Shares slipped 0.6% following Q1 results as the modest market reaction implies investors viewed growth and margin trends as steady but not compelling enough to drive the stock higher.

• Real estate FFO grew 7.5% to $1.2 billion or $3.17 per share, driven by increased lease income and disciplined cost management despite a $0.05 per share headwind from higher interest expense and lower interest income.
• Occupancy remained stable or improved slightly, with malls and Premium Outlets at 96% (+10 bps) and The Mills at 99.2% (+80 bps), supporting rental growth of 5.2% and 9.1%, respectively.
• Retailer sales accelerated with comparable sales up 6.5% and total sales volume rising 8.8% for the quarter, reflecting consumer resilience and strong tenant demand.
• Development pipeline remains robust with $1.06 billion under construction at a blended 9% yield and flexibility to delay or accelerate projects depending on market conditions, signaling disciplined capital allocation.
• The company raised its dividend by 7.1% to $2.25 per share for Q2 and repurchased $175 million in stock, reflecting confidence in cash flow, though share repurchases offset some liquidity improvement from new financing activities.