Simon® Reports Third Quarter 2024 Results, Affirms Full Year 2024 Guidance and Raises Quarterly Dividend
Simon reported strong Q3 2024 results with net income of $475.2 million ($1.46 per diluted share). Real Estate FFO reached $1.144 billion ($3.05 per diluted share), up 4.8% year-over-year. Domestic property NOI increased 5.4%, while portfolio NOI grew 5.0%. Occupancy improved to 96.2%, and base minimum rent per square foot rose 2.3% to $57.71. The company successfully opened Tulsa Premium Outlets and expanded Busan Premium Outlets. The quarterly dividend was raised 10.5% to $2.10 per share. Simon maintains its 2024 guidance with FFO expected between $12.80 and $12.90 per diluted share.
Simon ha riportato risultati solidi per il terzo trimestre del 2024, con un reddito netto di 475,2 milioni di dollari (1,46 dollari per azione diluita). Il FFO Immobiliare ha raggiunto 1,144 miliardi di dollari (3,05 dollari per azione diluita), con un aumento del 4,8% rispetto all'anno precedente. L'NOI delle proprietà nazionali è aumentato del 5,4%, mentre l'NOI del portafoglio è cresciuto del 5,0%. L'occupazione è migliorata al 96,2% e l'affitto minimo base per piede quadrato è aumentato del 2,3%, raggiungendo i 57,71 dollari. L'azienda ha aperto con successo i Tulsa Premium Outlets e ha ampliato i Busan Premium Outlets. Il dividendo trimestrale è stato aumentato del 10,5% a 2,10 dollari per azione. Simon mantiene le sue previsioni per il 2024, con un FFO previsto tra 12,80 e 12,90 dollari per azione diluita.
Simon reportó resultados sólidos para el tercer trimestre de 2024, con un ingreso neto de 475.2 millones de dólares (1.46 dólares por acción diluida). El FFO Inmobiliario alcanzó 1.144 millones de dólares (3.05 dólares por acción diluida), un incremento del 4.8% en comparación con el año anterior. El NOI de las propiedades nacionales aumentó un 5.4%, mientras que el NOI del portafolio creció un 5.0%. La ocupación mejoró al 96.2% y el alquiler mínimo base por pie cuadrado subió un 2.3% a 57.71 dólares. La empresa abrió con éxito los Tulsa Premium Outlets y expandió los Busan Premium Outlets. El dividendo trimestral se incrementó un 10.5% a 2.10 dólares por acción. Simon mantiene su guía para 2024, con un FFO esperado entre 12.80 y 12.90 dólares por acción diluida.
사이먼은 2024년 3분기에 4억 7,520만 달러(희석 주당 1.46달러)의 순이익을 보고하며 강력한 실적을 발표했습니다. 부동산 FFO는 11억 4,400만 달러(희석 주당 3.05달러)에 도달했으며, 이는 전년 대비 4.8% 증가한 수치입니다. 국내 부동산의 NOI는 5.4% 증가했으며, 포트폴리오 NOI는 5.0% 성장했습니다. 점유율은 96.2%로 개선되었고, 평방피트당 최소 기본 임대료는 2.3% 증가하여 57.71달러에 달했습니다. 회사는 성공적으로 톨사 프리미엄 아울렛을 개장하고 부산 프리미엄 아울렛을 확장했습니다. 분기 배당금은 10.5% 인상되어 주당 2.10달러가 되었습니다. 사이먼은 2024년 가이던스를 유지하며 FFO는 희석 주당 12.80달러에서 12.90달러 사이로 예상되고 있습니다.
