Cash flow for Simon Property Group is currently consistent with pre-pandemic levels. That is according to David Simon, chairman, CEO and president of the retail REIT.
On the firm's Q3 earnings call, Simon noted that the company recorded increased leasing volumes, occupancy gains, shopper traffic, and retail sales. "Demand for our space from a broad spectrum of tenants is strong and growing and our various platform investments continue to outperform, he said. "Third quarter highlights from funds from operation starts with $1.18 billion or $3.13 per share."
He explained that the company's focus is cash flow growth, which will allow the REIT to fund its growth opportunities and increase its dividend. "We would encourage the analytic community to focus on our cash flow and its growth because there are many levers that contribute to it beyond what is contained in one or two operating metrics," he said. "A simple case-in-point, our mathematical open and close spread has declined yet our cash flow has significantly increased. Leasing spreads are calculated at a poignant time."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
