Table of Contents Emerging growth company ◻ Simon Property Group, L.P.: Large accelerated filer ◻ Accelerated filer ◻ Non-accelerated filer ⌧ Smaller reporting company ◻ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 SIMON PROPERTY ...

iREIT+HOYA Capital is the premier income-focused investing service on Seeking Alpha. Our focus is on income-producing asset classes that offer the opportunity for sustainable portfolio income , diversification , and inflation hedging . Get started with a Free Two-Week Trial and take a look at our top ideas across our exclusive income-focused portfolios.Some investors may believe that in order to achieve high returns, you must take on high risk. However, that’s simply not the case when it comes to managing a ...

Simon Property Group, Inc. (SPG) reported third-quarter funds from operations (FFO) per share of $2.84, missing the Zacks Consensus Estimate of $3. The figure decreased from $3.20 reported in the year-ago period.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.Results reflect higher interest expenses on a year-over-year basis. However, an increase in revenues, backed by a rise in the base minimum rent per square foot and occupancy levels, supported the results to some extent. SPG rai ...

Financial Data and Key Metrics - Real estate FFO was $3.05 per share in Q3 2024, a 4.8% growth compared to $2.91 in the prior year [9] - Third quarter funds from operations were $1.07 billion or $2.84 per share, compared to $1.2 billion or $3.20 per share last year [10] - Domestic NOI increased 5.4% year-over-year, while portfolio NOI (including international properties) grew 5% at constant currency [13] - Malls and Outlet occupancy reached 96.2%, a 1% increase compared to the prior year, with The Mills occupancy at 98.6% [14] - Average base minimum rent for Malls and Outlets increased 2.3% year-over-year, and The Mills increased 4.5% [14] - Retailer sales per square foot were $737, up approximately 1% year-over-year, with total sales volumes up 1.5% [16] Business Line Data and Key Metrics - The company signed approximately 1,200 leases for 4 million square feet in Q3, with over 3,900 leases signed year-to-date, expected to generate more than $1 billion in revenue [15] - SPARC and J.C. Penney recorded sequential improvements in comp sales during Q3, setting up well for the holiday season [19] - The company's OPI (Other Platform Investments) underperformed due to cautious spending by lower-income consumers, particularly affecting Forever 21 and Reebok [18] Market Data and Key Metrics - The company opened Tulsa Premium Outlets at 100% lease and expanded Busan Premium Outlets in South Korea [17] - Development and redevelopment projects are underway with a net cost of $1.3 billion at a blended yield of 8% [17] - The company's digital marketplace, ShopSimon, was rebranded and expanded, leveraging a shopper email list of over 25 million customers [22] Company Strategy and Industry Competition - The company focuses on improving the merchandise mix and re-merchandising centers, rather than solely focusing on rent increases [27][28] - Construction costs have risen 60% since pre-pandemic levels, limiting new supply and benefiting the company's position in the market [29] - The company is investing in mixed-use developments, with a pipeline of around $4 billion, including over $1 billion in residential projects [34][35] Management Commentary on Operating Environment and Future Outlook - Demand for retail space remains strong, with a broad spectrum of tenants showing interest in the company's portfolio [7] - The company raised its dividend to $2.10 per share, marking a 10.5% year-over-year increase and returning to pre-pandemic levels [23] - Guidance for the full year remains at $12.80 to $12.90 per share, excluding non-cash losses from Klépierre exchangeable bonds [24] Other Important Information - The company amended and extended its $3.5 billion revolving credit facility and issued $1 billion in senior notes with a 4.75% interest rate [20] - Refinancings of 14 property mortgages were completed, totaling approximately $1.3 billion at an average rate of 6.13% [21] - The company ended the quarter with approximately $11.1 billion in liquidity [21] Q&A Session Summary Question: Leasing momentum and pricing power [26] - The company focuses on improving the merchandise mix and re-merchandising centers, rather than solely focusing on rent increases [27][28] - Construction costs have risen 60% since pre-pandemic levels, limiting new supply and benefiting the company's position in the market [29] Question: Development and redevelopment pipeline [34] - The company has a pipeline of around $4 billion, including over $1 billion in residential projects [34][35] - Mixed-use opportunities and anchor replacements remain a focus, with significant potential for growth [34] Question: Omnichannel experience and customer engagement [41] - The company emphasizes the mall as a unique gathering place and is investing in digital initiatives like ShopSimon to enhance the omnichannel experience [42][45] - Digital commerce accounts for 14-15% of total commerce, with potential for further growth [45] Question: ShopSimon and logistics [50] - The company sees potential in last-mile distribution and is exploring opportunities to integrate logistics into its retail centers [51][52] Question: Occupancy and NOI growth [86] - The company expects continued momentum in NOI growth, supported by leasing activity, capital investments, and limited new supply [87] Question: Acquisition opportunities and development spend [91] - The company remains open to acquisition opportunities but is being selective, with a focus on high-quality retail real estate [92] - Development and redevelopment spending is expected to remain around $1.5 billion annually [96] Question: ShopSimon progress and logistics [98] - The company is making progress with ShopSimon, leveraging its 25 million email list and adding loyalty programs to drive growth [100] Question: Domestic NOI growth [102] - The company is seeing strong momentum in Domestic NOI growth, with further details to be provided in the next earnings call [103]

Simon Property (SPG) reported $1.48 billion in revenue for the quarter ended September 2024, representing a year-over-year increase of 4.9%. EPS of $2.84 for the same period compares to $1.82 a year ago.The reported revenue represents a surprise of +1.28% over the Zacks Consensus Estimate of $1.46 billion. With the consensus EPS estimate being $3.00, the EPS surprise was -5.33%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determ ...

Simon Property (SPG) came out with quarterly funds from operations (FFO) of $2.84 per share, missing the Zacks Consensus Estimate of $3 per share. This compares to FFO of $3.20 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an FFO surprise of -5.33%. A quarter ago, it was expected that this shopping mall real estate investment trust would post FFO of $2.93 per share when it actually produced FFO of $2.90, delivering a surprise of -1.02%. Over the l ...

TABLE OF CONTENTS 3Q 2024 SUPPLEMENTAL SIMON PROPERTY GROUPEARNINGS RELEASE & SUPPLEMENTAL INFORMATION UNAUDITED THIRD QUARTER TABLE OF CONTENTS TABLE OF CONTENTS | --- | --- | |------------------------------------------------------------------------------------------------------------|-------| | EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION FOR THE QUARTER ENDED SEPTEMBER 30, 2024 | PAGE | | Earnings Release | 2−12 | | Overview | 13 | | The Company | 13 | | Stock Information, Credit Ratings and Senior Unse ...

INDIANAPOLIS, Nov. 1, 2024 /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 September 30, 2024."We are pleased with our quarterly results highlighted by strong financial and operational performance, the very successful openings of Tulsa Premium Outlets and the expansion of Busan Premium Outlets," said David Simon, Chairman, Chief Executive Officer and President.  ...

Simon Property Group (SPG) is slated to report third-quarter 2024 results on Nov. 1, before opening bell. While the company’s quarterly results are likely to display a year over year rise in revenues, funds from operations (AFFO) per share are expected to decline.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.In the last reported quarter, this Indianapolis, IN-based retail real estate investment trust (REIT) missed the Zacks Consensus Estimate by 1% in terms of FFO per share. Resul ...

The upcoming report from Simon Property (SPG) is expected to reveal quarterly earnings of $3.01 per share, indicating a decline of 5.9% compared to the year-ago period. Analysts forecast revenues of $1.46 billion, representing an increase of 3.6% year over year.Over the last 30 days, there has been a downward revision of 0.1% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course ...