Have you been eager to see how Simon Property Group Inc. SPG performed in Q4 in comparison with the market expectations? Let’s quickly scan through the key facts from this Indianapolis, IN-based, retail real estate investment trust’s (“REIT”) earnings release this morning:
Simon Property came out with adjusted funds from operations (“FFO”) per share of $2.91, up from the year-ago quarter figure of $2.73. The Zacks Consensus Estimate for the quarter was $2.51.
Including the charges on the extinguishment of debt, FFO for the quarter came in at $2.53 per share, up from the prior year quarter figure of $2.40 per share.
Simon Property Group, Inc. Price and EPS Surprise
Simon Property Group, Inc. Price and EPS Surprise | Simon Property Group, Inc. Quote
How Was the Earnings Surprise Trend?
Before Q4 earnings beat, the company delivered positive surprises on all the four trailing quarters. In the preceding quarter, the company posted positive surprise of 0.75%. Overall, the company recorded positive average surprise of 4.14% in the trailing four quarters, prior to this earning.
Revenue Beat
Simon Property posted revenues of $1.43 billion, up from the Zacks Consensus Estimate of $1.42 billion. The year-ago quarter revenue figure was of $1.38 billion.
Key Developments to Note
Simon Property provided FFO per share guidance for 2017 and expects it to be in the range $11.45–$11.55. Also, Simon Property announced a quarterly dividend of $1.75 per share. This marks a 6.1% sequential and 9.4% year over year increase. The new dividend will be paid on Feb 28 to stockholders of record on Feb 14.
What Zacks Rank Says
Simon Property currently has a Zacks Rank #3 (Hold). However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. Now, it all depends on what sense the just-released report makes to the analysts. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Check back later for our full write up on this Simon Property earnings report later!
Note: All EPS numbers presented in this write up represent funds from operations (“FFO”) per share. FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.
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