Simon a rapporté des résultats solides pour le troisième trimestre de 2024, avec un revenu net de 475,2 millions de dollars (1,46 dollar par action diluée). Le FFO Immobilier a atteint 1,144 milliard de dollars (3,05 dollars par action diluée), en hausse de 4,8 % par rapport à l'année précédente. Le NOI des propriétés nationales a augmenté de 5,4 %, tandis que le NOI du portefeuille a progressé de 5,0 %. Le taux d'occupation s'est amélioré à 96,2 % et le loyer de base par pied carré a augmenté de 2,3 %, atteignant 57,71 dollars. L'entreprise a ouvert avec succès les Tulsa Premium Outlets et a élargi les Busan Premium Outlets. Le dividende trimestriel a été augmenté de 10,5 % à 2,10 dollars par action. Simon maintient ses prévisions pour 2024, avec un FFO attendu entre 12,80 et 12,90 dollars par action diluée.
Simon hat im dritten Quartal 2024 starke Ergebnisse mit einem Nettoergebnis von 475,2 Millionen Dollar (1,46 Dollar pro verwässerter Aktie) berichtet. Der FFO Immobilien erreichte 1,144 Milliarden Dollar (3,05 Dollar pro verwässerter Aktie), was einem Anstieg von 4,8% im Vergleich zum Vorjahr entspricht. Das NOI der inländischen Immobilien stieg um 5,4%, während das NOI des Portfolios um 5,0% wuchs. Die Belegungsquote verbesserte sich auf 96,2%, und die Grundmiete pro Quadratfuß stieg um 2,3% auf 57,71 Dollar. Das Unternehmen hat erfolgreich die Tulsa Premium Outlets eröffnet und die Busan Premium Outlets erweitert. Die vierteljährliche Dividende wurde um 10,5% auf 2,10 Dollar pro Aktie erhöht. Simon hält an seiner Prognose für 2024 fest, mit einem erwarteten FFO zwischen 12,80 und 12,90 Dollar pro verwässerter Aktie.
- Real Estate FFO increased 4.8% YoY to $3.05 per diluted share
- Domestic property NOI grew 5.4%
- Occupancy improved to 96.2%, up 1.0% YoY
- Base minimum rent increased 2.3% to $57.71 per square foot
- Quarterly dividend raised 10.5% to $2.10 per share
- Strong liquidity position with $11.1 billion available
- Net income decreased from $594.1M to $475.2M YoY
- Non-cash net loss of $49.3M due to Klépierre bonds fair value adjustment
- FFO per diluted share declined from $3.20 to $2.84 YoY
Insights
Simon Property Group delivered strong Q3 2024 results with several positive indicators. Real Estate FFO increased 4.8% year-over-year to
The dividend increase of
The operational metrics show resilience in Simon's premium retail portfolio. The
The company's ability to secure non-recourse mortgage loans at
"We are pleased with our quarterly results highlighted by strong financial and operational performance, the very successful openings of Tulsa Premium Outlets and the expansion of Busan Premium Outlets," said David Simon, Chairman, Chief Executive Officer and President. "Today we are pleased to raise our dividend for the fourth consecutive quarter, to
Results for the Quarter
- Net income attributable to common stockholders was
, or$475.2 million per diluted share, as compared to$1.46 , or$594.1 million per diluted share in 2023.$1.82 - Net income for the third quarter of 2024 includes a non-cash net loss of
, or$49.3 million per diluted share, due to a mark-to-market in fair value adjustment of the Klépierre exchangeable bonds the Company issued in November 2023.$0.13 - Net income for the third quarter of 2023 included non-cash after-tax gains of
, or$118.1 million per diluted share primarily due to the partial sale of the Company's ownership interest in its SPARC Group joint venture ("SPARC").$0.32
- Net income for the third quarter of 2024 includes a non-cash net loss of
- Real Estate Funds From Operations ("Real Estate FFO") was
, or$1.14 4 billion per diluted share as compared to$3.05 , or$1.09 1 billion per diluted share in the prior year, an increase of$2.91 4.8% year-over-year. - Funds From Operations ("FFO") was
, or$1.06 7 billion per diluted share as compared to$2.84 , or$1.20 1 billion per diluted share in the prior year, inclusive of the$3.20 per diluted share loss in the current period and the$0.13 per diluted share gains in the prior year period mentioned above.$0.32 - Domestic property Net Operating Income ("NOI") increased
5.4% and portfolio NOI increased5.0% compared to the prior year period.
