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In addition, during December 2021, the Company paid approximately $1.16 billion for the early retirement of non-recourse mortgage loans on nine of its consolidated properties.ĭuring the quarter, the Company amended and extended its $3.5 billion unsecured multi-currency revolving credit facility. The weighted average interest rate on these loans was 3.14%. dollar equivalent), of which Simon's share was $1.9 billion. The Company was active in both the secured and unsecured credit markets in 2021.ĭuring the year, the Company completed 25 non-recourse mortgage loans totaling approximately $3.3 billion ( U.S.

Nobu Hotel and Nobu Restaurant, Life Time Athletic and Work, Citizens food hall, and a 13-story Class A office tower will further elevate this premier destination.Ĭonstruction also continues on other significant redevelopment projects, including The Falls ( Miami, FL), Roosevelt Field ( Garden City, NY) and Stanford Shopping Center ( Palo Alto, CA).Ĭapital Markets and Balance Sheet Liquidity Progress continues on the transformative mixed-use redevelopment of Phipps Plaza ( Atlanta, GA), which will open in fall 2022. Simon owns a 74% interest in this project.

Paris-Giverny Designer Outlet (Normandie, France) projected to open in spring 2023.

Simon owns a 40% interest in this project.

Fukaya-Hanazono Premium Outlets® ( Tokyo, Japan) projected to open in October 2022.

Simon owns a 50% interest in this center.Ĭonstruction continues on two new international development projects including: Jeju Premium Outlets is the fifth Premium Outlet® Center in South Korea. On October 15, 2021, Jeju Premium Outlets ( Jeju Island, South Korea) opened with 92,000 square feet of high-quality, name brand stores.

Base minimum rent per square foot was $53.91 at December 31, 2021.

Malls and Premium Outlets Operating Statistics

Domestic property NOI increased 22.4% and Portfolio NOI increased 33.6% compared to the prior year period.

FFO was $1.160 billion, or $3.09 per diluted share, as compared to $786.6 million, or $2.17 per diluted share, in the prior year, a 42.4% increase.

Net income attributable to common stockholders was $503.2 million, or $1.53 per diluted share, as compared to $271.5 million, or $0.86 per diluted share in 2020.

Portfolio NOI, which includes NOI from domestic properties, international properties and NOI from the Company's investment in Taubman Realty Group, increased 22.3% compared to 2020.

Domestic property net operating income ("NOI") increased 12.0% compared to 2020.

FFO for 2021 includes the aforementioned net gains.

Funds From Operations ("FFO") was $4.487 billion, or $11.94 per diluted share, as compared to $3.237 billion, or $9.11 per diluted share, in the prior year, a 31.1% increase.

Results for 2020 included a net charge of $115.0 million, or $0.32 per diluted share. Results for 2021 included net gains of $189.3 million, or $0.50 per diluted share.

Net income attributable to common stockholders was $2.246 billion, or $6.84 per diluted share, as compared to $1.109 billion, or $3.59 per diluted share in 2020.Our Company is focused on unlocking value through unique and disciplined investment activities that will continue to deliver long-term growth in cash flow, FFO and dividends per share."

We executed over 15 million square feet of leases, completed five significant domestic redevelopments, opened two new international shopping destinations, and substantially increased the profitability generated from our other platform investments during the year. "In 2021, we generated record annual Funds From Operations of nearly $4.5 billion and returned approximately $2.7 billion to shareholders. "I am extremely pleased with our fourth quarter results, concluding a very productive year," said David Simon, Chairman, Chief Executive Officer and President.