SPG » Topics » 2009 Guidance

This excerpt taken from the SPG 8-K filed Oct 30, 2009.

2009 Guidance

        Today the Company increased the low-end of the guidance for 2009 provided on August 4, 2009, estimating that diluted FFO will be within a range of $5.40 to $5.50 per share for the year, and that diluted net income will be within a range of $1.17 to $1.27 per share.

        FFO guidance is as follows:

 
  For the year ending
December 31, 2009
 
 
  Low End   High End  

August 4, 2009 guidance

  $ 5.35   $ 5.50  

Dilution from August senior notes offering

    (0.03 )   (0.03 )

Increase in guidance

    0.08     0.03  
           

October 30, 2009 guidance

  $ 5.40   $ 5.50  
           

        This guidance is a forward-looking statement and is subject to the risks and other factors described elsewhere in this release.

66


        The following table provides the reconciliation of the range of estimated diluted net income available to common stockholders per share to estimated diluted FFO per share.

 
  For the year ending
December 31, 2009
 
 
  Low End   High End  

Estimated diluted net income available to common stockholders per share

  $ 1.17   $ 1.27  

Depreciation and amortization including our share of joint ventures

    4.30     4.30  

Impact of additional dilutive securities

    (0.07 )   (0.07 )
           

Estimated diluted FFO per share

  $ 5.40   $ 5.50  
           
This excerpt taken from the SPG 8-K filed Aug 4, 2009.

2009 Guidance

        Today the Company reaffirmed the guidance provided on May 1, 2009, after giving effect to the impact of the mid-May equity and senior notes offerings and the second quarter non-cash impairment charge, estimating that diluted FFO will be within a range of $5.35 to $5.50 per share for the year, and that diluted net income will be within a range of $1.05 to $1.20 per share.

        FFO guidance is as follows:

 
  For the year ending December 31, 2009  
 
  Low End   High End  

May 1, 2009 guidance

  $ 6.05   $ 6.20  

Non-cash impairment charge

    (0.42 )   (0.42 )

Dilution from mid-May equity and senior notes offerings

    (0.28 )   (0.28 )
           

August 4, 2009 guidance

  $ 5.35   $ 5.50  
           

        This guidance is a forward-looking statement and is subject to the risks and other factors described elsewhere in this release.

        The following table provides the reconciliation of the range of estimated diluted net income available to common stockholders per share to estimated diluted FFO per share.

 
  For the year ending December 31, 2009  
 
  Low End   High End  

Estimated diluted net income available to common stockholders per share

  $ 1.05   $ 1.20  

Depreciation and amortization including our share of joint ventures

    4.36     4.36  

Impact of additional dilutive securities

    (0.06 )   (0.06 )
           

Estimated diluted FFO per share

  $ 5.35   $ 5.50  
           
This excerpt taken from the SPG 8-K filed Nov 3, 2008.

2008 Guidance

        The Company currently estimates that diluted FFO will be within a range of $6.40 to $6.45 per share for the year ending December 31, 2008, and diluted net income will be within a range of $2.03 to $2.08 per share.

        The following table provides the reconciliation of the range of estimated diluted net income available to common stockholders per share to estimated diluted FFO per share.

For the year ending December 31, 2008
  Low End   High End  

Estimated diluted net income available to common stockholders per share

  $ 2.03   $ 2.08  

Depreciation and amortization including our share of joint ventures

    4.50     4.50  

Impact of additional dilutive securities

    (0.13 )   (0.13 )
           

Estimated diluted FFO per share

  $ 6.40   $ 6.45  
           
This excerpt taken from the SPG 8-K filed Jul 28, 2008.

2008 Guidance

        The Company currently estimates that diluted FFO will be within a range of $6.38 to $6.45 per share for the year ending December 31, 2008, and diluted net income will be within a range of $2.01 to $2.08 per share. These estimates include the impact of the second quarter extinguishment charge of $0.07 per share.

        The following table provides the reconciliation of the range of estimated diluted net income available to common stockholders per share to estimated diluted FFO per share.

For the year ending December 31, 2008
  Low
End
  High
End
 

Estimated diluted net income available to common stockholders per share

  $ 2.01   $ 2.08  

Depreciation and amortization including our share of joint ventures

    4.50     4.50  

Impact of additional dilutive securities

    (0.13 )   (0.13 )
           

Estimated diluted FFO per share

  $ 6.38   $ 6.45  
           

67


This excerpt taken from the SPG 8-K filed Apr 29, 2008.

2008 Guidance

        The Company currently estimates that diluted FFO will be within a range of $6.35 to $6.45 per share for the year ending December 31, 2008, and diluted net income will be within a range of $2.03 to $2.13 per share. This represents an increase in the lower end of the previously provided guidance range of $0.10 per share for both FFO and diluted net income.

