NYSE$SPG
Simon Property Group Inc · Q4 2020 earnings
Q4 2020 earnings · · Investor relations
Briefing
Simon's Q4 performance in 2020 was impacted by the COVID-19 pandemic, resulting in decreased net income and FFO.
Simon Property Group reported a challenging fourth quarter in 2020, influenced significantly by the COVID-19 pandemic. Despite these difficulties, the company demonstrated resilience through strategic acquisitions and cost management.
- Net income attributable to common stockholders was $271.5 million, or $0.86 per diluted share.
- FFO was $786.6 million, or $2.17 per diluted share, negatively impacted by COVID-19.
- Portfolio NOI declined 23.9% due to reduced revenues and tenant rent abatements.
- Occupancy in U.S. Malls and Premium Outlets stood at 91.3%.
Headline financials
Revenue & EPS history
Simon · Revenue · Quarterly
$1.13B
Revenue by segment
Simon · $1.13B total across 3 segments · Q4 2020
- Lease income$1.03B-23.8%91.3%
- Other income$73.3M-29.0%6.5%
- Management & other$25.3M-13.2%2.2%
Forward guidance
The Company currently estimates net income to be within a range of $4.60 to $4.85 per diluted share and that FFO will be within a range of $9.50 to $9.75 per diluted share for the year ending December 31, 2021. This guidance range assumes no further government mandated shutdowns of the Company’s domestic retail properties.
Tailwinds
- Estimated net income attributable to common stockholders per diluted share to be within a range of $4.60 to $4.85.
- Estimated FFO per diluted share to be within a range of $9.50 to $9.75.
- Guidance range assumes no further government mandated shutdowns of the Company’s domestic retail properties.
- Simon's Board of Directors will declare a common stock cash dividend for the first quarter of 2021 on or before March 31, 2021.
- Simon’s Board of Directors declared the quarterly dividend on its 8 3/8% Series J Cumulative Redeemable Preferred Stock (NYSE: SPGPrJ) of $1.046875 per share, payable on March 31, 2021 to shareholders of record on March 17, 2021.
Headwinds
- Uncertainties regarding the impact of the COVID-19 pandemic and governmental restrictions intended to prevent its spread on our business
- Changes in economic and market conditions that may adversely affect the general retail environment
- The potential loss of anchor stores or major tenants
- The inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise
- The intensely competitive market environment in the retail industry, including e-commerce
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2020
+1.4%
Avg return
Earnings day
+2.7%
Avg return
5 days after
+3.3%
Avg return
30 days after
60%
44 / 73 earnings
Positive
+27.4%
Q3 2020
Best reaction
-7.1%
Q3 2016
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +1.0% | +1.1% | +7.5% | |
| Q4 2025 | -1.6% | +4.4% | +5.1% | |
| Q3 2025 | +3.2% | +3.9% | +3.8% | |
| Q2 2025 | -0.9% | +3.8% | +9.6% | |
| Q1 2025 | -5.9% | -3.7% | -7.4% | |
| Q4 2024 | +3.3% | +4.2% | -1.3% | |
| Q3 2024 | +1.8% | +2.7% | +8.6% | |
| Q2 2024 | +3.0% | +5.0% | +9.3% | |
| Q1 2024 | +3.5% | +3.4% | +7.4% | |
| Q4 2023 | +4.0% | +6.5% | +10.4% | |
| Q3 2023 | +5.1% | +12.8% | +17.4% | |
| Q2 2023 | -5.6% | -4.6% | -8.4% | |
| Q1 2023 | -5.2% | -3.5% | -8.9% | |
| Q4 2022 | -3.0% | -4.2% | -5.9% | |
| Q3 2022 | +2.4% | +6.0% | +9.2% | |
| Q2 2022 | -2.9% | -2.0% | -6.1% | |
| Q1 2022 | -1.9% | -3.8% | -11.2% | |
| Q4 2021 | -2.2% | -2.3% | -8.7% | |
| Q3 2021 | +8.5% | +16.3% | +0.8% | |
| Q2 2021 | +2.4% | +6.9% | +7.3% | |
| Q1 2021 | -1.8% | -2.2% | +8.5% | |
| Q4 2020 | +6.0% | +12.9% | +18.1% | |
| Q3 2020 | +27.4% | +20.8% | +46.8% | |
| Q2 2020 | +8.0% | +9.6% | +10.7% | |
| Q1 2020 | -6.0% | -11.5% | +43.1% | |
| Q4 2019 | +5.8% | +6.2% | -9.7% | |
| Q3 2019 | -1.4% | +3.4% | -1.1% | |
| Q2 2019 | -1.7% | -3.4% | -7.0% | |
| Q1 2019 | +1.1% | +2.1% | -7.2% | |
| Q4 2018 | -0.1% | +0.9% | -3.6% | |
| Q3 2018 | +3.3% | +7.9% | +4.8% | |
| Q2 2018 | +4.5% | +5.7% | +7.7% | |
| Q1 2018 | +4.1% | +6.0% | +6.2% | |
| Q4 2017 | -1.8% | -4.6% | -4.4% | |
| Q3 2017 | -3.7% | -4.1% | -3.5% | |
| Q2 2017 | +1.8% | +3.8% | -1.0% | |
| Q1 2017 | +0.1% | +2.3% | -4.7% | |
| Q4 2016 | +2.1% | +4.3% | +1.9% | |
| Q3 2016 | -7.1% | -5.7% | -8.1% | |
| Q2 2016 | -0.2% | +1.4% | -4.8% | |
| Q1 2016 | +0.4% | — | — | |
| Q4 2015 | +0.6% | — | — | |
| Q3 2015 | +1.2% | — | — | |
| Q2 2015 | +2.4% | — | — | |
| Q1 2015 | +0.4% | — | — | |
| Q4 2014 | -2.6% | — | — | |
| Q3 2014 | +0.2% | — | — | |
| Q2 2014 | -0.0% | — | — | |
| Q1 2014 | +0.1% | — | — | |
| Q4 2013 | -1.2% | — | — | |
| Q3 2013 | -1.8% | — | — | |
| Q2 2013 | -1.7% | — | — | |
| Q1 2013 | -0.0% | — | — | |
| Q4 2012 | -0.1% | — | — | |
| Q3 2012 | -0.6% | — | — | |
| Q2 2012 | +0.3% | — | — | |
| Q1 2012 | +2.2% | — | — | |
| Q2 2011 | -1.0% | — | — | |
| Q4 2011 | -1.0% | — | — | |
| Q3 2011 | +0.9% | — | — | |
| Q1 2011 | +0.4% | — | — | |
| Q4 2010 | +4.2% | — | — | |
| Q2 2010 | +4.2% | — | — | |
| Q3 2010 | +2.3% | — | — | |
| Q1 2009 | +5.8% | — | — | |
| Q1 2010 | -0.8% | — | — | |
| Q4 2009 | +1.0% | — | — | |
| Q3 2008 | +1.0% | — | — | |
| Q3 2009 | +1.0% | — | — | |
| Q2 2009 | +7.9% | — | — | |
| Q4 2007 | +7.9% | — | — | |
| Q4 2008 | +7.9% | — | — | |
| Q2 2008 | +7.9% | — | — |
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