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Monday 7th of February 2022 01:14:46 PM

Simon Property Group stock slips after 2022 guidance comes in weak

Simon Property Group World Headquarters V jetcityimage/iStock Editorial via Getty Images Simon Property Group (NYSE:SPG) stock dips 2.3% in after-hours trading after the mall owner issues 2022 guidance that falls short of the consensus estimate. The company expects 2022 FFO per share of $11.50-$11.70 vs. consensus of $11.79 Q4 FFO per share of $3.09 exceeded the average analyst estimate of $2.89; it fell from $3.13 in Q3 and rose from $2.17 in the year-ago quarter. "We executed over 15M square feet of leases, completed five significant domestic redevelopments, opened two new international shopping destinations, and substantially increased the profitability generated from our other platform investments during the year," said David Simon, chairman, CEO and president of Simon Property Group (SPG). Occupancy at U.S. malls and premium outlets was 93.4% vs. 92.8% at Sept. 30, 2021. Domestic and international properties net operating income, combined, rose 22.4% Y/Y, vs. +24.5% in Q3. Base minimum rent per square foot of $53.91 at Dec. 31, 2021 unchanged from Sept. 30. Q4 revenue of $1.33BB topped the $1.26B consensus and increased from $1.30B in Q3 and $1.13B in Q4 2020. Q4 total operating expenses of $734.6M rose from $684M in Q3 and $669.4M in the year-ago quarter. Conference call at 5:00 PM ET. Earlier, Simon Property FFO of $3.09 beats by $0.21, revenue of $1.33B beats by $70M
SPG

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