Simon Property rises after Q3 beat-and-raise report

Simon Property

30/10/2023 20:28

** Shares of Simon Property  SPG.N  up 1% post-market after
mall REIT beats expectations, hikes full-yr guidance
    ** Co posts Q3 FFO/sh of $3.20, topping consensus of $2.97,
according to LSEG data
    ** Co says mall/premium outlets occupancy was 95.2% at
end-Sept compared to 94.5% in same period last year
    ** Base minimum rent per square foot was $56.41 at end-Sept,
up from $54.80 last year, co says
    ** For 2023, it estimates FFO/sh of $12.15-$12.25 vs prior
forecast of $11.85-$11.95
    ** Analysts avg estimate for 2023 FFO/sh was $11.88
    ** SPG shares on Mon closed up 0.8% at $105.33, trimming YTD
loss to ~10%

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))