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American Tower Corporation (NYSE:AMT) Bank of America 2023 Global Real Estate Conference September 12, 2023 11:05 AM ET Company Participants Rod Smith - Executive Vice President, Chief Financial Officer and Treasurer Conference Call Participants Dave Barden - Bank of America Dave Barden So, thank you guys all for joining this session. My name is Dave Barden. I head up the Telecommunications and Comm Infrastructure Research Group for Bank of America in the U.S. and Canada. We're really pleased to have with u ...

Moderna, Inc. (NASDAQ:MRNA) Morgan Stanley 21st Annual Global Healthcare Conference September 12, 2023 12:15 PM ET Company Participants Stephane Bancel - CEO Conference Call Participants Terence Flynn - Morgan Stanley Terence Flynn Great. Well, good afternoon, everybody. Thanks for joining us. I???m Terence Flynn, the U.S. biopharm analyst at Morgan Stanley. We???re very pleased to be hosting Moderna this afternoon. We have Stephane Bancel, who is the Company???s CEO, Stephane, thanks so much for being here ...

Affirm Holdings, Inc. AFRM) 2023 Barclays Financial Services Conference September 12, 2023 8:15 AM ET Company Participants Brooke Major-Reid - Chief Capital Officer Rob O'Hare - SVP, Finance Conference Call Participants Ramsey El-Assal - Barclays Ramsey El-Assal Okay. Welcome, everyone. Thank you so much for joining us. It's my pleasure and honor to welcome Brooke Major-Reid, Chief Capital Officer; Rob O'Hare, Senior Vice President of Finance at Affirm. I'm Ramsey El-Assal, I cover payments and processors a ...

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Summary of Simon Property Group, Inc. Conference Call Company Overview - **Company**: Simon Property Group, Inc. (NYSE:SPG) - **Event**: Bank of America 2023 Global Real Estate Conference Call - **Date**: September 12, 2023 Key Points Company Performance and Strategy - Simon Property Group continues to prosper and grow, operating across three platforms: malls, outlets, and Mills [5][6] - The company sees opportunities to drive occupancy and reinvest in real estate, emphasizing the importance of physical stores alongside e-commerce [5][6] - The company has a strong financial footing and is optimistic about the remainder of 2023 and 2024 [6] Market Dynamics - There is a supply/demand imbalance favoring landlords in the U.S. retail real estate market, with regional malls, outlets, and power centers being undersupplied [9] - The competitive dynamic for Simon is stronger than for others in the sector, allowing for reinvestment in assets and partnerships with retailers [9] Retail Environment - There is significant demand from retailers for physical real estate, with approximately 30% of Simon's activity in the last year being new deals rather than renewals [11][12] - Retailers are expanding and optimizing their footprints, recognizing the importance of physical stores in conjunction with digital strategies [12][13] - Retailer balance sheets are in good shape, with many having improved their financial positions post-COVID [13] Luxury Retail Trends - Luxury retail is undergoing a transformation, with brands moving away from department stores to full-price stores, which is driving demand for space [19][20] - Simon is benefiting from this trend as luxury retailers seek both full-price and outlet spaces [20][21] Financial Outlook - Simon expects a potential slowdown in consumer spending in 2024 but anticipates continued strong demand from retailers for prime locations [17] - The company has approximately $2.5 billion of unsecured debt maturing in 2024, with plans to pre-fund and refinance as necessary [32][33] Redevelopment and Investment - Simon's redevelopment pipeline is expected to exceed $1 billion, focusing on recapturing anchor stores and adding density through mixed-use developments [41][42] - The company is actively building new outlets and expanding existing ones, with significant projects planned in the U.S. and abroad [43][44] Returns and Risk Management - Expected returns on redevelopment projects generally range from 7% to 9% unlevered, with a disciplined approach to project initiation and financing [46][47] - The company utilizes free cash flow for investments, providing a competitive advantage in managing development costs [46] Stock Buyback Program - Simon has a $2 billion stock buyback authorization and plans to utilize it as opportunities arise from monetizations or free cash flow generation [40] Market Transactions - The acquisitions market for A-class malls is characterized by unique transactions, often leading to redevelopment rather than maintaining current operations [59][60] Future Expectations - The company does not expect the Federal Reserve to stop hiking rates but anticipates rate cuts by the end of 2024 [61] - Real estate transactions are expected to pick up in the second half of 2024 [62] - Simon is currently using AI in various business aspects and plans to increase investment in AI initiatives [62] Additional Insights - The company is strategically positioned to leverage the intersection of physical and digital retail, which is expected to drive growth in the coming years [12][14] - The transformation of luxury retail and the focus on full-price stores indicate a shift in consumer behavior that Simon is well-prepared to capitalize on [19][20]