morning to Good a little two where believe year improved done and feels it and the we slowly months ago, are environment. we We're an us were work Heather, beginning back headwinds as and everyone. positions that different. to look Thanks, capitalize subsiding, XXXX on a into nearly the operating we've We're
in sale With properties. we effort parcels and The includes last of were form completion shoring five operating and leaseback out night that non-income our earnings million of mid-tier hotel of for balance sheet. multifamily selling assets release, transactions on in to confirming the we a producing announced densification, $XXX up our land way over
provides netting escalations. transaction $XX $XXX.X development release X as to of related annual an multifamily is for XX-year is million with lease subject to agreement million leaseback parcels in We in entered at this sale X% The also properties The that repurchase. into lease will option with for ongoing a to structured payments liquidity. deliver approximately proceeds transaction
million. multifamily the of of purchase X,XXX reduce will leverage phase with close include we which one these sales, on sale levels. The agreements buyers sales us densification phase receipt of four to buildable. and $XXX to signed allow X,XXX plan. land will our lands Upon entitlements, represent This for will We've units properties X,XXX on the seven
Note only densification we balance of land available our two. that, part this expect and represents of monetize half for as phase the to
additional Company X liquidity. has Additionally, and are parcels additional which out shale, the an under XX $XX in hotels expected to agreements million net
ability access our complete and our generated runway our demonstrate modifications needed a transactions efficiently to in create credit facilities internally order covenants to business capital These with to plan. potential together of execution
Company had discussions its the a has debt long-term a basis. with also XXXX. obligations, Company the ensure To short-term avoid compliance with terms September agreements and to with modifying its of its The goal modify the through lenders XX, violations in covenants discussions covenant in of productive is on
In notified we expect of fixed covenant potentially limits. against charge you and our near-term, abundance unencumbered of exceeding leverage the our yield caution, in stress debt coverage covenants. And we to our experience ratio,
right modify tight compliance loan expect with the and covenants currently then now, are our However, to March. we're of ratios while end in by our
action nearly The redevelopment program, to consolidation. including to our value-creating through we exposure our bank to This done department assets XX acknowledged into reduce have $XXX the redeployed underperforming we non-core we store aggressively was group shed which has malls capital raised wherein work took million.
near-term discussion that Group created with are a of the about company the our bringing portfolio have aid unquestionably can efforts. resolution. We've the over stages We recognizing this differentiated $XXX Bank million benefit to we raise internally our of and at expect and early our
disruption. closings, will we it always closed. we but that volatility we've have over stores would disposed that a XX XX improved There we've liquidations and not from experienced the seen disruptive steps the underperforming to We obsolescence. are malls years retail department We're business when those has model. to proactive It in in taken pay few to assets of, and manage sold and a and bankruptcies, properties business past allocate be capital
Conversely, we have portfolio, to XXX Macy's our portfolio quality a one only of in announced testimony closings, store the created. the of will we've
tenant we diversifying step our was Another took base.
found XX% and non-mall to is and wellness of health In and leased are fact, centers. today off-price entertainment, which including our traditionally dining space in uses, open-air merchants non-anchor
the These and more consumer allow customers. uses us to modern motivate serve
benefiting the value department stakeholder of of the of being stewards We firmly customer plan proactively over our our our store space. on we properties, all constituencies to back capitol, aspect by executed that the of long-term. believe more take enhance As first serving the this
having Dave We've Burlington, have years, dozen from replaced doubled over boxes. Darden action of & flow our to looking three peers who well since in Regal stream, underlying department improved credit TJX, XXXX. definitely and commitment dramatically & stores at vacant contrast our on are executed our cash XX plan We've Busters, the two this
Given $XXX direction. today's in balance of is right over announcement sailed sheet in our capital initiatives, raising the million
you'd position that on call look than someone business. the at XXXX. expectations else same we view recognize we in deliver want believe this XXXX, believe As We doesn't towards the this optimistic is and in to we're a sitting better time don't an on think
a as as markets, entertainment experience mall We're confident appeal, an on to position in mass entry forefront and sole ground bright as to towards are move the admirable to our high solid in barrier have with of retail. and a properties, shaping demographics a with at well we underlying operator retail future, innovator positions prove we consumer accessible economically mission and of
redevelopments Prince George's at at be generate tenants Mall The our continue to consumers program. and from are Prince Mall and District, Mall interest are rapid beneficiaries Philadelphia, Both George's three Woodman will pace. Woodman Fashion are and high-touch densification of at
XX,XXX Notable, square traffic destinations, inline. is as One, Round Armani foot the outlet with retailers is momentum to Fashion exciting industrious and million Wonderspaces next include $X.X project tenants, shoppers price and additions over tenants property September, co-working leased and REC and At over open Theaters, facility since to with XX% Torrid; build District recent Exchange Bauer; continue Philly. robust AMC Eddie The XX% and full and Sephora committed. XXXX, experiential
next and Kate joined the traffic DSW, we months, more see de international double-digits. to fashion Lune. These including retailers, by Clair in be Mark. YOYOSO will continue Windsor, welcome retail Spade, will we tenants new the few Prime Mall, Philadelphia In growth exciting to of At Woodman brands
in pop XX% our square so, has over stores $XXX opening wing following And the up to foot expansion comp of October. the per over
continue welcome Sephora property Market we in from we brands spring. and more additions, entire Grand for a after the excitement the House There exceed to Black we of dollar as deliver opportunity White it short solidifying benefiting property Rapids. the With continue will winner the expectations to this to this aspirational as be expect continues consumer the as tremendous
of Deck's up We Michael's the former mall. this replace round Meeting so in come X.X% to Goods Sporting malls, a with have XXXX. online where opening anchor number former stores Macy they Plymouth at a at property year are Sales replacements Sears Valley out will stores. two and Moorestown at
market. underway competing will has come and Mall, replace This that this We're a releasing another the two result dominant with closed closed asset in March, as stores out closed Victor Dartmouth bankruptcy. Sears malls as have market at Burlington of
the are XX% capture of the improves. as the temporary, allowing half to space, replace We've executed of to us upside lease backfills environment our approximately
We are our the track, non-anchor gets will and users leasing tenants that we back we're clear portfolio. for growth introducing of is throughout earnings new how up on diverse task and
Mario who over to now, turn in I'll guidance our and will Mario? call the detail. And the quarter discuss more
