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Simon Property (SPG) Q1 FFO & Revenues Beat Estimates
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Have you been eager to see how Simon Property Group Inc. (SPG - Free Report) performed in Q1 in comparison with the market expectations? Let’s quickly scan through the key facts from this Indianapolis, IN-based, retail real estate investment trust’s (REIT) earnings release this morning.
A FFO Beat
Simon Property came out with funds from operations (FFO) per share of $2.87, beating the Zacks Consensus Estimate of $2.83.
Results reflect increase in base minimum rent per square foot and leasing spread per square foot at U.S. malls and Premium Outlets.
How Was the Earnings Surprise Trend?
Simon Property has a mixed surprise history. Before posting a FFO beat in Q1, the company delivered positive surprise in two out of prior four quarters, met in another and missed in the other occasion. Overall, the company surpassed the Zacks Consensus Estimate by an average of 0.1% in the trailing four quarters.
Simon Property posted revenues of nearly $1.4 billion, which surpassed the Zacks Consensus Estimate of $1.38 billion. It also compared favorably with the year-ago number of $1.35 billion.
Key Developments to Note
Total portfolio net operating income growth for the reported quarter was 4.8%. This reflected increase in operating income from comparable properties as well as accretions from new development, redevelopment, expansion and acquisitions.
Further, the company raised its outlook for 2018. The company now projects FFO per share in the range of $11.95-$12.05.
What Zacks Rank Says
Simon Property has a Zacks Rank #3 (Hold). However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
Check back later for our full write up on this SPG earnings report!
Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
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Simon Property (SPG) Q1 FFO & Revenues Beat Estimates
Have you been eager to see how Simon Property Group Inc. (SPG - Free Report) performed in Q1 in comparison with the market expectations? Let’s quickly scan through the key facts from this Indianapolis, IN-based, retail real estate investment trust’s (REIT) earnings release this morning.
A FFO Beat
Simon Property came out with funds from operations (FFO) per share of $2.87, beating the Zacks Consensus Estimate of $2.83.
Results reflect increase in base minimum rent per square foot and leasing spread per square foot at U.S. malls and Premium Outlets.
How Was the Earnings Surprise Trend?
Simon Property has a mixed surprise history. Before posting a FFO beat in Q1, the company delivered positive surprise in two out of prior four quarters, met in another and missed in the other occasion. Overall, the company surpassed the Zacks Consensus Estimate by an average of 0.1% in the trailing four quarters.
Simon Property Group, Inc. Price and EPS Surprise
Simon Property Group, Inc. Price and EPS Surprise | Simon Property Group, Inc. Quote
Revenue Came In Higher Than Expected
Simon Property posted revenues of nearly $1.4 billion, which surpassed the Zacks Consensus Estimate of $1.38 billion. It also compared favorably with the year-ago number of $1.35 billion.
Key Developments to Note
Total portfolio net operating income growth for the reported quarter was 4.8%. This reflected increase in operating income from comparable properties as well as accretions from new development, redevelopment, expansion and acquisitions.
Further, the company raised its outlook for 2018. The company now projects FFO per share in the range of $11.95-$12.05.
What Zacks Rank Says
Simon Property has a Zacks Rank #3 (Hold). However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Check back later for our full write up on this SPG earnings report!
Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot trades we're targeting>>