SPG - Earnings call transcript Q3 2024 | Simon Property Group, Inc.

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Operator

Greetings, and welcome to the Simon Property Group Third Quarter 2024 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Tom Ward, Senior Vice President of Investor Relations. Thank you, Tom.

You may begin.

Thomas Ward

Paul. you, Thank thank and joining today. us Good you morning, for David Chief McDade, Executive Presenting Financial on and Chairman, are call Brian today's Officer Simon, President; Officer. Chief and

filings this forward-looking for other forward-looking A release to SEC as and may of this We a materially uncertainties and and the risk Reform risks, of that the made actual that Litigation quick harbor during variety only Securities to of reminder refer statements. information today's be may that the those detailed safe of press today's a be within factors statements factors. you note due Act call to deemed of includes date. Private the of accurate discussion results meaning our statements differ related Please call XXXX, may

the non-GAAP comparable the press financial included on at investors.simon.com. X-K filing. to measures Both are IR supplemental in are website Form release press the measures and of today's most release the GAAP information Reconciliations directly and the our information supplemental available within

this call conference morning hour. limited to will X be Our

participate who limit the question. those X yourself to request that in respect like would ask to question-and-answer session, to you please For we our

to introduce I am Simon. pleased David

David Simon

steady, on arbitrary, our historical now to our financial and allows a of our balance broad third during high spectrum We're morning, redevelopment everybody, and the volumes, platform COVID. we for real focus space real estate from through operational apart closing total to Demand really combined sheet, and our at estate overcoming growing sets pipeline. with and I'm This, to raised $X.XX. us continue the unique pleased retail our We dividend We retail future. performance of in and Good is A-rated capricious and the development again our saw us gains, our and with strengthen quarter. occupancy leasing increased sales our strong volumes. tenants

ratio. have low payout a We

third over detail. quarter cover it guidance Brian, results and who to year our in more will full Brian? now I turn

Brian McDade

per and share $X.XX prior driven a international you, morning. Thank $X.XX Domestic and contributed growth third X% to by good year, and income. David, the the growth increase a in FFO was in quarter a rate. of X.X% operations had quarter $X.XX good very compared Real lease estate in

funds quarter were $X.XX from per year. as per or last billion operations to share or Third $X.X billion $X.XX share compared $X.XX

results of noncash which per net in quarter Third bonds Klepierre mark-to-market the the XXXX. in issued 'XX, of November we include share adjustments value November fair on loss of in $X.XX from exchangeable mature

reduced income due loss year from of discretionary the this prior earlier of to $X.XX at to year. market $XXX approximately stock Klepierre result on noncash stock of XX% the to due million Klepierre's interest also SPARC the third the was appreciation, and is OPI brands, the quarter consumer income quarter during increased outperformance by value due ABG price, third sale the our The quarter. of loss in increased lower investment our a derivative the which an X loss spending the the from the in during of as by

noncash 'XX. the the include results from of third As in in partial a reminder, per quarter prior in share ownership year $X.XX of our sale the SPARC gains

malls and constant the X.X% which spending rent includes X% X.X% at for for the the The compared year-over-year occupancy of at to year-over-year. leasing plan an increased for outlets was quarter. XX.X%, the at prior to increase Portfolio our quarter international X% increased for the our X.X% continued minimum momentum, Average end excellence and of Malls the and was XX.X% year-over-year, third of the the the year. occupancy Mills quarter currency, properties end consumer increased Mills base NOI the delivered the Domestic exceeding quarter. grew due resilient operational results quarter. outlet and NOI,

we momentum which signed across square than X the more X,XXX quarter. We of feet to generate Through the continued XXXX, square X is first signed expected revenue. billion in more months $X million the for of X,XXX Leasing feet XX or leases have approximately million portfolio. than leases

additional X,XXX deals our an for than renewals of including more revenue. million have We in pipeline, $XXX

continue including premium broad-based sales demand up see outlets approximately for from was square categories. and foot combined We was Reported mall per to X% strength excluding the retailers. strong year-over-year, many and $XXX X for community, retail continued retailer the

approximately same year-over-year. our those quarter, the up At Importantly, of cost X retailers total occupancy was sales the end X.X% volumes, excluding were XX.X%.

