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CLAIM #54491 · SPG (SPG) · 2023Q3 earnings call · Oct 30, 2023 · due Dec 31, 2024

Look, I think we feel good about that kind of comparable NOI growth. Our debt is reasonably laddered. So yes, we'll have some interest expense headwinds, but we still think we'll end up growing our business next year with that said.

David Simon · CEO

PENDING
graded after results covering Dec 31, 2024 are reported

In context

ss is performing well and is ahead of our plan. Tenant demand is strong. Occupancy is increasing. Base minimum rent levels are at record levels. And we are very experienced at managing our business through volatile periods of time. And as you all know, this is when we do some of our best work. So, we're now ready for your questions. Operator: [Operator Instructions] Our first question is from Ron Kamdem with Morgan Stanley. Please proceed. Ron Kamdem: Great. Thanks so much. Just one on some of the guideposts you've given in the past. As we're flipping the calendar to 2024, you talked about sort of 3% organic growth as achievable. Just wondering how you're thinking about that and how we should think about potential interest costs, headwinds as debt sort of rolls? Thanks. David Simon: Sure. Look, I think we feel good about that kind of comparable NOI growth. Our debt is reasonably laddered. So yes, we'll have some interest expense headwinds, but we still think we'll end up growing our business next year with that said. Ron Kamdem: Great. Thank you. David Simon: Go ahead, Ron. Ron Kamdem: I was just going to say if I could ask a follow up just on the $0.30 cent guidance raise. I think you talked about $0.32 cent gain and then $0.05 cents lower from the retailers. Just wondering is there any other sort of puts and takes that we should be mindful of? Thanks. David Simon: Sure. No, we're going to have $0.05 lower because of the SPARC-SHEIN deal. We lost a couple of cents from our mark to market on a couple of our public securities that we own last quarter. And essentially the real estate business has been very significant to our growth and we'll kind of see where the fourth quarter ends up but I think it's -- 97% of our business is going to outperform what we thought from originally what we had budgeted. Ro

Verify independently

SEC filings for SPG · Claim quote is verbatim from the 2023Q3 earnings call.