CLAIM #54495 · SPG (SPG) · 2023Q3 earnings call · Oct 30, 2023 · due Jan 31, 2024
“So pricing is for sure going in the right direction. Occupancy is going up. And tenant demand is pretty strong across the whole spectrum.”
David Simon · CEO
In context
“to drop, but we haven't seen it on our new deals, whether it's F&B, entertainment, high-end luxury tenants, athleisure, just to name some categories. We're seeing -- we're still seeing a lot of demand on that front. And I would say from a pricing element, we feel -- I would say we feel comparable to the way we felt in ‘15, ‘16, ‘17 era, in terms of era. I guess that was almost seven, eight years ago, but lots happened over those seven or eight years. But we still feel like that's kind of -- we're in that good shape where we're driving rents up and it's okay for the retailers. They're making deals and supplying demands in our favor. Obviously we cycled through a lot of poor performing retailers due to COVID. And the ones that we are doing new deals with are excited to do business with us. So pricing is for sure going in the right direction. Occupancy is going up. And tenant demand is pretty strong across the whole spectrum. And even in certain categories, just to take luxury, yes, there are some that are being more cautious, but there's plenty that are growing new stores. So it's really retail specific. Obviously bricks and mortar through the pandemic to today has proven its value to retailers. I'm sure you hear that on the conference calls from retailers. So in that sense, we're making a lot of good stuff happen. Brian, did you have something on the occupancy? Brian McDade: I was just going to say we continue to see about 30% of our deals being new deals in the quarter. So that's consistent with the prior quarter as well. So there is definitely lots of activity on a new deal basis. Caitlin Burrows: Great, sounds encouraging. Thanks. David Simon: Thank you. Operator: Our next question is from Samir Khanal wi”
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SEC filings for SPG ↗ · Claim quote is verbatim from the 2023Q3 earnings call.