by Daniel Shvartsman
Investing.com - Simon Property Group (NYSE:SPG) reported Q4 earnings on Monday, with the retail REIT beating on both top and bottom line estimates.
SPG reported revenue of $1.33B for Q4, vs. estimates of $1.25B, and earnings per share of $1.53, vs. estimates of $1.48. The company also reported funds from operations of $3.09/share, a 42% increase from last year.
"I am extremely pleased with our fourth quarter results, concluding a very productive year,” said David Simon, Chairman, Chief Executive Officer and President. “In 2021, we generated record annual Funds From Operations (FFO) of nearly $4.5 billion and returned approximately $2.7 billion to shareholders."
SPG's guidance for 2022 included net income of $5.90-$6.10 / share and FFO of $11.50-$11.70 / share. The FFO guidance comes in under analyst estimates of $11.78/share.
The mall retailer's revenue is not quite at pre-COVID levels, as it posted $5.1B revenue in 2021 vs. $5.8B in 2019, but funds from operations were in the range of 2019's numbers, a sign of the company's resiliency in a non-trivial retail environment.
Shares initially dipped after hours, trading off nearly 3%.