Q1 FFO of $985M or $2.74 per share vs. $951.8M and $2.63 one year ago. Dividend is $1.75.
Occupancy of 95.6% flat Y/Y; base minimum rent per square foot of $51.87 up 4.4%; leasing spread per square foot for LTM of $8.31, up 13%.
Comparable NOI growth of 3.8%.
870.7K shares bought back during quarter.
Full-year FFO per share guidance of $11.45-$11.55 is reaffirmed.
Shares were down more than 7% YTD and nearly 20% Y/Y, so some bad news may have been baked in. The inline quarter and reaffirmation of guidance has Simon (NYSE:SPG) higher by 2% today.
Previously: Simon Property EPS and revenue in-line (April 27)