Simon owns a 74% interest in this project. Paris-Giverny Designer Outlet (Normandie, France) projected to open in spring 2023.Simon owns a 40% interest in this project. Fukaya-Hanazono Premium Outlets® ( Tokyo, Japan) projected to open in October 2022.Simon owns a 50% interest in this center.Ĭonstruction continues on two new international development projects including: Jeju Premium Outlets is the fifth Premium Outlet® Center in South Korea.

On October 15, 2021, Jeju Premium Outlets ( Jeju Island, South Korea) opened with 92,000 square feet of high-quality, name brand stores. Base minimum rent per square foot was $53.91 at December 31, 2021.Malls and Premium Outlets Operating Statistics Domestic property NOI increased 22.4% and Portfolio NOI increased 33.6% compared to the prior year period.FFO was $1.160 billion, or $3.09 per diluted share, as compared to $786.6 million, or $2.17 per diluted share, in the prior year, a 42.4% increase.Net income attributable to common stockholders was $503.2 million, or $1.53 per diluted share, as compared to $271.5 million, or $0.86 per diluted share in 2020.

Portfolio NOI, which includes NOI from domestic properties, international properties and NOI from the Company's investment in Taubman Realty Group, increased 22.3% compared to 2020.

Domestic property net operating income ('NOI') increased 12.0% compared to 2020.FFO for 2021 includes the aforementioned net gains. Funds From Operations ('FFO') was $4.487 billion, or $11.94 per diluted share, as compared to $3.237 billion, or $9.11 per diluted share, in the prior year, a 31.1% increase.Results for 2020 included a net charge of $115.0 million, or $0.32 per diluted share. Results for 2021 included net gains of $189.3 million, or $0.50 per diluted share. Net income attributable to common stockholders was $2.246 billion, or $6.84 per diluted share, as compared to $1.109 billion, or $3.59 per diluted share in 2020.Our Company is focused on unlocking value through unique and disciplined investment activities that will continue to deliver long-term growth in cash flow, FFO and dividends per share.' We executed over 15 million square feet of leases, completed five significant domestic redevelopments, opened two new international shopping destinations, and substantially increased the profitability generated from our other platform investments during the year. 'In 2021, we generated record annual Funds From Operations of nearly $4.5 billion and returned approximately $2.7 billion to shareholders. Simon reported comparable funds from operations, or FFO, of $2.74 per share, which was below our estimate of $2.95 due to lower retail investment income in the quarter.'I am extremely pleased with our fourth quarter results, concluding a very productive year,' said David Simon, Chairman, Chief Executive Officer and President. While the loss is larger than we forecast, management says that its retail investments face significant seasonality and that a first-quarter loss was already accounted for in management’s 2023 guidance. However, Simon’s various retail investments produced a $54.6 million NOI loss in the first quarter, which marks the first quarter where Simon has lost money on its investments over the past several years. Minimum rent grew 3.1% year over year, leading to portfolio net operating income growth of 3.9% that was in line with our estimate. Occupancy declined 50 basis points sequentially due to typical mall seasonality but was up 110 basis points year over year. Simon Property Group reported mixed first-quarter results compared with our estimates, though we don’t see anything in the quarter that would change our $150 fair value estimate for the no-moat company.

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