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CLAIM #54649 · SPG (SPG) · 2025Q2 earnings call · Aug 4, 2025 · due Dec 31, 2025

And like I said, I think leasing demand continues unabated.

David Simon · CEO

PENDING
graded after results covering Dec 31, 2025 are reported

In context

to domestic property NOI. I see 3.8% year-to-date. I think you talked about at least 3% for the year. And then you made some interesting comments about how -- whether it's tariff or the strong dollar may be holding back some of the centers. Just wondering if you could just comment on how you guys see that shaping for the rest of the year? And if there's any way to quantify what sort of this headwind is doing to that number, so we get a sense what a true run rate can be? David E. Simon: Yes. Look, we're outperforming our year-to-date even with the volatility of the tariffs that were announced in April. The consumer is holding on. We don't update our guidance for comp NOI. There's a lot that goes into it. But we're very confident we're going to beat that number and have a very strong year. And like I said, I think leasing demand continues unabated. Sales is always a little bit out of our control, but we'll have to see how that evolves. And the -- we're seeing pretty good sales results even up to today and a pretty good back-to-school season. So we'll see how the rest of the year shapes out. Operator: Our next question is from Linda Tsai with Jefferies. Linda Tsai: I think it was in response to Alex's question earlier, you were discussing acquisitions in the context of deepening relationships with retailers. What are some of examples of this because I would think that you have a lot of negotiating power with the majority of retailers? David E. Simon: Well, we really -- I mean retailers have all the power because they can go across the street or close the store or go online, leave the market. So it's -- but the more product you have a

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SEC filings for SPG · Claim quote is verbatim from the 2025Q2 earnings call.