Simon Property (SPG) 5 Aug 242024 Q2 Earnings call transcript

Greetings. Welcome to Simon Property Group's Second Quarter 2024 Earnings Conference Call. [Operator Instructions] Please note this conference is being recorded. I will now turn the conference over to Tom Ward, Senior Vice President of Investor Relations. Thank you.

You may begin.

], you Shari us for [ evening. this you, and all thank joining Thank variety call due Simon, safe of Lance. A results are Officer today's the Reform call on Presenting David Act statements forward-looking the to and statements during and differ other of within McDade, may Private may that Litigation deem and of risks, Chairman, actual Brian Chief of uncertainties reminder XXXX Financial the a and quick meaning made materially this harbor President; Executive Chief Securities factors. press We to factors and you statements. for refer filings those a to discussion today's risk release the our of SEC forward-looking detailed relating Please within in today's as directly and the that be most information call date. Reconciliations the may the GAAP supplemental measures that accurate of are measures press to note comparable only release included includes of this Form information today's non-GAAP filing. X-K financial are at Both supplemental release our information the on website the and available IR press investors.simon.com.

evening to will Our Conference be call one limited this hour.

who limit For to answer you request our would question question. I'm Simon. to please respect introduce ask and in session, pleased David we the to that those one yourself to participate like

I'm second financial in our pleased quarter. everyone. and performance operational evening, Good with the

of sales in Demand for occupancy our volumes, shopper We increased is in history. company's NOI quarter and tenants are spectrum our strong real seeing leasing for space a level estate a traffic volumes and of gains steady. highest retail resulting company's the broad second from

by now results which turn better communities the in going call quarter full to in second per and dividends, continue Our funds guidance will operations cash deliver you've cover in make company for disciplined our seen long-term over flow, detail. unique and investment and activities is on properties more they share, who and to Brian, our that to our year in importantly, will our through focused creating increase value the the from dividend recent as growth operate. I'm

Thank David. you,

billion real from $X.XX $X.XX $X.XX share very prior quarter [ or year, business the and compared X.X% Domestic from or and SFO to $X.XX ] of had per operations growth. to per $X.XXX in quarter Second our a were operations was billion estate international good growth. compared in year. quarter funds $X.XX last contributed second share $X.XX the a per share

As reminder, increased of NOI X.X% a year the from activity prior quarter. a related the included for $X.XX ABG. Domestic noncash year-over-year investment to gain

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

As second new of David feet leases than in signed deal activity for mentioned, the leasing XX% leasing approximately square our Approximately X,XXX momentum continued more million the quarter. quarter across the in portfolio. volume. was X.X We

more forward event this we than year, this And importantly, National bigger year. participating was and Feedback outlets built premium second participating visit it the Mall and premium a year. sales retailers square over shoppers X% great. Since We retailer each per to retailer shopping in than and three up event XXX momentum The next Total from very outlets year-over-year. Reported last our even combined. year event launching following $XXX second More was sales shoppers third hosted the Our shopping and X% successful and in compared traffic centers increased unique the the in volumes our Mill look shopping was and ago, years has been shoppers has X quarter to retailers. June, day annual for quarter approximately retailers foot outlet million for an weekend. with

the Our cost XX.X%. was at of second quarter the end occupancy

and redevelopment. new to Turning development

Premium We South significant this Tulsa Premium on XX at will and outlets we open also expansion will Korea our August Busan fall. leased Outlets in at open a XXX%

started of in in the quarter the our yield of of of the on redevelopment stay We quarter, XXX work, billion $X.X our internationally, into new project and with X%. all construction other across This gas shop in underway At a also development North the were share ultimate development luxury scape, further will transforms new net phase U.S. net a end Northgate of cost destination. first the projects include ] and and add and units [ station. platforms live, that residential elements

the Now approximately $XX.X a billion the of during balance of XX billion quarter mortgages of for at the average of X.XX%. the first rate property refinancing year sheet. of We to with We total an approximately half ended the $X.X completed liquidity.

third Turning dividend. increase quarter a guidance. September payable to year-over-year share now the we is of dividend The of our XX. And finally the for per Today, X.X%. for on $X.XX announced dividend

We increase year year. With $XX.XX the at are share a restructurings, and this and our end and sales remarks. of prepared bottom $X.XX the overcoming last land of ] to low-release range that full $X.XX reflects available increasing approximately per per income questions. David for midpoint $XX.XX our from and This and now guidance land $X.XX year. settlement the are share $XX.XX range [ that, concludes your you, retailer to I at Thank certain compared XXXX is an sales,

