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Company Earnings Update

Simon Property Group (NYSE: SPG) 2Q19 Results: Beats Consensus on Revenues and FFO, Lowers EPS Guidance

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Coresight Research

Key Points

  • 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.

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