SPG (SPG)

“We will be launching Simon Media Network in the next couple of weeks to more broadly take advantage of the first-party customer insights we are getting.”

“We'll basically take the $18 million and turn it into $44 million.”

“I think, honestly, above where we finished last year is the team's goal, and I think we'll achieve that.”

“If current conditions continue, we'd expect further contribution beyond what's baked into our guidance.”

“At the beginning of the year, we guided toward $0.25 to $0.30 of negativity to interest expense for the year; we're about $0.10 into it, so we've got about $0.20 to go for the balance of the year under the current interest rate environment.”

“The 120 basis points Brian mentioned was attributable to adding the remaining 12% interest; that will narrow over the next two quarters as we lap the acquisition.”

“On the assets we manage, we've increased EBITDA margin by about 300 basis points this year, and there's another couple hundred basis points to go.”

“The additional contribution from the 12% will normalize, but we expect significant upside from operating these properties over the long term.”

“We have exciting projects in the pipeline—Green Hills, International Plaza, Cherry Creek—where we're planning significant renovations and tenant additions to create runway for growth over time.”

“Given our results for the first half of the year and our current view for the remainder of the year, we are increasing our full year 2026 real estate FFO guidance to a range of $13.20 to $13.30 per share.”

“Looking ahead, we expect projects representing more than $600 million of additional net cost to start construction in the second half of this year.”

“When we think about guidance, if sales trends continue, we'll be above our guidance range, but it's hard to know how sales will perform, so we assumed some moderation.”

“We have hopefully $600 million plus that will be approved and start by the end of the year.”

“I'm pretty sure looking at Brian, I think in the third quarter, we should be passing $50 billion paid as a public company, which is a pretty big number.”

“We don't update guidance. We guided to at least 3%. I think we've guided to at least 3% for a number of years now. Our job is to outperform that.”

“we issued a little over 5 million shares to do the last 12% of the Taubman transaction, and we fully expect to buy those back.”

“All of these projects will be funded from internally generated cash flow, and we will maintain our track record of discipline in how we allocate capital, rigorously evaluating each project against our return thresholds.”

“And so we'll probably have, call it, plus or minus 100 basis points impact on the year.”

“The original $0.25 to $0.30 headwind that we expected between higher interest expense and lower interest income is still there. It probably is gravitating closer to the $0.25 versus the $0.30 today where rates are, but there's definitely still a headwind ahead of us for the balance of the year.”

“We have an additional $1 billion of projects, so we'll have the ability to start construction this year, including new developments, anchor redevelopments and international redevelopments and expansions.”

“And finally, on to guidance for 2026, given our results for the first quarter and our current view for the remainder of the year, we are increasing our full year 2026 real estate FFO guidance to a range of $13.10 to $13.25 per share.”

“Beyond that, we have approximately $3 billion of projects in our pipeline that could start over the next several years.”

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

“Linda, we we do expect that there is some upward opportunity in our occupancy for the year across the platforms.”

“As you know, we we know we opened in the fourth quarter, vast majority of retailers. Then the momentum builds throughout the balance of the year. So you would expect that number to go up. Second, third, and fourth quarter.”

“We're projecting 3% comp NOI growth.”

“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.”

“I think you should expect about a $30 million contribution '26 from projects that are gonna be complete.”

“We disclosed the new rents on our leases, which are $55 per square foot. We would expect that to continue into 2026.”

“We expect to drive higher occupancy at these assets as we on our leasing strategy.”

“The guidance range assumes domestic property NOI growth of at least 3% and higher net interest expense of 25 to 30¢ per share versus 2025.”

“Let me just end by saying from a supply and demand point of view, just from our leasing, we see absolutely unequivocally no change apart from the retailers that are looking to grow their footprint.”

“This will require remeasurement of our previously held equity interest to fair value, resulting in a really big noncash, non-FFO gain to be recognized in the fourth quarter of 2025.”

