Company Overview - Tanger is a leading owner and operator of outlet and open-air retail shopping destinations with over 40 retail centers and 16 million square feet of space[7,8] - The company has a market capitalization of $3.6 billion and an enterprise value of $5.3 billion[7] - Tanger's net debt to adjusted EBITDAre is 5.0x, and interest coverage ratio is 4.6x[7] - The portfolio is 95% open air and 93% of outlet square footage is in leading tourist destinations or top 50 MSAs[7] Financial Performance and Growth - The company anticipates 2025 Same Center NOI growth between 2.5% and 4.0%[17] - Tenant sales per square foot were $465 in 2Q25 TTM[17] - Rent spreads were up 12.0% in 2Q25 TTM[17] - Core FFO per share 3-year average growth is 7.5%[17] - The company expects net income per diluted share to be between $0.93 and $1.00, and Core FFO per diluted share to be between $2.24 and $2.31 for 2025[41] Balance Sheet and Capital Structure - The company's capital structure includes $3.6 billion in equity and $1.7 billion in net debt[31] - The company has $528 million in line availability and $70 million in undrawn forward equity[31] - 87% of the company's financing is unsecured[33] - 95% of the company's debt is fixed rate[33] Portfolio and Operating Metrics - The company's occupancy rate is 96.6%[56] - Blended cash rent spreads for executed comparable leases increased by 12.0%[56] - Same Center NOI increased by 3.8% in 2Q25 compared to 2Q24[56]

Simon Property Group (SPG) Q2 2025 Earnings Call August 04, 2025 05:00 PM ET Company ParticipantsThomas Ward - SVP - IRDavid Simon - Chairman, CEO & PresidentBrian McDade - EVP & CFOJeffrey Spector - Managing DirectorMichael Griffin - DirectorCaitlin Szczupak - Vice PresidentFloris van Dijkum - MD & Equity ResearchVince Tibone - Managing Director and Head of US Industrial & Mall ResearchRonald Kamdem - MD & Head - US REITs and CRE ResearchOmotayo Okusanya - Managing Director - Head of US REIT ResearchConfer ...

Simon Property Group (SPG) Q2 2025 Earnings Call August 04, 2025 05:00 PM ET Speaker0Greetings. Welcome to Simon Property Group's Second Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. As a reminder, this conference is being recorded.It is now my pleasure to introduce Tom Ward, Senior Vice President, Investor Relations. Thank you, sir. You may begin.Speaker1Thank you, Sherry. Tha ...

Financial Data and Key Metrics Changes - The company invested over $725 million across its three external growth platforms in the first half of the year, representing more than a twofold increase compared to the same period last year [5] - Core FFO per share was $1.05 for Q2, a 1.3% increase year-over-year, while AFFO per share was $1.06, reflecting a 1.7% year-over-year increase [19] - The full year AFFO per share guidance was raised to a range of $4.29 to $4.32, indicating over 4% growth at the midpoint [8][19] Business Line Data and Key Metrics Changes - In Q2, the company invested over $350 million in 110 properties, including $328 million in acquisition volume across 91 high-quality retail net lease assets [10] - The weighted average cap rate of acquired properties was 7.1%, with a weighted average lease term of 12.2 years [11] - The company executed new leases, extensions, or options on approximately 950,000 square feet of gross leasable area during the quarter, with a recapture rate of approximately 104% [13] Market Data and Key Metrics Changes - The company noted the highest level of retailer demand for new brick-and-mortar locations since the Great Financial Crisis, with nearly every retailer focused on adding net new stores [10] - The investment grade exposure stood at 68%, and occupancy rebounded to 99.6% post re-tenanting of former Big Lots [14] Company Strategy and Development Direction - The company is focused on maintaining a dominant market position through a best-in-class team and a robust asset management platform [6] - The company anticipates a significant ramp-up in development spending, expecting at least a 50% year-over-year increase [12] - The strategic focus remains on core durable goods and necessity-based retailers, avoiding discretionary and experiential sectors [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to provide consistent earnings growth without deviating from the investment strategy, despite a deteriorating consumer sentiment [30] - The company is well-positioned with over $2.3 billion in total liquidity and no material debt maturities until 2028, supporting growth into the next year [7][18] Other Important Information - The company raised over $1 billion in capital year-to-date, with total capital markets activity exceeding $1.3 billion [17] - The monthly cash dividend declared for Q2 was $0.0256 per common share, representing a 2.4% year-over-year increase [22] Q&A Session Summary Question: Can you give us some color about your ATM activity in 2Q and overall timing given your overnight equity offering in late April? - The ATM activity during the quarter all predated the overnight offering in April, and the company promised to remain inactive in the capital markets post-offering [26][27] Question: What’s the magnitude of acquisition cap rates going forward? - The company anticipates acquisition cap rates to expand but will remain focused within their established tenant base [28] Question: How are you thinking about retailer and consumer health right now? - Consumer health has deteriorated, but the focus remains on core durable goods and necessity-based retailers, which are expected to gain market share [30][32] Question: Can you talk about some of the opportunities in the DFT business for developments? - The company plans to break ground on a minimum of $100 million in projects before year-end, with a significant shadow pipeline [39][40] Question: Is there an upper limit on investment in the development platform? - The company has set a three-year goal of investing $250 million annually in development, with no speculative development planned [60][62] Question: What is the status of your watch list? - The watch list is minimal, primarily focused on At Home and a few movie theaters, with no significant credit issues anticipated [86][89]