Reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures are included within the press release and the supplemental information in today’s Form 8-K filing. Please note that this call includes information that maybe accurate only as of today’s date. We refer you to today’s press release and our SEC filings for a detailed discussion of the risk factors relating to those forward-looking statements. Also on the call are Brian McDade, Chief Financial Officer and Adam Reuille, Chief Accounting Officer.Ī quick reminder that statements made during this call may be deemed forward-looking statements within the meaning of the Safe Harbor of the Private Securities Litigation Reform Act of 1995 and actual results may differ materially due to a variety of risks, uncertainties and other factors. Presenting on today’s call is David Simon, Chairman, Chief Executive Officer, President. I will now turn the conference over to your host, Tom Ward. Please note this conference is being recorded. Welcome to Simon Property Group Fourth Quarter 2022 Earnings Conference Call. Linda Tsai - Jefferies - Analyst Presentation: Juan Sanabria - BMO Capital Markets - Analyst Tom Ward - Senior Vice President, Investor Relationsĭavid Simon - Chairman of the Board, Chief Executive Officer and Presidentīrian McDade - Executive Vice President and Chief Financial Officer Analysts:Īlexander Goldfarb - Piper Sandler - AnalystĬraig Schmidt - Bank of America - Analystįloris van Dijkum - Compass Point - Analyst ( NYSE: SPG) Q4 2022 earnings call dated Feb. Founded in 2002 and headquartered in Philadelphia, Pennsylvania, Five Below today has over 1,340 stores in 43 states.Simon Property Group Inc. With most items priced between $1 and $5, and some extreme value items priced beyond $5 in our incredible Five Beyond offering, Five Below makes it easy to say YES! to the newest, coolest stuff across eight awesome Five Below worlds: Style, Room, Sports, Tech, Create, Party, Candy and New & Now.
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We believe life is better when customers are free to "let go & have fun" in an amazing experience filled with unlimited possibilities. Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.įive Below is a leading high-growth value retailer offering trend-right, high-quality products loved by tweens, teens and beyond. Simon ® is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed- use destinations and an S&P 100 company ( Simon Property Group, NYSE: SPG). Today, Simon operates or has an ownership interest in more than 250 premier retail destinations around the world and Five Below operates 21 stores within the Simon portfolio.
"The expansion of our relationship with Five Below comes as a result of the success of the 21 stores that are currently in our Malls and Mills properties and is a natural extension of our commitment to growth," said Paul Ajdaharian, Senior Vice President of Leasing at Simon.
We look forward to our partnership with Simon and serving new communities and customers with our fun and value-based experience with the opening of each new store this spring and summer," said George Hill, Chief Retail Officer of Five Below. "Expansion to 3,500-plus stores is a key strategic pillar of our vision for growth, and our relationship with Simon is core to continuing our national expansion efforts.
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In addition, Five Below is also opening at Great Mall, a Mills property, in Milpitas, CA, and at Miller Hill Mall in Duluth, MN this year as well as undergoing a full remodel at Arundel Mills in Hanover, MD. The new stores will open beginning this spring and summer 2023 at Albertville Premium Outlets, Pleasant Prairie Premium Outlets, Johnson Creek Premium Outlets, Gaffney Outlet Marketplace, Indiana Premium Outlets, Pismo Beach Premium Outlets and Pocono Premium Outlets.
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