CLAIM #54515 · SPG (SPG) · 2023Q4 earnings call · Feb 5, 2024 · due Dec 31, 2024
“Contribution from other property, other platform investments of approximately $0.10 to $0.15 per share; no significant acquisition or disposition activity, and our current diluted share count of approximately 374 million shares.”
David Simon · CEO
In context
“d balance sheet is as strong as ever, we have approximately $11 billion of liquidity. During 2023, we paid, as I mentioned earlier, $2.8 billion in common stock dividends. We repurchased 1.3 million shares of our common stock at an average price of just over $110 per share in 2023, and today we announced our dividend of $1.95 per share for the first quarter and year-over-year increase of 8.3%. The dividend is payable on March 29 of 2024. Now moving onto 2024, our FFO guidance is $11.85 to $12.10 per share. Our guidance reflects the following assumptions; domestic property NOI growth of at least 3%, increased net interest expense compared to 2023 of approximately $0.25 to $0.30 per share reflecting current market interest rates on both fixed and variable debt assumptions and cash balances. Contribution from other property, other platform investments of approximately $0.10 to $0.15 per share; no significant acquisition or disposition activity, and our current diluted share count of approximately 374 million shares. So, with that said. It's safe to say, we're excited to enter year '31 as a public company. Thank you for your time and we're ready for Q&A. Operator: [Operator Instructions] Our first question is from Steve Sakwa with Evercore ISI. Please proceed with your question. Steve Sakwa: Thanks. Good evening, David. I was just wondering if you could maybe talk a little bit about kind of the leasing pipeline and where things stand today versus maybe the year ago and what sort of conversations are you having with the tenants and maybe how the pricing dynamic changed there, given that you're now kind of 95% leased and pretty full in the portfolio. David Simon: Well, I mean, Steve, we're always adjusting our mix. We're always trying to - so even though we're 96% leased, we're always looking to improve”
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SEC filings for SPG ↗ · Claim quote is verbatim from the 2023Q4 earnings call.