        The following table provides the reconciliation of the range of estimated diluted net income available to common stockholders per share to estimated diluted FFO per share.

For the year ending December 31, 2008

 
  Low
End

  High
End

 
Estimated diluted net income available to common stockholders per share   $ 2.03   $ 2.13  
Depreciation and amortization including our share of joint ventures     4.45     4.45  
Impact of additional dilutive securities     (0.13 )   (0.13 )
   
 
 
Estimated diluted FFO per share   $ 6.35   $ 6.45  
   
 
 

66


This excerpt taken from the SPG 8-K filed Feb 1, 2008.

2008 Guidance

        Today the Company provided guidance for 2008 funds from operations ("FFO") per share and net income per share. The Company estimates that diluted FFO will be within a range of $6.25 to $6.45 per share for the year ending December 31, 2008, and diluted net income will be within a range of $1.93 to $2.13 per share.

        The Company's 2008 guidance estimates are based upon its internal budgeting and planning process and management's view of current market conditions, including those in the retail real estate business. Assumptions for 2008 for the Company's U.S.-based assets include:

 
  Regional
Malls

  Premium
Outlet
Centers®

  Community/
Lifestyle
Centers

 
Occupancy at December 31, 2008   92.5 to 93.5 % 98 to 99 % 92 to 94 %
Releasing spread   15 to 25 % 25 to 35 % 5 to 15 %
Comparable property NOI growth   3.0 to 4.0 % 4.0 to 6.0 % 2.0 to 3.0 %

2008 guidance assumes the following:

    Timely completion of the Company's previously announced development activities. During 2008, the Company has six new development projects scheduled to open: Hamilton Town Center in Noblesville, Indiana; Houston Premium Outlets in Cypress (Houston), Texas; Jersey Shore Premium Outlets in Tinton Falls, New Jersey; Pier Park in Panama City Beach, Florida; and hypermarket-anchored shopping centers in Argine (Naples), Italy and Changshu, China.

    No future acquisition or disposition activities other than the impact in 2008 from 2007 activity, including the Mills acquisition.

    The potential for modest increases in store closings and bankruptcies in 2008 over 2007 levels and generally flat retail sales.

    An interest rate environment that is consistent with the current forward yield curves for one month LIBOR and the 10 Year U.S. Treasury note.

        The following table provides the reconciliation of the range of estimated diluted net income available to common stockholders per share to estimated diluted FFO per share.

For the year ending December 31, 2008

 
  Low
End

  High
End

 
Estimated diluted net income available to common stockholders per share   $ 1.93   $ 2.13  
Depreciation and amortization including our share of joint ventures     4.45     4.45  
Impact of additional dilutive securities     (0.13 )   (0.13 )
   
 
 
Estimated diluted FFO per share   $ 6.25   $ 6.45  
   
 
 
This excerpt taken from the SPG 8-K filed Oct 29, 2007.

2007 Guidance

        Today the Company announced that it expects to achieve at least the high end of its previously updated guidance range of $5.83 to $5.88 per share for diluted FFO for the year ending December 31, 2007. The Company's original guidance for 2007 diluted FFO was a range of $5.70 to $5.83 per share. The Company expects diluted net income available to common stockholders for 2007 to be approximately $2.13 per share.

        The following table provides the reconciliation of estimated diluted net income available to common stockholders per share to estimated diluted FFO per share.

For the year ending December 31, 2007        

Estimated diluted net income available to common stockholders per share

 

$

2.13

 

Depreciation and amortization including our share of joint ventures

 

 

4.15

 

Gain on sale of assets and interests in unconsolidated entities, net

 

 

(0.29

)

Impact of additional dilutive securities

 

 

(0.11

)
   
 

Estimated diluted FFO per share

 

$

5.88

 
   
 
This excerpt taken from the SPG 8-K filed Jul 30, 2007.

2007 Guidance

Today the Company increased its guidance for 2007. The Company expects diluted FFO to be within a range of $5.83 to $5.88 per share for the year ending December 31, 2007, and diluted net income available to common stockholders to be within a range of $1.58 to $1.63 per share.

The following table provides the reconciliation of the range of estimated diluted net income available to common stockholders per share to estimated diluted FFO per share.

This excerpt taken from the SPG 8-K filed Apr 27, 2007.

2007 Guidance

Today the Company increased its guidance for 2007. The Company expects diluted FFO to be within a range of $5.75 to $5.85 per share for the year ending December 31, 2007, and diluted net income available to common stockholders to be within a range of $1.87 to $1.97 per share.

