Top-News
Montag,
05.02.2024 16:05
von
PR Newswire
| Aufrufe: 52
Simon® Reports Fourth Quarterand Full Year 2023 Resultsand Raises Quarterly Dividend
Ein mehrstöckiges Einkaufszentrum (Symbolbild).
© MediaProduction / E+ / Getty Images
http://www.gettyimages.de
PR Newswire
INDIANAPOLIS, Feb. 5, 2024
INDIANAPOLIS, Feb. 5, 2024 /PRNewswire/ -- Simon®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today reported results for the quarter and twelve months ended December 31, 2023.
"This was an excellent quarter and year for Simon Property Group, which was capped off by our 30th anniversary as a public company in December. Over that 30-year period, we are proud to have delivered a total return to shareholders of 3,100%," said David Simon, Chairman, Chief Executive Officer and President. "In 2023, we generated record annual Funds From Operations of nearly $4.7 billion, executed over 18 million square feet of leases, delivered 13 significant redevelopment projects, and completed several major financing transactions that reinforced our industry-leading balance sheet. We achieved 2023 total shareholder return of 29.3% and returned $2.9 billion to shareholders in dividends and share repurchases."
Results for the Quarter
- Net income attributable to common stockholders was $747.5 million, or $2.29 per diluted share, as compared to $673.8 million, or $2.06 per diluted share in 2022.
- Net income for the fourth quarter of 2023 includes after-tax net gains of $117.4 million, or $0.31 per diluted share, primarily due to the partial sale of the Company's ownership interest in Authentic Brands Group ("ABG"); prior year period included non-cash after-tax gains from investment activity of $90.5 million, or $0.25 per diluted share.
- Funds From Operations ("FFO") was $1.382 billion, or $3.69 per diluted share as compared to $1.274 billion, or $3.40 per diluted share in the prior year, inclusive of the gains referenced above.
- Domestic property Net Operating Income ("NOI") increased 7.3% and portfolio NOI increased 7.2% compared to the prior year period.
Results for the Year
- Net income attributable to common stockholders was $2.280 billion, or $6.98 per diluted share, as compared to $2.136 billion, or $6.52 per diluted share in 2022.
- Net income for 2023 includes after-tax gains of $282.9 million or $0.75 per diluted share from investment activity; prior year included non-cash after-tax gains of $27.1 million or $0.08 per diluted share from investment activity.
- FFO was $4.686 billion, or $12.51 per diluted share as compared to $4.481 billion, or $11.95 per diluted share in the prior year, inclusive of the gains referenced above.
- Domestic property NOI increased 4.8% and portfolio NOI increased 4.9% compared to the prior year period.
U.S. Malls and Premium Outlets Operating Statistics
- Occupancy was 95.8% at December 31, 2023, compared to 94.9% at December 31, 2022, an increase of 90 basis points.
- Base minimum rent per square foot was $56.82 at December 31, 2023, compared to $55.13 at December 31, 2022, an increase of 3.1%.
- Reported retailer sales per square foot was $743 for the trailing 12 months ended December 31, 2023, a decrease of 1.3% compared to 2022.
Capital Markets and Balance Sheet Liquidity
The Company was active in both the secured and unsecured credit markets in 2023.
During the year, the Company completed three senior notes offerings totaling $3.1 billion, with a weighted average coupon rate of 5.36% and a weighted average term of 15.6 years. The Company also completed 16 non-recourse mortgage loans totaling approximately $1.73 billion (U.S. dollar equivalent), of which Simon's share was $954 million. The weighted average interest rate on the mortgage loans was 6.53%. The Company also closed on a new, upsized $5.0 billion multi-currency unsecured revolving credit facility.
As of December 31, 2023, Simon had approximately $10.9 billion of liquidity consisting of $2.8 billion of cash on hand, including its share of joint venture cash, and $8.1 billion of available capacity under its revolving credit facilities.
Dividends
Today, Simon's Board of Directors declared a quarterly common stock dividend of $1.95 for the first quarter of 2024. This is an increase of $0.15, or 8.3% year-over-year. The dividend will be payable on March 29, 2024 to shareholders of record on March 8, 2024.
Simon's Board of Directors declared the quarterly dividend on its 8 3/8% Series J Cumulative Redeemable Preferred Stock (NYSE: SPGPrJ) of $1.046875 per share, payable on March 29, 2024 to shareholders of record on March 15, 2024.
2024 Guidance
The Company currently estimates net income to be within a range of $6.45 to $6.70 per diluted share and FFO to be within a range of $11.85 to $12.10 per diluted share for the year ending December 31, 2024.
