgate Mall features a total center square footage of 646,380 sq ft and inline GLA of 181,101 sq ft, achieving a lease rate of 344persquarefoot[36]−NorthparkMallhasatotalcentersquarefootageof896,040sqftandinlineGLAof278,320sqft,withaleaserateof371 per square foot[36] - Oak Park Mall has a total center square footage of 1,516,290 sq ft and inline GLA of 429,121 sq ft, achieving a lease rate of 508persquarefoot[36]−RichlandMallhasatotalcentersquarefootageof693,460sqftandinlineGLAof191,883sqft,withaleaserateof450 per square foot[36] Expiring Leases - The company has 589 leases expiring in 2023, representing 14.2% of total annualized gross rent of 58,378,963[39]−For2024,thenumberofexpiringleasesincreasesto1,019,withanannualizedgrossrentof109,687,083, accounting for 26.7% of total[39] - The average annualized gross rent per square foot for expiring leases in 2024 is 31.99,comparedto35.72 in 2023[39] - The average annualized gross rent per square foot for leases expiring in 2025 is 34.04,with552leasesexpiring[39]PropertyOwnershipandOccupancy−Thetotalgrossleasablearea(GLA)foropen−aircentersis6,867,327squarefeet,withanoccupancyrateof952,089,576, with annual debt service of 186,173[48]−Thecompanymaintainsa10097,244 and 127,568respectively[48]−Thecompanyhasasecuredtermloanof829,452 with an interest rate of 6.87% due by November 2025[48] - The company has a total of 667,570inunconsolidateddebtacrossvariousoutletcenters[48]−Thecompanyhasaloanforopen−aircentersandoutparcelstotaling360,000 with an interest rate of 7.59%[48] Internal Control and Audit - The company assessed its internal control over financial reporting and concluded it was effective as of December 31, 2022[181] - Deloitte & Touche LLP audited the company's internal control and financial statements, expressing an unqualified opinion[184] - The company has no changes in internal control over financial reporting that materially affected its effectiveness during the quarter ended December 31, 2022[182] - The company recognizes inherent limitations in internal control over financial reporting, including potential human error[182]