“We feel really good about '26 in terms of our ability to produce comp NOI growth.”

“Kering is still a very important tenant. And over time, we would expect to continue to see them move around to the top rankings.”

“I still think we're going to want to grow our dividend.”

“I think over time, obviously, subject to market conditions, we'll look to quarterize, i.e., at least want to get our share level back to kind of where it was pre-issuance for the TRG deal.”

“I would expect that over time, we will unlock that and use our unsecured capital to unencumbered assets in due course to further improve our unencumbered asset base, which is already incredibly powerful.”

“So we would expect our comp NOI growth to accelerate because of adding that in.”

“This transaction will be accretive in 2026 as we assume management responsibilities and integrate the assets, with the full benefit realized in 2027, given all of the operational aspects of running on our platform, adding at least 50 basis points to the going-in overall yield.”

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

“Well, we're outperforming our year-to-date even with the volatility of the tariffs that were announced in April... 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.”

“So we're hopeful that a couple of more things will get announced this year, and they'll be accretive.”

“From an unsecured perspective, $1.6 billion of maturities here, we will refinance that back in the unsecured market throughout the balance of the year.”

“We are reaffirming our full year 2025 real estate FFO guidance range of $12.40 to $12.65 per share.”

“You will also see some more interest expense come through as we refinance our debt later this year, slightly higher coupons on.”

“You can see the interest income starting to come down. It's about $0.06 in the quarter. We would expect that to carry forward through the balance of the year.”

“We are expecting construction costs to increase.”

“But some of the brands and Catalysts like Brooks Brothers is doing great. So they're achieving the synergies that they wanted, the business is on plan and the bottom line is even with today's uncertainty, we still expect to have, again, it doesn't show in our numbers because of depreciation that I've explained to everybody, but we expect Catalyst to have positive EBITDA this year even with all the tariff and economic uncertainty that is causing going forward.”

“So we don't expect, that whole business, whether it's Europe and/or Asia for us is basically stability. So we're outperforming in Europe and in Asia and obviously there's fluctuations, Korea could be up, Japan could be down, but generally it's basically according to plan. I don't expect any change there.”

“So I expect sales once I get April numbers to be up first four months over the year compared to last year.”

“We expect the results to trend towards the middle of the range given the current macroeconomic and tariff uncertainty, potentially impacting retailer sales.”

“Starts for this year will be approximately $500 million.”

“We expect to begin construction on additional projects in the coming months, including a residential development at Brea Mall and new retail, dining and outdoor spaces at the Shops at Mission Viejo both in Orange County, California, as well as the redevelopment of a former department store at the Fashion Mall at Keystone in Indianapolis into dynamic mixed uses.”

“We think those 50, about half of those start commencement of rent this year, the other half next year with the balance kind of finishing out as we complete our leasing efforts, Michael. But to David's point, we do think rents are going to at least double.”

“I would expect us to add more to the pipeline, but those are kind of the ones that were pretty much, so got shovel on the ground and went over, but those are all pretty much baked in the cake.”

“So ultimately we would expect that number to come down throughout the year.”

“We think it's NAV accretive for us. We also think it's earnings accretive for us.”

“Our guidance reflects the following assumptions, domestic property NOI growth of at least 3%, increased net interest expense compared to 2024 of between $0.25 to $0.30 per share, reflecting current market interest rates and projected cash balances compared to 2024.”

“We expect Catalyst will generate positive EBITDA in fiscal 2025 and roughly breakeven FFO as they work through the combination.”

“We expect there will be significant savings and synergies from the combination that will be coupled with potential restructuring costs.”

“We expect to fund these redevelopments and mixed use projects with our internally generated cash flow of over $1.5 billion after our dividend payments.”

“This year, we will open our first premium outlets in Jakarta, Indonesia in March and expect to begin construction on four to five mixed use projects throughout the year.”

