FFO, as adjusted, per diluted share, was $0.34 for the first quarter 2021, compared with $0.26 per share for the first quarter 2020. The increase in FFO, as adjusted, per diluted share, as compared with the prior year period is principally a result of the decline in net interest expense of $0.11 per share during the quarter, primarily due to the post-petition interest expense payments that are not required to be made on the senior unsecured notes and secured credit facility subsequent to the Company’s bankruptcy filing on November 1, 2020.

Other major variances in the first quarter 2021 FFO, as adjusted, per diluted share, compared with the prior year period included $0.13 per share of lower property NOI, which included $0.04 per share related to the estimate for uncollectable revenues, rent abatements and write-offs for past due rents related to tenants that are in bankruptcy or struggling financially. G&A expense during the first quarter 2021 was approximately $0.03 lower, due to cost saving initiatives put in place earlier in 2020.

Sales for the first quarter 2021 increased 12.5% as compared with the first quarter 2019.

Total Portfolio same-center NOI declined 17.2% for the three months ended March 31, 2021.