Results for the Nine Months
- Net income attributable to common stockholders was
, or$1.70 0 billion per diluted share, as compared to$5.22 , or$1.53 2 billion per diluted share in 2023.$4.68 - Net income for the nine months of 2024 includes an after-tax gain of
, or$311.1 million per diluted share from the sale of the Company's remaining ownership interest in Authentic Brands Group in the first quarter and a non-cash net loss of$0.83 , or$54.1 million per diluted share due to a mark-to-market in fair value adjustments of the Klépierre exchangeable bonds.$0.14 - Net income for the nine months of 2023 included non-cash after-tax gains of
or$145.5 million per diluted share due to the gain in SPARC referenced above and a dilution of our ownership interest in Authentic Brands Group.$0.39
- Net income for the nine months of 2024 includes an after-tax gain of
- Real Estate FFO was
, or$3.33 5 billion per diluted share as compared to$8.90 , or$3.20 1 billion per diluted share in the prior year, an increase of$8.55 4.1% year-over-year. - FFO was
, or$3.48 8 billion per diluted share as compared to$9.30 , or$3.30 4 billion per diluted share in the prior year, inclusive of the items referenced above.$8.82 - Domestic property NOI increased
4.8% and portfolio NOI increased4.6% compared to the prior year period.
- Occupancy at September 30, 2024 was
96.2% , a1.0% increase compared to95.2% at September 30, 2023. - Base minimum rent per square foot was
at September 30, 2024, compared to$57.71 at September 30, 2023, an increase of$56.41 2.3% . - Reported retailer sales per square foot was
for the trailing 12 months ended September 30, 2024.$737
Development Activity
On August 15th, Tulsa Premium Outlets (
On September 12th, the 184,000 square-foot, phase two expansion of Busan Premium Outlets (
Capital Markets and Balance Sheet Liquidity
During the quarter, the Company completed a senior notes offering totaling
The Company also amended and extended its
During the first nine months, the Company completed 14 non-recourse mortgage loans totaling approximately
As of September 30, 2024, Simon had approximately
Dividends
Today, Simon's Board of Directors declared a quarterly common stock dividend of
Simon's Board of Directors declared the quarterly dividend on its 8 3/
2024 Guidance
The Company currently estimates net income to be within a range of
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 | ||||
End | End | ||||
Estimated net income attributable to common stockholders | |||||
per diluted share | |||||
Depreciation and amortization including Simon's share | |||||
of unconsolidated entities | 5.50 | 5.50 | |||
Gain on acquisition of controlling interest, sale or | |||||
disposal of, or recovery on, assets and interest in | |||||
unconsolidated entities and impairment, net | (0.02) | (0.02) | |||
Estimated FFO per diluted share | |||||
Unrealized losses in fair value adjustments | |||||
of the Klépierre exchangeable bonds and | |||||
publicly traded equity instruments, net | 0.14 | 0.14 | |||
Estimated FFO per diluted share, excluding unrealized | |||||
losses in fair value adjustments of the | |||||
Klépierre exchangeable bonds and | |||||
publicly traded equity instruments, net |
Conference Call
Simon will hold a conference call to discuss the quarterly financial results today from 10:00 a.m. to 11:00 a.m. Eastern Time, Friday, November 1, 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 November 8, 2024. To access the audio replay, dial 1-844-512-2921 (international +1-412-317-6671) passcode 13749300.