The following table provides the reconciliation of the range of estimated diluted net income available to common stockholders per share to estimated diluted FFO per share.

For the year ending December 31, 2007  

 

 

Low

 

High

 

 

 

End

 

End

 

Estimated diluted net income available to common stockholders per share

 

$

1.87

 

$

1.97

 

Depreciation and amortization including our share of joint ventures

 

3.99

 

3.99

 

Impact of additional dilutive securities

 

(0.11

)

(0.11

)

Estimated diluted FFO per share

 

$

5.75

 

$

5.85

 

 

Conference Call

The Company will provide an online simulcast of its quarterly conference call at www.simon.com (Investor Relations section), www.earnings.com, and www.streetevents.com. To listen to the live call, please go to any of these websites at least fifteen minutes prior to the call to register, download and install any necessary audio software. The call will begin at 11:00 a.m. Eastern Daylight Time today, April 27, 2007. An online replay will be available for approximately 90 days at www.simon.com, www.earnings.com and www.streetevents.com. A fully searchable podcast of the conference call will also be available at www.REITcafe.com shortly after completion of the call.

This excerpt taken from the SPG 8-K filed Feb 2, 2007.

2007 Guidance

On January 12, 2007, the Company provided guidance that diluted FFO will be within a range of $5.70 to $5.80 per share for the year ending December 31, 2007, and diluted net income per share will be within a range of $1.82 to $1.92.

The following table provides the reconciliation of the range of estimated diluted net income available to common stockholders per share to estimated diluted FFO per share.

This excerpt taken from the SPG 8-K filed Oct 30, 2006.

2006 Guidance

Today the Company increased its guidance for 2006 FFO to $5.36 per share, consistent with the current Wall Street consensus estimate. Current FFO guidance is three cents higher than the mid point of the range reported by the Company on July 31, 2006, and it includes a charge of two cents per share related to the Company’s October preferred stock redemption described above. The Company’s current guidance for diluted net income available to common stockholders is $1.89 per share.

The following table provides the reconciliation of estimated diluted net income available to common stockholders per share to estimated diluted FFO per share.

For the year ending December 31, 2006

 

 

 

 

 

Estimated diluted net income available to common stockholders per share

 

$

1.89

*

Depreciation and amortization including our share of joint ventures

 

3.73

 

Gain on sales of real estate, discontinued operations and interests in unconsolidated entities

 

(0.18

)

Impact of additional dilutive securities

 

(0.08

)

Estimated diluted FFO per share

 

$

5.36

 


This excerpt taken from the SPG 8-K filed Jul 31, 2006.

2006 Guidance

Today the Company updated its guidance for 2006. The Company expects diluted FFO to be within a range of $5.30 to $5.35 per share for the year ending December 31, 2006, and diluted net income available to common stockholders to be within a range of $1.79 to $1.84 per share.

The following table provides the reconciliation of the range of estimated diluted net income available to common stockholders per share to estimated diluted FFO per share.

For the year ending December 31, 2006

 

 

 

 

 

 

 

Low
End

 

High
End

 

Estimated diluted net income available to common stockholders per share

 

$

1.79

 

$

1.84

 

Depreciation and amortization including our share of joint ventures

 

3.74

 

3.74

 

Gain on sales of interests in unconsolidated entities

 

(0.15

)

(0.15

)

Impact of additional dilutive securities

 

(0.08

)

(0.08

)

Estimated diluted FFO per share

 

$

5.30

 

$

5.35

 

 

This excerpt taken from the SPG 8-K filed Apr 28, 2006.

2006 Guidance

Today the Company raised its guidance for 2006. The Company expects diluted FFO to be within a range of $5.25 to $5.33 per share for the year ending December 31, 2006, and diluted net income to be within a range of $1.76 to $1.84 per share.

The following table provides the reconciliation of the range of estimated diluted net income per share to estimated diluted FFO per share.

This excerpt taken from the SPG 8-K filed Feb 6, 2006.
2006 Guidance

The Company expects diluted FFO to be within a range of $5.20 to $5.32 per share for the year ending December 31, 2006, and diluted net income to be within a range of $1.71 to $1.83 per share.

The following table provides the reconciliation of the range of estimated diluted net income per share to estimated diluted FFO per share.

For the twelve months ended December 31, 2006

 

 

 

Low
End

 

High
 End

 

Estimated diluted net income per share

 

$

1.71

 

$

1.83

 

Depreciation and amortization including our share of joint ventures

 

3.57

 

3.57

 

Impact of additional dilutive securities

 

(0.08

)

(0.08

)

Estimated diluted FFO per share

 

$

5.20

 

$

5.32

 

 

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