CLAIM #54547 · SPG (SPG) · 2024Q1 earnings call · May 6, 2024 · due Dec 31, 2024
“But we -- with the amount of capital that we are generating, both free cash flow and what's on our balance sheet, it is still an appropriate use of capital throughout the balance of the year and would expect that we would have interest in buying back our stock at certain levels.”
Brian McDade · CFO
In context
“back stock is less likely here. And are there any special dividends that need to be paid on that game? And then my second part of the question is we noticed that the TRG property count dropped to 18 properties versus 20 last quarter, what happened there? David Simon: I'll let Brian, you can -- I hope you can answer all these. I expect you to... Brian McDade: I can. With respect to TRG, there were 2 properties. One was a partner buying out our interest, so the property count went down by 2 in the quarter. With respect to... David Simon: Tell him the 2. Brian McDade: Fair Oaks and Country Club are the 2 assets that when -- the partner is buying us out or bought us out. With respect to capital on the balance sheet, certainly, it's a capital allocation decision relative to stock buyback. But we -- with the amount of capital that we are generating, both free cash flow and what's on our balance sheet, it is still an appropriate use of capital throughout the balance of the year and would expect that we would have interest in buying back our stock at certain levels. David Simon: Yes. And I would just add to that, the ABG sale happened, I don't remember exactly, but near quarter end. And we were blacked out from that because of Q1 earnings. So I wouldn't read that the fact that it's sitting on the balance sheet to read too much into that. Haendel St. Juste: Got it. Appreciate that. And the special dividend, anything on that front... Brian McDade: There is no required special dividend. These were -- this interest was owned in our taxable REIT subsidiaries. So there will be a tax, actual payment due, not actually a special dividend. Operator: Our next question comes from the line of Linda Tsai with Jefferies. Linda Yu Tsai: A 2-parter. I appreciate the fact that you won't provide capital to Express, but could you just give more color on how you wou”
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SEC filings for SPG ↗ · Claim quote is verbatim from the 2024Q1 earnings call.