3 key takeaways from Simon Property Group’s Q2 earnings report

Simon Property Group Inc (NYSE: SPG) reported its financial results for the second quarter on Monday that beat Wall Street estimates. The company attributed its hawkish performance to the easing COVID-19 restrictions. Shares of the company were more than 3.0% up in after-hours trading.

1. Financial performance

Simon Property said it earned $617.26 million in the second quarter that translates to $1.88 per share. In the same quarter last year, it had posted $254.21 million of earnings or 83 cents a share. On an adjusted basis, the real estate investment trust earned $3.24 per share.

Simon Property generated $1.25 billion of revenue in Q2 that represents an annualised growth of 17.9%. In comparison, analysts had called for $1.18 billion of revenue and $2.37 of adjusted EPS.

2. Dividend and future guidance

The board declared $1.50 per share of a quarterly cash dividend for the third quarter on Monday – a 15.4% increase on a year over year basis. Simon Property forecasts its per-share net income to fall between $5.47 and $5.57 this year.

As of 30^th June, occupancy was noted at 91%. The largest owner of shopping malls in the United States values its liquidity at $8.8 billion as of the end of the recent quarter. In separate news from the U.S., Take-Two Interactive also reported better-than-expected financial results for the first quarter on Monday.

3. CEO David Simon’s remarks

Commenting on the earnings report on Monday, CEO David Simon said:

Simon Property is scheduled for a conference call to discuss its quarterly results at 05:00 p.m. EDT. You can listen to the conference call live at this link.