Simon Property Group (NYSE: SPG) reported Q2 EPS of $1.77, $0.13 better than the analyst estimate of $1.64. Revenue for the quarter came in at $1.39 billion versus the consensus estimate of $1.35 billion.

Results for the Quarter

• Net income attributable to common stockholders was $547.0 million, or $1.77 per diluted share, as compared to $382.0 million, or $1.23 per diluted share, in the prior year period. Results for the second quarter 2017 included a charge of $0.36 per diluted share related to the early redemption of certain senior notes of Simon Property Group, L.P.
• Funds from Operations (\"FFO\") was $1.061 billion, or $2.98 per diluted share, as compared to $884.7 million, or $2.47 per diluted share, in the prior year period, a 20.6% increase. FFO in the second quarter 2017 includes the aforementioned charge related to the redemption of certain of our senior notes.

"This was an excellent quarter for our Company, with strong financial and operational performance and the successful opening of our fourth outlet center in Canada," said David Simon, Chairman and Chief Executive Officer. "Based upon our results to date and expectations for the remainder of 2018, today, we raised our quarterly dividend and are again increasing our full-year 2018 guidance."

2018 Guidance

The Company currently estimates net income to be within a range of $7.46 to $7.54 per diluted share for the year ending December 31, 2018 and that FFO will be within a range of $12.05 to $12.13 per diluted share.

GUIDANCE:

Simon Property Group sees FY2018 EPS of $7.46-$7.54, versus the consensus of $7.11.

For earnings history and earnings-related data on Simon Property Group (SPG) click here.