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Simon Property Group, Inc. (NYSE:SPG) reported its fourth-quarter financial results after the bell Monday. Here's a look at the report.
The Details:
Simon Property Group reported quarterly FFO of $3.69 per share which beat the analyst consensus estimate of $3.34 by 10.48%.
The company reported quarterly sales of $1.53 billion which beat the analyst consensus estimate of $1.36 billion by 12.38% and represents a 9.07% increase over sales of $1.4 billion from the same period last year.
Simon Property Group also raised its quarterly dividend from $1.80 to $1.95 per share.
“This was an excellent quarter and year for Simon Property Group, which was capped off by our 30th anniversary as a public company in December. Over that 30-year period, we are proud to have delivered a total return to shareholders of 3,100%,” said David Simon, CEO of Simon Property.
“In 2023, we generated record annual Funds From Operations of nearly $4.7 billion, executed over 18 million square feet of leases, delivered 13 significant redevelopment projects, and completed several major financing transactions that reinforced our industry-leading balance sheet. We achieved 2023 total shareholder return of 29.3% and returned $2.9 billion to shareholders in dividends and share repurchases,” Simon said.
The company sees fiscal year 2024 net income to be within a range of $6.45 to $6.70 per diluted share and funds from operations to be within a range of $11.85 to $12.10 per diluted share for the year.
Simon had, as of Dec. 31, 2023, approximately $10.9 billion of liquidity consisting of $2.8 billion of cash on hand and $8.1 billion of available capacity under its revolving credit facilities.
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SPG Price Action: According to Benzinga Pro, Simon Property Group shares are trading up 0.25% after-hours at $137.00 at the time of publication.
Image: Alexander Lesnitsky from Pixabay
Posted In: SPG
