And as part of that, we also anticipate our good partner Authentic Brands Group will become an investor in the buying group. Believe it or not, there are still deals to be done. And how does Authentic Brands fit in? The leasing environment is improving. We'll have more in the Q4, but what we're projecting is a lot lower than what we've had in Q2 and Q3 together. Yes, no, you're asking for guidance cleverly, but I -- listen, I would -- everything is very still up in the air. And the renewals are -- a lot of the renewals we're doing now, we're doing as part of our COVID negotiations. This customer is important to the community, as is JCPenney and to us, and we expect we will continue to grow this customer over time. So very astute, and the answer is without question. There won't be anything going on, on that front. Do you want more outlets? We have rights. So -- and we're also -- we'll sell assets. I don't know what the new COVID cases today was. And I can't guarantee that, but I would say between the credit provisions and the bankruptcies -- or I'm sorry. And in ode to Rick, who's not here but listening, I'm certain, we are executing both long-term and pop-up deals with leading brands, including names like Prada, Ferrari, Allbirds and UGG's, just to name a few, and many, many more. According to Dun & Bradstreet , the Lyndhurst, NJ based company claims 10,000 employees, generating $843.45 million in … I was curious if you're able or willing to share if any of that leasing has been specifically with Amazon. So we're still looking to essentially maintain our balance sheet. Is it still going to be as reliant on apparel going forward? There's not going to be 30 to 40 deals, but there'll be 10 to 15. Got it. I mean, obviously the negotiations aren't easy because, I mean, COVID has made them nervous. I -- no, no, no. And the third quarter also includes, of our FFO, $0.10 per share of lower straight-line rent and CAM, $0.06 in litigation expenses and $0.01 lower lease settlement income compared to Q3 of 2019. That's doing very well. We get out of bad stores. It's a little -- the only thing, Caitlin, it's a little -- obviously it's more volatile than the rent aspects of our business, but you'll -- because it's getting a little bit bigger, not materially bigger but a little bigger, we decided to outline that separately so you can look at it as a stand-alone on its own. There's a well-known retailer that has their casual wear business that's growing their footprint significantly. Thank you. Your question, please. I think we've got 20 deals in the works for them. Lucky has 112 regular and 98 outlet stores in 46 states and is on the hook for $4.3 million for lease- and occupancy-related expenses each month. Again I think enclosed malls are being treated unfairly and inconsistently, but we deal with what we deal with. They know how to blow out the license aspect of it, which we're a partner in. We can shut down our properties, open them up, deal with -- we've done 14,000 lease amendments, right, Brian? And I want to thank my colleagues for busting their hump, and things are looking up. It is. We acquired these companies cheaply, and we believe we can grow the EBITDA and achieve a significant return on our investment. Is that on the table? The pro -- the uncollectible reserve, what it is on a pro rata basis in the quarter. So I think, by and large, we feel like we're in pretty good spot. Because you're right. And so we'll see what that transpires, but nothing really -- I want -- and I also want to be clear because we've been at this. Your question, please. Well, look, we look forward to the exit seeing that $1 billion crystallized then --. And then obviously we have a tremendous amount of work to do with our partner Brookfield and the management team at Penney to sustain their turnaround, and so we -- our plate is full in that category. I'm hopeful that something positive will happen there. The outlet business has had historically -- some of the lead anchors have had percent-rent deals only. And much like -- and -- but there's got to be bargains that can be had. We are pleased to see continued strong interest for spaces across our differentiated portfolio. Thank you. I'd like to hand the program back to David Simon for any further remarks. I think we still are very cautious in the sense of the dividend just with respect to COVID. They were -- they had single stores that were paying $3 million a year in rent. That market, both are underperforming with -- because of the lack of tourism and obviously Universal and Disney operating at much less than full capacity. I am pleased with the solid profitability of the quarter and the more than $600 million in cash flow we generated for the third quarter. Right now that's the only one, Craig. Well, Michael, again, I respect you immensely. And I would say that trend has happened completely. Yes. And as far as predicting the government and state and local actions, I mean, obviously the level of inconsistency is been very frustrating. It's not like they just suddenly said, "OK, I'm going to send your rent check." We're hopeful that that will reopen. Like would you wait for some stabilization in NOI? And you got to own quality. For reprint and licensing requests for this article, CLICK HERE. Simon Property Group (NYSE:SPG)Q3 2020 Earnings CallNov 09, 2020, 5:00 p.m. We believe that, with us and Brookfield bringing focus, energy, passion, ownership, enhanced financial discipline to the operations, we'll have the opportunity to earn a significant return on our investment. The specialty ones -- like the one we did at Boca is great. And I guess, more broadly, how good do you think having a vaccine effectively at hand will be during your ongoing lease negotiations and the near-term trajectory of leases as we build back to pre-COVID cash flow? And my son and I -- and if Jeff Zalaznick is listening, which I doubt he is, but we had a great carried-out dinner at Parm. So that competition still exists. And so I kind of like where we are. Lucky Brand Dungarees has changed hands a few times since it was founded in 1990. So David, you