Simon Property Group, Inc. BofA NY Global Real Estate Conference 2026

Alright, everybody, why don't we get started. Good afternoon. Welcome to the Simon Property Group roundtable. I am very happy to have the Simon Management Team here with us today: Eli Simon, CEO; Brian J. McDade, CFO. Let me turn it over to you, Eli, with some opening remarks.

Great, thank you. Samir, it is great to be here. I will keep this brief so we can get to your questions. Overall, leasing demand remains unabated. Big picture: the operating environment remains very favorable for us. Retailer demand is strong across our platforms, across categories, and across geographies. Retailers continue to prioritize physical stores, and demand for our space in our portfolio remains robust. Through the first half of the year, we signed more than 2,300 leases, totaling over 9.5 million square feet. Approximately 27% were new deals, and our pipeline is running well ahead of last year's pace. New deal rent per square foot is up 17% versus last year, while TAs per square foot are down 12%. Demand spans apparel, dining, entertainment, and health and wellness.

What excites me most is the new and emerging brands coming to our centers from online, from Europe, and from Asia. The consumer is showing up and continuing to show up at our centers. Shopper traffic is up and accelerated throughout the back-to-school period. Retailer sales are also up alongside traffic, and it is broad-based across categories, geographies, and platforms, which are all positive. We continue to invest in our portfolio. We have approximately $1.1 billion of projects under construction at a 9% yield, roughly half of which is mixed-use.