The Westchester, White Plains, NY
“ We have paid more than $39 billion in dividends over our history as a public company.”
■ Our balance sheet continues to differentiate us within our industry, given our strong investment grade credit ratings of A-/A3 and access to multiple forms of capital.
I want to thank our Board of Directors for their input and guidance. I want to especially thank Karen Horn and Al Smith for their 20 and 30 years, respectively, of distinguished service to our Company. Karen and Al will be retiring from our Board of Directors later this year. I am grateful for their invaluable contributions and exceptional guidance over the years. I cannot conclude this letter without thanking all my Simon colleagues for their continued commitment, dedication and hard work. Finally, I also thank you, our shareholders, for your support and confidence. Your comments and thoughts are always welcome and appreciated.
CLOSING In summary, 2022 was a very
successful year, but we never rest. We are always focused on improving. It is in our DNA. We are committed to our proven long-term strategy, and we have conviction in what we do. We will continue to be innovative, creating memorable, unique experiences for shoppers and retailers alike. Our strong financial position will enable us to invest in the future. I am optimistic that we will continue to produce impressive financial results. Please do not underestimate the importance of physical retail, it is where the action is. We will appropriately deal with our rising cost of capital from increasing interest rates, just like other past challenges that we have successfully dealt with. On that front, we have already been proactive in 2023 with two senior notes issuances totaling $1.3 billion and closing on a new $5.0 billion revolving credit facility. A ringing endorsement of SPG.
■ Our dividend is well covered, and our payout ratio is less than 60%.
BALANCE SHEET ■ Prudent balance sheet management is a trademark of our Company and central to our ability to execute our long-term strategy. ■ We completed more than $3.5 billion of financing activities: –Completed two U.S. dollar senior notes offerings totaling $1.2 billion. –Completed twenty secured loan refinancings for more than $2.3 billion.
DAVID SIMON Chairman, CEO & President March 21, 2023
■ Our liquidity was nearly $8 billion at year-end.
IX
2022 ANNUAL REPORT
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