Stock Groups

Simon Property Group Beats on Earnings and Revenue, Shares Dip -Breaking

by Mike Robinson

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Daniel Shvartsman

Simon Property Group (NYSE) reported its Q4 earnings Monday at Investing.com. The retail REIT beat both the top and bottom line estimates.

For Q4, SPG was $1.33B (vs. $1.25B estimates) and earnings per share were $1.53 (vs. $1.48 estimates). Funds from operations were reported at $3.09 per share, an increase of 42% over last year.

“I am extremely pleased with our fourth quarter results, concluding a very productive year,” saidDavid Simon is the Chairman, Chief Executive Officer, and President. “In 2021, we generated record annual Funds From Operations (FFO) of nearly $4.5 billion and returned approximately $2.7 billion to shareholders.”

SPG’s 2022 guidance included net income between $5.90 and $6.10 per share, as well FFO at $11.50-$11.70 per share. FFO guidance is below analyst estimates at $11.78/share.

While the mall retailer’s revenues are not at their pre-COVID level, with $5.1B of revenue in 2021 and $5.8B for 2019, it had funds from operations in the range of 2019. This is a testament to the company’s resilience in non-trivial retail environments.

Initial shares fell after hours and traded off almost 3%.

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