Spector Instructions] Jeff [Operator with is America. from first Bank of Our question

that maybe consumer tie we on seeing my this the to outlets from you Clearly, the only at formats consumer the [ the in, guess question market you're a recession. the as may various across could to panicking focus what and prem is is latest today? they're on What given to ] your malls I point, it from acting you thoughts let's how mills. And retailers see circle service consumer-led back I today? I consumer, guess, if

I'll that. David. is take This

lower been under for has Look, a that we pressure So think pretty the some quite consumer the inflation for of can primarily because consistent I year time, income affected. well that's over

expenditures on their them. where bills They managing and So to be obviously see very like continues are that discretionary have we'd to the been focused not case.

we're is of now, consumer, we're that that to benign. It's that Jeff. see lower-end picture relatively which out for we the the given So way optimistic cycle going inflation too early,

We we're haven't seen about market we consumer the the point, Obviously, consumer. wealth it. seen impact the impact all higher-end the pretty is a slowdown in end sanguine in interesting so still higher an have -- not

as little that. bit we I at We're the know, a flat of budgeted sales. think of above you year, kind the beginning

higher a end in better in bit good got we've spot. end But consumer, think, spot. is the I little So of or liquidity a is Their the decent cushion. a

what's But we So going anything take expect dramatic. market employment to don't they're happen overall what their the in picture looks the queue going from and to like. obviously,

in And So But currently. more she I instruction consumer higher-end think lower-end another pretty tough you in ]. Tom ] summary, Jeff, goes consumer. a [ to I the steady can think positive the cycle question. runs [ we're going as ask always

question next Samir ISI. Our from is Khanal Evercore with

guess sign sales. any mean, helpful or the you with traffic I bit happened terms tenants are are on taking in terms of or taking guess, a new I or pricing And macro? power? longer be a leasing David, also pause in any to a seeing I of bit given of color what leases July seeing what's you would

don't have get the birthday numbers I color the don't after which XX is August until those XX, usually really We Yes, July. way. by But my on days month.

no early returns on So that.

I I And Okay, I don't participate deal need So week because a am told told am these the a deal committee -- But probably was ever. ago. had what we best when we've committee had I it would meeting, disruptive. Brian, in new be

and said abating. in remarks, So It's sensitive demand economic is opening and think steady, all retailers solar, my I really we what we're strong is to what seeing conditions. not Obviously, unabated. were earlier and I demand

them. develop, currently those we as all we sensitive great deal team be the to as have cylinders. is to had a working we committee, speak, and So But

kind of the from the news So front. that's

question Caitlin Sachs. Burrows Goldman is Our from next with

on demand Maybe just following up side. that retailer

strong. sounds has like increased leasing portfolio remains So last the year. nicely over It occupancy

You committee. best new deal just mentioned the

that So of continue reason to forward? can you increase rate I'm is going upside there Or you versus occupancy how have? much just current further cannot increases. would expect this wondering some XX.X%, further or support do the think

Caitlin, it's Brian.

think that we're year to out end little of bit of to But pretty sorry, year environment more a I'm -- just the going still we're of Certainly, thinking going the the comfortable end noise XX%. I robust we we're I the than given the north by there. add. type of XX% was think in demand

also Obviously, occupancy it's just retailers better retailers. not replacing are with I also that number that's the performing think

on. focused the So it's team a much issue, is mix which too, ahead. Go very

north could mentioned, be going just think of said, Brian, on picture, maybe that's there was of reason Is David bigger still upside just to to any based ceiling? a say XX%. you Or there potential? what like kind continued I

Well, cautious number, that's I'd was us knows number [indiscernible]. and pretty a for every year-end. but good [indiscernible] the What be

So it's a increase pretty last good year. from

XX.X%.

