Simon Q4 2023 Earnings Report
Key Takeaways
Simon Property Group reported a strong fourth quarter and full year 2023, with net income attributable to common stockholders increasing to $747.5 million, or $2.29 per diluted share. Funds From Operations (FFO) also saw growth, reaching $1.382 billion, or $3.69 per diluted share. The company's domestic property Net Operating Income (NOI) increased by 7.3%, and portfolio NOI increased by 7.2%.
Net income attributable to common stockholders increased to $747.5 million, or $2.29 per diluted share.
Funds From Operations (FFO) grew to $1.382 billion, or $3.69 per diluted share.
Domestic property Net Operating Income (NOI) increased by 7.3%.
Portfolio NOI increased by 7.2%.
Simon
Simon
Simon Revenue by Segment
Forward Guidance
The Company currently estimates net income to be within a range of $6.45 to $6.70 per diluted share and FFO to be within a range of $11.85 to $12.10 per diluted share for the year ending December 31, 2024.
Positive Outlook
- Estimated net income to be within a range of $6.45 to $6.70 per diluted share
- FFO to be within a range of $11.85 to $12.10 per diluted share
- Strong FFO growth
- Increased occupancy
- Strategic financing transactions
Challenges Ahead
- Changes in economic and market conditions
- Inability to renew leases and relet vacant space
- Potential loss of anchor stores or major tenants
- Inability to collect rent due to bankruptcy or insolvency of tenants
- Intensely competitive market environment in the retail industry, including e-commerce
Revenue & Expenses
Visualization of income flow from segment revenue to net income