Core Insights - Simon, a leading real estate investment trust, has announced an investment exceeding $250 million to enhance three key retail properties: The Mall at Green Hills, Cherry Creek Shopping Center, and International Plaza [1][2] Group 1: Investment Overview - The investment program aims to elevate the shopping experience at The Mall at Green Hills in Nashville, Cherry Creek Shopping Center in Denver, and International Plaza in Tampa [1] - Following the acquisition of these properties from Taubman Realty Group, Simon has taken full management and leasing control, initiating a redevelopment strategy to enhance offerings in high-growth markets [2] Group 2: Redevelopment Plans - The Mall at Green Hills will undergo a complete transformation, featuring grand two-story flagship entrances, luxury boutique spaces, and enhanced landscaping to create a world-class shopping experience [3] - Cherry Creek Shopping Center will see modernized flagship spaces and refined architectural updates to enhance the guest experience and maintain its reputation as a luxury retail destination [4] - International Plaza will experience a significant redevelopment, including a 50,000-square-foot open-air expansion and a reimagined Bay Street with improved dining and gathering areas [5] Group 3: Strategic Focus - The company aims to sharpen differentiation through flagship opportunities, elevated design, and enhanced guest experiences, creating environments where sought-after brands can thrive [6] - Construction is set to begin in 2026, with tenant announcements expected to follow [6]

Financial Data and Key Metrics Changes - The company reported record real estate funds from operations (FFO) of $4.8 billion, or $12.73 per share, reflecting strong financial performance [6] - Real estate FFO for the fourth quarter was $3.49 per share, a 4.2% increase from $3.35 in the prior year [11] - Domestic property net operating income (NOI) grew 4.8% year-over-year for the quarter and 4.4% for the year [11] - Portfolio NOI, including international properties at constant currency, grew 5.1% for the quarter and 4.7% for the year [11] - The company returned approximately $3.5 billion in cash to shareholders through stock repurchases and dividends [6] Business Line Data and Key Metrics Changes - The company signed over 1,300 leases totaling over 4.4 million square feet during the quarter, with more than 4,600 leases for over 17 million square feet for the year [8] - Approximately 30% of annual leasing volume consisted of new deals, indicating strong demand across the portfolio [8] - Average base minimum rents increased by 4.7% year-over-year for malls and premium outlets, with the addition of TRG properties contributing approximately 250 basis points to this growth [12] Market Data and Key Metrics Changes - Malls and premium outlets ended the year with an occupancy rate of 96.4%, while mills reached 99.2% [11] - Retailer sales per square foot for malls and premium outlets were $799 for the year, with total sales volumes growing approximately 4% in the fourth quarter and 3% for the full year [12] Company Strategy and Development Direction - The company acquired $2 billion of high-quality retail properties and completed over 20 major redevelopment projects [5][6] - The development pipeline now exceeds $4 billion, with a blended yield of 9% [10] - The company plans to enhance the merchandise mix and invest in capital upgrades at former TRG assets [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about strong occupancy, shopper traffic growth, and healthy retail sales, despite potential headwinds from tariffs affecting retailers [25][42] - The company expects real estate FFO of $13-$13.25 per share for 2026, with domestic property NOI growth of at least 3% [14] - Management noted that the retail demand remains strong, with a 15% increase in the leasing pipeline compared to the previous year [18] Other Important Information - The company completed approximately $9 billion in financing activities during 2025, maintaining a strong balance sheet with over $9 billion in liquidity [13] - The company paid more than $3.2 billion in common stock dividends and repurchased over 1.2 million shares [14] Q&A Session Summary Question: Details on leasing side and rent comparisons - Management indicated that new rents on leases are approximately $65 per square foot, with a 15% increase in the leasing pipeline year-over-year [17][18] Question: Early observations on the Simon Plus loyalty program - Management reported positive adoption and engagement from customers and brands, with expectations for continued growth in 2026 [20][22] Question: Insights on tenant credit and bad debt - Management acknowledged tariff pressures affecting retailers, with cautious expectations for tenant credit in 2026 [24][25] Question: Expected NOI or FFO from redevelopment projects - Management projected about $30 million contribution in 2026 from projects that are expected to stabilize [34] Question: Factors driving FFO guidance range - Management noted that sales growth could provide significant upside, with a conservative approach to budgeting [57][58] Question: Institutional appetite for higher productivity malls - Management indicated a status quo in partner investments, with no rush to buy in or out [100] Question: Expectations for luxury retail demand - Management noted mixed signals from luxury brands, with some showing growth while others are more cautious [104][106]