upside that so an maybe [ there's ]. not XX.X%, [indiscernible]

is Alex Sandler. Our next from question Paper with Goldfarb

the you David, is going and certainly the on call. well. I good to that recovery all hear stuff hope the

gone of kicked -- Jeff look a asked at as in question certainly, have But the big number same the question. you, a for my off environment also and it peers today, the Just retailers picture. we all less certainly, for only availability. landlords lot retail development among has been cost big through the roof. There's a a new there's shakeup but not themselves, the

as a you to work also do concerns that decades. you does about and in the different look over at are been how few worse given same weak just do today when think you putting So judge time positions. you to the see better the past to expanding, where we with tenants be economic are but way be than that capital conversations or picture worried better it that think the the data? impact Or today Are environment how you has situation And leasing you at we're economic that the seems now, as Like seem the going? situation? in the money

you, let just thoughts. for the Alex, And Well, your me question. thank answer

our it I'm expect -- talking frankly think us better never to you I listen, So positioned. been But have obviously that, do. like would which book, we sounds

absolute if a but an better one wants improve unequivocal So so to no we're don't even potential uncertainty our in we I the position positioned, and I through look recession, company. do think to we're and current at given how go -- that

we where go is else. everybody So bigger the we a years everybody a bigger pretty only the ago and gets Again, we don't at damn else recession, gap testament look and you if started [ kind team -- we gap, better today, between where us gap big. to and our do did and if but are that's through just want the ] We and the three that's to of

at a at started tough market looking not to an North we basis I'm example, any current potential slow So down. look XXX ] partners. in recession [ honestly, Bay and or as just building construction

that to the through go do of time next in we expect We as phase probably the another pricing.

our that get bigger about out from slowed to we're us dramatically, everybody some will and else So only us [indiscernible]. between gap standpoint, if the interesting slowing economy not the do just and gives opportunities

the partners, And or you your your tenants ]? see your they're same from retailer, from confidence [ waffling

retailers do. tell doing are term better like I business a Not view taking number the they who we of would we take and I standing that with longer think new financial that is of a the really have but a here. definitely we're are -- retailers longer majority think everyone, good you I just

sales and to they're as So gain share market well. looking

do we're So But activity weeks. this do I as we'll we reason see not And mean point. defensive the [ ] the reign it we'll if a it turmoil up don't the few over not step last everything kind anything, investment the in but into at we foolishly, our of to else. like on certainly

is Our with next Michael from question UBS. Goldsmith

growth continue gains You driven higher and drive both rents. occupancy NOI nice to by

we've bit a about occupancy potentially on the potential little talked Now approaching ceiling. a call

the was better in see do quarters. of increasing So just coming algorithm trying a looks of understanding power you get how to maybe I'm that the kind pricing to offset that?

again, do us bigger again, and think [indiscernible], opportunity better Well, clear, mix. we'll be like increase for again, occupancies, than The statistics continue to our occupancy. we to any increase to is,

the higher higher likelihood So and the the sales, the have you're the more that the mix, to higher -- drives, obviously, the rents. better that going sales,

we want merchandise anything if you big the continue our I focus as don't to properties. Brian, to that's to add it? know So

drives our where as similar Yes, last Michael. power. pricing and to about we've for are we continue demand Look, more rents see more drives year [indiscernible] it pricing we talked ultimately it escalation we deals. and find mix, seen as Roughly power. retail That's new update that continuing

So there's a reoccurring theme here [indiscernible].

with question is from next Citigroup. Craig Our Mailman

just the shifting and rate Maybe gears bit. here. a environment sheet the to balance

gap your Did how at keep half debt with generally cash year all kind of fund X, in Just on those hand view to maturities X, your much the how thoughts versus that of David, back changing on by kind be upcoming you side commentary between on XX we the a the the year, others, the recession that you're and to and of versus now make the on investments offensive ability and to they're done, about other positioned. well the your maybe into to go you're time your of it, do if

margin? here, of or kind broader rate softening of the you a just to I'm question, the anything curious -- doing how that how So positioned you're it's the know I just environment want but on kind be does change

the really billion sitting one it's data year. for cash. Craig, Look, of We're plans change our $X.X financing on Brian. doesn't

to We year. Current the on of hand. see in is to were plans we the the extent billion with alternatively well. $X.X we can current at those so maturities ] year no do the back access up to half with the still out [ have But Certainly, spreads. in to in back present. as market plan refinance market the half the of do cash tight or to There's opportunity opens

just I look, billion of got would liquidity. say, And Yes. $XX we

lower beneficial ] environment earnings rate lower with large, a our [ estate. obviously But So environment. does of all interest potential. that's the sorts real increase and rate interest by to There's associated stats

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

a not living a in we're But news good to mortgage kind of that's remember, nutshell. So again, we're mortgage, different company.

