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Accretive development work boosts Simon Property results

Apr. 26, 2016 7:26 AM ETSimon Property Group, Inc. (SPG) StockSPGBy: Stephen Alpher, SA News Editor
  • Q1 FFO of $951.8M or $2.63 per share vs. $830.7M and $2.28 one year ago.
  • Occupancy of 95.6% slips from 95.8%. Base minimum rent per square foot of $49.70 up from $47.59. Releasing spread of $10.24 per square foot down from $11.19. Total sales per square foot of $613 slips from $621.
  • Comp property NOI growth of 5.1% for the quarter.
  • Quarterly dividend of $1.60 per share flat from last quarter, up 6.7% Y/Y.
  • Full-year FFO per share guidance of $10.72-$10.82.
  • Conference call at 11 ET
  • Previously: Simon Property beats by $0.09, beats on revenue (April 26)
  • SPG flat premarket

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