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CLAIM #54681 · SPG (SPG) · 2025Q4 earnings call · Feb 2, 2026 · due Dec 31, 2027

You know? Total was paying us around 18,000,000. You know, We think half the portfolio will pay us 30

David Simon · CEO

PENDING
graded after results covering Dec 31, 2027 are reported

How to check this claim

Look at: Annual rent collected from re-leased former Saks portfolio boxes (replacement tenant rent on that space)

It came true if: Rent from at least half of the former Saks boxes >= $30,000,000 combined annualized, versus prior ~$18,000,000 from Saks

Where: Management commentary on earnings calls / company-disclosed leasing and re-tenanting disclosures (10-K, investor presentations)

In context

revenue levers that should come into play and help drive earnings up. David Simon: Yeah. Listen. I agree you know, a thousand percent review thesis. We are seeing the most important thing is traffic's up, sales are up, the retailers that don't make it, even though I could sit here and blame tariff. You know, they were not highly productive retailers. And given that you know, it's our view that we can replace it with more productive retailers or higher rents. And you know, take take know, what's going on with sex. As a as a simple example. We have you know, a number of office stores and it'll be like the forever 21. Even though we don't have all of Forever 21 leased, we are already way ahead of the income for that and we have upside of you know, another 20, 30 boxes to lease. So Saks Fifth You know? Total was paying us around 18,000,000. You know, We think half the portfolio will pay us 30 And Eli Shakin said that remember the numbers. Right? So and then we'll and those are deals that we feel highly confident on. Then we have the other boxes that will generate it. So you know, we're not you know, we're not replacing you know, or replacing the you know, off fifth in the sets. The productivity and the rents. Are just so cheap that you know, there there's a tremendous amount of upside. And, you know, it takes time. Right? But and most of that will all be back end weighted because your GOB sales and I will be done. Who knows? In the spring sometime, you know, we get the space back. You know, Maybe there's a few that we can get in the fourth quarter. But most of it will show up in '27. So so the media sales tenant demand, traffic, It's all moving. In the right direction. And and

Verify independently

SEC filings for SPG · Claim quote is verbatim from the 2025Q4 earnings call.