[ to we say So Toledo, can't we word, Toledo another Holy only don't have this the refinance mortgage. ]

So lower, anyway, large, so that's company. as better go rates -- for this but by and

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

statement more to on of performance and want Would that others. not bullish the said going of to going with sound to external wanting only you're spread front, widen others the wait between down capital more or gap that investment better about between in road necessarily? acquisitions Just But curious because you the curious you [indiscernible]. the clearly invest a your just be kind there's and or yourself make those maybe that to you

Well, as I question, disclosed was know, that's any right, it's mean comes I just into if play. what a we have would been there we good it. and say you judgment because material

this time. really We that's be And we done found. anything up appropriately priced. looking we to haven't external quite stuff we're going at just some haven't for frankly, where until quality value can point, add And

do. there's the price, if it's at the at us or we're for right that -- mean the And would because there not an And if like business. quality right good out company that to keep So right fronts. is could that the where what doesn't element quality, not it's of basically portfolio We're we nothing of value we just at. this add add that is discouraged we'll doing we're at but to not

I can but properties. change, to as we'd another handful don't buying mean, far of have just see that as things big I I us portfolio off slap see, So a

liquidity going to and So right again, that's be to we'll plenty it be we've right and -- what we're selective. if price, going keep -- we our the it's And really doing. to do, got the doing price can't at at we're get and then but keep

with Ronald from next Our question Kamden is Morgan Stanley.

to David, well. was you, That just as

quick for me. a Just one

it well Malls click of strength some helpful. would Just maybe down the the outlets could be versus tourist between you centers about that -- portfolio some of as double we on maybe talked in the breaking or

of our platforms. seeing Well, Ron, you're broad-based demand across think all I

across kind formats. thumbnail for to doing kind see difficult of results. [indiscernible] of an to are towards retailers But international it's ] give driving kind business that's -- we of it. a [ you let in strong overindex we generally certainly, business individual in certainly, X public So us factor business But very out all our

You're [indiscernible].

So major broad-based this ours all point all three across the platforms at of retailers demand is [indiscernible]. from

I a kind It's there's trend. unique like interesting. just of think don't

malls. not I the much is board. quality is better, not which and the or that it's Florida in across traffic, getting really property-specific almost good it's our It indicator. say versus It's closed outdoors. and not the outlets stuff It's was and a it's would or very So Texas, good pretty

said I So there's COVID, unique coded, when no where out it smile unlike kind whatever. you was of Florida came and the states of

you stores. tale good they're it's -- [indiscernible] not I I'm not excellent an two have it's And it's of XYZ could -- property a property really great really is so think City so in city the on XYZ specific. and

So I better year-end one how a to in of there's see right particular think but this and specific, shake things least on have any trend might at think it I focus We really it's by and out, property don't not quarter. sense now.

is from Haendel Our next question St.

Juste with Mizuho Securities.

wanted My of I leases NOI provide on that hoping online also demand maybe provide across least backlog timing you're and X% can from color portfolio. And that? could mentioned the go on is on a X% seeing was of is space the you broad-based any bit you the the to growth core? last some at the coming and update I or back question tonight the you for of to strong for size quarter color domestic the are there more

Brian. It's

about As points. not we basis but open about XXX we've think signed pipeline demand, got of a

and have time some the us. But points David open basis some that tenants demand for further a just You and so the for indication sure. to so mix, There'll to of talk all additive. on pipeline moving our of for not not work are XXX coming just of team be bottom that's heard around, about that's we is space that out

good breadth there you the of far of kind defines So what's demand really as really kind that of as a space. of sense for us gives really or out for

[indiscernible]? at X% The least

[indiscernible] the exceed thus No, and established to the don't update of we year far. beginning We Haendel best try we our number, which that go. that to as have we at do

question Street. from Tibone next with Vince is Green Our

the volatility impacts stock How much impacting in consumer Like market point start stock your the end? do in over at higher years? consumer consumer sales. experience you changes behavior market think from does what the at Just really spending

fluctuations to we an I'm think I I wish I I had don't. I get could more AI [ it's a that's history ] sure nothing. [indiscernible] something X would market ] or outer mean time, down -- suggest have going But -- my you're -- consumer would raise for over -- months, [ spending. But absolutely us. short-term for X in do to

have slowdown So the take you not the or going the us see think it of expect consumer I some time. impact do to volatility short But if then in the see to going really consumer several downward period would in for to it's trend is to next I months, spending.

