![]() And our TRG portfolio occupancy was 93.2% at quarter-end, average base minimum rent increased compared to the fourth quarter and was $54.14. The number of tenant terminations in the first quarter was the lowest recorded in the last five years. Domestic property NOI increased 7.5% year-over-year for the quarter and our international properties as I mentioned performed well, driving portfolio NOI growth to 8.8% occupancy at the end of the first quarter was 93.3%, an increase of 250 basis points compared to the prior year and a decrease of only 10 basis points compared to are seasonally high fourth quarter year-end of 2021. We generated $1 billion in free cash flow in the quarter, an increase of 10% compared to the prior year period. We are also very pleased with the results from our other platform investments. Our international operations posted strong results in the quarter, despite being negatively impacted from the surging U.S. Our domestic operations had an excellent quarter. First quarter funds from operations were $1.046 billion or $2.78 per share prior to a non-cash unrealized loss of $0.08 from a mark-to-market in fair value of publicly held securities. I’m pleased to report our first quarter results. For those who would like to participate in the question-and-answer session, we ask that you please respect our request to limit yourself to one question. Our conference call this evening will be limited to one hour. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures are included within the press release and the supplemental information in today’s Form 8-K filing.īoth the press release and the supplemental information are available on our IR website at. Please note that this call includes information that may be accurate only as of today’s date. We refer you to today’s press release and our SEC filings for a detailed discussion of the risk factors relating to those forward-looking statements. Also on the call are Brian McDade, Chief Financial Officer and Adam Reuille, Chief Accounting Officer.Ī quick reminder that statements made during this call may be deemed forward-looking statements within the meaning of the safe harbor of the Private Securities Litigation Reform Act of 1995, and actual results may differ materially due to a variety of risks, uncertainties, and other factors. Presenting on today’s call is David Simon, Chairman, Chief Executive Officer and President. And thank you all for joining us this evening. Tom Ward, Senior Vice President, Investor Relations. I would now like to turn the conference over to your host, Mr. As a reminder, this conference is being recorded. A question-and-answer session will follow the formal presentation. At this time, all participants are in a listen-only mode. Greetings, and welcome to Simon Property Group First Quarter 2022 Earnings Conference Call. Tom Ward – Senior Vice President, Investor Relationsĭavid Simon – Chairman, Chief Executive Officer and President ( NYSE: SPG) Q1 2022 Earnings Conference Call 5:00 PM ET The Penney’s torch has now passed to the new CEO Marc Rosen.Īnd Simon wants his company to get credit for all the progress.Simon Property Group, Inc. This is a testament not only to Stanley but to the Simon culture.” Much like the variety of our investments, no other company or industry has the capability to put an executive in an interim role and produce these results. We appointed Stanley Shashoua as the interim CEO nearly a year ago and look at the results. “Penney’s success is an excellent example of how to better understand our company. And we’ve added private and exclusive national brands to it. “SPARC outperformed their budgets on sales, gross margins and EBITDA ,” Simon said. Penney’s, Forever 21 and Brooks Brothers were all scooped up out of bankruptcy. We now own approximately 11 percent of ABG.” Simon’s third-quarter funds from operations tallied $1.18 billion, or $3.13 a share - and Simon stressed that that included 30 cents a share from “our interest in the Forever 21 and Brooks Brothers licensing ventures for additional equity ownership in Authentic Brands Group. Getting Ready for Hulaween With Kim Petras Inc., and its SPARC joint venture, which owns Forever 21, Lucky Brand and Brooks Brothers.īridal 2022 Collections Trend: Sleeve Play David Simon, chairman, chief executive officer and president of Simon Property Group, is one the highest-profile landlords in the mall world - but on Monday he was getting a little credit from Wall Street for his side hustle in retail.Īnd Simon argued for a broader view on the work his company does, one that takes into account all those malls and rent payments, but also the company’s investment in licensing powerhouse Authentic Brands Group and stakes in retailers such as J.C.
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