Simon Property Group, Inc. Earnings Cheat Sheet: Strong Momentum

S&P 500 (NYSE:SPY) component Simon Property Group, Inc. (NYSE:SPG) reported its results for the second 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 Second Quarter

Results: The company’s funds from operations (FFO) rose 19.6% from the year earlier quarter to $1.65. FFO, a measure of performance of a real estate investment trust (REIT), removes the profit-reducing effect that depreciation has on earnings. It come in ahead of the consensus estimate of $1.58 per share. FFO, a measure of performance of a real estate investment trust (REIT), removes the profit-reducing effect that depreciation has on earnings.

Quoting Management: “Our strong momentum continued in the second quarter as demonstrated by the 19.6% growth in FFO per share,” said David Simon, Chairman and Chief Executive Officer. “This growth was driven by higher revenues generated by our core portfolio as well as the positive impact of our acquisition activity. Second quarter comparable property net operating income growth in our regional mall and Premium Outlets portfolio was 3.5%, and our operating fundamentals reflect the high quality of our assets with higher occupancy, sales and rent than in the year earlier period.”

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)

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