![]() SPARC financial position like Penney is strong with the recent refinancing of its ABL, and it is in fact, a net cash positive position. Remember we expect Reebok to incur operating losses for SPARC in 2022, due to the integration aspects of the transaction. Reebok transaction, and we anticipate great things from this iconic brand. I can say the same for SPARC, which also performed better than planned in the quarter. Penney’s liquidity position is strong at $1.3 billion and it has no borrowings on its line of credit and performed better than planned. We are pleased with the results of our other platform investments in the first quarter, including SPARC Group and J.C. Our occupancy cost is the lowest that we’ve had in seven years. TRG reported 1,038 per square foot, which was a 52% year-over-year increase. Sales momentum continued for our retailers, mall sales volume for the first quarter were up 19% year-over-year, we reported retail sales per square foot reached another record in the first quarter at $734 per square foot, for the mall and outlet combined 43% increase and 669 per square foot for the Mills, which was a 50% increase. is in great demand from worldwide brands, restaurants, and entertainment operators, as most retailers and tenants view the U.S. In fact, at our recent leasing deal committee, we approved the most deals since 2016 and overall, we recently have approved approximately 500 new deals representing 2 million square feet.ĭemand is very strong and interesting with the volatility of the world, our portfolio in the U.S. We signed more than 900 leases for more than 3 million square feet in the quarter and had a significant number of leases in our pipeline. ![]() Leasing momentum continued across the portfolio. 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 ![]()
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