Executive Summary

• Simon Property Group (Simon) reported revenues of $1.40 billion, up 0.9% year over year and ahead of the $1.34 billion consensus estimate. FFO was $2.99 per share, up 0.3% and beating the consensus estimate of $2.98 per share.
• Sales per square foot were $669 for the trailing 12 months ended June 30, an increase of 3.5%, and the occupancy rate as of June 30 was 94.4%, down from 94.7% from a year ago.
• The company reaffirmed its guidance of FFOPS of $12.30-12.40 (up 1-2%) but lowered EPS guidance to $7.04-7.14, from the previous of $7.30-7.40.