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Simon Property Group Inc SPG Stock Quote

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Simon Property Group Reports 3Q Occupancy, Rent Growth That Lead to a Guidance Raise

Kevin Brown, CFA Senior Analyst

Analyst Note

| Kevin Brown, CFA |

Simon Property Group reported third-quarter results that were in line with our expectations, leading us to reaffirm our $160 fair value estimate for the no-moat company. Occupancy improved 60 basis points sequentially, ahead of our estimate of flat growth, and 170 basis points year over year to 94.5%. Minimum rent paid per square foot increased 1.7% year over year, leading to same-store net operating income growth of 2.3% in the third quarter. While Simon's NOI from retail investments fell to $87.5 million from $140.4 million in the third quarter of 2021, this quarter's result was in line with our estimate of $85 million retail NOI. As a result, total NOI for Simon fell 0.3% year over year, in line with our estimate. The company reported comparable funds from operations of $2.97 per share in the third quarter, a penny better than our estimate and 5 cents better than the $2.92 figure reported in the third quarter of 2021.

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Business Description

Simon Property Group is the second- largest real estate investment trust in the United States. Its portfolio includes an interest in 207 properties: 119 traditional malls, 69 premium outlets, 14 Mills centers (a combination of a traditional mall, outlet center, and big-box retailers), six lifestyle centers, and five other retail properties. Simon's portfolio averaged $693 in sales per square foot over the 12 months prior to the pandemic. The company also owns a 21% interest in Klepierre, a European retail company with investments in shopping centers in 16 countries, and joint venture interests in 33 premium outlets across 11 countries.

225 West Washington Street
Indianapolis, IN, 46204
T +1 317 636-1600
Industry REIT - Retail
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 3,300

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