Simon Property(US:SPG) ZACKSยท2024-11-01 18:25Core Viewpoint - Simon Property Group, Inc. (SPG) reported third-quarter funds from operations (FFO) per share of $2.84, missing the Zacks Consensus Estimate of $3 and decreasing from $3.20 in the prior year [1][2] Financial Performance - SPG generated revenues of $1.48 billion in the quarter, surpassing the Zacks Consensus Estimate of $1.46 billion, reflecting a 4.9% year-over-year increase [2] - Revenues from lease income amounted to $1.34 billion, which is 3.2% higher than the previous year's figure, exceeding the estimate of $1.31 billion [3] - The occupancy rate for the U.S. Malls and Premium Outlets portfolio was 96.2%, up 100 basis points from 95.2% a year ago, surpassing the projected 95.6% [4] - The base minimum rent per square foot for the U.S. Malls and Premium Outlets portfolio increased to $57.71, up 2.3% from $56.41 a year ago [4] - Domestic property net operating income (NOI) increased by 5.4% year over year, while portfolio NOI rose by 5% [4] Expenses and Liquidity - Quarterly interest expenses were $226.4 million, marking a 6.7% increase year over year, higher than the estimated $222.4 million [5] - As of September 30, 2024, the company had $11.1 billion in liquidity, including $3 billion in cash and $8.1 billion in available capacity under revolving credit facilities [6] Outlook - For 2024, SPG projects FFO per share in the range of $12.66-$12.76, down from the previous guidance of $12.80-$12.90, with the Zacks Consensus Estimate at $12.85 [7] Dividend Update - SPG announced a quarterly common stock dividend of $2.10 for the fourth quarter of 2024, representing a 2.4% increase from the prior quarter and a 10.5% increase year over year, payable on December 30 to shareholders of record as of December 9 [8]