redevelopment XXX% opened Turning Premium Outlets at in Outlets August significant to were South of blended and also leased projects redevelopment. in cost the at and across quarter, on U.S. the $X.X XX development net new in expansion the platforms billion share all we internationally Korea of a underway yield X%. with development Premium September. of opened a our of Tulsa new and At at We and Busan end

investments. platform Turning to other

Performance was the and which season. Reebok. in these well up lower the the to the third the consumer record relative half continues expectations be improvements upcoming for at the SPARC comp brands their sales highlighted in below SPARC did, quarter in of first income cautious consumer. important this sets however, sequential We for underperformed quarter results OPI and at impact XXXX spending. Our third JCPenney as second more inflationary during Forever XX to holiday

positive not by and some expect with to announcements have these sitting we are We businesses. respect still, year-end to

Turning to sheet. our balance

$X.X X the credit supplemental years extended our existing on During we facility amended terms. revolving quarter, for billion and

on billion good $X of XX our with was issued also term part. We years a interest X.XX% senior notes a clearly and This in timing rate.

of subsequent quarter, on for of billion and repaid at XXXX of months $X.X million. of remaining X the approximately of the last with October approximately an at first X.XX%. We ended property of the the quarter billion total XX a our average the mortgages of for unsecured liquidity. the end of rate And refinancings $XX.X end completed the year, X, to we -- $XXX we quarter maturity During

Outlets, convenience physical brand assets, list create Shop while The all to incremental drive take marketplace sale our phase We next we worlds for including our the to and of our and digital digital of merchandise leading expanded adds shoppers Premium Simon, ultimate both journey for shopper million the upon constantly and our innovate rebranded rebranded experience. discounted and effort is this e-mail in In and XX outlet on advantage continuing omnichannel our products customers. to success world-class partners. the totaling sales offer marketplace continuing to This our digital over Shop of brands. from in create building

destination as Mall. Me We also launched all the a The celebrates malls the the for at generations. go-to nationwide campaign, Meet shopping marketing campaign continued new cachet

we is per $X.XX increase the increased on our for Today, high. pre-pandemic have quarter, fourth dividend. quarter we our our dividend and announced now dividend XX. record This back fourth to of to The of dividend our dividend, December consecutive the payable Turning XX.X%. is is share year-over-year a the

guidance. to turning Finally,

guidance and from noncash our quarter, is to per needed the highlighted. $XX.XX loss We per $X.XX value a mark-to-market the Klepierre $XX.XX and excludes loss net which fair are affirming only exchangeable of $X.XX to impact of adjustments third but it $X.XX share, noncash the bonds, range prior be now to was on the share year-to-date which

Operator? David today. time questions. your and your I available for you thank that, are for now With

Operator

ISI. from Steve question [Operator Instructions] Evercore Sakwa first with Our is

Steve Sakwa

exploration the you the It north portfolio couple And over guys just sounds momentum on for the retail how of lease you attacking great of there like the years? your curious high-quality XX%. are schedule you've got leasing in with next I'm moving pricing And being but power little being demand interplay feel the whether given space? like sales strong favor is obviously, a materially with flat, just bit front.

David Simon

guess. I to would real answer our I'll say improve merchandise to Steve, simplistically, job that estate. that is mix our I Yes. the at continue

how we we be can of that We're what It's a right undergoing the than et really et it When I'm significant cetera. a term. retail what restaurants, generic And could right across is retailer mix retailers. approach better lot cetera. you for What's remerchandising centers. property, so -- say it's charge. we're that rent more take than more -- still portfolio as it's the holistic because retailers, tenant, more just I seeing and using the remerchandise a to

are We're a better interested more our and seeing retailers that in lot interesting portfolio.

and focus. advantage that, need So the of to we take that's

demand, and staggering number. from that we're of numbers, And basically the pretty overcome X XX% are up a construction few supply prepandemic mean, obviously, So costs that. can I build and

we and properties new is can does focus square rent us highest the a light. supply, positive no per But and better our that foot the real there get. put just make So in is to on not job

