Average annualized rent per square foot for comparable centers was $40.92, up 3.4%. "Given that our traffic counts have generally returned to pre-Sept. 11 levels, we are hopeful that fourth quarter sales per square foot will show positive growth," says Chairman and CEO Robert Taubman. "Nonetheless, our average rents per square foot continued to rise during the quarter."

"During the past few months, we have positioned our balance sheet to takeadvantage of the lowest interest rates in decades," says Chief Financial Officer Lisa Payne. "We recently placed a 10-year fixed rate mortgage on Regency Square (Richmond, VA). We've also entered into a new three-year revolving credit facility, and extended the LIBOR rate maturities for $490 million of floating rate debt until the fourthquarter of 2002, thereby locking into attractive financing rates of about 4.8%."

The $82.5-million mortgage on Regency Square carries a rate of 7.2% and matures in November 2011. Bank of America, N.A. provided this financing. Previously, Regency was collateral for the company's line of credit. The new $275-million revolving credit facility, includes 12 banks.