Simon Property Group Inc. SPG reported its second-quarter financial results Monday. Here's a look at the key metrics for the quarter.
The Details: Simon Property Group reported quarterly earnings of $2.90 per share, which missed the analyst consensus estimate of $2.94 by 1.36%. Quarterly revenue came in at $1.45 billion which beat the analyst consensus estimate of $1.3 billion by 11.34% and represents a 5.87% increase over the same period last year.
The company reported occupancy of 95.6% compared to 94.7% from the same period last year, and $557.94 base minimum rent per square foot, an increase of 3% year-over-year. Reported retailer sales per square foot was $741 for the trailing 12 months ended June 30, 2024.
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“We are pleased with our financial and operational performance in the second quarter,” said David Simon, chairman, CEO and president. “We continue to invest in our retail real estate platforms with transformative redevelopments, including the addition of mixed-use components, and selective new developments including the grand opening of Tulsa Premium Outlets on August 15, 2024 at 100% leased. Today, we once again raised our quarterly dividend and are increasing the mid-point of our full-year 2024 guidance.”
Simon raised its quarterly dividend from $1.95 to $2.05 per share.
Outlook: Simon sees full-year funds from operations (FFO) of between $12.80 and $12.90, versus the $12.49 estimate.
SPG Price Action: According to Benzinga Pro, Simon Property Group shares are down 1.05% after-hours at $146.50 at the time of publication Monday.
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