Have you been eager to see how Simon Property Group Inc. (SPG - Analyst Report) performed in Q3 in comparison with the market expectations? Let’s quickly scan through the key facts from this Indianapolis, IN-based, retail real estate investment trust’s (“REITâ€) earnings release this morning:
Simon Property came out with funds from operations (“FFOâ€) per share of $2.70, up from the year-ago quarter figure of $2.54. The Zacks Consensus Estimate for the quarter was $2.68.
How Was the Earnings Surprise Trend?
Before Q3 earnings beat, the company delivered positive surprises on all the four trailing quarters. In the preceding quarter, the company posted positive surprise of 0.38%. Overall, the company recorded positive average surprise of 4.77% in the trailing four quarters, prior to this earning.
Revenue Beat
Simon Property posted revenues of $1.36 billion, up from the Zacks Consensus Estimate of $1.35 billion. The year-ago quarter revenue figure was of $1.32 billion.
SIMON PROPERTY Price and EPS Surprise
SIMON PROPERTY Price and EPS Surprise | SIMON PROPERTY Quote
Key Developments to Note
Simon Property raised FFO per share guidance for 2016 and expects it to be in the range $10.85–$10.87 from the earlier range of $10.77–$10.85.
What Zacks Rank Says
Simon Property currently has a Zacks Rank #3 (Hold). However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. Now, it all depends on what sense the just-released report makes to the analysts.
Check back later for our full write up on this Simon Property earnings report later!
Note: All EPS numbers presented in this write up represent funds from operations (“FFOâ€) per share. FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.
