Simon Property Group (SPG) Misses Q4 EPS by 1c, Revenues Beat; Offers FY21 EPS Outlook

Simon Property Group (NYSE: SPG) reported Q4 EPS of $0.86, $0.01 worse than the analyst estimate of $0.87. Revenue for the quarter came in at $1.13 billion versus the consensus estimate of $1.09 billion.

"Even with the unprecedented operating environment over the past year, we:

• generated over $2.3 billion in operating cash flow;
• acquired an 80% interest in The Taubman Realty Group;
• made strategic investments in widely recognized retail brands at attractive valuations and have already made significant progress in repositioning these brands and increasing their operating cash flow;
• raised over $13 billion in the debt and equity markets;
• opened two new international shopping destinations, expanded two others and completed three domestic redevelopments;
• granted approximately $400 million in tenant rent abatements to support small and local businesses, regional entrepreneurs and restauranteurs;
• paid nearly $700 million in real estate taxes (an increase from 2019) despite losing approximately 13,500 shopping days in our domestic portfolio during the year as a result of the restrictive governmental orders placed on our retail real estate and
• returned more than $2 billion to shareholders in cash dividends paid."

"2020 was a difficult year for all those affected by COVID-19, including our Company," said David Simon, Chairman, Chief Executive Officer and President. "We feel confident we have turned the corner, and we expect growth in earnings and cash flow in 2021."

GUIDANCE:

Simon Property Group sees FY2021 EPS of $4.60-$4.85, versus the consensus of $3.90.

For earnings history and earnings-related data on Simon Property Group (SPG) click here.

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