Financial Data and Key Metrics Changes - The company reported record real estate funds from operations (FFO) of $4.8 billion, or $12.73 per share, reflecting a 4.2% growth from $3.35 per share in the prior year [6][11] - Domestic property net operating income (NOI) grew 4.8% year-over-year for the quarter and 4.4% for the year, while portfolio NOI, including international properties at constant currency, grew 5.1% for the quarter and 4.7% for the year [11][12] - The company returned approximately $3.5 billion in cash to shareholders through stock repurchases and dividends, with a total of approximately $48 billion paid in dividends since going public [6][14] Business Line Data and Key Metrics Changes - The company signed more than 1,300 leases totaling over 4.4 million square feet during the quarter and over 4,600 leases for more than 17 million square feet for the year, with approximately 30% of annual volume being new deals [8][9] - Average base minimum rents increased by 4.7% year-over-year for malls and premium outlets, with retailer sales per square foot for these properties at $799 for the year [12] Market Data and Key Metrics Changes - Malls and premium outlets ended the year with an occupancy rate of 96.4%, while mills reached 99.2% occupancy [11] - The company expects to drive higher occupancy at newly acquired assets, which slightly reduced overall occupancy rates [12] Company Strategy and Development Direction - The company acquired $2 billion of high-quality retail properties and completed over 20 major redevelopment projects, enhancing the quality of its portfolio [5][8] - The development pipeline now exceeds $4 billion, with significant projects scheduled for completion in 2026, including expansions and mixed-use developments [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about strong leasing demand and traffic growth, despite potential headwinds from tariffs affecting retailers [25][42] - The company anticipates real estate FFO of $13-$13.25 per share for 2026, with domestic property NOI growth expected to be at least 3% [14][15] Other Important Information - The company completed approximately $9 billion in financing activities during 2025, maintaining a strong balance sheet with over $9 billion in liquidity at year-end [13] - The company announced a dividend of $2.20 per share for the first quarter of 2026, a year-over-year increase of 4.8% [14] Q&A Session Summary Question: Can you provide details on rents for new and renewal leases? - The company disclosed that new rents on leases are approximately $65 per square foot, with a 30% new leasing rate being a good run rate [17] Question: What are the early observations on the Simon Plus loyalty program? - Management noted early positive adoption from customers and brands, with plans to continue enhancing engagement and partnerships [20][22] Question: How is tenant credit and bad debt expected to change? - Management indicated that tariffs are putting pressure on retailers, particularly smaller ones, but overall tenant management remains cautious [24][25] Question: What incremental NOI or FFO should be expected from redevelopment projects? - The company expects about a $30 million contribution in 2026 from projects that are set to stabilize [34] Question: How does the leasing pipeline compare year-over-year? - The leasing pipeline is up about 15% over last year, indicating strong demand across all categories [18][111] Question: What is the outlook for luxury retail demand? - Management noted that luxury brands are showing mixed signals, with some growing and others being cautious, but overall, the long-term outlook remains positive [104][106]

