![]() We increased 5.8% year-over-year for the quarter and 4.8% for the year. Despite not achieving the same profitability that we did in 2021, we are pleased on how we and the management teams dealt with the unanticipated external environment. However, in 2022, Forever 21 and JCPenney were affected by inflationary pressures and consumers reducing their spend. These positive contributions were partially offset by higher interest expense of $0.03 at a $0.15 lower contribution from our other platform investments.Ģ021 was a great year for our retailers. 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 in exchange for additional equity ownership in Authentic Brands Group, Authentic. These consistent strong results are testament to the quality of our portfolio, a relentless focus on operational and cost structure, disciplined capital allocation and our team's commitment to our shoppers and communities.įourth quarter funds from operations were $1.27 billion or $3.40 per share. 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 paid since our IPO now totals approximately $39 billion. We returned approximately $2.8 billion to shareholders in dividends and shares. 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 1 question. Our conference call this morning, this afternoon will be limited to 1 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 may be 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 and President. I will now turn the conference over to your host, Tom Ward. ![]() Please note, this conference is being recorded. Welcome to the Simon Property Group Fourth Quarter 2022 Earnings Conference Call. Tom Ward - Senior Vice President Investor Relationsĭavid Simon - Chairman, Chief Executive Officer and President ( NYSE: SPG) Q4 2022 Results Conference Call Febru5:00 PM ET Funds from operations, the standard yardstick for retail real estate companies, ticked down modestly to $1.08 billion from $1.09 billion.Simon Property Group, Inc. Simon’s second-quarter profits slipped 2.1 percent to $486.3 million from $496.7 million a year earlier. ![]() And retailers reported sales per square foot of $747 for the last 12 months. The base rent increased 3.1 percent over the 12 months to $56.27 a square foot. ![]() “Our high productive portfolio is the result of constant asset rotation,” Simon said.Īt the company’s premium malls in the U.S., the occupancy rate as of the end of the quarter on June 30 rose to 94.7 percent from 93.9 percent a year ago. Today, only 37 of the properties it held in 1996 are still in the portfolio. Over the past 27 years it has bought 220 properties, developed 50 and sold about 250 others. Simon said that, in 1996, the company had 119 malls and 65 strip centers, mostly in the Midwest. Over the years Simon has evolved toward luxury and is clearly looking to continue. Simon Property Group‘s Phipps Plaza in Atlanta.
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