provided a helpful bridge looking at the portfolio NOI from last year to this year. I would hope that the vast majority of those two numbers, credit loss provisions, as well as abatements, are behind us. Our next question comes from the line of Michael Bilerman from Citi. I'm curious where the demand is coming from and how the spreads compare to the rest of the overall leasing. Well, I think it's all the above. Pep in the step. That's helpful. I didn't hear you well. One of the things I think is misunderstood about Simon is that you're not a mall REIT. Well, listen. We've noticed that store closing cadence has slowed since Labor Day. In a -- we took the P&L hit when we granted the abatement. Well, I didn't say necessarily exclusive, but they have a -- they control a number of brands like Juicy Couture, as an example. OK, all right. We're ready for questions. Our net -- the good news with this diligent focus on capital spend, all approved projects right now through 2020, our net cash funding is only $140 million. Sparc Group LLC, which is backed by Barneys New York owner Authentic and mall landlord Simon, agreed to make a $305 million bid in a court-supervised … How much of it is new leasing for vacant space, new leasing for tenants that are going to be vacating and also potential renewal activity? That happened over the weekend. Our development spend is modest, and the excess cash other than dividend will ultimately go to reduce our indebtedness. And I think, if -- you saw that in the Q3, a reasonably healthy pickup from Q2, when we were really in the midst of trying to figure out COVID. So I mean I'm just -- maybe there's a little more of a -- what's the phrase of pep in the what's the --. But they came back pretty strong. Thank you. Particularly, I mean, you talked a little bit about having their brands -- selling their brands exclusively through the JCPenney outlets and increasingly JCPenney private sales, it sounds like --. Look. There are a number of bankruptcies, but the ones that are out there are looking to grow their footprint. My partner thinks a lot more, but I'll give you that number. I think, based on what it is, we should be fine, but I mean it is possible that we'll have further bankruptcies. Our next question comes from the line of Ki Bin Kim from Truist. “(The) company believes that the stalking horse purchase agreements provide the company with the best presently available opportunity to preserve an iconic American brand and protect the jobs of many of the company’s employees,” Lucky’s chief restructuring officer, Mark Renzi, wrote in a statement to the court. And sticking on some larger brands: Are some of the brands you recently made lifeline investments -- I know they were mentioned briefly, Lucky, Brooks Brothers, Forever 21. We'll probably have -- we've always had two anchors, but we had -- this is the old Sears store that we control. It's really does it have critical mass. We have withstood lack of federal and state help, especially in real estate taxes. The company also said it will shutter another 13 “unprofitable brick-and-mortar locations” by Sept. 26, including a store in Long Beach’s Belmont Shore and another at Macerich Co.’s The Oaks in Thousand Oaks. Fact of the matter is we still don't own a lot of it that we want, but we're not going to -- we're going to pay appropriate prices for it. It's creation goes well beyond a mere "desperation measure", and may help define a new "brandscape" Also on the call are Brian McDade, chief financial officer; and Adam Reuille, chief accounting officer. Our debt covenants have -- are well above required levels, well above it, with significant headroom in our balance sheet, financial flexibility, our distinct advantages in our retail real estate industry that cannot and, I'm sure, not overlooked. And obviously we've got to deal with our taxable income as well, but I can't give you a real true run rate yet. Great. And now I'd like to introduce your host for today's program, Tom Ward, senior vice president, investor relations. You've talked about the leasing that you accomplished in the third quarter, about two million square feet, and a very large pipeline that you're working on. Great. By the way, it's helping Shop Premium Outlets. Your question, please. Third-quarter reported FFO was $723 million or $2.05 per share. And we're not going to build -- we're looking at plans that maybe had 60,000, 70,000, 100,000 square feet of new retail small shop space. Obviously they're open air, so they don't have quite the same restrictions. Presenting on today's call is David Simon, chairman, chief executive officer, and president. And the one line item that's up, if you look at our financials, is real estate taxes. Maybe just following up on Alex's question more on the near to medium term then. Thank you. Please note that this call includes information that may be accurate only as of today's date. And just one more follow-up for me. Are you able or willing to say if any of that leasing has been with Amazon specifically? Hi. So the reality is very comfortable. Though they've all -- frankly, they all fit the flywheel that we were creating. Well, it hasn't closed. We'll probably do 25,000, 30,000, but the costs will go down and we still think we'll have the appropriate returns on investment. In the third quarter, we signed 600 leases for nearly two million square feet, and we have a significant number of leases in our pipeline. [Operator instructions] Our first question comes from the line of Craig Schmidt from Bank of America. And are you incorporating tenants on the watch list that are not bankrupt or not near-term bankrupt --. And I think that's the big focus. I have a few questions related to co-tenancy clauses. And usually those are little big boxes, so the rent that's leaving versus the -- would I rather have a Dressbarn or an RH? At the end of the third quarter, our total liquidity was more than $9.7 billion, consisting of $8.2 billion of available credit facility borrowing capacity, $1.5 billion of cash for a total of $9.7 billion.

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