Financial Data and Key Metrics Changes - The company reported record real estate funds from operations (FFO) of $4.8 billion, or $12.73 per share, reflecting a 4.2% growth from $3.35 per share in the prior year [4][10] - Domestic property net operating income (NOI) grew 4.8% year-over-year for the quarter and 4.4% for the year, while portfolio NOI, including international properties at constant currency, grew 5.1% for the quarter and 4.7% for the year [10][11] - The average base minimum rents increased by 4.7% year-over-year for malls and premium outlets, with retailer sales per square foot for these properties at $799 for the year, up 2% year-over-year [11] Business Line Data and Key Metrics Changes - The company signed more than 1,300 leases totaling over 4.4 million square feet during the quarter and over 4,600 leases for more than 17 million square feet for the year, with approximately 30% of annual volume being new deals [6][7] - The company completed over 20 significant redevelopment projects in 2025, enhancing the quality of its portfolio [7][9] Market Data and Key Metrics Changes - Malls and premium outlets ended the year at 96.4% occupancy, while mills ended at 99.2% [10] - The addition of Taubman Realty Group (TRG) assets reduced occupancy by 20 basis points for malls and premium outlets and 30 basis points for mills [11] Company Strategy and Development Direction - The company plans to enhance its merchandise mix and invest in capital upgrades at former TRG assets, with a development pipeline exceeding $4 billion [9] - The company is focused on pursuing new growth and value creation opportunities across its properties, leveraging its strong balance sheet and leasing expertise [6][9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the retail environment, noting strong retailer demand and traffic growth, despite some caution regarding the impact of tariffs on smaller retailers [23][40] - The company expects real estate FFO of $13-$13.25 per share for 2026, with domestic property NOI growth of at least 3% [13][14] Other Important Information - The company returned approximately $3.5 billion in cash to shareholders through stock repurchases and dividends, with a total of approximately $48 billion paid in dividends since going public [4][13] - The company completed approximately $9 billion in financing activities during 2025, maintaining a strong balance sheet with over $9 billion in liquidity at year-end [12] Q&A Session Summary Question: Can you provide details on rents for new and renewal leases? - The company disclosed that new rents on leases are approximately $65 per square foot, with a 15% year-over-year increase in the leasing pipeline [16][17] Question: What are the early observations on the Simon Plus loyalty program? - Management noted early positive adoption and engagement from customers and brands, with expectations for continued growth in 2026 [19][20] Question: How is tenant credit and bad debt expected to change? - Management indicated that tariffs are putting pressure on retailers, particularly smaller ones, but overall tenant demand remains strong [22][23] Question: What incremental NOI or FFO should be expected from redevelopment projects? - The company expects about a $30 million contribution in 2026 from projects that are set to be completed [31][32] Question: How should we think about the factors driving FFO guidance? - Management stated that sales growth and ancillary businesses could drive outperformance, despite potential bankruptcies [55][56] Question: What is the institutional appetite for higher productivity malls? - Management noted that there is no rush to invest or divest, with a status quo observed among partners [99][100] Question: What is the outlook for luxury retail leasing demand? - Management indicated that luxury brands are making long-term decisions and remain committed to the U.S. market, despite some caution [104][106]

Group 1 - The company reported strong operational performance with increasing demand in core markets, leading to heightened leasing activity and rising occupancy rates [1] - Total in-store customer spending during the Christmas quarter remained consistent with the previous year, with grocery spending rising by 6.2% compared to the same quarter last year [1] - Non-Food discount sales grew by 7.2%, while Food & Beverage and Health & Beauty segments increased by 4% and 2.4% respectively, despite a decline in Value Fashion by 1.1% [1] Group 2 - As of April 1, 2026, new ratable values across the portfolio are expected to increase by 7%, but this will be offset by an 11% reduction in rates payable for tenants due to a recently announced discount for retail, hospitality, and leisure properties [2] - The company has been disciplined in capital recycling, improving portfolio quality, and strengthening its financial position, having disposed of one retail park in Northern Ireland and one shopping center in Hemel Hempstead for a total of GBP 12.6 million [2] - A further retail park in Dumfries was exchanged for GBP 26.5 million following the execution of a value-enhancing business plan [2]

Core Viewpoint - Real estate mogul Grant Cardone argues that buying a home is not a smart investment and suggests renting instead, advocating for investing in cash-flowing real estate properties [4][5]. Group 1: Homeownership Costs - The median monthly ownership costs for U.S. homeowners with a mortgage increased by approximately 4% from 2024 to 2025, with homeowners spending over 20% of their income on additional homeownership costs [2][3]. - Ongoing costs associated with homeownership include property taxes, insurance premiums, repairs, and maintenance, which can accumulate significantly even after the mortgage is paid off [3][4]. Group 2: Investment Alternatives - Cardone recommends investing in various types of real estate that generate cash flow, such as retail, storage, apartment buildings, and farmland, rather than purchasing a home to live in [5][18]. - Investment platforms like Arrived allow individuals to invest in shares of vacation and rental properties, providing a passive income stream without the responsibilities of being a landlord [6][7]. Group 3: Multifamily Investment Opportunities - Cardone suggests starting with multifamily investment properties, recommending a minimum of 32 units to mitigate the impact of vacancies [8]. - Lightstone DIRECT offers accredited investors direct access to institutional-quality multifamily opportunities, enhancing transparency and control while reducing fees [10][11]. Group 4: Farmland as an Investment - U.S. farmland values have increased, averaging $4,350 per acre in 2025, a 4.3% rise from 2024, making it a potentially resilient long-term investment [19][20]. - Publicly traded REITs and platforms like FarmTogether provide opportunities for investors to participate in agricultural land investments without direct ownership [21][22].

