- Simon Property has narrowed its full-year Funds From Operations (FFO) per share forecast to a range of $12.80 to $12.90, slightly up from the previous range of $12.75 to $12.90.
- Analysts’ estimate for FFO per share was $12.85.
- For the second quarter, the actual FFO per share was $2.90, which fell short of the expected $2.94.
- Second quarter revenue was $1.46 billion, surpassing the estimate of $1.31 billion.
- Lease income came in at $1.32 billion, slightly above the projected $1.31 billion.
- Management fees and other revenue were $33.2 million, missing the estimate of $33.9 million.
- Other income was $109.3 million, exceeding the estimate of $84.2 million.
- US rent per square foot was $57.94, marginally higher than the two estimates of $57.63.
- US occupancy rate stood at 95.6%, just ahead of the 95.5% estimate.
- Overall FFO was reported at $1.09 billion, just below the estimated $1.1 billion.
- The company has increased its quarterly dividend and raised the midpoint of its full-year 2024 guidance.
- Analyst ratings include 8 buys, 12 holds, and 0 sells.
- Conference call scheduled for 5 p.m. New York time.
A look at Simon Property Group Smart Scores
| Factor | Score | Magnitude |
|---|---|---|
| Value | 2 | |
| Dividend | 5 | |
| Growth | 4 | |
| Resilience | 2 | |
| Momentum | 3 | |
| OVERALL SMART SCORE | 3.2 |
Smart Score is a compound score for the Company indicating its overall outlook. It is derived by taking an equally weighted average of underlying Factor scores computed by Smartkarma
Simon Property Group, Inc., a real estate investment trust, appears to have a solid long-term outlook based on its Smartkarma Smart Scores. The company receives high marks in Dividend (5) and Growth (4), indicating strong performance in these areas. With a lower score in Value (2) and Resilience (2), there may be some challenges to address in terms of the company’s valuation and ability to weather unexpected events. However, the moderate Momentum score of 3 suggests that the company is still making progress in the right direction.
Simon Property Group, Inc. focuses on owning, developing, and managing retail real estate properties, which include regional malls, outlet centers, community/lifestyle centers, and international properties. Overall, the company’s positive scores in Dividend and Growth highlight its potential for steady returns and expansion in the future, despite some areas that may require further attention for improvement.
Disclaimer: This article by Smartkarma is general in nature and based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Note that our articles may not factor in the latest price-sensitive company announcements or qualitative material.
While all reasonable care has been taken in the preparation, Smartkarma makes no assurance about the accuracy of any generated data or content. All content is indicative only and should be independently checked for accuracy and confirmed before use. Smartkarma accepts no responsibility for any loss or damage caused as a result of any inaccuracy or error within the Lab online tools or generated data.
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