-- a to leases I or expire So bring on balanced I term growth like have in tenants. But really don't we power. think as I have don't with approach. to focus still that. really we we new that, we like pricing don't Obviously,

a just our folks. next property portfolio the make our to outlets continue We X-day and marathon the you go session. week, focus leasing We did is do week. this had for with team. property #X the mills how Just we'll malls do better the really literally We by

the you if is we participate only to that get the it, property But But Alex, the end who want all down Alex for. guy sat growth there. the do do do the you'll looking it. still was day, better. to think you make that, at focus yes. work if I And road I would the when in property somebody X to how I of you We at primary through think the it, offered have sit is time probably, that we're through

I news The supply favor. is is and way, it demand good characterize So would our Steve. that in

in think focus. about overcome make have when invest costs the capital rise unbelievable We better, that's it our construction it. in to you to And portfolio the the

Steve Sakwa

you Well, next sit meeting. to if on in me I'm want free the week,

David Simon

than welcome. more You're

You or right? choose all Let get Tom outlets know. mills, to

Operator

Goldman is question from Sachs. Caitlin with next Our Burrows

Caitlin Burrows

considering you've David, potential if go projects. you you also done. retail mixed-use for replacement Simon's other this that was can I wondering like or still growing and opportunity development extent portfolio anchor deep what a is the all and then how there redevelopment now for through larger mentioned To is redevelopments already pipeline.

David Simon

Caitlin, huge I us. to focus a for be think continues, that

is way around going to have now. still redeveloped And But do mean want -- we it. we we have So the all all pipeline to. I would doesn't of our mixed-use billion us. right probably opportunities massive X we're of the ahead That anchors don't

is a Barton and opportunities back space some if and have down Sears, the redevelopment do million great look we're get opportunity between Fashion going the a you like retail Valley we kind JCPenney or about the at mixed where use. of probably So $XXX to of line, Creek

as continue pipeline actually existing retail It's relationship in our or of interesting encouraging we residential. to see. They see an between glove. do format. part hand And Our to $X adjacent development Barton that residential think we billion residential go very the is or example could Creeks that an including Valleys without world Fashion over of and the of the kind of today

if I you Wood, think tell you same to thing. the he'll listen Don

So that ahead. We're going is exciting. steam full

As been you know, is that if markets the we're to think it, you supply, building at years. X X oversupplied, it's but to certain X how it's take going looking now in to probably and nobody reality

that no think And -- in on, as supply, we situation. will these there'll then I put new advantageous us bring and be and a

So in floor resi. and and deal to $X is don't office wells ] Less ground center, approved long it don't [ majority we a X-K. just don't short, -- but square going X/X which is of know, partner a a of like an to say approved know probably not It's, say, billion build just with is our approved I we that and it. Clearfork, it, and retail can is in I The we Worth X/X of think it's if going big. just the XX,XXX -- and feet of [ at deal story to newer take I roughly we basically, don't our kind of in it's for be some ]. I deal, to Fort instance, But but office

And so pipeline. a those But of do projects out forward. our we'll we kind as big think still building of smatterings spec go of I office

Caitlin Burrows

mentioned were the side, to at retail X on correct? much on residential confirm, their talking point office the will in multifamily, there, not was That you I you overbuilding. know office And just in about so

David Simon

Correct.

Operator

Our from is with Spector next America. Bank question Jeffrey of

Jeffrey Spector

what have maybe Maybe doing doing next is the little initiatives them bit know, customers, know key to, the how something following mix, of on Mall. omnichannel experience is merchandising and first centers company that some question some Can Meet I I up the this on of topic, engage bring you you about at sometimes expand and overlooked. the the programs. the a your Me just few David, evolve this guys years? season, may great else talked that course, over you again, holiday you're to there, the comments on

David Simon

we a the gathering -- on that has I kind it Jeff, it's really place. whether would it continues all really mall to doesn't think a companies focused retail So get is I enclosed, in -- I kind if say, trading And like skins we It's a on unique other to too the be roof of project mean, And they we wave it. what best or new me, get our matter. and exciting new believe that talk or really you in product. of and -- of area. all believe that to retailers/marketplace is, the Shein

so hang the rejuvenation out at to seeing consumers And wanting we're of -- and younger the mall.

that. our and it's investors, think et for cetera, retailers highlight to the us I for both really also And our and obligation,

that, do try like best this cool. is we reinforce the companies, unlimited have to But we to right? don't can the we hey, Now tech budgets

important, same kind digital, We best put at we made on we role through a XX% can our think of and concept is the do brand proof had time, before Now So we it. the to think digital play commerce Simon. sure We in right? that of we XX%, is Shop way in is of that.