“The business in basically Eastern Long Island where we're going to update, renovate the property, add a great retailer in a huge box... and that will probably be about a 12% return and over the next couple of years”

“we would expect to see or if we continue to see dollar strength, can see some impact over the course of the year, certainly in our translations of our foreign earnings.”

“Yes, no, we're growing the portfolio. We said at least 3%, I think, we've said at least 3% last two years, maybe three... hopefully, we can beat that”

“We still feel like we have upside in our occupancy.”

“I do think there’s a real potential to improve that, because in many cases, we’re the only game in town and given lack of supply and our ability to reinvest, I do think we can make real strides in the bottom tier, again, not every asset. But the majority plus of them. So, that’s a big focus going into 2025 without question.”

“Well, Linda, I think, the quarter we continue to see rent growth, occupancy growth, conversion of temp to perm. I think you see the quarter reflecting us executing on our business plan to a high degree. And as I just said, I think we carry that momentum into next year as we continue to execute.”

“Yeah. Vince, we think we’re ultimately going to deliver about 30% of the portfolio investment in 2025.”

“I think we now think the OPI contribution is going to be a minus 5 to minus 10 for the year, but it’s being offset by significant improvement in the real estate FFO extension.”

“Obviously, we think we still have growth as leases expire or we bring in new tenants.”

“we are affirming our guidance range of $12.80 per share to $12.90 per share”

“As you’ve heard David say, we will be opening up projects in 2025, 2026 and 2027, but there’s going to be no new supplies. So that is certainly going to support our growth as well.”

“we’ve got a very impressive pipe on that with a lot of square footage that will open over the next few years and growing to this day.”

“I think that’s a decent run rate for expectation relative to our development business, but a third probably stabilizes.”

“I think what we're seeing is demand and what I said earlier in my opening remarks, demand is strong and steady, not abating. It's really unabated.”

“Yes, watch list continues to be relatively flat. Those things that have happened, we had a thought that they would and it planned ahead. We don't really see much on the horizon at this point. No new additions in the watch-list at this point.”

“Linda, most of that's going to be back-end weighted to -- there'll be a little bit this year. Most of it will really manifest itself next year just given where we are in the year and how retailers traditionally position their store fleet to get most of it open before we're back-to-school holidays.”

“So if that's the case, that's going to be better than what we planned initially for this year and what we were thinking for next year.”

“Current plan is still to refinance those out with cash on hand. But to the extent we were to see opportunity to do alternatively or the market opened up with tight spreads, certainly, we could access the market in the back half of the year as well.”

“Yes, Michael. Look, we continue to see pricing power. Roughly rents are similar where we've seen an escalation last year that we talked about rents in the 70s for new deals. That's continuing.”

“And if anything, we'll step up our investment activity, but not foolishly.”

“And we expect to do another phase of that probably in the next nine months as we go through the pricing.”

“So I don't anticipate -- long story short, I really don't anticipate much portfolio real estate activity at the JCP level.”

“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.”

“We expect our starts to be around $500 million this year.”

“So, we're seeing generally positive spreads supply-and-demand is in our favor.”

“Demand remains very strong. And there is a real interest by all sorts of retailers and people that populate our shopping centers to be part of what we're doing it.”

“A normal rate of lease term fees. I think the answer - the number for the year is about $30 million.”

“Yes, we did see some savings on a year-over-year. There was some seasonality to it, weather was a little bit lighter. But yes, we do expect it's sustainable.”

“Just on Taubman, and I mean, our expectations on the comp NOI are roughly right on in excess of 3%.”

“we feel like supply and demand, low occupancy cost, high retail sales, and just overall demand will be able to generate kind of the new leasing renewal spreads that we've seen over the last couple of years.”

“We still are anxious to continue to buy our stock back.”

“And we'll continue to look to monetize these investments, they've been by and large, very good investments across, not just the big ones, but the smaller ones as well.”

“Contribution from other property, other platform investments of approximately $0.10 to $0.15 per share; no significant acquisition or disposition activity, and our current diluted share count of approximately 374 million shares.”

