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https://seekingalpha.com/news/3723406-simon-property-ffo-bea...https://seekingalpha.com/pr/18418489-simon-property-group-re...Results for the QuarterNet income attributable to common stockholders was $617.3 million, or $1.88 per diluted share, as compared to $254.2 million, or $0.83 per diluted share in 2020. Results for the second quarter of 2021 include a non-cash gain of $118.4 million, or $0.32 per diluted share, because of the reversal of a deferred tax liability associated with an international investment.Funds From Operations ("FFO") was $1.217 billion, or $3.24 per diluted share, as compared to $746.5 million, or $2.12 per diluted share, in the prior year period, a 52.8% increase. FFO for the second quarter 2021 includes the $0.32 per diluted share non-cash gain related to the deferred tax liability reversal, mentioned above.Net operating income ("NOI") from domestic and international properties, combined, increased 16.6% compared to the prior year period. Portfolio NOI, which includes NOI from domestic properties, international properties and NOI from the Company's investment in Taubman Realty Group ("TRG"), increased 32.5% compared to the prior year period.---U.S. Malls and Premium Outlets Operating StatisticsOccupancy was 91.8% at June 30, 2021.Base minimum rent per square foot was $55.03 at June 30, 2021.---Development ActivityWest Midlands Designer Outlet in England opened on April 12, 2021. The center includes 197,000 square feet of high-quality, name brand stores. Simon owns a 23% interest in this center. During the quarter, construction restarted on Paris-Giverny Designer Outlet, a new 222,000 square foot upscale outlet center located in Normandie, France, projected to open in the first quarter of 2023. Simon owns 74% of this project. Construction continues on redevelopments including Burlington Mall (Boston, MA) and Tacoma Mall (Tacoma, WA). These redevelopments, scheduled to be completed in 2021, will significantly benefit the communities in which they operate. Progress continues on transformative mixed-use redevelopments of Northgate Station (Seattle, WA) and Phipps Plaza (Atlanta, GA). The dynamic redevelopment at Phipps Plaza is headlined by a Nobu Hotel and Nobu Restaurant, Citizens food hall, Life Time Athletic and Life Time Work and One Phipps Plaza, a LEED certified, 13-story Class A office building designed for the workplace of the future. These additions are scheduled to open in 2022. The transformation of Northgate Station will feature the National Hockey League's Seattle Kraken corporate offices and the Kraken Community Iceplex. This first phase of the Northgate Station transformation is scheduled to be completed in the fall of 2021. --- As of June 30, 2021, Simon had more than $8.8 billion of liquidity consisting of $1.9 billion of cash on hand, including its share of joint venture cash, and $6.9 billion of available capacity under its revolving credit facilities, net of $500 million outstanding under its U.S. commercial paper program.---(dividend raised again...2nd Q in a row)Simon's Board of Directors declared a quarterly common stock cash dividend of $1.50 for the third quarter of 2021. This is a 15.4% increase year-over-year and a 7.1% increase compared to the second quarter 2021 dividend. The dividend will be payable on September 30, 2021 to shareholders of record on September 9, 2021. ----Guidance (they raised)FFO will be within a range of $10.70 to $10.80 per diluted share for the year ending December 31, 2021. The net income per diluted share and FFO per diluted share ranges include the $0.32 per diluted share non-cash gain related to the deferred tax liability reversal. The FFO per diluted share range is an increase from the $9.70 to $9.80 per diluted share range provided on May 10, 2021, or an increase of $1.00 per diluted share at the mid-point. Looks rock solid,Doom
if you have time to kill, and want to hear a confident but borderline ornery badass CEO plow thru analyst Q&A on an ER CC, please listen to David Simon CEO of SPG.This particular call was very positive and essentially David has had enough of covid and knows they have a good thing going and expects his valuation to go up along with his NOI and FFO and dividends.He is not Jeff Green...totally different. But equally effective.Even if SPG plummets due to delta/covid scare-mongering in coming weeks, I have complete confidence in SPG to $135 minimum by EOY. Upside could be $150-170 once covid subsides again. Along with dividends.Do I wish I had all my SPG from pre-February? Sure. But I won't apologize for having a strategy and booking profits.Still 31% or so (more tomorrow, probably) of my port, and looks rock solid.That allows me to sit tight on my cash until I see an oppty that I really like.Doom
SPG ex div date is 9/9 with payout at end of Sept.Given delta surge has been slight buzzkill to otherwise great q2 ER, and if we start to see "delta has peaked" start whispering in the news, good chance this could find head back to $135 and maybe to new 2021 highs.I added more.Thinking i hold and qualify for divvy and hopefully get some price appreciation along the way.Dreamer
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