take they is does time, have that some would it thought never some consumer seeing that used volatility, think So they And to built-in they probably have, gains [indiscernible]. I right. and

a us, the So shape. would I these even and our sell pretty good then okay? mean, in for in there was of to I billion $XX companies enough and if be levels hope when smarter retail. investors a retail and malls. market think get cap when that's valued money So spend Trilliums, I when trillions good in were are lot I cycle remember value companies at a those that get

think scenario consumer If be see going obviously, dealt is that of be and precolor. interest a then a realistic spending low you you that with have reined lower rates kind to Offsetting we it's that, to in. potentially will could downturn, inflation, longer

a impact. I to -- out -- going fluctuation but have immediate variability short-term lot and don't think it's an So there's of [indiscernible] is

just can kind we most all total sensitivity how quick tenant follow-up business how much that's your XX of those like If unwinded much to along Like I the COVID rents? any just I you kind sales volatility seems there there one maybe made with of ask Simon's lines. from [ -- Or of ]? of changes. like of or just were break rather yes, think could rent this flows percentage up at share -- is tenant if sales? cash about point. should how your mean, But It guidepost is is on revenue much how to over of

than big have of Look, a higher picture, [indiscernible]. Yes. would I say, lot out number. may Brian a COVID coming less just but probably

we you I if percent And started to what probably Brian, we'll but it's [indiscernible] probably than pre-COVID. we a that don't -- so give number you. certainly less lot is. that could know when But higher in don't, than

next Our Greg with Scotiabank. from McGinniss is question

For my question.

going be? long are you How to

want you share that? Do me to really

No.

Is down that international about NOI same-store consolidated growth the So overall JV but return down NOI assets half? year. portfolio. impacting quarter? this last that's the growth there year-over-year year-over-year. healthy to you this had do we driven revenues anything JV quarter noticed And international X% largely by was We those was versus in see expect particular to the in X% the back and

managed an in from onetime sort capital third-party McCarten perspective, last year, business fee international recognize we performance of [indiscernible] a there. Greg our ] did Greg, to [

that So repeat this not did year.

in why decline line will that's by operation just That you normalize sheer see item. forward. going a So itself that

pretty would just Asia assets, our and on not I in bit are both better. much little a Europe international if plan, in say

NOI nicely Europe countries. there's an know, have speaking, and generally to Asia this because on comp in some extraordinary they're flat. couple markets you mentioned, other is as much reported of And better year international the and positioned as obviously week results. And of different forward. growth got [indiscernible] that's good growth movements [indiscernible], I a going Brian mean, Japan So pretty But and last budget. -- good

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

a low putting could some and rates nature think Could cap the if you [ of to is Avenue, do Fifth incredibly big see of it's about of work brands? -- you them ], maybe mean a you the that. [ Question I talk these And rate rates? But environment business think and money sold Catterton who on those about at guys in cap here maybe -- to on ]. I in arm investment kinds Europe value luxury mall as in talk your cap in guess well I have know view? the in also of retail. U.S. they I maybe the you I own long-term at already market, the It's versus that's stake an different LVMH obviously. but

Let unpack smart me So little, would to [indiscernible] retail structure. that a value try -- of okay? [indiscernible] I first very investors. And all, say, unique

don't think don't really inside to was look I okay. but discount So they're make can that NAV and to a I investment don't this intimate so significant very get point you I at And is to like smart the a their that just you question. -- which through without a cap think having rate knowledge, have, I'd that's first on investors. to

is, talking different. I brand what and higher end or moderate is it's to about, every on sales you're better, their Everyone it luxury brand every increase whatever, looking Second retailer depends again, think, whether a different. or is is

one the So stroke. by paint you investor luxury cannot broad

So their even are of -- and groups, different. larger within brands some the

may each brand one invest, some by I you. money principals for real there have on Canada, not have and I it got just [indiscernible] expect in strategy shrinking, the -- owned their also really what is wrong. group. could the of depends trend them be retail a I And estate, and what is. to think suddenly don't but You think is I again, don't so brand it's growing, one,

follow are Are in going your discussions mall the -- here your mean, I them? you maybe you pretty partners those you some would of institutional of -- there how And out? with opportunities are U.S. for if with may you partners business? I having malls are in comfortable And they buy up, typically owning those some happy? are top them to they that are JV Or the

term. would and hard is by I again, broad is overall, large, most And in our excellent. I very we institutional with paint to hope it's say with brush. I it's are happy very Well, relationships asset would as a business not or of very there be our partners say, there's may long institutional them always there usual would fit But our complementary, generally, here investors. partner say, our with that an kind to

Linda Our is from next with question Jefferies. Tsai

in into basis What's year? to not compress signed represent this you XXX the of but that next points timing coming And online? the dollars? does expect that On would going what occupied, of

