Simon Property Group, Inc. (NYSE:SPG) Q3 2023 Earnings Call Transcript October 30, 2023 5:00 PM ET

Company Participants

Tom Ward - SVP, IR

David Simon - Chairman, CEO and President

Brian McDade - CFO

Conference Call Participants

Ron Kamdem - Morgan Stanley

Caitlin Burrows - Goldman Sachs

Samir Khanal - Evercore ISI

Alexander Goldfarb - Piper Sandler

Jeff Spector - Bank of America

Michael Goldsmith - UBS

Floris van Dijkum - Compass Point

Vince Tibone - Green Street

Greg McGinniss - Scotiabank

Mike Mueller - JPMorgan

Nick Joseph - Citigroup

Linda Tsai - Jefferies

Haendel St. Juste - Mizuho

Juan Sanabria - BMO Capital Markets

Operator

Greetings. Welcome to the Simon Property Group Third Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded. I will now turn the conference over to Tom Ward, Senior Vice President, Investor Relations. Thank you, you may begin.

Tom Ward

Thank you, Sheri. And thank you for joining us this evening. Presenting on today's call is David Simon, Chairman, Chief Executive Officer and President. Also on the call are Brian McDade, Chief Financial Officer, and Adam Reuille, Chief Accounting Officer.

A quick reminder that statements made during this call may be deemed forward-looking statements within the meaning of the safe harbor of the Private Securities Litigation Reform Act of 1995 and actual results may differ materially due to variety of risks, uncertainties, and other factors. We refer you to today's press release and our SEC filings for a detailed discussion of the risk factors relating to those forward-looking statements.

Please note that this call includes information that maybe accurate only as of today's date. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures are included within the press release and the supplemental information in today's Form 8-K filing. Both the press release and the supplemental information are available on our IR website at investors.simon.com.

Our conference call this evening will be limited to one hour. For those who would like to participate in the question-and-answer session, we ask that you to please respect our request to limit yourself to one question.

I'm pleased to introduce David Simon.

David Simon

Good evening. And I'm pleased to report our third-quarter results. Third quarter funds from operation were $1.2 billion or $3.20 per share. Let me walk you through some of the highlights for this quarter. Compared to the same quarter of 2022, domestic and international operations had a very good performance this quarter, and contributed $0.17 of growth, primarily driven by higher rental income. Non-cash after-tax gain -- gains of $0.32 in the third quarter were related to the partial sale of our ownership interest in SPARC and ABG as a result of ABG selling primary shares in the quarter.