Simon Property Group (SPG) Tops Q1 EPS by 11c, Revenues Beat; Affirms FY19 EPS Guidance Above Consensus
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Revenue Growth %: -3.0%
Financial Fact:
Income from unconsolidated entities: 83.37M
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Simon Property Group (NYSE: SPG) reported Q1 EPS of $1.78, $0.11 better than the analyst estimate of $1.67. Revenue for the quarter came in at $1.45 billion versus the consensus estimate of $1.44 billion.
- Net income attributable to common stockholders was $548.5 million, or $1.78 per diluted share, as compared to $620.7 million, or $2.00 per diluted share in 2018. The prior year period includes gains of $135.3 million, or $0.38 per diluted share, primarily related to disposition activity. Adjusting for the prior year gains, net income attributable to common stockholders per diluted share increased 9.9%.
- Funds from Operations ("FFO") was $1.082 billion, or $3.04 per diluted share, as compared to $1.026 billion, or $2.87 per diluted share, in the prior year period, an increase of 5.9% per diluted share. Adjusting the prior year for the $11.3 million impact of expensing internal leasing costs due to the recently implemented ASC 842, FFO per diluted share increased 7.0%.
"I am pleased with our quarterly results, which exceeded the end of the first quarter First Call consensus estimate by $0.10 per share," said David Simon, Chairman, Chief Executive Officer and President. "Our growing development and redevelopment pipeline, combined with our A-rated balance sheet, sets us apart and allows us to continue to strengthen our platforms with a focus on the future."
GUIDANCE:
Simon Property Group sees FY2019 EPS of $7.30-$7.40, versus the consensus of $7.18.
For earnings history and earnings-related data on Simon Property Group (SPG) click here.
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