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Simon
🇺🇸 NYSE:SPG
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OverviewEarningsDividends
•
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%.

Total Revenue
$1.13B
Previous year: $1.49B
-24.0%
EPS
$2.17
Previous year: $3.29
-34.0%
US Malls/Outlets Occupancy
91.3%
Previous year: 95.1%
-4.0%
Gross Profit
$916M
Previous year: $1.23B
-25.5%
Cash and Equivalents
$1.01B
Previous year: $669M
+51.1%
Total Assets
$34.8B
Previous year: $31.2B
+11.4%

Simon

Simon

Simon 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
  • Changes in economic and market conditions that may adversely affect the general retail environment
  • The potential loss of anchor stores or major tenants
  • The inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise
  • The intensely competitive market environment in the retail industry, including e-commerce

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

View Simon