Supplemental Materials and Website
Supplemental information on our third quarter 2024 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, Real Estate FFO, Real Estate FFO per share and portfolio NOI growth which are financial performance measures not defined by generally accepted accounting principles in
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
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
Simon Property Group, Inc. | |||||
For the Three Months | For the Nine Months | ||||
Ended September 30, | Ended September 30, | ||||
2024 | 2023 | 2024 | 2023 | ||
REVENUE: | |||||
Lease income | |||||
Management fees and other revenues | 33,461 | 30,055 | 96,103 | 92,511 | |
Other income | 107,425 | 82,156 | 327,227 | 237,007 | |
Total revenue | 1,480,710 | 1,410,948 | 4,381,566 | 4,131,398 | |
EXPENSES: | |||||
Property operating | 141,114 | 136,541 | 398,520 | 366,553 | |
Depreciation and amortization | 320,365 | 315,259 | 937,749 | 941,851 | |
Real estate taxes | 93,999 | 115,456 | 299,848 | 338,452 | |
Repairs and maintenance | 23,019 | 22,660 | 73,272 | 67,837 | |
Advertising and promotion | 34,138 | 28,809 | 101,046 | 86,713 | |
Home and regional office costs | 53,351 | 47,679 | 164,556 | 154,505 | |
General and administrative | 9,171 | 9,070 | 29,141 | 28,235 | |
Other | 37,784 | 41,240 | 120,384 | 132,369 | |
Total operating expenses | 712,941 | 716,714 | 2,124,516 | 2,116,515 | |
OPERATING INCOME BEFORE OTHER ITEMS | 767,769 | 694,234 | 2,257,050 | 2,014,883 | |
Interest expense | (226,424) | (212,210) | (678,382) | (629,725) | |
Gain on disposal, exchange, or revaluation of equity interests, net | - | 158,192 | 414,769 | 194,629 | |
Income and other tax expense | (2,605) | (43,218) | (55,170) | (40,252) | |
Income from unconsolidated entities | 58,504 | 95,480 | 66,375 | 207,835 | |
Unrealized (losses) gains in fair value of publicly traded equity instruments and | |||||
derivative instrument, net | (49,345) | (6,175) | (54,132) | 20,049 | |
(Loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on, | |||||
assets and interests in unconsolidated entities and impairment, net | (1,228) | (5,541) | 6,752 | (9,897) | |
CONSOLIDATED NET INCOME | 546,671 | 680,762 | 1,957,262 | 1,757,522 | |
Net income attributable to noncontrolling interests | 70,676 | 85,789 | 254,431 | 222,710 | |
Preferred dividends | 834 | 834 | 2,503 | 2,503 | |
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | |||||
BASIC AND DILUTED EARNINGS PER COMMON SHARE: | |||||
Net income attributable to common stockholders | |||||
Simon Property Group, Inc. | ||
September 30, | December 31, | |
2024 | 2023 | |
ASSETS: | ||
Investment properties, at cost | ||
Less - accumulated depreciation | 18,625,523 | 17,716,788 |
21,313,692 | 21,568,350 | |
Cash and cash equivalents | 2,170,102 | 1,168,991 |
Short-term investments | 300,000 | 1,000,000 |
Tenant receivables and accrued revenue, net | 767,756 | 826,126 |
Investment in TRG, at equity | 2,870,048 | 3,049,719 |
Investment in Klépierre, at equity | 1,463,679 | 1,527,872 |
Investment in other unconsolidated entities, at equity | 2,628,159 | 3,540,648 |
Right-of-use assets, net | 521,386 | 484,073 |
Deferred costs and other assets | 1,241,096 | 1,117,716 |
Total assets | ||
LIABILITIES: | ||
Mortgages and unsecured indebtedness | ||
Accounts payable, accrued expenses, intangibles, and deferred revenues | 1,619,747 | 1,693,248 |
Cash distributions and losses in unconsolidated entities, at equity | 1,733,935 | 1,760,922 |
Dividend payable | 2,069 | 1,842 |
Lease liabilities | 522,091 | 484,861 |
Other liabilities | 658,282 | 621,601 |
Total liabilities | 29,953,682 | 30,595,897 |
Commitments and contingencies | ||
