PEI own interests in 26 retail properties, whose 21 are shopping malls, located around 9 States in the USA. Remarkably, PEI owns and manages A-class malls for which tenants pay an average rent of $49/sq.ft. The choice to operate with the highest class mall allows PEI to have a competitive advantage with her peers, not only for the possibility to gain a higher rent but also to enhance value through a better strategic positioning on the market. I think for instance of the advantages of managing a property located around an area subjected to densification (population forecasted growing), also an area inhabited by high-income people with more whims to satisfy than others ones living in rural areas. Strong of these real estate features, PEI has had an average of the 95% of occupancy rate across the last few years.