Simon Q1 2024 Earnings Report
Key Takeaways
Simon Property Group reported strong first quarter results, driven by leasing momentum and cash flow growth. The company successfully sold its remaining investment in Authentic Brands Group for $1.45 billion. As a result, they increased full-year 2024 guidance and raised the quarterly dividend.
Net income attributable to common stockholders was $731.7 million, or $2.25 per diluted share.
FFO was $1.334 billion, or $3.56 per diluted share.
Domestic property NOI increased 3.7% and portfolio NOI increased 3.9%.
Occupancy at U.S. Malls and Premium Outlets was 95.5%, a 1.1% increase compared to last year.
Simon
Simon
Simon Revenue by Segment
Forward Guidance
The Company currently estimates net income to be within a range of $7.38 to $7.53 per diluted share and FFO to be within a range of $12.75 to $12.90 per diluted share for the year ending December 31, 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income