The company continues to actively deliver development projects, including Phase IV at Pike & Rose and Santana West. These projects are expected to contribute to future growth.

The company signed retail leases for 587,000 square feet of retail space, including 567,000 square feet of comparable space leases at an average rental increase of 9% on a cash basis. This reflects strong demand for commercial space.

On April 1, 2024, the company acquired the remaining 10% noncontrolling interest in the partnership that owns the CocoWalk property for $12 million, bringing ownership to 100%.

The company has leased 94.3% of its leasable commercial square feet, with 92.0% occupied. This high leased rate reflects effective management of the property portfolio.

Management intends to maintain the Trust's qualification as a REIT, distributing at least 90% of its taxable income to shareholders. This demonstrates a commitment to shareholder value and tax efficiency.

The company issued $485.0 million of 3.25% exchangeable senior notes to repay $600.0 million of 3.95% senior unsecured notes, indicating proactive debt management.

Heightened levels of inflation, higher interest rates, and potentially worsening economic conditions present risks for the business and tenants. These conditions could impact tenants' ability to pay rent and affect the company's financial performance.

Risks that tenants will not pay rent, may vacate early or may file for bankruptcy or that we may be unable to renew leases or re-let space at favorable rents as leases expire or to fill existing vacancy.

Risks that we may not be able to proceed with or obtain necessary approvals for any development, redevelopment or renovation project, and that completion of anticipated or ongoing property development, redevelopment, or renovation projects that we do pursue may cost more, take more time to complete or fail to perform as expected.

Over the long-term, the infill nature and strong demographics of our properties provide a strategic advantage allowing us to maintain relatively high occupancy and generally increase rental rates.

Competition for acquisitions could result in increased prices for acquisitions, that costs associated with the periodic maintenance and repair or renovation of space, insurance and other operations may increase.

We seek to maintain a mix of strong national, regional, and local retailers.

Rental expenses increased as a percentage of rental income, indicating a decrease in operational efficiency. The increase in expenses is primarily due to higher snow removal costs, higher repairs and maintenance costs, and higher insurance costs.

Total capitalized costs were $72 million and $80 million for the three months ended March 31, 2024 and 2023, respectively.

We continue to monitor these macroeconomic developments and are working with our tenants and our vendors to limit the overall impact to our business.

The 10-Q filing does not contain any significant discussion of innovation or technology initiatives.

The 10-Q filing does not contain any significant discussion of digital transformation efforts.

The 10-Q filing does not contain any significant discussion of R&D investments.

The company issued $485.0 million of 3.25% exchangeable senior notes and used the proceeds to repay $600.0 million of 3.95% senior unsecured notes. This reflects a strategy to manage debt maturity and interest rates.

The company has an at-the-market (ATM) equity program to fund potential acquisition opportunities, development and redevelopment pipeline, repay indebtedness and/or for general corporate purposes.

Cash dividends paid in the three months ended March 31, 2024 were approximately $92.3 million.

The 10-Q filing does not contain any significant discussion of ESG initiatives.

The 10-Q filing does not contain any significant discussion of environmental commitments and progress.

The 10-Q filing does not contain any significant discussion of social responsibility initiatives.

Heightened levels of inflation, higher interest rates, and potentially worsening economic conditions present risks for the business and tenants. These conditions could impact tenants' ability to pay rent and affect the company's financial performance.

Although general economic impacts of elevated levels of inflation and higher interest rates are impacting us in the short-term, our long-term focus has not changed.

Competition for acquisitions could result in increased prices for acquisitions, that costs associated with the periodic maintenance and repair or renovation of space, insurance and other operations may increase.