Shop it outlets. started If you Premium remember,

we've We Simon. our under building talent proof with created to decided top-notch concept until We founded We're it Shop marketplace. of Michael we we had rebrand some RGG, hired we around partnered and Rubin then and there. --

Simon will mall, from will So ultimately, and Search, the this loyalty up that, -- will hang have and then And product be which pick out on at end shift cetera. important. on then we'll store, we with do ultimately, we we'll that think, which add up hang et

ignore we means retailers the positive to that to the meantime, XX%, itself it can't it, flywheel on, let's XX%, assume is our want we it's So might. around community, is to, not to and fill this to starting the the it growing but out nature go because product reaffirm means but have we face that way used the our in as to digital we

to we So there. in play have

got right confidence. And us the we've they me retailer in product have I think for or Simon Shop faith and relationships gives

we'll out the in time, that We platform, what that's gives investment, us have team, I we're confidence right continue we think, value and not RGG, It create that takes takes have the doing. but partner of overnight. prudent to right it's real investment,

Operator

is question Mailman next with Craig Our from Citi.

Craig Mailman

concept, up Simon follow to just Shop Maybe on the David.

malls last mall little logistics Or able As part could help to this time. bit monetize and business you am bring into to and more I here retailers where you fallout guys be distribution your over reading much the are mean, looking be some to able convert can idea remerchandise also hopefully a the to to it? the there is anchor to get of mile to running up guys be to angle your it? in and too that and I

David Simon

our we'll distribution role there's we stores a mini center is help be facilitate at our mini those angle distribution we in in be that in there's possibilities in centers or angle or retailers. to certain do certain And can build I and up things store a on retailers Whether center. that mean that. play we with that of a might facility. distribution and able do local micro there to we your happens think maybe look at pick that a certainly search absolutely I can then

obviously, last and we're AXA in going it -- looking mile we not at is very also estate that's area the and does real last estate is that is ]. [ in located, there real hinterlands it well not mile important, power have the usually because, and our out is that's unbelievably -- and We're crazy --

So whatever. there not there's dominant going but It selective, be possibilities. will or are potential be possibilities. to It's

Operator

from Our next question Scotia is Greg with McGinniss Bank.

Greg McGinniss

[Technical I strong Difficulty] functionally quarter, crossing you're on of full. Or leasing guess in XX% the congrats occupancy ahead

David Simon

focused -- Well, think and increase on look, we're which occupancy, can said our also occupancy, we really I but still earlier, merchandising. beyond really I

location. we tenants center more occupancy, bringing huge our opportunity right a focus that room So in That's of But plenty to but -- our in right the grow -- important but is we they're right think for still and we have the still occupancy. in grow to the us. have

Greg McGinniss

per quick FFO X X guidance. on just And share Okay.

Just investments. the as real to of understand from offset contribution is other to now year anticipating performance? estate Are lower that opposed you trying $X.XX better platform estate around noise by by full some the real [indiscernible] maybe still or OPI from and

Brian McDade

Brian. it's Craig,

a by is to in we the it's being X contribution now OPI be to think XX estate explanation. I minus going improvement offset think for the year, FFO significant real the minus but

David Simon

for in sure. improve fourth to the it quarter expect We

Greg McGinniss

Right. [ the business if is real guess, it my think increase would that estate be ] But guidance stand-alone. I overall, I guess were

David Simon

-- an -- view. it's or up, OPI yours, this Yes. of we is if has been FFO but know don't OPI a you're phone If if drag our breaking I from point year

okay? positive we Jamestown, in when an that not remember, of lots SPARC necessarily have interest meaningful a up in amount. EBITDA a it you have depreciation, got our hurting have we own in you've and But EBITDA lots end together, we FFO, of investment our Now put line. business the investment again, you JCPenney. but in have essentially our RGG, in have assets we X We interest expenses of those retailer, in OPI, When all

de I to mention also our again, that want minimis and this that at just Penny you So in both in is investment everybody perspective. to point. put would And I SPARC

but right company thing bit note in [ the little and our investment RGG more ]. to have the We Jamestown, is a size of

year-end And side, retail respect which near So announcements standing and early well, we'll positive with have is on said or are Penny we our said, think 'XX. do Brian call, in with those SPARC. to and our I some still that not businesses still

bottom been that. the working hard So year. this But is it on line a we're drag has

that we budget, of you we weren't drag because extremely when with we our that Part thought we that was gave happy so ABG we We're told that income lost sale. -- that we anticipating.

