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Mar 31, 2023
Simon Q1 2023 Earnings Report
Simon reported first quarter results, increased full year guidance, and raised quarterly dividend.
Key Takeaways
Simon Property Group reported a strong start to 2023, with net income attributable to common stockholders increasing to $451.8 million and FFO reaching $1.026 billion. The company raised its quarterly dividend and increased the mid-point of its full-year 2023 guidance, reflecting confidence in its continued performance.
Net income attributable to common stockholders was $451.8 million, or $1.38 per diluted share.
Funds From Operations (FFO) was $1.026 billion, or $2.74 per diluted share.
Domestic property Net Operating Income (NOI) increased 4.0% and portfolio NOI increased 3.9%.
Occupancy was 94.4% at March 31, 2023, and base minimum rent per square foot was $55.84.
Forward Guidance
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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