Average mall shop base rent per sf rose to $20.74 per sf, up 4.1% from third-quarter 2001. This is the 36th consecutive quarter Crown has experienced a rise in base rent per sf.
Base rent on new leases over the first nine months of this year averaged $23.23 per sf, an increase of 24%, compared with an average of $18.77 per sf for prior rents on the same space.
Comparable mall shop tenant sales per sf for the first nine months of 2002 at Crown's retail properties averaged $174.21, an increase of just 0.6%.
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