National chains are growing again, and they’re seeking out the top properties in big markets to open new stores. The flight to quality helped the owners of the industry’s best-located marketplaces generate strong operating results for the fourth quarter.

Open-air center owner Kimco Realty, for one, said same-center net operating income climbed 12.9% during the quarter thanks in part to redevelopment of properties acquired last year from Weingarten Realty. For the 2.1 million square feet of leases signed or renewed during the fourth quarter, rental rates increased by an average of 8.1% over the previous leases. Lease rates for new tenants rose 14% over what the previous tenants had been paying. Kimco, which owns 541 properties, expects same-center NOI to continue to grow throughout 2022. The REIT also expects to grow through acquisitions, having budgeted about $100 million for that purpose.

Site Centers, too, reported strong demand for space during the fourth quarter. Same-center NOI climbed by 14.9%, due in part to fewer unpaid rent bills and to higher rental rates from new tenants. Rental rates for new tenants rose by 13.1% over previous leases, and renewal rental rates rose 2.2%, according to the owner of 80 open-air retail properties.

Meanwhile, mall mammoth Simon reported robust tenant demand from a broad spectrum of users. “For the year, we signed more than 4,100 leases for a total of more than 15 million square feet,” said chairman, president and CEO David Simon. NOI grew 22.4% at the company’s 200-plus U.S. properties. “This was the highest amount of leasing activity we have done over the last six years.”

The company has stopped reporting the rental rate increases on leases because it feels the lack of uniformity in how REITs report such data muddies the waters.

Simon said the firm switched many tenants to sales-based rent and inked leases with shorter and more flexible terms during COVID to help tenants survive. In 2022, it’s building back to longer-term leases and converting temporary tenants to permanent ones, a process it expects will generate big returns and occupancy growth.