Simon said diluted earnings per share and diluted earnings per unit for Q1 2024 rose to $2.25 from $1.38 a year earlier, an increase of $0.87. The company cited improved operating performance and a pre-tax gain on the sale of its remaining interest in ABG of $414.8 million ($1.11 per diluted share).

1. 01

   Simon said diluted earnings per share and diluted earnings per unit for Q1 2024 rose to $2.25 from $1.38 a year earlier, an increase of $0.87. The company cited improved operating performance and a pre-tax gain on the sale of its remaining interest in ABG of $414.8 million ($1.11 per diluted share).

2. 02

   Simon said it sold its remaining interest in ABG for cash of $1.2 billion on Q1 2024 and recognized a pre-tax gain of $414.8 million. The company recorded tax expense of $103.7 million related to the transaction.

3. 03

   The company said Portfolio NOI rose 3.9% year over year in Q1 2024. Average base minimum rent for U.S. Malls and Premium Outlets was $57.53 psf as of March 31, 2024, and ending occupancy was 95.5%.

4. 04

   The company said that as of March 31, 2024, aggregate available borrowing capacity under the Credit Facilities was approximately $8.1 billion, after deducting outstanding borrowings of $305.0 million and letters of credit of $58.6 million. It said that in Q1 2024, net cash flow from operating activities and distributions of capital from unconsolidated entities totaled $897.3 million.

Key figures

Quarter ended March 31, 2024

Revenue

$1.4B

Operating income

$735M

Net income

$841M

EPS

$2.25

Operating cash flow

$773M

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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