Before the pandemic (in fiscal 2019), Simon Property Group paid out $8.35 in dividends and generated FFO of $12.04 per diluted share resulting in a payout ratio of 69%. However, I would assume that Simon Property Group will continue to increase its dividend in the coming quarters if the business is performing well. The current quarterly dividend is resulting in an annual payout of $6.60 and a dividend yield of 4.52%.

And after the company had to cut its dividend from $2.10 to $1.30 during 2020 (after it was unclear for some time if Simon Property Group would pay a dividend at all during the pandemic), it increased the dividend again every single quarter in the recent past - from $1.30 to $1.40 to $1.50 and now $1.65. I mentioned above that the dividend was one of the reasons I got interested in Simon Property Group in the first place (although it does not fit my wide economic moat criteria). Ending occupancy rate for 'The Mills' increased from 94.5% to 97.0% YoY, but base minimum rent per square foot also declined slightly from $33.83 one year ago to $33.68 right now. Mall and Premium Outlet portfolio declined from $56.13 one year earlier to $53.91. Malls and Premium Outlets increased from 91.4% one year earlier to 92.8%, but the base minimum rent per square foot for the total U.S. In case of Simon Property Group, one of the most important metrics is funds from operations - and FFO increased from $2.05 in the same quarter last year to $3.13 - an increase of 52.7% YoY. And at least on a GAAP basis, we also must mention $160 million in 'gain on exchange from equity funds' as well as $199 million in 'income from unconsolidated equities' that contributed to net income and earnings per share. The months of July, August, and September 2020 were a time with people still staying at home due to COVID-19 (although the first lockdown was over). Simon Property Group Supplemental Package Q3/21īut we always must keep in mind that we are comparing the current quarter to one of the worst quarters in a long time. And net income attributable to common stockholders increased even from $0.48 in the same quarter last year to $2.07 this quarter - an increase of 331% year-over-year. Operating income also increased from $404 million in Q3/20 to $612 million in Q3/21 - an increase of 51.5% year-over-year. In the third quarter of fiscal 2021, SPG generated $1,297 million in revenue and compared to $1,061 million in the same quarter last year, this is an increase of 22.2% YoY.

When looking at the last quarterly results, Simon Property Group is continuing its recovery from the terrible results in 2020. In the following article, I will take a closer look at Simon Property Group again and start with the last quarterly results. So far, the stock has not reached its previous all-time highs again (around $225 in 2016), but it is trading at pre-pandemic levels and does not seem like a bargain anymore and despite dividend increases, the dividend yield is also lower. With these two aspects being the main reason for my interest in Simon Property Group, we must take a closer look at the stock once again. Additionally, the stock was (and still is) interesting for its dividend as it is generating a rather high passive income. However, the stock was interesting in the spring of 2020 when COVID-19 hit the world and drove the stock price of Simon Property Group to irrational low levels (in my opinion). Simon Property Group ( NYSE: SPG) is not my typical investment - it is not the wide-economic moat business I am usually trying to identify and invest in.

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