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Sep 30, 2021
Simon Q3 2021 Earnings Report
Simon Property Group reported strong Q3 2021 results, increased full year guidance, and raised quarterly dividend.
Key Takeaways
Simon Property Group reported impressive third quarter results, driven by growing tenant demand, occupancy gains, accelerated retailer sales, and increased cash flow. The company increased full-year 2021 guidance and raised the quarterly dividend.
Net income attributable to common stockholders was $679.9 million, or $2.07 per diluted share.
Funds From Operations (FFO) was $1.176 billion, or $3.13 per diluted share, a 52.7% increase compared to the prior year period.
Domestic property net operating income (NOI) increased 24.5% compared to the prior year period.
Occupancy in U.S. Malls and Premium Outlets was 92.8% at September 30, 2021, with base minimum rent per square foot at $53.91.
Simon
Simon
Forward Guidance
The Company currently estimates net income to be within a range of $6.61 to $6.71 per diluted share and FFO will be within a range of $11.55 to $11.65 per diluted share for the year ending December 31, 2021.