Simon Property FFO of $3.15 beats by $0.02, revenue of $1.4B beats by $110M
Feb. 06, 2023 4:07 PM ETSimon Property Group, Inc. (SPG)By: Gaurav Batavia, SA News Editor48 Comments
- Simon Property press release (NYSE:SPG): Q4 FFO of $3.15 beats by $0.02.
- Revenue of $1.4B (+5.56% Y/Y) beats by $110M.
- Domestic property Net Operating Income ("NOI") increased 5.8% and portfolio NOI increased 6.3%, in each case, compared to the prior year period.
- U.S. Malls and Premium Outlets Operating Statistics
- Occupancy was 94.9% at December 31, 2022, compared to 93.4% at December 31, 2021, an increase of 1.5%.
- Base minimum rent per square foot was $55.13 at December 31, 2022, compared to $53.91 at December 31, 2021, an increase of 2.3%.
- Reported retailer sales per square foot was $753, an increase of 5.6% for the trailing 12 months ended December 31, 2022.
- Today, Simon's Board of Directors declared a quarterly common stock dividend of $1.80 for the first quarter of 2023. This is an increase of $0.15, or 9.1% year-over-year. The dividend will be payable on March 31, 2023 to shareholders of record on March 10, 2023.
- The Company currently estimates net income to be within a range of $6.35 to $6.60 per diluted share and Comparable FFO to be within a range of $11.70 to $11.95 ($12.13 consensus) per diluted share for the year ending December 31, 2023.