Simon Property Group (SPG) Misses Q2 EPS by 1c, Revenues Beat; Raises Outlook

Simon Property Group (NYSE: SPG) reported Q2 EPS of $1.51, $0.01 worse than the analyst estimate of $1.52. Revenue for the quarter came in at $1.28 billion versus the consensus estimate of $1.22 billion.

• Funds From Operations ("FFO") was $1.093 billion, or $2.91 per diluted share as compared to $1.217 billion, or $3.24 per diluted share in the prior year. FFO in the second quarter of 2022 includes the aforementioned non-cash unrealized loss from mark-to-market in fair value of equity instruments of $0.05 per diluted share and FFO in the second quarter of 2021 includes the aforementioned non-cash gain related to the deferred tax liability reversal of $0.32 per diluted share.
• Comparable FFO was $1.111 billion, or $2.96 per diluted share as compared to $1.098 billion, or $2.92 per diluted share in the prior year period, growth of 1.4%. Please see the accompanying reconciliation of consolidated net income to FFO and Comparable FFO.
• Domestic property Net Operating Income ("NOI") increased 3.6% and portfolio NOI increased 4.6%, compared to the prior year period.

GUIDANCE:

The Company currently estimates net income to be within a range of $5.93 to $6.00 per diluted share and Comparable FFO will be within a range of $11.70 to $11.77 per diluted share for the year ending December 31, 2022. The Comparable FFO range is an increase of $0.06 per diluted share at the mid-point compared to the range provided on May 9, 2022.

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

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