Simon Property Group Inc. (NYSE:SPG) Q4 2014 Earnings Conference Call - Final Transcript

Jan 30, 2015 • 11:00 am ET

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Simon Property Group Inc. (NYSE:SPG) Q4 2014 Earnings Conference Call - Final Transcript

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Executive
David Simon

5.76%, we issued $2.5 billion of new notes within weighted average term of 12 years and a weighted average coupon at 3.32%, we amended and extended our $4 billion revolver until 2019, we closed 60 new mortgages within weighted average interest rate and term of 3.29%, and 8.4 years and we became the first US REIT to establish a global commercial paper program issuing $400 million of CP at an weighted average interest rate of 18 basis points.

So let's turning to the dividend, we announced our dividend this quarter of $1.40 per share, an increase year-over-year of 12%. We will pay at least $5.60 in dividends of 2015, which is an increase of 8.7% compared to the last year in totality. And if we include WP's dividend, we've more than doubled our divided since the great recession.

Now let's turn to guidance, our guidance of FFO is $9.60 to $9.70 per share. This range represents 8% to 9% growth compared to our reported FFO per share of $8.90 for 2014. Our range is based on comparable NOI growth of approximately 4% for our malls, Premium Outlets and mills platforms it also assumes no additional acquisition or disposition activity beyond what we just completed with Jersey Gardens and UPV. And it also includes the unfavorable impact to recent currency devaluations, which should approximate $0.10, compared to the currency levels that existed in 2014.

Executive
David Simon

So let's conclude. We produced another exceptional year with our results for the fourth quarter and the full year 2014 beating guidance for an unprecedented 10 plus years in a row. We achieved record levels in occupancy, FFO per share and dividends despite the loss of approximately $1 per share of FFO from WP and the debt extinguishment charge. And we continue to improve our portfolio and consumer and customer services for the benefit of stakeholders and we're very excited about 2015.

We are ready for any questions.