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Dec 31, 2020
Simon Q4 2020 Earnings Report
Simon's Q4 performance in 2020 was impacted by the COVID-19 pandemic, resulting in decreased net income and FFO.
Key Takeaways
Simon Property Group reported a challenging fourth quarter in 2020, influenced significantly by the COVID-19 pandemic. Despite these difficulties, the company demonstrated resilience through strategic acquisitions and cost management.
Net income attributable to common stockholders was $271.5 million, or $0.86 per diluted share.
FFO was $786.6 million, or $2.17 per diluted share, negatively impacted by COVID-19.
Portfolio NOI declined 23.9% due to reduced revenues and tenant rent abatements.
Occupancy in U.S. Malls and Premium Outlets stood at 91.3%.
Revenue by Segment
Forward Guidance
The Company currently estimates net income to be within a range of $4.60 to $4.85 per diluted share and that FFO will be within a range of $9.50 to $9.75 per diluted share for the year ending December 31, 2021. This guidance range assumes no further government mandated shutdowns of the Company’s domestic retail properties.
Positive Outlook
- Estimated net income attributable to common stockholders per diluted share to be within a range of $4.60 to $4.85.
- Estimated FFO per diluted share to be within a range of $9.50 to $9.75.
- Guidance range assumes no further government mandated shutdowns of the Company’s domestic retail properties.
- Simon's Board of Directors will declare a common stock cash dividend for the first quarter of 2021 on or before March 31, 2021.
- Simon’s Board of Directors declared the quarterly dividend on its 8 3/8% Series J Cumulative Redeemable Preferred Stock (NYSE: SPGPrJ) of $1.046875 per share, payable on March 31, 2021 to shareholders of record on March 17, 2021.
Challenges Ahead
- Uncertainties regarding the impact of the COVID-19 pandemic and governmental restrictions intended to prevent its spread on our business
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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