Simon Property Group misses quarterly funds from operations estimates
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FILE PHOTO: People shop at the Woodbury Common Premium Outlets, owned by the Simon Property Group in Central Valley, New York, U.S., February 15, 2022. REUTERS/Andrew Kelly/File Photo
(Reuters) - Commercial real estate investment trust Simon Property Group missed market expectations for third-quarter funds from operations (FFO) on Friday, hurt by softer leasing demand at its mixed-use shopping centers.
The company reported FFO, a key measure of performance of a REIT, of $2.84 per share for the quarter ended Sept. 30 down from $3.20 per share a year earlier and below estimates of $3.03 per share, according to data compiled by LSEG.
In contrast, fellow REIT Kimco Realty lifted its annual funds from operations target on strong leasing demand at its grocery-anchored retail centers.
Despite the FFO miss, SPG's reported third-quarter revenue from lease income slightly exceeded market expectations, reaching $1.34 billion against projections of $1.33 billion.
The company reported occupancy levels at its malls and premium outlets increasing by 1% year-over-year to 96.2%, while base minimum rent rose by 2.3% to $57.71, up from $56.41 in 2023.
SPG's shares were down about 1% in premarket trading. They've risen about 20% so far this year.
(Reporting by Juveria Tabassum; Editing by Tasim Zahid)
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