Simon Property Group Inc. Cheat Sheet: Beats Estimates

S&P 500 (NYSE:SPY) component Simon Property Group Inc. (NYSE:SPG) reported its results for the third quarter. Simon Property Group 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 Third Quarter

Results: The company’s funds from operations (FFO) rose from 90 cents in the year earlier quarter to $1.71 per share. FFO, a measure of performance of a real estate investment trust (REIT), removes the profit-reducing effect that depreciation has on earnings. It beat the consensus estimate of $1.67 per share.

Quoting Management: “Our mall and premium outlet operations continue to perform very well, delivering comparable property net operating income growth of 3.8% in the third quarter,” said David Simon, Chairman and Chief Executive Officer. “I am pleased with our accomplishments this quarter, including the increase in our ownership of King of Prussia to 96%, and the early October completion of our new corporate credit facility. The Company continues to excel, resulting in today’s announcement of $1.10 per share in total common stock dividends to be paid in the fourth quarter of 2011 versus $0.80 paid in the third quarter.”

Looking Forward: Analysts appear increasingly optimistic about the company’s results for the next quarter. The average estimate for the fourth quarter has moved up from $1.87 a share to $1.88 over the last sixty days. The average estimate for the fiscal year is $6.81 per share, a rise from $6.72 ninety days ago.

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).

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(Source: Xignite Financials)