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The FFO per diluted share range is an increase from the $11.70 to $11.95 per diluted share range provided on February 6, 2023, or an increase of $0.05 per diluted share at the mid-point. The Company currently estimates net income to be within a range of $6.45 to $6.60 per diluted share and FFO to be within a range of $11.80 to $11.95 per diluted share for the year ending December 31, 2023.

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Simon's Board of Directors declared the quarterly dividend on its 8 3/8% Series J Cumulative Redeemable Preferred Stock (NYSE: SPGPrJ) of $1.046875 per share, payable on Jto shareholders of record on June 16, 2023. The dividend will be payable on Jto shareholders of record on June 9, 2023. This is an increase of $0.15, or 8.8% year-over-year. Today, Simon's Board of Directors declared a quarterly common stock dividend of $1.85 for the second quarter of 2023.

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Dollar borrowings is unchanged from the prior facility at SOFR plus 82.5 basis points (inclusive of a 10 basis point SOFR spread adjustment).Īs of March 31, 2023, Simon had approximately $9.3 billion of liquidity consisting of $1.8 billion of cash on hand, including its share of joint venture cash, and $7.5 billion of available capacity under its revolving credit facilities. Based upon the Company's current credit ratings, the interest rate for U.S. The new facility will initially mature on Jand at our sole option, can be extended for an additional year to June 30, 2028. The Company also closed on a new $5.0 billion multi-currency unsecured revolving credit facility, replacing the Company's prior $4.0 billion senior unsecured revolving credit facility. Combined, the two new issues of senior notes had a weighted-average term of 20 years and a weighted-average coupon rate of 5.675%. Ĭapital Markets and Balance Sheet Liquidityĭuring the quarter, the Company completed a two tranche senior notes offering totaling $1.3 billion. Simon owns 100% of this project.Ĭonstruction continues on redevelopment and expansion projects at properties in North America, Europe and Asia. Simon owns a 74% interest in this center.ĭuring the quarter, construction restarted on a 338,000 square foot upscale outlet located in Jenks ( Tulsa ), Oklahoma, projected to open in the fall of 2024. The center includes 228,000 square feet of prestigious luxury and premium brands, providing shoppers in the western region of Paris with one of the finest open-air retail and leisure experiences. On April 27, 2023, we opened Paris-Giverny Designer Outlet, in Normandy, France. Reported retailer sales per square foot was $759, an increase of 3.3% for the trailing 12 months ended Ma.

Base minimum rent per square foot was $55.84 at March 31, 2023, compared to $54.14 at March 31, 2022, an increase of 3.1%.

Malls and Premium Outlets Operating Statistics

Domestic property Net Operating Income ('NOI') increased 4.0% and portfolio NOI increased 3.9%, in each case, compared to the prior year period.

Funds From Operations ('FFO') was $1.026 billion, or $2.74 per diluted share as compared to $1.015 billion, or $2.70 per diluted share in the prior year.

Net income attributable to common stockholders was $451.8 million, or $1.38 per diluted share, as compared to $426.6 million, or $1.30 per diluted share in 2022.

Given our current view for the remainder of 2023, today we raised our quarterly dividend and are increasing the mid-point of our full-year 2023 guidance.' 'We continue to strengthen our Company through disciplined investments and proactive capital markets activities, further enhancing our already strong financial flexibility. 'We are off to a good start in 2023,' said David Simon, Chairman, Chief Executive Officer and President. INDIANAPOLIS, /PRNewswire/ - Simon ®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today reported results for the quarter ended Ma.

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