“increased net interest expense compared to 2023 of approximately $0.25 to $0.30 per share reflecting current market interest rates on both fixed and variable debt assumptions and cash balances.”

“And we expect to fund these redevelopments to mixed-use projects with our internally generated cash flow of over $1.5 billion after dividend payments.”

“leasing is going well. With all the redeveloping, this is really more of a '25 - '26 story.”

“If you don't include what I saw ground up, new development, I would say probably about between $600 million and $800 million a year and our goal would hopefully be to bring that in at north of eight.”

“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.”

“We'll, like we did with SPARC earlier, we're going to continue to harvest our investments over time. And as we do that, we're going to -- if you ask me today, we'll monetize things over time and we're going to buy our stock back because it's wildly accreted”

“So pricing is for sure going in the right direction. Occupancy is going up. And tenant demand is pretty strong across the whole spectrum.”

“We expect that to continue but that -- obviously those thresholds have been raised.”

“So you will see that come back on and then some in the fourth quarter, it's just simply timing.”

“Sure. Well, generally, as we said earlier in the year, we expect to be more or less flat. So that's kind of what our expectations continue to be in terms of retail -- reported retailer sales.”

“And so you'll see more of that trend continue.”

“So given that, that's why we haven't been active on the acquisition front. And I don't expect that to really change.”

“But nothing can happen the rest of this year and it's sometime next year that this all recycles.”

“Now at the same time, Jeff, rates are up. Returns for us have to be up.”

“Even with all the volatility in the world and the market, we still expect -- we still see demand very strong.”

“I think we'll be, year-end occupancy will be obviously higher than it is today. I don't know that it will be our highest ever, but it it'll be within distance pretty close.”

“essentially the real estate business has been very significant to our growth and we'll kind of see where the fourth quarter ends up but I think it's -- 97% of our business is going to outperform what we thought from originally what we had budgeted.”

“Look, I think we feel good about that kind of comparable NOI growth. Our debt is reasonably laddered. So yes, we'll have some interest expense headwinds, but we still think we'll end up growing our business next year with that said.”

“And I'm happy to say that we will be back. We better be back, okay, but we will be back in there in 2024.”

“I think OPI is really simple. $3.5 billion, it's going to make $0.50, $0.60.”

“I mean I think we feel generally positive about our ability to grow comp NOI.”

“So we still expect some really interesting things to happen in 2024, 2025 as these tenants open.”

“And certainly, we do expect that we are going to continue to see openings throughout the balance of the year, as retailers open later this month and into September and October.”

“We do think we're going to carry that through year end.”

“So we continue to think our rollover. By and large is going to be positive.”

“We continue to expect the business to meet our original 2023 guidance we provided at the beginning of the year.”

“David Simon: I would hope so, yes.”

“Well, look, I mean I think -- I see it continuing. We see good demand. We are tied to the general economic condition, but supply-demand is in our favor.”

“So, I do think as we've been saying over the last few couple of quarters, I mean, we have finally turned the corner on lease spreads, demand, better properties, more commitments from retailers, more -- and more retailers wanting to open stores, all driving pretty good demand, which allows us to get to spreads that we're accustomed to.”

“Yeah. I think that's a reasonable number, yes, in that range.”

“Obviously, we do have some headwinds with higher interest rates. We do have debt maturity at low rates, but rollover will cost us some growth.”

“I expect EBITDA growth to accelerate in the later half of '23 and '24.”

“But it will -- you'll see it map out -- part of that OPI map out just like other retailers where the loss will be in Q1, profitability Q2 and three and then 70% -- 65%, 70% in Q4.”

“And if you look at the renewals in the new business, there is a really good uptick from kind of the in-place income on that. And that will come in not really this year, but over '24 and '25 as those stores get opened.”

“That's a complicated one, but we're -- every day, we make progress. So, it's terrific real estate, very complicated transaction, but we continued to make progress. But no final decision has been made to do it. But I expect one to be made over the next few months.”