The following table provides the GAAP to non-GAAP reconciliation for the expected range of estimated net income attributable to common stockholders per diluted share to FFO per diluted share:
| For the year ending December 31, 2024 | | | |
| | Low | | High |
| Estimated net income attributable to common stockholders | $6.45 | | $6.70 |
| Depreciation and amortization including Simon's share | 5.40 | | 5.40 |
| Estimated FFO per diluted share | $11.85 | | $12.10 |
Conference Call
Simon will hold a conference call to discuss the quarterly financial results today from 5:00 p.m. to 6:00 p.m. Eastern Time, Monday, February 5, 2024. A live webcast of the conference call will be accessible in listen-only mode at investors.simon.com. An audio replay of the conference call will be available until February 12, 2024. To access the audio replay, dial 1-844-512-2921 (international +1-412-317-6671) passcode 13743637.
Supplemental Materials and Website
Supplemental information on our fourth quarter 2023 performance is available at investors.simon.com. This information has also been furnished to the SEC in a current report on Form 8-K.
We routinely post important information online on our investor relations website, investors.simon.com. We use this website, press releases, SEC filings, quarterly conference calls, presentations and webcasts to disclose material, non-public information in accordance with Regulation FD. We encourage members of the investment community to monitor these distribution channels for material disclosures. Any information accessed through our website is not incorporated by reference into, and is not a part of, this document.
Non-GAAP Financial Measures
This press release includes FFO, FFO per share and portfolio NOI growth which are financial performance measures not defined by generally accepted accounting principles in the United States ("GAAP"). Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in this press release and in Simon's supplemental information for the quarter. FFO and NOI growth are financial performance measures widely used in the REIT industry. Our definitions of these non-GAAP measures may not be the same as similar measures reported by other REITs.
Forward-Looking Statements
Certain statements made in this press release may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be attained, and it is possible that the Company's actual results may differ materially from those indicated by these forward–looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: changes in economic and market conditions that may adversely affect the general retail environment, including but not limited to those caused by inflation, recessionary pressures, wars, escalating geopolitical tensions as a result of the war in Ukraine and the conflicts in the Middle East, and supply chain disruptions; the inability to renew leases and relet vacant space at existing properties on favorable terms; the potential loss of anchor stores or major tenants; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; an increase in vacant space at our properties; the potential for violence, civil unrest, criminal activity or terrorist activities at our properties; natural disasters; the availability of comprehensive insurance coverage; the intensely competitive market environment in the retail industry, including e-commerce; security breaches that could compromise our information technology or infrastructure; reducing emissions of greenhouse gases; environmental liabilities; our international activities subjecting us to risks that are different from or greater than those associated with our domestic operations, including changes in foreign exchange rates; our continued ability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; risks associated with the acquisition, development, redevelopment, expansion, leasing and management of properties; the inability to lease newly developed properties on favorable terms; the loss of key management personnel; uncertainties regarding the impact of pandemics, epidemics or public health crises, and the associated governmental restrictions on our business, financial condition, results of operations, cash flow and liquidity; changes in market rates of interest; the impact of our substantial indebtedness on our future operations, including covenants in the governing agreements that impose restrictions on us that may affect our ability to operate freely; any disruption in the financial markets that may adversely affect our ability to access capital for growth and satisfy our ongoing debt service requirements; any change in our credit rating; risks relating to our joint venture properties, including guarantees of certain joint venture indebtedness; and general risks related to real estate investments, including the illiquidity of real estate investments.
The Company discusses these and other risks and uncertainties under the heading "Risk Factors" in its annual and quarterly periodic reports filed with the SEC. The Company may update that discussion in subsequent other periodic reports, but except as required by law, the Company undertakes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.
About Simon
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). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.
| Simon Property Group, Inc. Unaudited Consolidated Statements of Operations (Dollars in thousands, except per share amounts) | |||||
| | |||||
| | |||||
| | |||||
| | For the Three Months | | For the Twelve Months | ||
| | Ended December 31, | | Ended December 31, | ||
| | 2023 | 2022 | | 2023 | 2022 |
| | | | | | |
| REVENUE: | | | | | |
| Lease income | $ 1,362,455 | $ 1,287,141 | | $ 5,164,335 | $ 4,905,175 |
| Management fees and other revenues | 33,484 | 31,853 | | 125,995 | 116,904 |
| Other income | 131,499 | 80,904 | | 368,506 | 269,368 |
| Total revenue | 1,527,438 | 1,399,898 | | 5,658,836 | 5,291,447 |
| | | | | | |
| EXPENSES: | | | | | |
| Property operating | 122,793 | 127,206 | | 489,346 | 464,135 |
| Depreciation and amortization | 320,256 | 317,181 | | 1,262,107 | 1,227,371 |
| Real estate taxes | 103,330 | 109,612 | | 441,783 | 443,224 |
| Repairs and maintenance | 29,420 | 29,602 | | 97,257 | 93,595 |
| Advertising and promotion | 40,633 | 35,364 | | 127,346 | 107,793 |
| Home and regional office costs | 53,113 Werbung Mehr Nachrichten zur Simon Property REIT Aktie kostenlos abonnieren
E-Mail-Adresse
Bitte überprüfe deine die E-Mail-Adresse.
Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1  Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News | ||||
