Simon Property Group Surpasses Expectations with Robust Q4 Results

Published 3 hours agoSPG

Simon Property Group Surpasses Expectations with Robust Q4 Results

Simon Property Group (SPG) has reported impressive financial results for the fourth quarter of 2024, surpassing market forecasts. The company unveiled Funds From Operations (FFO) of $3.68 per share, outstripping the analysts' predictions of $3.41 per share, according to Nasdaq. This FFO represents a 3.8% increase from the same quarter in the previous year, showcasing SPG's continuing financial strength.

Supporting these robust figures, SPG recorded total revenues of $5.96 billion for the year, slightly exceeding the anticipated $5.93 billion, marking a 5.4% increase compared to the previous year. The occupancy rate for SPG's U.S. Malls and Premium Outlets reached 96.5% at the end of December 2024, an improvement from 95.8% the year before. Furthermore, the base minimum rent rose by 2.5% year-over-year to $58.26 per square foot. SPG's Board of Directors announced a quarterly dividend of $2.10 per share, reflecting a 7.7% rise over the last year.

Looking ahead, SPG has provided guidance for 2025, projecting net income between $6.95 and $7.20 per diluted share. Additionally, the company estimates Real Estate FFO and FFO per diluted share to be in the range of $12.40 to $12.65. This consistent performance indicates SPG's solid position and growth within the market, coming off a year of surpassing both revenue and occupancy milestones.

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