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Simon Property Group Inc SPG Stock Quote

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Morningstar‘s Stock Analysis SPG

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Is it the right time to buy or sell?

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Economic Moat

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Interest Rates, Not Inflation, Drive the Relative Performance of the REIT Sector

Kevin Brown, CFA Senior Analyst

Analyst Note

| Kevin Brown, CFA |

With the United States experiencing historically high inflation growth, many investors are wondering if real estate provides a natural hedge against inflation and if the REIT sector should therefore outperform the broader equity market. Many REITs in our coverage have reported rent and revenue growth at or near historic peaks over the past several quarters, with inflation being one of the largest reasons for the high growth. Given this and some historical evidence that REITs outperformed in the 1970s and early 1980s when inflation was similarly high, some investors are questioning why REITs have not outperformed in 2022.

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Key Statistics SPG

Company Profile SPG

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.

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

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