Simon Property Earnings Cheat Sheet: Missed Estimates Yet Revenues Grow

S&P 500 (NYSE:SPY) component Simon Property Group, Inc. (NYSE:SPG) reported a profit boost in the first quarter. Simon Property Group Inc. operates as a real estate investment trust that owns, develops and manages retail real estate properties.

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Simon Property Group Earnings Cheat Sheet for the First Quarter

Results: Net income for the real estate investment trust rose to $179.4 million (61 cents/share).

Revenue: Total revenue grew to $1.02 billion from $925.07 million YoY.

Actual vs. Wall St. Expectations: SPG fell short of the mean analyst estimate of $1.54/share. Estimates ranged from $1.47 per share to $1.62 per share.

Key Stats: A year-over-year revenue increase last quarter creates a streak of four consecutive quarters of revenue increases. Revenue rose 4.4% in the fourth quarter of the last fiscal year, 19.5% in the third quarter of the last fiscal year and 6.1% in the second quarter of the last fiscal year.

Competitors to Watch: General Growth Properties, Inc (NYSE:GGP), Developers Diversified Realty Corp. (NYSE:DDR), Pennsylvania R.E.I.T. (NYSE:PEI), Kimco Realty Corporation (NYSE:KIM), Ramco-Gershenson Properties Trust (NYSE:RPT), Tanger Factory Outlet Centers Inc. (NYSE:SKT), Regency Centers Corp. (NYSE:REG), Glimcher Realty Trust (NYSE:GRT), American Assets Trust, Inc (NYSE:AAT), and Kite Realty Group Trust (NYSE:KRG).

Today’s Performance: Shares of SPG are trading at $113.80 as of April 29, 2011 at 11:01 AM ET, down 1% from the previous close.


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