Upcoming AWS Coverage on Weingarten Realty Investors Post-Earnings Results

LONDON, UK / ACCESSWIRE / May 8, 2017 / Active Wall St. announces its post-earnings coverage on Simon Property Group, Inc. (NYSE: SPG) ("SPG"). The Company announced its first quarter fiscal 2017 results on April 27, 2017. The world's largest publicly traded real estate Company exceeded sales expectations and reaffirmed FY17 earnings and FFO guidance. Register with us now for your free membership at:

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One of Simon Property Group's competitors within the REIT - Retail space, Weingarten Realty Investors (NYSE: WRI), announced on April 24, 2017, the results of its operations for the quarter ended March 31, 2017. AWS will be initiating a research report on Weingarten Realty Investors in the coming days.

Today, AWS is promoting its earnings coverage on SPG; touching on WRI. Get our free coverage by signing up to:

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Earnings Reviewed

For the three months ended March 31, 2017, SPG generated revenue of $1.35 billion compared to $1.34 billion in Q1 2016, which topped analysts' consensus of $1.32 billion.

For Q1 2017, SPG's net income attributable to common stockholders was $477.7 million, or $1.53 per diluted share, compared to $481.0 million, or $1.55 per diluted share, in Q1 2016. The prior year's same period included gains of $22.7 million, or $0.06 per diluted share, related to acquisition and disposition activity. The Company's FFO was $985.0 million, or $2.74 per diluted share, for the reported quarter, up 4.2% compared to $951.8 million, or $2.63 per diluted share, in the prior year's comparable period. SPG's FFO numbers came in below market estimates of $2.76 per share.

US Malls and Premium Outlets Operating Statistics

As of March 31, 2017, SPG's occupancy was 95.6%, unchanged from March 31, 2016. The Company's base minimum rent per square foot was $51.87 at March 31, 2017, an increase of 4.4% on a y-o-y basis. SPG's leasing spread per square foot for the trailing 12-months ended March 31, 2017, surged 13.0% to $8.31.

Portfolio NOI and Comparable Property NOI

SPG's total portfolio Net Operating Income ("NOI") growth for Q1 2017 was 5.6%. Total portfolio NOI includes comparable property NOI, NOI from new development, redevelopment, expansion and acquisitions, NOI from international properties and the Company's share of NOI from investments. SPG's comparable property NOI growth for the reported quarter was 3.8%.

Development Activity

Subsequent to quarter end, SPG opened two new outlet developments. On April 06, 2017, the Company opened Siheung Premium Outlets, in Siheung (Seoul), South Korea, a 452,000-square foot center offering more than 200 domestic and international brands. Siheung Premium Outlets is the Company's fourth outlet center in South Korea. Simon owns a 50% interest in this center. On April 13th, 2017, SPG opened Provence Designer Outlet, in Provence, France. SPG owns a 90% interest in this center.

Financing Activity

During Q1 2017, SPG amended and extended its $4.0 billion unsecured multi-currency revolving credit facility. This facility can be increased to $5.0 billion during its term, which will initially mature on June 30, 2021, and can be extended for an additional year to June 30, 2022 at our sole option. The pricing on the facility was reduced to LIBOR plus 77.5 basis points.

The Company closed on two mortgage loans totaling approximately $269 million, of which SPG's share is $186 million. The weighted average interest rate and weighted average term on these loans is 2.40% and 5.0 years, respectively. As of March 31, 2017, SPG had over $7.0 billion of liquidity consisting of cash on hand, including its share of joint venture cash, and available capacity under its revolving credit facilities.

Common Stock Repurchase Program

During Q2 FY17, SPG's Board of Directors authorized a two-year extension of its $2.0 billion common stock repurchase program that had previously been announced on April 02, 2015. The extended common stock repurchase program will expire on March 31, 2019. During the quarter ended March 31, 2017, the Company repurchased 870,692 shares of its common stock.

Dividends

SPG's Board of Directors declared a quarterly common stock dividend of $1.75 per share, up 9.4% on a y-o-y basis. The dividend will be payable on May 31, 2017, to stockholders of record on May 17, 2017. The Company's Board of Directors also declared the quarterly dividend on its 8 3/8% Series J Cumulative Redeemable Preferred Stock of $1.046875 per share, payable on June 30, 2017, to stockholders of record on June 16, 2017.

Guidance

SPG reiterated its previous financial guidance and continues to estimate FY17 net income to be within the range of $6.50 to $6.60 per diluted share and is projecting FFO within the band of $11.45 to $11.55 per diluted share.

Stock Performance

At the close of trading session on Friday, May 05, 2017, Simon Property's stock price marginally declined 0.54% to end the day at $164.52. A total volume of 1.66 million shares were exchanged during the session. The Company's shares are trading at a PE ratio of 28.02 and have a dividend yield of 4.25%. The stock currently has a market cap of $51.44 billion.

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SOURCE: Active Wall Street