Sentiment Analysis of the earnings transcript to help figure out if there are any bullish or bearish sentiments that could be gathered from it. We're doing ML and AI based analysis on the earnings call to get some more insights.
Please consider a small donation if you think this website provides you with relevant information
| Statement |
|---|
| Tenant demand is in good shape |
| We had comp NOI growth that's over 7%, right, which was highest in the – you failed to mention that, but that's okay, it was the highest in the sector |
| So we had a great property NOI growth of 4.8% |
| We are good investors |
| So I think if the company feels like this gives them the freedom to invest in their existing fleet, that's a good outcome |
| So yet, even with all that said we were able to operationally excel to make all of the numbers and math better than what we originally underwrote |
| We had a record FFO of $12.51 and our occupancy sales, all those kind of statistics are up |
| We are really good investors |
| At the same time, we'd like to see department stores deliver what they're supposed to deliver, which is a loyal customer, a good selection of goods |
| So the ability to redevelop department store space into higher productivity uses has been an opportunity for us |
| So I told you about the liquidity and the portfolio is in good shape |
| On the other hand, to the extent that a change in strategy allows you to reinvest in your physical properties is probably a pretty good outcome |
| Our success is that we built this company that's unbelievably diverse |
| Hopefully, it will be better, right? Better than 1%, but it’s 1% of our earnings |
| But we were – our operational excellence allowed us to weather that storm of bad timing |
| So we’ve been pretty good market timers |
| So we’re big believers that we can continue to invest in our portfolio to make it better |
| Again, the good news for all of my peers in the retail world is that there’s just no new supply, right? And I think we’re all going to take advantage of that |
| Good real estate is good real estate |
| But if you were going to look at just pure real estate returns, that’s a very attractive area |
| So we’ve made these other investments that, by and large, and we’ve had some duds, but by and large, have been very profitable |
| And then obviously, building to the extent that we think an asset is worth this cap rate and at this mall here or this outlet, and to the extent that we can add to it or build to it, that’s very attractive |
| And so I think like we have obviously a well-capitalized company, but we do have debt |
| The reality is it gave us more opportunities |
| We love that business |
| So trust us, and I think the marketplace should trust us that we have the understanding of when to monetize, when to go long and when not to |
| And at the same time, look, our dividend is going to grow |
| We buy, we hold, we redevelop, we improve |
| We have the ability to build in all sorts of different parts of the world |
| But I would say we have this unique portfolio that’s got investments around the world and in different businesses, but everything is for sale at the right price |
| Statement |
|---|
| But roofs are okay, right? But for some reason, roof is a problem in the analytic community |
| I think companies have been distracted by their ability to reinvest |
| So feeling pretty good, though, but the headwind is higher interest rates |
| That’s really the only headwind that we see right now |
| It never really reached more than 10% of our earnings, so to speak, earnings being FFO, then it reverted to the kind of the mean and now it’s less, and there has been volatility |
| And it just really hasn’t manifest itself |
| We didn't pay $42 billion in dividends because our real estate is not that good |
| But today, we anticipate 2024 earnings are a little more volatile, but it’s under – it’s almost a non-event |
| So this is not a big issue |
| The other thing is we’re just patient, right? So if you look at – and I think you have a question here, there’s – our group retail real estate is really – there has been a lot more public companies and have made mistakes, it’s not jump on the industrial bandwagon, not done the tower |
| As you look at domestic versus your international options, what’s the most interesting place for you right now to invest an incremental dollar? David Simon Well, what’s – again, this is more difficult |
| Penney and the like were making a lot more money than we ever anticipated |
Please consider a small donation if you think this website provides you with relevant information