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Company Earning Updates

Simon Property Group (NYSE: SPG) 1Q19 Results: Beats Consensus on Revenues and FFO, Reiterates 2019 Guidance

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Coresight Research

Key Points

  • Simon Property Group (Simon) reported revenues of $1.45 billion, up 4.2% year over year and ahead of the $1.44 billion consensus estimate. FFO was $3.04 per share, up 5.4% and beating the consensus estimate of $3.03 per share.
  • Sales per square foot were $660 for the trailing 12 months ended March 31, an increase of 3.1%, and the occupancy rate as of 3/31/19 was 95.1%, up from 94.6% from a year ago.
  • The company reaffirmed its guidance of EPS of $7.30-7.40 (down 6-7%) and FFOPS of $12.30-12.40 (up 1-2%).

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