Watch on earnings:Funds From Operations (FFO) per share and Core FFO per share - cash earnings metric excluding depreciation, with adjustments for one-time itemsSame-center NOI growth rate - organic growth from existing portfolio excluding acquisitions, developments, and dispositionsOccupancy rate and average base rent per square foot - portfolio health indicators showing space utilization and rental rate trajectoryTenant sales productivity (sales per square foot) - leading indicator of tenant health and percentage rent potentialLeasing activity and releasing spreads - volume of square footage leased and rent growth on new/renewed leases versus expiring leases
Key metrics:U.S. retail sales excluding autos (RSXFS) - leading indicator of consumer spending strength driving tenant sales · Consumer sentiment index (UMCSENT) - forward-looking indicator of discretionary spending willingness affecting outlet center traffic · 10-year Treasury yield (GS10) - primary driver of REIT valuation multiples and cap rate expectations · Gasoline prices (GASPRICE) - impacts consumer willingness to drive to outlet centers, particularly for tourist-oriented locations
⚠ Elevated leverage at 2.42x debt/equity with $1.5B+ total debt - while manageable in current environment, limits financial flexibility for acquisitions and creates refinancing risk if credit markets tighten
Metric
Dec 21
Dec 22
Dec 23
Dec 24
Dec 25
Cash & Equivalents
161
212↑31.5%
13↓94.0%
47↑267.8%
18↓61.4%
Total Current Assets
161
265↑64.1%
22↓91.7%
47↑113.9%
18↓61.4%
Total Assets
2,157
2,218↑2.8%
2,324↑4.8%
2,381↑2.5%
2,656↑11.5%
Total Current Liabilities
93
105↑12.6%
132↑25.6%
108↓18.0%
1,135↑953.3%
Total Liabilities
1,658
1,704↑2.8%
1,733↑1.7%
1,702↓1.8%
1,921↑12.9%
Total Equity
478
492↑2.9%
567↑15.3%
652↑15.1%
706↑8.3%
Total Debt
1,486
1,516↑2.0%
1,525↑0.6%
1,508↓1.1%
2,732↑81.1%
Net Debt
1,325
1,304↓1.6%
1,513↑16.0%
1,461↓3.4%
2,714↑85.7%
Cash Flow Statement
Metric
Dec 21
Dec 22
Dec 23
Dec 24
Dec 25
Operating Cash Flow
218
214↓1.7%
230↑7.3%
264↑15.2%
299↑12.9%
Capital Expenditure
-46
-47↓3.1%
0
-108
-96↑11.1%
Free Cash Flow
172
167↓3.0%
230↑37.8%
156↓31.9%
203↑29.5%
Stock-Based Comp
13
13↑1.7%
13↓3.5%
0
13
Net Change in Cash
76
51↓33.4%
-199↓491.9%
34↑117.2%
7↓80.9%
Values in millions except EPS · Ratios shown as percentages · Click any metric to drill down