CLAIM #54523 · SPG (SPG) · 2023Q4 earnings call · Feb 5, 2024 · due Dec 31, 2026
“leasing is going well. With all the redeveloping, this is really more of a '25 - '26 story.”
David Simon · CEO
How to check this claim
Look at: Net operating income or FFO contribution from redevelopment projects referenced (Sears wing redevelopment, related leasing), as disclosed by company
It came true if: Company reports material earnings/NOI contribution from these redevelopment projects in fiscal 2025 or 2026, consistent with management's framing of a '25-'26 story
Where: Company earnings releases and management commentary on quarterly calls (FY2025-FY2026)
In context
“ple. And I mentioned, Brian now for the third time, but we have a whole wing that's connected to the former Sears department store that we're redeveloping. We'll have some outdoor shops, we're building Dick's Sporting Goods. We have a Lifetime Fitness resorts and then we'll do roughly 350 apartments or so, but that wing leading to Sears, we've had to de-lease it to ultimately put in, I am not sure, I am allowed to say it, but I'll say it anyway, Zara, Uniqlo and they won't open until end of '24, best-case. So. this advanced, by and large, all of this stuff in the U.K. that we've listed and I don't believe Brea's in the year if it is, just it will be there shortly. None that is really - affect that really gets in '24, we do have Tulsa opening in late-summer that will have a marginal impact leasing is going well. With all the redeveloping, this is really more of a '25 - '26 story. And the one that will see the benefit of this year and I have a number handy is 6, which we opened in '23. That's kind of the one that would say most meaningful of it. But most of the redevelopment is of '25 - '26 story. Vince Tibone: No, that's really helpful. I mean, is there any like for just in terms of the get the $1.3 billion that's active today, plus $800 million you're going to start. I mean what's the fair assumption for '25 - '26, in terms of level of maybe spend stabilizing, I mean I have to look at how we model it, like, is $500 million stabilizing annually at, we'll call it, 7% - 8% yield a fair assumption, or that's something I'm trying to get at like how quickly. David Simon: No. I appreciate that. If you don't include what I saw ground up, new development, I would say prob”
Verify independently
SEC filings for SPG ↗ · Claim quote is verbatim from the 2023Q4 earnings call.