![]() ![]() Reported retailer sales momentum continued. Over two years, we’ve now signed 8,000 leases for more than 29 million square feet, and we have a significant number of leases in our pipeline that will open for a late 20 openings. For the year, we signed 4,100 leases for more than 14 million square feet. Average base minimum rent was $55.13 per foot, an increase 2.3% year-over-year. The Mills occupancy was 98.2% and TRG was 94.5%. Occupancy for malls and outlet at the end of the fourth quarter was 94.9%, an increase of 150 basis points compared to prior year and an increase of 40 basis points sequentially. Portfolio NOI, which includes our international properties at constant currency, grew 6.3% for the quarter and 5.7% for the year. Turning to domestic property NOI, we increased 5.8% year-over-year for the quarter and 48% for the year. However, in 2022, Forever 21 and JCPenney were affected by inflationary pressures and consumers reducing their spend, despite not achieving the same profitability that we did in 2021, we are pleased on how we and the management teams dealt with beyond the anticipated external environment. These positive contributions were partially offset by higher interest expense of $0.03 at a $0.15 lower contribution from our other platform investments. Our domestic operations had a very good quarter and contributed $0.23 of growth, driven primarily by higher rental income and with some lower operating expenses. Let me walk through some variances for this quarter compared to Q4 of 2021. We now own 12% of Authentic valued at approximately $1.5 billion. Included in the fourth quarter results was a net gain of $0.25 per share, principally from the sale of our interest in the Eddie Bauer licensing JV and exchange for additional equity ownership in Authentic Brands Group. The fourth quarter funds from operations were $1.27 billion or $3.40 per share. These consistent strong results are a testament to the quality of our portfolio, our relentless focus on operational and cost structure, disciplined capital allocation and our team’s commitment to our shoppers and communities. We invested approximately $1 billion, including accretive development projects and expanding our other investment platform into the growing asset and investment management businesses with our Jamestown partnership. And total dividends today we paid since our IPO now totals approximately $39 billion. We returned approximately $2.8 billion to shareholders in dividends and share. On a comparable basis, full year FFO per share was $11.87, an increase of 3.8% year-over-year. We generated approximately $4.5 billion in FFO in 2022, or $11.95 per share. I’m pleased to report our fourth quarter and full year results. Good evening from Phipps Plaza where we recently completed our transformation, including a new office building, a new Nobu Hotel and a Life Time resort. For those who would like to participate in the question-and-answer session, we ask that you please respect our request to limit yourself to one question. Our conference call this morning - this afternoon be limited to one hour. Both the press release and the supplemental information are available on our IR website at. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures are included within the press release and the supplemental information in today’s Form 8-K filing. Please note that this call includes information that maybe accurate only as of today’s date. ![]() ![]() We refer you to today’s press release and our SEC filings for a detailed discussion of the risk factors relating to those forward-looking statements. Also on the call are Brian McDade, Chief Financial Officer and Adam Reuille, Chief Accounting Officer.Ī quick reminder that statements made during this call may be deemed forward-looking statements within the meaning of the Safe Harbor of the Private Securities Litigation Reform Act of 1995 and actual results may differ materially due to a variety of risks, uncertainties and other factors. Presenting on today’s call is David Simon, Chairman, Chief Executive Officer, President. I will now turn the conference over to your host, Tom Ward. Please note this conference is being recorded. Welcome to Simon Property Group Fourth Quarter 2022 Earnings Conference Call. Linda Tsai - Jefferies - Analyst Presentation: Juan Sanabria - BMO Capital Markets - Analyst Tom Ward - Senior Vice President, Investor Relationsĭavid Simon - Chairman of the Board, Chief Executive Officer and Presidentīrian McDade - Executive Vice President and Chief Financial Officer Analysts:Īlexander Goldfarb - Piper Sandler - AnalystĬraig Schmidt - Bank of America - Analystįloris van Dijkum - Compass Point - Analyst ( NYSE: SPG) Q4 2022 earnings call dated Feb. ![]()
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