Simon Property Group, Inc. (NYSE:SPG) Q3 2024 Earnings Conference Call November 1, 2024 10:00 AM ET
Company Participants
Tom Ward - Senior Vice President, Investor Relations
David Simon - Chairman, President and CEO
Brian McDade - Chief Financial Officer
Conference Call Participants
Steve Sakwa - Evercore ISI
Caitlin Burrows - Goldman Sachs
Jeffrey Spector - Bank of America
Craig Mailman - Citi
Greg McGinniss - Scotiabank
Alexander Goldfarb - Piper Sandler
Floris van Dijkum - Compass Point
Vince Tibone - Green Street
Juan Sanabria - BMO Capital Markets
Michael Goldsmith - UBS
Linda Tsai - Jefferies
Mike Muller - JPMorgan
Ki Bin Kim - Truist Securities
Ron Kamdem - Morgan Stanley
Operator
Greetings. And welcome to the Simon Property Group Third Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow a formal presentation. [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.
Tom Ward
Thank you, Paul. Good morning and thank you for joining us today. Presenting on today’s call are David Simon, Chairman, Chief Executive Officer and President; and Brian McDade, Chief Financial Officer.
A 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.
An actual result may differ materially due to a variety of risks, uncertainties and other factors. 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. Please note that this call includes information that may be accurate only as of today’s date.
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. Both the press release and the supplemental information are available on our IR website at investors.simon.com.
Our conference call this morning will be limited to one hour. 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.
I am pleased to introduce David Simon.
David Simon
Good morning, everybody. And I’m pleased with our financial and operational performance in the third quarter. We saw increased leasing volumes, occupancy gains and total retail sales volumes. Demand for our space from a broad spectrum of tenants is strong and steady and we continue to strengthen our unique retail real estate platform through our growing development and redevelopment pipeline. This, combined with our A-rated balance sheet, really sets us apart and allows us to focus on the future. We raised our dividend again to $2.10. We’re now at our historical high, overcoming the arbitrary capricious closing of our real estate during COVID. We have a low payout ratio.