CLAIM #54503 · SPG (SPG) · 2023Q3 earnings call · Oct 30, 2023 · due Dec 31, 2023
“Yes, we've lowered it. We've lowered it. Other than the -- you understand the $0.05 because we own less of SPARC. We have lowered it for the fourth quarter by roughly guys -- for the fourth quarter it would be about $0.20.”
David Simon · CEO
In context
“ution of issuing stock at this price, there's no question we're going to buy our stock back. To the extent that we don't, I don't have an answer for you yet on whether we would have done it absent the TRG issuance or enhanced liquidity from asset sales. But like I said, our development pipeline, redevelopment pipeline is very much, very much measured up against the stock buyback. And every asset I've got, I don't have to own anything at this point. I'm happy to sell assets at the right price to buy our stock back. And I think you'll see more of that from us over time. And that could be real estate and/or other stuff. Mike Mueller: Got it. Okay. And real quick, and just in case I missed this, was there any change to the OPI guidance that's embedded in your current FFO outlook? David Simon: Yes, we've lowered it. We've lowered it. Other than the -- you understand the $0.05 because we own less of SPARC. We have lowered it for the fourth quarter by roughly guys -- for the fourth quarter it would be about $0.20. Brian McDade: Yeah, David Simon: Roughly $0.20 in the fourth quarter. Lower contribution -- if you look in total for the year, and our share of that is roughly -- if you take out the $0.05, we've lowered it about $0.15 cents. Mike Mueller: Got it. Okay, thank you. David Simon: Thank you. Operator: Our next question is from Craig Mailman with Citigroup. Please proceed. Nick Joseph: Thanks. It’s actually Nick Joseph here with Craig. David, you've talked a lot on the share buybacks and it sounds like in your answer to the last question, we're open to asset sales and other monetization opportunities. What are you seeing in the transaction market today in terms of those asset sales? Where are cap rates? What's the buyer pool like? Are you seeing an opportunity to try to crystallize some of tha”
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SEC filings for SPG ↗ · Claim quote is verbatim from the 2023Q3 earnings call.