Based in Indianapolis, Indiana, Simon Property Group, Inc. (SPG) is a real estate company specializing in premier shopping, dining, entertainment, and mixed-use destinations. It is renowned for its extensive portfolio of high-quality properties; Simon Property Group has a market cap of $51.41 billion and is celebrated for its innovation, operational excellence, and commitment to providing exceptional consumer experiences. Simon Property Group is scheduled to announce its fiscal Q2 earnings results after the market closes on Monday, Aug. 5.
Ahead of the event, analysts expect SPG to report funds from operations (FFO) of $2.92 per share, up 1.4% from $2.88 in the year-ago quarter. In the last four quarters, the company has surpassed Wall Street’s FFO estimates in three and missed on another occasion.
Simon Property Group's adjusted FFO of $3.56 per share for the last quarter surpassed the consensus estimate by 27.1%. Higher lease and other income contributed to the company's Q1 performance.
For fiscal 2024, analysts expect SPG to report an FFO of $12.84 per share, up 2.6% from $12.51 in fiscal 2023.
SPG stock is up 10.6% on a YTD basis, underperforming the broader S&P 500 Index's ($SPX) 16.7% gains. However, it has outperformed the Vanguard Real Estate Index Fund ETF Shares (VNQ) 1.5% returns over the same time frame.
On May 6, SPG reported its Q1 results. The REIT’s revenue was $1.44 billion, 2.5% higher than Wall Street estimates. The stock closed up more than 1% on the day the results were released.
The consensus opinion on SPG stock is optimistic, with an overall “Moderate Buy” rating. Out of 17 analysts covering the stock, seven advise a “Strong Buy” rating, and 10 suggest a “Hold.” SPG's average analyst price target is $158.12, indicating a marginal potential upside from the current levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