“Essentially, we're looking at to reach all those 2,000 units. It's really probably a five-year build process. We expect to start several this year.”

“We don't expect sales like they were over '21 and '22, and we planned accordingly.”

“We are renewing above our overall -- above our expiring rents. So, even with that said, we expect to continue to have positive rental spreads even with the higher number for the balance of this year and certainly in '24.”

“By the end of the second quarter, we expect to be approximately 75% complete with our 2023 expiration.”

“Overall, we continued to expect OPI to meet our 2023 guidance we provided at the beginning of the year, which is similar -- which will be a similar FFO contribution that was compared to 2022.”

“And getting into your first point, will we beat it this year? It will be close. I'm not -- I can't guarantee it, but I am hopeful that we will beat that number, in the not -- certainly within the next 12 months, assuming we can continue to maintain reasonably decent economic conditions.”

“But I -- my instinct would be probably about $1.5 billion.”

“The short answer is we will get there on a run rate by the end of this year.”

“And demand continues to be very good.”

“I think we got to open it up a little higher. We have a little higher bad debt expense budgeted this year than last year.”

“The CapEx, including TA, will probably be roughly with what it was '22, if not a little bit less, okay?”

“At least $100 million.”

“'23, slightly up, slightly up.”

“We have budgeted it basically down slightly because, number one is the extent that a tenant renews the lease, we're getting some of that overage into the base rent.”

“We really don't have any plans to acquire anything. If we do, it will be opportunistically.”

“The true offering that Phipps will have will really show in '24 when all of these retailers open the stores.”

“We think it will be stabilized close to 60.”

“We still have a lot of openings scheduled for the latter half of '23 and the early part of '24. So we're not going to see the full contribution of those tenants open until essentially really a run rate at '24, I'd say, sometime in '24.”

“In addition, we expect to begin construction this year on 6 to 8 mixed-use projects.”

“a diluted share count of approximately 374 million shares.”

“similar OPI investment contribution, FFO contribution compared to 2022;”

“increased interest expense compared to 2022 of approximately $0.30 to $0.35 per share, reflecting current market interest rates on both fixed and variable debt assumptions;”

“Our guidance reflects the following assumptions: domestic property NOI growth of at least 2%;”

“We're not planning for that to really accelerate in '23 but we're hopeful that it will.”

“And we think the true pro forma of this will ultimately manifest itself in year '25 or even in '26.”

“So look, I think you have to go back to the beginning of the year where we thought because '21 was a really banner year, and we were very conservative in our comp NOI estimate of 2%. We're blowing through that number.”

“Given our current view, for the remainder of the year, we are increasing our full year 2022 comparable FFO guidance from $11.70 to $11.77 per share, to $11.83 per share to $11.88 per share, compared to $11.44 last year.”

“But it's -- our comp NOI growth is going to be really strong, and we continue to expect it to grow next year as well.”

“But unfortunately, the only negative next year will be getting stores open and getting this 200 basis point type open and operate.”

“Sure. Let me -- I'll take the last one. I mean, we expect to garner a lot of the percentage and overage rent to minimum rent as these leases roll, but they take time to roll over.”

“So, I expect those investments to pay for future earnings growth.”

“And so even though if we may slow down next year or even into the holiday season, I don't think the growth from our existing business is going to slow down because the demand for new deals and space is there.”

“We expect to generate approximately $300 million in FFO from OPI, that is for those of you like math is a 60% return on investment.”

“So I'm hopeful that any slowdown will demonstrate will reduce cost of new construction, which we will then want to like move forward more aggressively.”

“Yes. That's a good question, Chris. Right now, we think the -- if we do run into a recession, actually, from the standpoint of new projects, actually, we see a slight benefit.”

“So Look, I think we're still on track to achieve our goal -- I mean, I -- frankly, I think we've done an unbelievable job in increasing our occupancy and increasing our cash flow since the shutdowns. So hopefully, in '23, we'll get back to pre-COVID levels.”