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

is most me. excuse So weighted it front-end of or next be back weighted year nature, for for to end going

down not occupied the would And this where sign but next be year-on-year you at end of today? sit from year

we've and to from some is right? about it going what's increase, in points you're to it really difficult consistency so When through in about seen that It's Ultimately, it year predict basis talking what -- XX months as ago. right -- is to XXX now. number some happen now we continue is a kind of move

basis to an see you to XXX months XX increase So points the over get past today.

dollars? in And what's represent that

of I here. don't have number that me in front

then Yes, leases but the [indiscernible] to because and annualize number. number, disclose we're big up usually something that not not a it's really going that's

is Our with next JPMorgan. question from Mike Mueller

rent year-over-year driving growth question, like what's was the you looks second base in the growth? it quarter. For that over TRG's talk X% Can about

mix just doing they're the doing, Michael. the at assets deals It's of they're that a

app and they're every time. created that's leasing assets, is better created average really some rooms [indiscernible] equal, of period through not for equal. space every doing not better that the they're and So coming

the ] wins great it's And that seeing the best have a [ pricing. not small they're best So assets in portfolio.

ours. lower So portfolio, a portfolio you're than getting a bigger it's percentage a much smaller --

see So a percentage Jump just bigger you it from

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

could And apparel, those or the different. have might years to So more can maybe Because perform just two today the be might less other ] curious, sensitivity ago? if years discuss significantly how standpoint? trying realize things over there towards understand services, from a look uses. sales I at versus this sensitivity credit was restaurants standpoint tenancy a a [ a I portfolio downturn, you your versus consumer few changed might

Yes. it. Sure. I'll take a at shot

It's our we're historical in recession flatten cash obviously, go other say deep still yet. So knowing -- call all I didn't if to cash other on we in and that happens recessions, think flow stuff two than flow cash see to I but didn't trying you camp in the COVID might go and from that properties of be other NOI again, stuff, recessionary very because [indiscernible] really just tends it and give our our me there's kind talking and that variables mean, what the we flow would and exactly mean so you months hence nicely about I items flat. relatively what would the hate number indicate maintain many would properties But burner and than And a to We to back out. say times. not it see flattened. how into hard is hard down, that not go I really we but was they it. saw I itself. weathered would is history pretty how to be,

the I say is typical But I it's hard or our relatively not of market impossible best camp guess flows guess but at recession probably say year without would yet what kind -- and point, might So best that's knowing kind assuming whenever. in in it of But flat, the that that would cash point. but on be this we're anymore later just we in. at be again, would exactly we're the what it's this be to is that a think would almost

Our Burrows next from Sachs. Goldman is question with Caitlin

exposure have maybe XX of you obvious. Express and that two efficient guess is bankruptcies, Route perspective, also ] call. smaller I a maybe were from additional on I'm and aren't bankruptcies guessing This very had as retailer a retailer ones rent XXXX, [

you outcomes comment could and So the the bankruptcies and watch have versus on financials XXXX your on update going how on of Simon's up give forward. a expectations current broader then the list ended

it's year. together, you Brian's retail those we there X that aren't impact land of the lease than in a say restructurings. $X.XX just I lower remarks, definitely put I'll income about sales had we lower we Well, had little this also, there a a being we have budgeted. But that from categories decent on mean have if planned little

So and obviously, the factored restructurings in we [indiscernible] so and on. Express

are of on don't know coming a but we reflect -- anyone we doesn't don't the one new those it guidance numbers road. of reflective haven't there's So new that's up, our we material --

can Brian, want add? whatever So add you to you

that on Yes. at have in to we Watchlist to point. it No planned at happened, they Watchlist see a new much point and thought those to flat, this the be really horizon don't additions continues the head. [indiscernible]. that relatively things We would that this had

I could. if then one And more, maybe

portfolio Just the the retailers. the to contribution from

I think contribution 'XX. for latest was in your flattish

to So just update if half there wondering back year? the maybe of visibility, that and was confidence any like your the in your

a or if through plus RGG, to couple or PennEast, it basically have there. at that continue Well, OPI in million think will -- minus minus we look, of we Jamestown, And [indiscernible], It's it. around here of work [ $XXX now bucket I cents is you be or EBITDA whole that out. look ] that plus ABG kind

Spark So accounting, of -- tough that got you lower a And that [ depreciation, the consumer. through continue market we income have again, the ], add don't for brands consumer within back. to we've because fight lots

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wraps I think up. it this

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will Thank This conference. you. conclude today's

time, your your disconnect lines at participation. for this may thank and you You