Simon Property Group Reports Better-Than-Expected Q4 Results, Raises Quarterly Dividend

Simon Property Group, Inc. 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.

Related News: What’s Going On With Rivian Automotive Stock?

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