Simon Property Group Reports Fourth Quarter And Full Year 2016 Results And Raises Quarterly Dividend

• Occupancy was 96.8% at December 31, 2016 compared to 96.1% at December 31, 2015.
• Base minimum rent per square foot was $51.59 at December 31, 2016, an increase of 5.4% compared to the prior year period.
• Leasing spread per square foot for the trailing 12-months ended December 31, 2016 was $7.82, an increase of 12.7%.

Portfolio Net Operating Income ("NOI") and Comparable Property NOI
Total portfolio NOI growth for the twelve months ended December 31, 2016 was 6.7% and was 5.6% for the three months ended December 31, 2016.  Total portfolio NOI includes comparable property NOI, NOI from new development, redevelopment, expansion and acquisitions, NOI from international properties and our share of NOI from investments.  Comparable property NOI growth for the twelve months ended December 31, 2016 was 3.6% and was 3.8% for the three months ended December 31, 2016.      

Dividends
Today Simon's Board of Directors declared a quarterly common stock dividend of $1.75 per share.  This is an increase of $0.10 from the previous quarter, and a year-over-year increase of 9.4%.  The dividend will be payable on February 28, 2017 to stockholders of record on February 14, 2017. 

Simon's Board of Directors also declared the quarterly dividend on its 8 3/8% Series J Cumulative Redeemable Preferred Stock (NYSE: SPGPrJ) of $1.046875 per share, payable on March 31, 2017 to stockholders of record on March 17, 2017. 

Development Activity
During the fourth quarter, we opened two significant new development projects:     

• On October 27^th, we opened Clarksburg Premium Outlets, in Clarksburg, Maryland, a 392,000 square foot center with more than 85 retailers featuring high-quality designer and name brands serving the greater Washington D.C. area. Simon owns a 66% interest in this center.
• On November 3^rd, we opened the 500,000 square foot retail component to Brickell City Centre in Miami, Florida. Simon owns a 25% interest in this center and leases and manages the center.

Construction continues on six other new development projects scheduled to open in 2017, including:

• The Shops at Clearfork (Fort Worth, Texas); scheduled to open in September. Simon owns a 45% interest in this project.
• Provence Designer Outlet (Miramas, France); scheduled to open in April. Simon owns a 90% interest in this project.
• Siheung Premium Outlets (Siheung (Seoul), South Korea); scheduled to open in May. Simon owns a 50% interest in this project.
• Genting Highlands Premium Outlets (Kuala Lumpur, Malaysia); scheduled to open in May. Simon owns a 50% interest in this project.
• Norfolk Premium Outlets (Norfolk, Virginia); scheduled to open in June. Simon owns a 65% interest in this project.
• Premium Outlet Collection Edmonton IA (Edmonton, Alberta, Canada); scheduled to open in October. Simon owns a 50% interest in this project.

Construction also continues on significant redevelopment and expansion projects including The Westchester, The Galleria in Houston, La Plaza Mall, The Shops at Riverside, Woodbury Common Premium Outlets, Allen Premium Outlets and Toronto Premium Outlets. 

At quarter-end, redevelopment and expansion projects, including the addition of new anchors, were underway at 29 properties in the U.S., Canada and Europe.  Simon's share of the costs of all new development and redevelopment projects under construction at quarter-end was approximately $1.6 billion.

Financing Activity
The Company was active in both the unsecured and secured credit markets in 2016 continuing to lower our effective borrowing costs and extend our maturity profile. 

The Company completed three senior notes offerings, two in U.S. dollars and the other in Euros, totaling $3.8 billion (U.S. dollar equivalent), with a weighted average coupon rate of 2.86% and weighted average term of 11.4 years. 

During the year, we retired five series of senior notes comprising approximately $1.9 billion at a weighted average coupon rate of 6.50%.  The three new notes offerings had a weighted average coupon rate approximately 360 basis points lower than the notes that were retired during the year. 

The Company also increased the availability under its supplemental revolving credit facility by $750 million during the year, resulting in $7.5 billion of total revolving credit capacity.  

With regard to secured debt activity, we completed 27 mortgage loans totaling approximately $4.3 billion, (U.S. dollar equivalent), of which Simon's share is $3.0 billion.  The weighted average interest rate and weighted average term on these loans is 3.67% and 9.4 years, respectively. 

As of December 31, 2016, Simon had over $7.0 billion of liquidity consisting of cash on hand, including its share of joint venture cash, and available capacity under its revolving credit facilities.

Common Stock Repurchase Program
During the quarter ended December 31, 2016, the Company repurchased 1,409,197 shares of its common stock at an average price of $181.12 per share.  Since the program's inception in April 2015, the Company has repurchased a total of 3,312,537 shares of its common stock at an average price of $180.59 per share.          

