Simon Property Group (SPG) Q4 2023 earnings summary

Executive summary

• Record FY 2023 FFO of $4.686B; domestic property NOI rose 4.8% and portfolio NOI rose 4.9% YoY.

• Executed more than 18M sq. ft. of leases and delivered 13 significant redevelopment projects during 2023.

Financial highlights

• Q4 2023 revenue was $1.527B vs. $1.400B YoY; operating income before other items was $792.1M vs. $684.2M.

• Q4 net income attributable to common stockholders was $747.5M, or $2.29/share, vs. $673.8M, or $2.06/share.

• FY 2023 revenue was $5.659B vs. $5.291B; operating income before other items was $2.807B vs. $2.584B.

• FY 2023 net income attributable to common stockholders was $2.280B, or $6.98/share, vs. $2.136B, or $6.52/share.

• FFO was $1.382B, or $3.69/diluted share, in Q4 and $4.686B, or $12.51/diluted share, for FY 2023; increases were 8.5% and 4.7%, respectively.

Outlook and guidance

• FY 2024 estimated net income is $6.45–$6.70/diluted share; estimated FFO is $11.85–$12.10/diluted share.