Limited partners' preferred interest in the Operating Partnership and noncontrolling | ||
redeemable interests | 182,879 | 195,949 |
EQUITY: | ||
Stockholders' Equity | ||
Capital stock (850,000,000 total shares authorized, | ||
shares of excess common stock, 100,000,000 authorized shares of preferred stock): | ||
Series J 8 3/ | ||
796,948 issued and outstanding with a liquidation value of | 40,860 | 41,106 |
Common stock, | ||
342,895,886 issued and outstanding, respectively | 33 | 33 |
Class B common stock, | ||
issued and outstanding | - | - |
Capital in excess of par value | 11,343,428 | 11,406,236 |
Accumulated deficit | (6,358,449) | (6,095,576) |
Accumulated other comprehensive loss | (206,340) | (172,787) |
Common stock held in treasury, at cost, 16,675,701 and 16,983,364 shares, respectively | (2,106,396) | (2,156,178) |
Total stockholders' equity | 2,713,136 | 3,022,834 |
Noncontrolling interests | 426,221 | 468,815 |
Total equity | 3,139,357 | 3,491,649 |
Total liabilities and equity |
Simon Property Group, Inc. | |||||
Unaudited Joint Venture Combined Statements of Operations | |||||
(Dollars in thousands) | |||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||
2024 | 2023 | 2024 | 2023 | ||
REVENUE: | |||||
Lease income | |||||
Other income | 92,151 | 129,021 | 277,915 | 357,261 | |
Total revenue | 855,336 | 872,409 | 2,535,016 | 2,569,458 | |
OPERATING EXPENSES: | |||||
Property operating | 171,027 | 165,406 | 494,210 | 475,364 | |
Depreciation and amortization | 155,472 | 159,560 | 473,394 | 483,361 | |
Real estate taxes | 56,683 | 63,607 | 180,967 | 192,550 | |
Repairs and maintenance | 17,382 | 19,034 | 55,016 | 55,452 | |
Advertising and promotion | 20,098 | 19,188 | 63,292 | 58,702 | |
Other | 53,225 | 63,696 | 161,735 | 180,213 | |
Total operating expenses | 473,887 | 490,491 | 1,428,614 | 1,445,642 | |
OPERATING INCOME BEFORE OTHER ITEMS | 381,449 | 381,918 | 1,106,402 | 1,123,816 | |
Interest expense | (176,583) | (172,523) | (532,692) | (508,230) | |
Gain on sale or disposal of, or recovery on, assets and interests in | - | 19,395 | - | 20,529 | |
NET INCOME | |||||
Third-Party Investors' Share of Net Income | |||||
Our Share of Net Income | 100,568 | 104,518 | 282,193 | 306,777 | |
Amortization of Excess Investment (A) | (14,404) | (14,933) | (43,564) | (44,781) | |
Our Share of Gain on Sale or Disposal of, or Recovery on, Assets | |||||
- | - | - | (454) | ||
Income from Unconsolidated Entities (B) | |||||
Note: The above financial presentation does not include any information related to our investments in Klépierre S.A. | |||||
("Klépierre"), The Taubman Realty Group ("TRG") and other platform investments. For additional information, see footnote B. |
Simon Property Group, Inc. | |||
Unaudited Joint Venture Combined Balance Sheets | |||
(Dollars in thousands) | |||
September 30, | December 31, | ||
2024 | 2023 | ||
Assets: | |||
Investment properties, at cost | |||
Less - accumulated depreciation | 9,183,068 | 8,874,745 | |
10,367,624 | 10,440,833 | ||
Cash and cash equivalents | 1,260,075 | 1,372,377 | |
Tenant receivables and accrued revenue, net | 503,076 | 505,933 | |
Right-of-use assets, net | 117,035 | 126,539 | |
Deferred costs and other assets | 566,932 | 537,943 | |
Total assets | |||
Liabilities and Partners' Deficit: | |||
Mortgages | |||
Accounts payable, accrued expenses, intangibles, and deferred revenue | 974,080 | 1,032,217 | |
Lease liabilities | 107,418 | 116,535 | |
Other liabilities | 380,694 | 368,582 | |
Total liabilities | 15,567,088 | 15,800,173 | |
Preferred units | 67,450 | 67,450 | |
Partners' deficit | (2,819,796) | (2,883,998) | |
Total liabilities and partners' deficit | |||
Our Share of: | |||
