Simon Property Group (SPG) Tops Q1 EPS by 40c, Revenues Beat; Raises FY21 EPS Guidance Above Consensus

Simon Property Group (NYSE: SPG) reported Q1 EPS of $1.36, $0.40 better than the analyst estimate of $0.96. Revenue for the quarter came in at $1.24 billion versus the consensus estimate of $1.13 billion.

Results for the Quarter

• Net income attributable to common stockholders was $445.9 million, or $1.36 per diluted share for the three months ended March 31, 2021.
• Funds From Operations ("FFO") was $934.0 million, or $2.48 per diluted share for the three months ended March 31, 2021.
• Domestic and international properties net operating income ("NOI"), combined, declined 8.4% compared to the prior year period as a direct result of the impact of the COVID-19 pandemic. Portfolio NOI, which includes NOI from domestic properties, international properties and NOI from the Company's investment in Taubman Realty Group ("TRG"), increased 4.0% compared to the prior year period.

"We are very pleased with our first quarter results," said David Simon, Chairman, Chief Executive Officer and President. "Our business has substantially improved after addressing the impacts from the COVID-19 pandemic including significantly restrictive governmental orders as evidenced by our improved profitability and cash flow growth, increasing shopper traffic, increasing retailer sales, and leasing momentum across our portfolio. We are also seeing similar results in the Taubman Realty Group portfolio and are encouraged by our collective progress in increasing its profitability. Today we are increasing our full-year 2021 guidance."

GUIDANCE:

Simon Property Group sees FY2021 EPS of $4.47-$4.57, versus the consensus of $4.17.

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

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