Simon Property Group, Inc. (NYSE:SPG) Q1 2024 Earnings Call Transcript

David Simon: Well, again, they’re equity-accounted, so they’re really not on our balance sheet, just make it clear. So there are investments in them. Listen, they are — we build a company where everything is core and nothing is core. So, we saw ABG, we got an offer, we hit the bid. I would view that for any and all assets that we have, whether it’s J.C. Penney, SPARC, XYZ mall. Call Uncle David and not most people don’t hit my bid, but the only thing that’s core is, the company and its people and its balance sheet, but every other assets for sale at the right price, so nothing is critical long-term. And again, look, guys, we’re talking about volatility and the reality is, the volatility has been mostly on the upside. And again, we’re a company that earns $12 and we’re talking about $0.10 or cents here or there, so it’s — I just want to put everything more or less in perspective but there’s nothing that I wouldn’t sell at the right price across the company and worldwide, period, end of story.

And it’s very simple, you know why? Because we got the cash, I know we would find an appropriate investment that would replace the earnings lost. It’s really that simple or we give it to the shareholders or we buy our stock back. So I am at the — I am at the point of the highest level of indifference about monetizing an asset as you’ll see.

Greg McGinniss: Great. Thanks for the color.

David Simon: Sure.

Operator: Thank you. We have reached the end of our question-and-answer session. And with that, I would like to turn the floor back over to Mr. David Simon for any closing comments.

David Simon: Okay. Thank you. Sorry, we — I know it’s the end of earnings season. We always — we’re always late in the Q1 because we’re tied to our Annual Meeting next — on Wednesday, but thank you for your interest and your questions, very good questions. Appreciate it. Thank you.

Operator: This concludes today’s teleconference. You may disconnect your lines at this time. Thank you for your participation.