2017 Guidance
The Company currently estimates net income to be within a range of $6.45 to $6.55 per diluted share for the year ending December 31, 2017 and that FFO will be within a range of $11.45 to $11.55 per diluted share.     

The following table provides the reconciliation for the expected range of estimated net income available to common stockholders per diluted share to estimated FFO per diluted share:

Conference Call
Simon will hold a conference call to discuss the quarterly financial results today at 11:00 a.m. Eastern Time, Tuesday, January 31, 2017.  A live webcast of the conference call will be accessible in listen-only mode at investors.simon.com.  An audio replay of the conference call will be available until February 7, 2017.  To access the audio replay, dial 1-855-859-2056 (international 404-537-3406) passcode 37060619. 

Supplemental Materials and Website
Supplemental information on our fourth quarter 2016 performance is available at investors.simon.com. This information has also been furnished to the SEC in a current report on Form 8-K.

We routinely post important information online at our investor relations website, investors.simon.com. We use this website, press releases, SEC filings, quarterly conference calls, presentations and webcasts to disclose material, non-public information in accordance with Regulation FD. We encourage members of the investment community to monitor these distribution channels for material disclosures.  Any information accessed through our website is not incorporated by reference into, and is not a part of, this document.

Non-GAAP Financial Measures
This press release includes FFO, FFO per share, comparable FFO per share, comparable earnings per share, portfolio net operating income growth and comparable property net operating income growth, which are financial performance measures not defined by generally accepted accounting principles in the United States ("GAAP"). Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in this press release and in Simon's supplemental information for the quarter. FFO and comparable property net operating income growth are financial performance measures widely used in the REIT industry. Our definitions of these non-GAAP measures may not be the same as similar measures reported by other REITs.

Forward-Looking Statements
Certain statements made in this press release may be deemed "forward‑looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward‑looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be attained, and it is possible that the Company's actual results may differ materially from those indicated by these forward‑looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: the Company's ability to meet debt service requirements, the availability and terms of financing, changes in the Company's credit rating or outlook, changes in market rates of interest and foreign exchange rates for foreign currencies, changes in value of investments in foreign entities, the ability to hedge interest rate and currency risk, risks associated with the acquisition, development, expansion, leasing and management of properties, general risks related to retail real estate, the liquidity of real estate investments, environmental liabilities, international, national, regional and local economic conditions, changes in market rental rates, security breaches that could compromise our information technology or infrastructure or personally identifiable data of customers of our retail properties, trends in the retail industry, relationships with anchor tenants, the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise, risks relating to joint venture properties, the intensely competitive market environment in the retail industry, costs of common area maintenance, risks related to international activities, including, without limitation, the impact of the United Kingdom's vote to leave the European Union, insurance costs and coverage, the loss of key management personnel, terrorist activities, changes in economic and market conditions and maintenance of our status as a real estate investment trust. The Company discusses these and other risks and uncertainties under the heading "Risk Factors" in its annual and quarterly periodic reports filed with the SEC.  The Company may update that discussion in its periodic reports, but except as required by law, the Company undertakes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.

About Simon
Simon is a global leader in retail real estate ownership, management and development and an S&P100 company (Simon Property Group) (NYSE: SPG). Our industry-leading retail properties and investments across North America, Europe and Asia provide shopping experiences for millions of consumers every day and generate billions in annual retail sales. For more information, visit simon.com.

Simon Property Group, Inc. Unaudited Consolidated Statements of Operations (Dollars in thousands, except per share amounts)
	For the Three Months			For the Twelve Months
	Ended December 31,			Ended December 31,
	2016	2015		2016	2015
REVENUE:
Minimum rent	$ 874,937	$ 832,396		$ 3,358,498	$ 3,142,347
Overage rent	61,253	70,651		161,508	194,070
Tenant reimbursements	377,941	367,921		1,494,804	1,445,623
Management fees and other revenues	34,277	44,792		143,875	158,466
Other income	77,558	64,861		276,544	325,597
Total revenue	1,425,966	1,380,621		5,435,229	5,266,103
EXPENSES:
Property operating	104,479	110,564		432,394	425,983
Depreciation and amortization	336,717	304,325		1,252,673	1,177,568 Werbung Mehr Nachrichten zur Simon Property REIT Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 24.04.24 - PR Newswire Fidelity Japan Trust Plc - Transaction in Own Shares 24.04.24 - PR Newswire Fidelity European Trust Plc - Monthly Factsheet 24.04.24 - PR Newswire Fidelity Asian Values Plc - Monthly Factsheet Solarboom 2024:    5 Gründe die für diese Aktie sprechen… weiterlesen» Anzeige wo-site-teaser-box-16746_site-teaser-box_2024-04-24_08%253A00%253A00_2024-04-25_09%253A00%253A59