Management remarks
Call period: 2026 Q2 · 2026-08-10
Guidance: Brian McDade: Given our results for the first half of the year and our current view for the remainder of the year, we are increasing our full year 2026 real estate FFO guidance to a range of $13.20 to $13.30 per share.Demand and orders: Brian McDade: Malls and Premium Outlets occupancy at the end of the second quarter was 96%, flat compared to the first quarter and year-over-year, a result that reflects the depth of retail demand as we absorbed approximately 1 million square feet of retailer bankruptcy-related space returned during the quarter and successfully relet.Analyst Q&A
Analyst Vince Tibone asked: Comparable tenant sales are up about 6% year-to-date, which is much stronger than the last few years. I just -- how should we think about potential upside to 2026 NOI and FFO growth from overage rents if these strong sales trends continue for the rest of the year? Management Eli Simon answered: If we -- if it stays like this, then we obviously will be above that range. But it's -- we don't really feel comfortable guiding at the same growth just because it's something we can't control. We can control leasing. We can control how we manage expenses, but we can't control sales. And so although there's nothing that we've seen that would suggest the slowdown is imminent, we thought it was prudent to guide with some sort of sales moderation. But again, very strong numbers. If you look at the -- for the 6 months, it's 6.3% comp growth.管理层陈述
电话会期间：2026 Q2 · 2026-08-10
指引：布莱恩·麦克德：鉴于今年上半年的业绩以及我们对今年剩余时段的当前判断，我们将2026年全年房地产营运资金（FFO）指引上调至每股13.20美元至13.30美元的区间。需求与订单：布莱恩·麦克德：第二季度末，商场及精品奥特莱斯的出租率为96%，与第一季度及去年同期持平；本季度我们吸纳了约100万平方英尺因零售商破产返还的空间并成功完成重新出租，这一结果反映了零售需求的强劲程度。分析师问答
分析师文斯·蒂博尼：今年迄今可比租户销售额增长约6%，远强于过往几年。若今年剩余时间销售趋势持续强劲，应如何看待这对2026年NOI和FFO增长的上行空间？ 管理层伊莱·西蒙：若销售维持当前水平，我们将超出预期区间，但无法按当前增速给出指引，因销售不受我们控制。尽管暂无放缓迹象，但我们审慎考虑销售放缓来给出指引，不过当前数据强劲，过去6个月可比增长为6.3%。This earnings-call research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报电话会研究基于公司公告、监管文件、财务报表，以及真实电话会文字稿或官方回放整理。内容仅供参考，不构成投资建议。