Partners' deficit | |||
Add: Excess Investment (A) | 1,109,624 | 1,173,852 | |
Our net Investment in unconsolidated entities, at equity | |||
Note: The above financial presentation does not include any information related to our investments in Klépierre, | |||
TRG and other platform investments. For additional information, see footnote B. |
Simon Property Group, Inc. | |||||||||||
Unaudited Reconciliation of Non-GAAP Financial Measures (C) | |||||||||||
(Amounts in thousands, except per share amounts) | |||||||||||
Reconciliation of Consolidated Net Income to FFO and Real Estate FFO | |||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||
September 30, | September 30, | ||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||
Consolidated Net Income (D) | $ 546,671 | $ 680,762 | $ 1,957,262 | $ 1,757,522 | |||||||
Adjustments to Arrive at FFO: | |||||||||||
Depreciation and amortization from consolidated | |||||||||||
properties | 316,593 | 313,053 | 926,582 | 933,669 | |||||||
Our share of depreciation and amortization from | |||||||||||
unconsolidated entities, including Klépierre, TRG and other corporate investments | 209,225 | 207,607 | 630,460 | 622,258 | |||||||
Loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on, | |||||||||||
assets and interests in unconsolidated entities and impairment, net | 1,228 | 5,541 | (6,752) | 9,897 | |||||||
Net loss attributable to noncontrolling interest holders in | |||||||||||
properties | 1,047 | 1,149 | 1,733 | 751 | |||||||
Noncontrolling interests portion of depreciation and amortization, gain on consolidation of properties, | |||||||||||
and loss (gain) on disposal of properties | (6,820) | (6,045) | (17,416) | (16,255) | |||||||
Preferred distributions and dividends | (1,239) | (1,313) | (3,772) | (3,939) | |||||||
FFO of the Operating Partnership | $ 1,066,705 | $ 1,200,754 | $ 3,488,097 | $ 3,303,903 | |||||||
FFO of the Operating Partnership | $ 1,066,705 | $ 1,200,754 | $ 3,488,097 | $ 3,303,903 | |||||||
Gain on disposal, exchange, or revaluation of equity interests, net of tax | - | (118,138) | (311,077) | (145,466) | |||||||
Other platform investments, net of tax | 28,306 | 1,969 | 104,089 | 62,647 | |||||||
Unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net | 49,345 | 6,175 | 54,132 | (20,049) | |||||||
Real Estate FFO | $ 1,144,356 | $ 1,090,760 | $ 3,335,241 | $ 3,201,035 | |||||||
Diluted net income per share to diluted FFO per share reconciliation: | |||||||||||
Diluted net income per share | $ 1.46 | $ 1.82 | $ 5.22 | $ 4.68 | |||||||
Depreciation and amortization from consolidated properties | |||||||||||
and our share of depreciation and amortization from unconsolidated | |||||||||||
entities, including Klépierre, TRG and other corporate investments, net of noncontrolling | |||||||||||
interests portion of depreciation and amortization | 1.37 | 1.37 | 4.10 | 4.11 | |||||||
Loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on, | |||||||||||
assets and interests in unconsolidated entities and impairment, net | 0.01 | 0.01 | (0.02) | 0.03 | |||||||
Diluted FFO per share | $ 2.84 | $ 3.20 | $ 9.30 | $ 8.82 | |||||||
Gain on disposal, exchange, or revaluation of equity interests, net of tax | - | (0.32) | (0.83) | (0.39) | |||||||
Other platform investments, net of tax | 0.08 | 0.01 | 0.29 | 0.17 | |||||||
Unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net | 0.13 | 0.02 | 0.14 | (0.05) | |||||||
Real Estate FFO per share | $ 3.05 | $ 2.91 | $ 8.90 | $ 8.55 | |||||||
4.8 % | 4.1 % | ||||||||||
Details for per share calculations: | |||||||||||
FFO of the Operating Partnership | $ 1,066,705 | $ 1,200,754 | $ 3,488,097 | $ 3,303,903 | |||||||
