Simon Property bounces after inline Q1

|By:, SA News Editor

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:SPGhigher by 2% today.

Previously: Simon Property EPS and revenue in-line (April 27)

Other players: General Growth (GGP +0.7%), Macerich (MAC +1%)