Free Post Earnings Research Report: Simon Property’s Revenues Grew 4%; FFO Climbed 5%

Stock Monitor: Alexander’s Post Earnings Reporting

LONDON, UK / ACCESSWIRE / May 23, 2018 / If you want access to our free earnings report on Simon Property Group, Inc. (NYSE: SPG) (“Simon”), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=SPG. The Company reported its first quarter fiscal 2018 operating and financial results on April 27, 2018. The shopping mall real estate investment trust (REIT) outperformed top- and bottom-line expectations. Additionally, the Company provided guidance for the full fiscal year 2018. Register today and get access to over 1,000 Free Research Reports by joining our site below:

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Active-Investors.com is currently working on the research report for Alexander’s, Inc. (NYSE: ALX), which also belongs to the Financial sector as the Company Simon Property Group. Do not miss out and become a member today for free to access this upcoming report at:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Simon Property Group most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

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Earnings Highlights and Summary

For the three months ended March 31, 2018, Simon generated revenues of $1.40 billion, up 4% compared to $1.35 billion in Q1 2017. The Company’s revenue numbers beat analysts’ estimates of $1.38 billion.

For Q1 2018, Simon’s net income attributable to common stockholders was $620.7 million, or $2.00 per diluted share, compared to $477.7 million, or $1.53 per diluted share, in Q1 2017. The Company’s reported quarter results included net gains primarily related to disposition activities of $135.3 million, or $0.38 per diluted share.

Simon’s funds from operations (FFO) were $1.03 billion, or $2.87 per diluted share, in Q1 2018 compared to $985.0 million, or $2.74 per diluted share, in Q1 2017. The Company’s FFO numbers beat Wall Street’s estimates of $2.83 per share.

Operating Statistics

Simon’s US Malls and Premium Outlets reported retailer sales per square foot was $641 for the trailing 12-months ended March 31, 2018, reflecting an increase of 4.2%. The Company’s occupancy was 94.6% on March 31, 2018.

Simon’s base minimum rent per square foot was $53.54 on March 31, 2018, an increase of 3.2% compared to the prior year’s same period. The Company’s leasing spread per square foot was $8.45 for the trailing 12-months ended March 31, 2018, representing an increase of 12.6%.

During Q1 2018, Simon’s portfolio net operating income (NOI) growth was 4.8%. The Company’s comparable property NOI growth was 2.3% in the reported quarter.

Development Activities

During Q1 2018, Simon started the construction on a transformational redevelopment at Southdale Center (Edina, MN), replacing a former department store with a Life Time Athletic, Life Time Sport, and Work, specialty shops, and restaurants.

The Company has three new development projects in construction, including (i) Denver Premium Outlets (Thornton, Colorado), scheduled to open in September 2018, in which Simon owns 100% of the project; (ii) Queretaro Premium Outlets (Queretaro, Mexico), scheduled to open in December 2018, in which Simon owns a 50% interest; and (iii) Malaga Designer Outlet (Malaga, Spain), scheduled to open in spring 2019, in which Simon owns a 46% interest.

At the end of the reported quarter, Simon had redevelopment and expansion projects, including the addition of new anchors, underway at 28 properties in the US, Canada, and Asia.

During Q1 2018, Simon started the construction on a 197,000 square foot upscale outlet center located in Cannock, United Kingdom, projected to open in spring 2020, and in which Simon owns a 20% interest.

Financing Activities

During Q1 2018, Simon amended and extended its $3.5 billion unsecured multi-currency revolving credit facility. This facility can be increased to $4.5 billion during its term. The facility will mature on June 30, 2022, but at the Company’s sole option, can be extended for an additional year to June 30, 2023. The pricing on the facility was reduced to LIBOR plus 77.5 basis points.

As of March 31, 2018, Simon had more than $7.0 billion of liquidity consisting of cash on hand, including its share of joint venture cash, and available capacity under its revolving credit facilities.

During Q1 2018, the Company repurchased 1,473,588 shares of its common stock.

Outlook

For the full fiscal year ended December 31, 2018, Simon is forecasting net income per diluted share to be in the range of $7.33 to $7.43, and FFO per diluted share to be in the band of $11.95 to $12.05.

Stock Performance Snapshot

May 22, 2018 – At Tuesday’s closing bell, Simon Property Group’s stock slightly advanced 0.75%, ending the trading session at $158.22.

Volume traded for the day: 1.62 million shares.

Stock performance in the last month – up 7.71%; previous three-month period – up 4.57%; and past twelve-month period – up 0.39%

After yesterday’s close, Simon Property Group’s market cap was at $48.84 billion.

Price to Earnings (P/E) ratio was at 24.52.

The stock has a dividend yield of 4.93%.

The stock is part of the Financial sector, categorized under the REIT – Retail industry. This sector was up 0.5% at the end of the session.

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