CLAIM #54384 · SPG (SPG) · 2022Q2 earnings call · Aug 1, 2022 · due Dec 31, 2022
“Yes. I think that's more a function of documentation than dealmaking in that we don't put that done until signed and a lot of our bigger renewals have been done over the last 2, 3, 4 months, and all that's being documented. So I would expect that, that number would continue to go down, but we have no fear in that number.”
David Simon · CEO
In context
“positive. It won't maybe grow is high. We'll have some exposure on sales, but we do see the big tickets kind of go away and they move toward the items that we sell in our properties. And again, I think you asked something about SPARC -- again, it's really just a couple of the brands. It's also going against a great year. And again, let's have a bigger picture view of that business. Operator: Our next question is from Juan Sanabria with BMO Capital Markets. Please proceed with your question. Juan Sanabria: Just wanted to ask with regards to the month-to-month leases that are still on the books are a little bit higher than the historical average. Should we expect that to stay there? Or are you still comfortable kind of for higher rents? Or how are you thinking current context? David Simon: Yes. I think that's more a function of documentation than dealmaking in that we don't put that done until signed and a lot of our bigger renewals have been done over the last 2, 3, 4 months, and all that's being documented. So I would expect that, that number would continue to go down, but we have no fear in that number. Operator: Our next question is from Haendel St. Juste with Mizuho. Please proceed with your question. Haendel St. Juste: Dave, I guess a question on -- a follow-up on the seasonality of NOI in the first half of this year. Second quarter NOI was lower than the first quarter based on supplemental in both periods, which is unusual. How are operating expenses impacting typical seasonality? And what's embedded in the profit this year? David Simon: Yes. We didn't gather your first question. Could you please repeat it? Haendel St. Juste: First question on the impact of seasonality and the sequential NOI for 1Q to 2Q. 2Q looked lower than 1Q, which is unusual. And so I was actually asking how operating income David Simon: I think -- I don't -- see, I don't think the NOI was lower quarter over --”
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SEC filings for SPG ↗ · Claim quote is verbatim from the 2022Q2 earnings call.