{"id":31533,"date":"2023-05-02T21:32:44","date_gmt":"2023-05-02T21:32:44","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/simon-property-revenue-beats\/"},"modified":"2023-05-02T21:34:01","modified_gmt":"2023-05-02T21:34:01","slug":"simon-property-revenue-beats","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/simon-property-revenue-beats\/","title":{"rendered":"Simon Property revenue beats on strong leasing demand"},"content":{"rendered":"

(Reuters) – Simon Property Group Inc’s first-quarter revenue beat market expectations on Tuesday, benefiting from a strong leasing demand after pandemic-induced store closures. <\/p>\n

Despite growing fears of a recession in the United States, mall operators are seeing a rise in leasing demand from tenants occupying mall spaces to cater to customers. <\/p>\n

“Tenant demand is excellent, and brick-and-mortar stores are where shoppers want to be,” Chief Executive David Simon said on a post-earnings call.\u00a0<\/p>\n

Occupancy rate came in at 94.4% in the first quarter, compared to 93.3% a year ago. The company saw base minimum rent per square foot increase 3.1% to $55.84. <\/p>\n

During the quarter, store openings included brands such as Steve Madden, Five Below, JCPenney, Starbucks and Hollister, according to UBS data.<\/p>\n

Simon Property’s net revenue from lease income rose 3.3% to $1.25 billion in the quarter ended March 31, slightly above analysts’ estimates of $1.24 billion. <\/p>\n

The company also raised the lower end of its 2023 profit and comparable funds from operation (FFO) per diluted share forecasts.<\/p>\n

It now expects annual profit in the range of $6.45 to $6.60 per share, mid-point of which is above previous forecast of $6.35 and $6.60.<\/p>\n

Simon Property now expects 2023 comparable FFO per diluted share in the range of $11.80 to $11.95, compared with prior outlook of $11.70 and $11.95.<\/p>\n

However, it reported a profit of $1.38 per share compared with expectations of $1.39. FFO for the quarter came in at $1.03 billion, or $2.74 per share, compared with expectations of $967.3 million, or $2.81 per share.<\/p>\n

\n

(Reporting by Granth Vanaik in Bengaluru; Editing by Maju Samuel and Arun Koyyur)<\/p>\n

\"tagreuters.com2023binary_LYNXMPEJ410V7-VIEWIMAGE\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

(Reuters) – Simon Property Group Inc’s first-quarter revenue beat market expectations on Tuesday, benefiting from a strong leasing demand after pandemic-induced store closures. Despite growing fears of a recession in the United States, mall operators are seeing a rise in leasing demand from tenants occupying mall spaces to cater to customers. “Tenant demand is excellent, […]<\/p>\n","protected":false},"author":8,"featured_media":31534,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-31533","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ410V7-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/31533","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=31533"}],"version-history":[{"count":1,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/31533\/revisions"}],"predecessor-version":[{"id":31535,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/31533\/revisions\/31535"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/31534"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=31533"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=31533"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=31533"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}