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Simon Property (SPG) Q4 FFO Meets Estimates, Raises Dividend

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Have you been eager to see how Simon Property Group Inc. (SPG - Free Report) performed in Q4 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.

In line FFO

Simon Property came out with funds from operations (FFO) per share of $3.12, in line with the Zacks Consensus Estimate.

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 decent surprise history. Before posting in-line performance in Q4, the company delivered positive surprise in three out of prior four quarters and missed in the other occasion. Overall, the company surpassed the Zacks Consensus Estimate by an average of 4.1% in the trailing four quarters.

Revenue Came As Expected

Simon Property posted revenues of $1.43 billion, which matched the Zacks Consensus Estimate.

Key Developments to Note

Simon Property provided its FFO per share outlook for full-year 2018. The company projects FFO per share in the range of $11.90-$12.02.

The company announced a quarterly dividend of $1.95 per share, denoting an increase 11.4% year-over-year. The new dividend will be paid on Feb 28, to stockholders of record on Feb 14.

What Zacks Rank Says

Simon Property has a Zacks Rank #4 (Sell). 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.

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