So opportunity. Jamestown so investments. point. We're tackling those change, time. that again. we right the do but this but as the We right And at long-term -- that And can Obviously, at view was to X thing we view investments as long-term tackle and next. the RGG

to was think business, So time. in history, which into I the -- right the and thing if go when it we at important, you got that back is retail particular do

probably and that's given right in We haven't we investment not do, why time, a years thing less few are today's X to a the it's done retail years. --

we it, but something in So we with no we're smart, focused -- an get it. capital we're that's investment in have worth

is better, what from we're you story. make job but the that's our figured So to I'd you and on. full it wanted, I Diversion focused what give

Operator

with is next Stanley. Our Ron question from Kamdem Morgan

David Simon

lost we like looks Ron.

Operator

Our question Piper Alexander Sandler. is next from Goldfarb with

Alexander Goldfarb

on And Tom with Steve leasing with of yes, X happy I'll in on those coordinate to sitting sessions and you.

David Simon

we'll Well, do it.

impressed might the either you'll fully be You overwhelm might or detail -- you.

So we'll see.

Alexander Goldfarb

forward to I being overwhelmed. look

So of the performance made and the just the XX% question, lease you've that the the about getting comments on malls. opportunity the in David, plus back commentary to portfolio

few the become you changing look flow As cash at seeing to you XX% now competitive XX% see driving the you the top years opportunities of but you supply, in flow, for that bottom because given time, new just that a are talked your how the would of cash didn't harvested landscape, you retail exist of bottom for ago? environment have long in malls opportunities has the malls new lack bottom tier, but a reinvest about previously

David Simon

question good really and a interesting point. That's a

to And would asset ask but -- use like phrase every X everybody is mall the on you supply to say of of in right, real you, based portfolio. John Murphy is and talk that on Sade, absolutely our I to think Ruley, because it our no those And Eric new I'm you if Lovins X the I opportunities the days I and to again, if leaders et improve anyway. that in I the there's tell area, in it. markets. bottom to would going don't team, here. We not -- you last still XX loves through Rick, this the Todd John cetera, for company bottom go you're

operate. human we [ set nature, ] to like Just on always the we want work

a improve I in supply town real So in and to every I we're we that think the not potential do the cases, think asset, of strides there's and only our many do again, but in of majority make the given plus reinvest, real bottom can game ability lack because tier, them. to

big focus going without a So question. 'XX that's into

Operator

question Dijkum Floris next Our Van from with Point. Compass is

Floris Gerbrand van Dijkum

FIPS. Question now, because coming was might leasing Alex's we quarter, by pipeline. in opened way, luxury basis B I How is of SNO dips believe you the percentage forward? me way, there your view? market you to Is it finally I meaningful? that back its the And has by type response talk on luxury mentioned saw about project financing what But fascinating, that planned mall going was the moved? other or up maybe it the for that question just that malls And the your portfolio be XXX to thought pipeline lower-quality in Last points. in store the side, the SNO if can that too. are

David Simon

of me yes, Let I would are again, to. in have front I right and used interesting say me it -- question

luxury deals and have new we another XX feet executed we've have covering square XXX,XXX for we So signature. XX

total commit kind the is is I to time increasing So traditional again, retailer Even the slowed you that every we retailers in as point. there But longer. to has though for this probably and continuing and of that sales for, area. out are those compared we're day as build-out speak. of the that's at for brands kind They mean, open know, the to a certain

a that pipeline over impressive the footage to and lot square got that with open growing years we've few So next day. will of very a this

Brian McDade

mix. number but about and the heard here, talk is David points about signed merchandising as about though, And you've open XXX importantly Floris, times, basis is multiple not this

commitments as in we all well isn't We're out incremental. making number retailers swapping And retailers that better future into well. this retailers. have or do underperforming the So