“And I think we'll outperform our initial guidance of 2%, but that's nothing other than that or normal seasonality of the business, Craig.”

“We're still projecting really high EBITDA growth for these companies.”

“There will be a little more volatility from quarter-to-quarter when it comes to SPARC and JCPenney, but please keep in -- this in the proper perspective. It's all upside from here.”

“So this is -- they're still not firing on all cylinders, so we'd expect future growth here.”

“Yes. I think that's more a function of documentation than dealmaking in that we don't put that done until signed and a lot of our bigger renewals have been done over the last 2, 3, 4 months, and all that's being documented. So I would expect that, that number would continue to go down, but we have no fear in that number.”

“Our business and our industry actually tends to outperform during recessionary environments to the extent that we get there and maybe we're in one, maybe we're not... So even in every recession, other than COVID when we were told to shut down, our cash flow from our properties was flat. It did not decrease. So Tom has a great paper on it... I think the same case will be here. We'll -- if we do get into a full-blown recession, our cash flow will be positive. It won't maybe grow is high. We'll have some exposure on sales, but we do see the big tickets kind of go away and they move toward the items that we sell in our properties.”

“We're already planning next year's event, which we expect to be bigger.”

“But my guess is the existing property will increase by roughly 30% NOI when we're done with it, if not more without that -- not including the incremental that's what I just mentioned.”

“What we see now, we expect to outperform, but it’s – we don’t update it and it is an uncertain world, but we’re working extremely smartly and diligently to outperform our initial property NOI expectations, without a doubt.”

“my anticipation without the question that number will be way down for Q2.”

“I think that the gap between the two in a good market like we have now will narrow.”

“Well, I would, again, I think you missed part of the earlier call. So I’d say to you by the end of Q2, well, probably be in the 70%, 75% range of all of our leasing activity for 2022.”

“we believe these investments will generate value above our bases as they fully reopen and reengage with their customers.”

“Remember we expect Reebok to incur operating losses for SPARC in 2022, due to the integration aspects of the transaction.”

“But believe me, as we continue to lease up to permanent retailers away from specialty, we’re going to generate more income, but it’s not all going to fall in ‘22.”

“We’ll see some of that in ‘22, but we’re going to see a tremendous amount of great new stores in the ‘23 time period.”

“But we still have a transition year in ‘22.”

“Well, the good news is our pipeline is kind of back to where it was in ‘19. However, remember, in ‘19, we finished some stuff, right? So naturally, that falls off. And then, we didn’t add anything really until this year. But I think you’ll see steady progress in adding -- and remember, we only add when we start construction on a project or we internally to prove it or we’re about to. So, we would expect to be able to add to that number this year.”

“In terms of operational outside of that, Caitlin, we’re basically more or less budgeting the same EBITDA, NOI levels for our investments, our other platform investments other than these investments that I just mentioned.”

“We have a significant pipeline of redevelopment projects, which will be funded from our internally generated cash flow.”

“RGG, including our Shop Premium Outlet marketplace growth continues, and we expect continued investment in 2022 to drive customer acquisition and sales growth.”

“But we feel better that we’ll continue to drive rental growth over time.”

“We expect to increase occupancy compared to year-end ‘21.”

“So, it’s -- it should pick up over time, but it’s really a function of the big overage rent payers and when their leases expire.”

“Yes. I mean, again, it would be my expectation over time that we’ll reach those levels.”

“But the demand, I strongly would tell you that it's -- it's very good. And it's across the board.”

“Not currently, a. They've got, I think -- we'll see how it impacts '22, but not rising costs from our standpoint in '21 -- shouldn't be all that material.”

“These results are impressive, in particular, given lack of international tourism, which we believe will start to increase after the strict restrictions on international travel are lifted beginning next week.”

“everyone is pretty comfortable or -- I should say confident that they're going to get the product in there for the holiday season, but I would tell you that there's no guarantees, so there will be some variability”