Sometimes, even when you do well on one scale, you disappoint on another. That's the position of Simon Property Group after its earnings release and call for the fourth quarter of 2022.
The big disappointment, at least for some analysts on the call, was forward looking guidance of 2% growth in net operating income (NOI). Multiple analysts addressed the number.
Ronald Kamdem of Morgan Stanley asked about the source of the "sort of organic growth," especially with occupancy having returned to 95%. He asked how much of that gain would likely be from rent increases and how much from increases in occupancy.
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