Core Insights - ShopOne has entered the Texas market by acquiring the Beltway South shopping centre in Houston, marking its expansion into the US Southwest [1][3] - The acquisition was made in partnership with Pantheon and an undisclosed institutional investor, highlighting a strategic move to enhance its portfolio [1][5] Group 1: Acquisition Details - The Beltway South shopping centre features 114,099 square feet of retail space and is anchored by a refurbished Kroger supermarket [1] - Current tenants include national brands such as Petco, CATO, Subway, and State Farm, along with local service providers and restaurants [2] Group 2: Market Positioning - The surrounding area of the shopping centre is characterized by high population density and stable household incomes, providing convenient access for local residents [2] - ShopOne now operates 23 grocery-anchored shopping centres, aligning its strategy with convenience-led retail assets in expanding markets [3] Group 3: Strategic Vision - ShopOne Centres' CEO Chris Reed emphasized the alignment of the Kroger anchor and tenant mix with the company's strategy to invest in retail centres that meet essential consumer needs [4] - The company focuses on managing grocery-anchored neighbourhood centres through joint ventures, with growth driven by leasing activity and redevelopment strategies [4]

Core Viewpoint - CTO Realty Growth, Inc. has reported significant transaction activities for the year 2025, including new leases and investment activities, indicating a strong performance in high-growth markets [1][7]. Leasing Update - The company executed three new leases at The Collection at Forsyth, totaling approximately 12,000 square feet, with lease terms ranging from 5 to 15 years, increasing the Center's leased occupancy to 93% [2][3]. Property Overview - The Collection at Forsyth is a 561,000-square-foot outdoor lifestyle center located in a rapidly growing area of Atlanta, featuring a mix of national retailers, local boutiques, restaurants, fitness concepts, and entertainment venues [3]. Investment Activity - For the full year 2025, the company reported total investment activity of $165.9 million with a weighted average initial cash yield of 9.0%. This includes the acquisition of two shopping center properties for $144.9 million at a yield of 8.7% and $21.0 million in structured investment commitments at a yield of 10.7% [7]. Disposition Activity - The company also reported disposition activity totaling $85.1 million for the year, with a weighted average exit cash rate in the mid-5% range [7].

Core Viewpoint - Tanger Properties Limited Partnership intends to offer $200 million aggregate principal amount of Exchangeable Senior Notes due 2031 in a private placement, subject to market conditions and other factors [1]. Group 1: Company Overview - Tanger® is a leading owner and operator of outlet and open-air retail shopping destinations [1]. Group 2: Financial Details - The offering consists of Exchangeable Senior Notes with a due date in 2031, indicating a long-term financing strategy [1].

Core Viewpoint - Ascencio has announced the acquisition of the Horizon Provence retail park in Monteux, France, for €22.8 million excluding VAT, aligning with its strategic focus on retail assets in attractive locations [1][6]. Group 1: Acquisition Details - The retail park covers an area of over 12,000 m² and consists of around twenty retail units, primarily featuring food retailers, which aligns with Ascencio's strategy [2][6]. - The acquisition is financed entirely through borrowings using available secured credit lines, and it is in line with the market value determined by an independent valuer [5]. Group 2: Location and Accessibility - The retail park is situated in a rapidly growing residential and tourist area in the Provence-Alpes-Côte d'Azur region, benefiting from high visibility and accessibility along the main road connecting Avignon to Carpentras [3]. - Its proximity to leisure parks and hotel complexes enhances its attractiveness as a retail complex [3]. Group 3: Sustainability Features - The asset is located near soft mobility hubs and has received BREEAM certification, indicating its sustainability credentials [4]. - It is equipped with 8 charging stations, nearly 1,500 m of photovoltaic panels, and around 1,000 m of shading systems [4]. Group 4: Financial Impact - The acquisition is expected to have an immediate positive annual impact of €0.07 on Ascencio's EPRA Earnings per share and will result in an increase of approximately 1.7% in its EPRA LTV ratio [5]. Group 5: Strategic Alignment - The transaction aligns with Ascencio's strategy of focusing on retail assets in suburban areas with a strong commercial mix centered around food retailers [6]. - The integration of Horizon Provence exemplifies Ascencio's selective and disciplined growth strategy aimed at creating long-term value [6].