Simon Property Group (NYSE: SPG) reported Q4 EPS of $1.66, $0.10 better than the analyst estimate of $1.56. Revenue for the quarter came in at $1.49 billion versus the consensus estimate of $1.37 billion.

Results for the Quarter1

• Net income attributable to common stockholders was $510.2 million, or $1.66 per diluted share, as compared to $712.8 million, or $2.30 per diluted share in 2018. Results for the fourth quarter of 2019 include the aforementioned loss on extinguishment of debt of $0.33 per diluted share. The prior year period included gains of $143.9 million, or $0.40 per diluted share.
• FFO was $1.045 billion, or $2.96 per diluted share, as compared to $1.151 billion, or $3.23 per diluted share, in the prior year period. The fourth quarter 2019 results included the $0.33 per diluted share loss on the extinguishment of debt. Comparable FFO per diluted share was $3.29 in the fourth quarter 2019 compared to $3.20 in the prior year period, growth of 2.8%.

"I am pleased with our fourth quarter results, concluding another successful and productive year for our company," said David Simon, Chairman, Chief Executive Officer and President. "In 2019, we opened one new shopping destination; delivered six international expansions; completed four redevelopments of former department stores and started construction on nine additional projects; and made several strategic investments in companies focused on enhancing our consumer experience. During 2019, we returned approximately $3.3 billion to shareholders, including approximately $3.0 billion in dividends paid. We continue to strengthen our portfolio through our innovative and disciplined investment activities that will allow us to continue to deliver long-term cash flow, FFO and dividends per share growth."

GUIDANCE:

Simon Property Group sees FY2020 EPS of $7.15-$7.30, versus the consensus of $7.06.

• The Company currently estimates net income to be within a range of $7.15 to $7.30 per diluted share for the year ending December 31, 2020
• FFO will be within a range of $12.25 to $12.40 per diluted share for the year ending December 31, 2020

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