This comprised $1.4 billion of cash in hand, including its share of joint-venture cash, and $7.4 billion of available capacity under the company’s revolving credit facilities.ĭuring the third quarter, SPG repurchased 1.27 million shares of its common stock. Simon Property exited the third quarter of 2023 with $8.8 billion of liquidity. Moreover, construction is underway for redevelopment and expansion projects at various properties in North America and Asia. Simon has a 50% ownership stake in this endeavor. This upscale outlet, spanning 300,000 square feet, is scheduled to welcome its first customers in February 2025. In the quarter, construction started for Jakarta Premium Outlets, which is set to become the first Premium Outlet Center in Indonesia. ![]() ![]() Our estimate was pegged at $201.5 billion. Moreover, quarterly interest expenses of $212.2 million marked an increase of 13% year over year. The domestic property net operating income (NOI) increased 4.2% year over year, and the portfolio NOI ascended 4.3%. Simon Property’s property operating expenses in the third¬ quarter came in at $136.5 million, increasing 13% from the prior-year quarter. Malls and Premium Outlets portfolio was $56.41 as of Sep 30, 2023, rising from $54.80 as of Sep 30, 2022, reflecting an increase of 2.9%. The base minimum rent per square foot for the U.S. Malls and Premium Outlets portfolio came in at 95.2%, up 70 basis points from 94.5% as of Sep 30, 2022. Our estimate was pegged at $1.22 billion.Īs of Sep 30, 2023, the occupancy for the U.S. SPG reported revenues from lease income of nearly $1.3 billion, 6.9% higher than the prior-year period’s figure. ![]() The reported figure increased 7.2% year over year. Simon Property generated revenues of $1.41 billion in the quarter, surpassing the Zacks Consensus Estimate of $1.37 billion. However, this retail behemoth raised its 2023 FFO per share outlook. However, higher property operating expenses and interest expenses partly offset the upsides. ![]() Results reflect better-than-anticipated revenues on healthy leasing activity and a rise in the base rent per square foot and occupancy levels. Also, the figure increased 9.2% year over year. Simon Property’s third-quarter 2023 FFO per share of $3.20 surpassed the Zacks Consensus Estimate of $2.98. SPG increased more than 1% in the pre-market trading on the NYSE on Tuesday as the retail REIT came up with better-than-expected third-quarter 2023 funds from operations (FFO) per share on higher revenues and raised outlook after the market closed yesterday.
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