Orlando Vineland Premium Outlets, Orlando, FL
FINANCIAL RESULTS AND OPERATING METRICS We delivered impressive results. ■ Consolidated revenues increased more than 3% to $5.29 billion. ■ Net income was $2.14 billion, or $6.52 per diluted share. ■ FFO was $4.48 billion or $11.95 per diluted share. ■ Our share of Domestic Property NOI grew 4.8%, or $230 million year-over-year, to $5.04 billion. ■ Our share of Portfolio NOI, including international properties on a constant currency basis, grew 5.7%, or $288 million, to $5.34 billion. ■ We generated more than $1.5 billion in excess cash flow, after dividends. ■ Occupancy for our U.S. Malls and Premium Outlets increased 150 basis points and ended the year at 94.9%, The Mills occupancy ended the year at 98.2% and Taubman Realty Group (“TRG”) ended at 94.5%. ■ Reported retailer sales for our U.S. Malls and Premium Outlets were $753 per square foot ( record ), an increase of approximately 6% year-over-year. The Mills and TRG also achieved record sales levels of $679 per square foot and $1,095 per square foot, respectively.
■ Retailer sales productivity is approximately 9% higher than pre-pandemic levels. This increase in retailer sales productivity further reinforces the importance of high-quality stores. REDEVELOPMENT INCLUDING THE ADDITION OF MIXED-USE COMPONENTS ■ We completed fourteen redevelopment projects across all our platforms in the U.S. during the year. ■ Total investment in redevelopment projects completed was approximately $500 million. ■ We opened 44 anchor/specialty tenants in 2022 and expect to open more than 40 in 2023. ■ We also continued to add mixed-use components to our market-leading centers with the opening of a more than 330-unit residential community at Round Rock Premium Outlets in Round Rock (Austin), Texas with others under construction. ■ We have added over 4,200 hotel and residential units to our portfolio in the last several years.
■ Our current mixed-use redevelopment activities include the potential of adding more than 4,000 residential units and hotel rooms at high-quality centers including, for example, Brea Mall in Brea (Los Angeles), California; Northgate Station in Seattle,
Washington; and St. Johns Town Center in Jacksonville, Florida.
■ At Phipps Plaza in Buckhead (Atlanta), Georgia, we opened a transformative redevelopment that redefines the future of modern, mixed-use luxury. This redevelopment features a 150-room Nobu Hotel and Nobu Restaurant; One Phipps Plaza, a new 13-story, 365,000 square-foot, Class A LEED Gold certified office building; Life Time Athletic and Life Time Work; and the food hall, Citizens Market. In the heart of these new additions is a lavish greenspace for outdoor events, dining and entertainment. This is a perfect example of a former department store being redeveloped profitably into place-making space. ■ Since 2013, we have invested more than $8 billion in redevelopment and new development projects to enhance our retail offerings and add complementary mixed-use components to our world-class properties.
IV
SIMON PROPERTY GROUP, INC.
Powered by FlippingBook