Operator

Vince Tibone from Street. is with question Green next Our

Vince Tibone

stabilization Could for the of color redevelopment development cadence on you and the provide pipeline. some

the Specifically, you're a this that how with downtime super incremental the 'XX if disrupt basis, net you could share forecasting. from NOI all projects, openings next, for any be and in new helpful offset would expecting by much year pipeline on or

David Simon

think the investment portfolio We ultimately 'XX. of in going we're to about XX% deliver

yield, the get X% from you income think the unlevered against into that back data I So estimated contribution those points. --

Vince Tibone

average is that an 'XX. And or like average think it XX% third going will -- example, like I stabilize about stuff the obviously delivered to quarter, for on to be then that because like this year is accretive

clarify point. wanted to Just that

David Simon

that's think about expectation probably I rate X/X to development relative decent a our run business, for stabilizes.

Vince Tibone

description if can release Can I description the in project. no a started in saw any in redevelopment increase the you mall follow-up. And of provide the squeeze spend I of the just some, X more quarter? quick but

David Simon

that pipeline. So [ we at started to really Those in a added quarter -- a ], the we that the X were project and big ones Briarwood redevelopment resi we started Tacoma. the at

Operator

Our next from BMO Juan is question Markets. Sanabria with Capital

Juan Sanabria

the next specifically, with are curious positive just tariffs? for Is on thoughts And negatives as or out wins. could business we your view guess, a I where whole. given on which or side what would potential election week, positives on depending also, be negative Just that that come Simon's on your

David Simon

up of look, should the through that that kind we founders the may I'm view that Well, that lot that's ought look, -- lobby of -- of they're CEOs, Washington feel shouldn't a go to way things are their and company I not to ranks, they am because there okay? politics, whether view out that the stay on or the of I the we of That's affect like job. say in

not the we're here that's So that that of be endorse to occurring. all our kind it's take think we because So do uncertain -- to Washington of not And I of ready is respect for the here for with sorts to outcomes. only here guidance I'm Post an and globally. fourth vitriol have the and time, quarter that's view domestically cautious kind why of right?

really into am that, I get to not beyond But going that.

and out me be I left right. the people to I There's outcomes, the ought right? to what We'll should had -- decision to of it think to do people, matter the like what potential see the be are happens. stay individuals, X prepared. basically If influence trying people to we'll

a able But suite, have could and could a democratic to You that. then used you be can you suite, have do Republican to Xx.

So can be you I'm have not got X, tell it's think job. think want. outcomes. you X We've for going possible don't what ready it's X. to all right? my I I And to I outcome

people our decide or from this But to I like we maybe -- the do think I just cetera, to possible it I the of we without know who don't et I it's X minimis my be, de should to if lobby me -- means. overbearing so job influence That's I like for view. what's rule And be personal say a our that we on happening, this, outcomes. sounds guys if or me, want let my once ready outside know need like knows kind what people. like but guys just ought understand that, could to hurts retailers I hurts consumer beyond don't

Operator

Our question Goldsmith Michael with UBS.. from next is

Michael Goldsmith

some Maybe from we've the just heard call the themes of tying that together.

more Your occupancy to feel crossed room like you XX%, grow. there's

then You're focused merchandising by selective. it on to below rates X%. maturities expiring and being 'XX also looks for 'XX And your X% are like

you ability the years? over that mid-single-digit it give -- or growth couple of to this confidence So does you next can together, NOI sustainable growing

Brian McDade

NOI it's continue. Brian. we will in we will that do momentum believe Yes, The have. Michael,

of certainly plus it, you part highlighted investment are the into the the things of of capital business. back All

'XX, heard there's to but supply. David be you've say, 'XX As new we going will 'XX, be projects up in no opening and

support growth well. as So our that going is certainly to

Operator

Jefferies. with Tsai Linda from is question next Our

Linda Yu Tsai

in as then NOI Can how you do guidepost? provide growth some and portfolio 'XX color on initial the an think in and improvement domestic NOI you quarter-over-quarter about

