Simon Q1 2021 Earnings Report
Key Takeaways
Simon Property Group reported a net income of $445.9 million and FFO of $934.0 million for the quarter ended March 31, 2021. The company's business has substantially improved, and they are increasing full-year 2021 guidance.
Net income attributable to common stockholders was $445.9 million, or $1.36 per diluted share.
Funds From Operations (FFO) was $934.0 million, or $2.48 per diluted share.
Domestic and international properties net operating income (NOI), combined, declined 8.4% compared to the prior year period.
U.S. Malls and Premium Outlets occupancy was 90.8% at March 31, 2021.
Simon
Simon
Forward Guidance
The Company currently estimates net income to be within a range of $4.47 to $4.57 per diluted share and FFO will be within a range of $9.70 to $9.80 per diluted share for the year ending December 31, 2021.
Positive Outlook
- Estimated net income to be within a range of $4.47 to $4.57 per diluted share
- FFO will be within a range of $9.70 to $9.80 per diluted share for the year ending December 31, 2021
- The FFO per diluted share range is an increase from the $9.50 to $9.75 per diluted share range provided on February 8, 2021
- Increase of $0.13 per diluted share at the mid-point