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:Įstimated net income attributable to common stockholders per diluted shareĭepreciation and amortization including Simon's share of unconsolidated entities
The FFO per diluted share range is an increase from the $11.70 to $11.95 per diluted share range provided on February 6, 2023, or an increase of $0.05 per diluted share at the mid-point. The Company currently estimates net income to be within a range of $6.45 to $6.60 per diluted share and FFO to be within a range of $11.80 to $11.95 per diluted share for the year ending December 31, 2023.
Simon property group investors series#
Simon's Board of Directors declared the quarterly dividend on its 8 3/8% Series J Cumulative Redeemable Preferred Stock SPGPRJ of $1.046875 per share, payable on Jto shareholders of record on June 16, 2023. The dividend will be payable on Jto shareholders of record on June 9, 2023. This is an increase of $0.15, or 8.8% year-over-year. Today, Simon's Board of Directors declared a quarterly common stock dividend of $1.85 for the second quarter of 2023.
Simon property group investors plus#
Dollar borrowings is unchanged from the prior facility at SOFR plus 82.5 basis points (inclusive of a 10 basis point SOFR spread adjustment).Īs of March 31, 2023, Simon had approximately $9.3 billion of liquidity consisting of $1.8 billion of cash on hand, including its share of joint venture cash, and $7.5 billion of available capacity under its revolving credit facilities. Based upon the Company's current credit ratings, the interest rate for U.S. The new facility will initially mature on Jand at our sole option, can be extended for an additional year to June 30, 2028. The Company also closed on a new $5.0 billion multi-currency unsecured revolving credit facility, replacing the Company's prior $4.0 billion senior unsecured revolving credit facility. Combined, the two new issues of senior notes had a weighted-average term of 20 years and a weighted-average coupon rate of 5.675%. Simon owns 100% of this project.Ĭonstruction continues on redevelopment and expansion projects at properties in North America, Europe and Asia.Ĭapital Markets and Balance Sheet Liquidityĭuring the quarter, the Company completed a two tranche senior notes offering totaling $1.3 billion. Simon owns a 74% interest in this center.ĭuring the quarter, construction restarted on a 338,000 square foot upscale outlet located in Jenks ( Tulsa), Oklahoma, projected to open in the fall of 2024. The center includes 228,000 square feet of prestigious luxury and premium brands, providing shoppers in the western region of Paris with one of the finest open-air retail and leisure experiences. Simon reported comparable funds from operations, or FFO, of $2.74 per share, which was below our estimate of $2.95 due to lower retail investment income in the quarter.On April 27, 2023, we opened Paris-Giverny Designer Outlet, in Normandy, France. While the loss is larger than we forecast, management says that its retail investments face significant seasonality and that a first-quarter loss was already accounted for in management’s 2023 guidance. However, Simon’s various retail investments produced a $54.6 million NOI loss in the first quarter, which marks the first quarter where Simon has lost money on its investments over the past several years.
Minimum rent grew 3.1% year over year, leading to portfolio net operating income growth of 3.9% that was in line with our estimate. Occupancy declined 50 basis points sequentially due to typical mall seasonality but was up 110 basis points year over year. Simon Property Group reported mixed first-quarter results compared with our estimates, though we don’t see anything in the quarter that would change our $150 fair value estimate for the no-moat company.
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