Brian McDade

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

Linda Yu Tsai

same on color in continuing? terms the 'XX of though, Any level

Brian McDade

in Linda, give our February. Well, guidance we

we So point But at I that we'll that time. update do in you believe momentum. have

Operator

Our JPMorgan. with is Mike next from question Mueller

Michael Mueller

Two questions.

few more second development, to First, you for as then spend average the you over redevelopment. next X do next level think see the over acquisition the compared the do question years And or opportunities you'll see past XX? on years? What what X seen the

David Simon

-- retail structured ours focus. like answer think I'll -- listen, estate always company answer one. will primary real has high-quality built let I do Brian -- But two. number obviously finance been been has I our take Yes. I'll I buy I'll to a

it's hard well, It COVID, COVID -- forgot he the done out and XX it since will grow. for or we've last tell then -- still to the tell worked China, But So those in Bobby can has any remember know much deal, because acquisitions known to to what to he us opportunities was We there for it was they've the was he involved. that. me similar TRG height I should to forgot of everybody really assets be me, which whether be haven't years. of X will have about we weeks but X done in before but

it like it, we're attention to there'll as would you, Brian, thoughtful to pipe. being But price. That and what through so think not to acquisition. think be hard about or that it's And going very looking, ago. not X But grow we'll tell do forward. been compare do but doesn't But time, buy over that's I we we're XX ahead again, while. it's really I the what opportunities but would a I go we mean paying years on change, to at to

Brian McDade

talk continue you the to could year. to heard And for the I a shadow see billion size ] We've development pipeline. and the projects have $X.X us on side, just couple the Michael, got $X.X given think committed think about you're [ you million pipeline, billion there's $X a either hundred committed David billion delivery think That the projects. redevelopment of of I about by of a as going and

the we in that over level see future. available us of investment to So do

Operator

is with from question next Bin Our Ki Securities. Truist Kim

Ki Bin Kim

you're making, the progress some curious side gaining just parameters traction back-end you Just to of and the logistics you're going it. high-level also Can back about shopsimon.com. the provide on

shipments brands each retailer multiple shipments? you are the Or is being given If funding are still it we consolidated? have, -- the individual

David Simon

time, that to our early mostly a marketplace, answer but look, delivery. just think GMV. I we'll the rebranded first. it's We over we're growth Simon or website. in Shop app I'll using in would say will we it. had remarkable Shop that that mean, And a Simon days be service through able be Remember, we've I for offer

e-mail and as to now you marks our we've million got only will and add I more I'm overall loyalty, a add I'm our we because disclose add that mentioned a that, brand partner have there'll So we to the growth we're in to his GMV, -- there. that which GMV on, but the not hesitant meaningful retailers our be which site. $XX to and sure list the Brian volume use in should think And in -- of will do going our

because Bin there. Kin cautious be to going just we a I'm have So partner

news now progress or Tom exactly, can good we're So to the retailers. maybe traction. GMV is disclose lot a making be a you at able right that. don't we've but I But and off remember the after we'll point, Brian tell got We've of number real call. on got hold some of I'll the

Operator

is Kamdem question next Ron Morgan Our Stanley. with from

Ronald Kamdem

Just a quick X for me.

domestic past, sort that strong. comments pretty is sort X% of NOI the sort you the which the almost at growth In about next X%, hitting number. some looking made year of of Just

ground? on you're on seeing and helpful. Just sort curious of the as what would be any well to business traditional mall get between some updating And outlet differentiation comments the

David Simon

they're think I all kind in moving that direction. of Listen, overall,

the I you -- NOI trying comp growth. disclose to 'XX us So our get appreciate to

I February. do of We're and through next mills in is, which now, just going years will of That's year-end that did the but I so over to outlets that -- phase malls the as the do We the you we this week, important with mentioned point. week. seeing Feb. share We you, the early couple that we'll we're continues. absolutely the in our And earnings but last think again, with momentum the

Operator

time. this to at David I'd questions further to closing the back hand any no are floor Simon There like comments. over for

David Simon

of soon Thank season. you. all And good talk the and holiday questions you. interest. we'll we Thank a if appreciate don't Okay. I drop

Operator

This concludes today's conference.

at time. lines this your disconnect may Thank you participation. for You your

Simon Property (SPG) 1 Nov 242024 Q3 Earnings call transcript