Diluted FFO allocable to unitholders | (139,191) | (152,599) | (454,729) | (418,135) | |||||||
Diluted FFO allocable to common stockholders | $ 927,514 | $ 1,048,155 | $ 3,033,368 | $ 2,885,768 | |||||||
Basic and Diluted weighted average shares outstanding | 326,158 | 327,159 | 326,036 | 327,101 | |||||||
Weighted average limited partnership units outstanding | 48,939 | 47,658 | 48,876 | 47,396 | |||||||
Basic and Diluted weighted average shares and units outstanding | 375,097 | 374,817 | 374,912 | 374,497 | |||||||
Basic and Diluted FFO per Share | $ 2.84 | $ 3.20 | $ 9.30 | $ 8.82 | |||||||
Percent Change | -11.3 % | 5.4 % |
Simon Property Group, Inc. | ||||||||||||
Footnotes to Unaudited Financial Information | ||||||||||||
Notes: | ||||||||||||
(A) | Excess investment represents the unamortized difference of our investment over equity in the underlying net assets of the related partnerships and joint ventures shown therein. The Company generally amortizes excess investment over the life of the related assets. | |||||||||||
(B) | The Unaudited Joint Venture Combined Statements of Operations do not include any operations or our share of net income or excess investment amortization related to our investments in Klépierre, TRG and other platform investments. Amounts included in Footnote D below exclude our share of related activity for our investments in Klépierre, TRG and other platform investments. For further information on Klépierre, reference should be made to financial information in Klépierre's public filings and additional discussion and analysis in our Form 10-K. | |||||||||||
(C) | This report contains measures of financial or operating performance that are not specifically defined by GAAP, including FFO, FFO per share, Real Estate FFO and Real Estate FFO per share. FFO is a performance measure that is standard in the REIT business. We believe FFO provides investors with additional information concerning our operating performance and a basis to compare our performance with those of other REITs. We also use these measures internally to monitor the operating performance of our portfolio. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs. | |||||||||||
We determine FFO based upon the definition set forth by the National Association of Real Estate Investment Trusts ("NAREIT") Funds From Operations White Paper - 2018 Restatement. Our main business includes acquiring, owning, operating, developing, and redeveloping real estate in conjunction with the rental of retail real estate. Gains and losses of assets incidental to our main business are included in FFO. We determine FFO to be our share of consolidated net income computed in accordance with GAAP, excluding real estate related depreciation and amortization, excluding gains and losses from extraordinary items, excluding gains and losses from the sale, disposal or property insurance recoveries of, or any impairment related to, depreciable retail operating properties, plus the allocable portion of FFO of unconsolidated joint ventures based upon economic ownership interest, and all determined on a consistent basis in accordance with GAAP. However, you should understand that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income determined in accordance with GAAP as a measure of operating performance, and is not an alternative to cash flows as a measure of liquidity. | ||||||||||||
(D) | Includes our share of: | |||||||||||
- | Gain on land sales of | |||||||||||
- | Straight-line adjustments increased (decreased) income by | |||||||||||
- | Amortization of fair market value of leases increased income by |
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SOURCE Simon
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