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Simon Property bounces after inline Q1

Published 04/27/2017, 12:04 PM
© Reuters.  Simon Property bounces after inline Q1
SPG
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MAC
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BPYU
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  • Q1 FFO of $985M or $2.74 per share vs. $951.8M and $2.63 one year ago. Dividend is $1.75.
  • Occupancy of 95.6% flat Y/Y; base minimum rent per square foot of $51.87 up 4.4%; leasing spread per square foot for LTM of $8.31, up 13%.
  • Comparable NOI growth of 3.8%.
  • 870.7K shares bought back during quarter.
  • Full-year FFO per share guidance of $11.45-$11.55 is reaffirmed.
  • Shares were down more than 7% YTD and nearly 20% Y/Y, so some bad news may have been baked in. The inline quarter and reaffirmation of guidance has Simon (NYSE:SPG) higher by 2% today.
  • Previously: Simon Property EPS and revenue in-line (April 27)
  • Other players: General Growth (GGP +0.7%), Macerich (MAC +1%)
  • Now read: One Substantial Risk Hidden Behind This Company's Market Price


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