Simon(r) Reports 3rd Quarter 2022 Results and Increases Full Year 2022 Guidance and Raises Quarterly Dividend.

INDIANAPOLIS: Simon(r), 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, 2022.

"This was an excellent quarter for our Company with strong financial and operational performance," said David Simon, Chairman, Chief Executive Officer and President. "Based upon our results to date and our expectations for the remainder of 2022, we are once again increasing full-year 2022 guidance and raising our quarterly dividend."

Results for the Quarter

Net income attributable to common stockholders was $539.0 million, or $1.65 per diluted share, as compared to $679.9 million, or $2.07 per diluted share in 2021.

Net income for the third quarter of 2022 includes a non-cash unrealized loss of $14.6 million, or $0.04 per diluted share, from a mark-to-market in fair value of equity instruments.

Net income in the prior year period included both a gain of $0.29 per diluted share primarily related to retail real estate disposition activity and other activity which resulted in a net gain of $0.21 per diluted share.

Comparable FFO was $1.113 billion, or $2.97 per diluted share as compared to $1.098 billion, or $2.92 per diluted share in the prior year period. Please see the accompanying reconciliation of consolidated net income to FFO and Comparable FFO.

Domestic property Net Operating Income ("NOI") increased 2.3% and portfolio NOI increased 3.2%, in each case, compared to the prior year period.

Results for the Nine Months

Net income attributable to common stockholders was $1.462 billion, or $4.46 per diluted share, as compared to $1.743 billion, or $5.30 per diluted share in 2021.

Net income for the first nine months of 2022 includes a non-cash unrealized loss of $63.4 million, or $0.17 per diluted share, from a mark-to-market in fair value of equity instruments.

Net income in the prior year period included both gains of $0.54 per diluted share primarily related to retail real estate disposition activity and other activity which resulted in a net gain of $0.53 per diluted share.

Comparable FFO was $3.270 billion, or $8.71 per diluted share as compared to $3.133 billion, or $8.32 per diluted share in the prior year period, growth of 4.7%.

Domestic property NOI increased 4.4% and portfolio NOI increased 5.5%, in each case, compared to the prior year period.

U.S. Malls and Premium Outlets Operating Statistics

Occupancy was 94.5% at...