CLAIM #54346 · SPG (SPG) · 2021Q4 earnings call · Feb 7, 2022 · due Dec 31, 2022
“But we still have a transition year in ‘22.”
David Simon · CEO
In context
“pening now. So, think about it this way. In ‘21 -- in ‘20, we got decimated by COVID, right? We came back unbelievably strong in ‘21, much better than anyone would have predicted and reinforce our business model. I would venture to say. But we still have we still have a lot of short-term leasing or what I’ll call specialty leasing. But that as we re-lease that space, that comes in midstream, that comes in first quarter, second quarter, third quarter of ‘22 because, as remember, our retail base, a lot of it sat on the sidelines, all of ‘20, and didn’t really start opening up open to buy in ‘21. And by the time you build out a store in a mall, it’s a six to nine-month process. So, as much given where we are today, I would say to you, and we never -- like this is solely anti the way I think. But we still have a transition year in ‘22. But it’s not an excuse. I’ve never used that as an excuse. But believe me, as we continue to lease up to permanent retailers away from specialty, we’re going to generate more income, but it’s not all going to fall in ‘22. Now, did I explain myself well, guys? Would you add to it? Okay. So, sometimes I’m inarticulate. So I mean -- and again, that’s not an excuse, but that’s how -- but ‘22 is going to be -- continue to be a transition year like ‘21 was, but we kicked the crap out of ‘21. It was an unbelievable year. Spectacular based on where we were. Okay, Floris? Operator: Our next question comes from Haendel St. Juste with Mizuho. Haendel St. Juste: David, I’ve got a question on OCR. You mentioned OCRs earlier, something we haven’t talked about in a while. And at 12.6%, you mentioned tha”
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SEC filings for SPG ↗ · Claim quote is verbatim from the 2021Q4 earnings call.