BUZZ-Simon Property rises after Q3 beat-and-raise report
Reuters · 10/30/2023 20:28
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** Shares of Simon Property SPG.N up 1% post-market after mall REIT beats expectations, hikes full-yr guidance
** Co posts Q3 FFO/sh of $3.20, topping consensus of $2.97, according to LSEG data
** Co says mall/premium outlets occupancy was 95.2% at end-Sept compared to 94.5% in same period last year
** Base minimum rent per square foot was $56.41 at end-Sept, up from $54.80 last year, co says
** For 2023, it estimates FFO/sh of $12.15-$12.25 vs prior forecast of $11.85-$11.95
** Analysts avg estimate for 2023 FFO/sh was $11.88
** SPG shares on Mon closed up 0.8% at $105.33, trimming YTD loss to ~10%
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))
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