CLAIM #54326 · SPG (SPG) · 2021Q4 earnings call · Feb 7, 2022 · due Dec 31, 2022
“We expect to increase occupancy compared to year-end ‘21.”
David Simon · CEO
In context
“tions] Our first question comes from the line of Steve Sakwa with Evercore ISI. Steve Sakwa: Thanks for the detail or at least the additional disclosure on the guidance. I guess, just sort of tying back to the leasing comment you made about the 15 million feet being kind of a record year for the last six years, you know what are your expectations for leasing activity in ‘22? And how that might tie into further occupancy gains? And then, I also noticed that the leasing spread information that you used to provide in the supplemental wasn’t there anymore. And I was just wondering if you could comment on kind of pricing trends that you’re seeing. Thanks. David Simon: Sure. So, I think we’re very optimistic, Steve, about ‘22 leasing. A lot of new business with a lot of new tenants is the goal. We expect to increase occupancy compared to year-end ‘21. And obviously, the last couple of years with COVID, we’ve been -- obviously been working with our retailers. So, we haven’t quite had the level of pricing power that we’d like to see. We’re starting to see that strengthen from our standpoint and we’re still looking for win-wins between us and our clients. But we feel better that we’ll continue to drive rental growth over time. And as you know, we took a bet that the world in bricks and mortar was not going to end. So, we -- when we did deal with a lot of renegotiations that came about because of COVID, we got -- we try to make it back on sales because we believed in our business. And that’s why you’ve got to look at that what we’re achieving on either percentage or overage rent, which historically we haven’t taken into account in our spre”
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SEC filings for SPG ↗ · Claim quote is verbatim from the 2021Q4 earnings call.