Simon Property Group Stock Volatile Following Q3 Results: Here Are The Details

Simon Property Group Inc SPG shares are volatile in Monday's after-hours session on the heels of the company's third-quarter earnings report.

What To Know: Simon Property Group reported FFO (Funds From Operations) of $1.201 billion, or $3.20 per share, up from $1.099 billion, or $2.93 per share, from the same period last year.

Occupancy in U.S. Malls and Premium Outlets was 95.2% by Sept. 30, compared to 94.5% from the same period last year, representing an increase of 70 basis points.

The company estimated net income to be between $6.67 and $6.77. Full-year 2023 FFO was anticipated to be in a range between $12.15 and $12.25, versus the estimate of between $11.85 and $11.95 per share range provided on Aug. 2.

"We produced an excellent quarter highlighted by strong financial and operational performance," said David Simon, chairman, CEO and president.  "We continue to demonstrate our ability to grow our business."

SPG Price Action: Shares of SPG were up 0.76% at $105.98 in the after-hours session at the time of publication, according to Benzinga Pro.

Related Link: V.F. Corporation Reports Mixed Q2 Results And Lowers FY24 Free Cash Flow Guidance

Photo: Steve Buissinne from Pixabay