Mall Fundamentals Are Strong in 4Q, but Results Are Just In Line for Simon
Fundamentals remained very strong and met our expectations for narrow-moat Simon Property Group in the fourth quarter, leading us to maintain our $187 fair value estimate. Retail sales continued to be strong in 2018, with the fourth quarter up 5.3%, the company's best quarter since the first quarter of 2013, pushing sales per square foot up to $661. Occupancy went up sequentially 40 basis points to 95.9%, slightly higher than we expected. Re-leasing spreads also picked up sequentially to 14.3%, ...Simon Property Group operates as a self-administered and self-managed real estate investment trust. Simon Property Group, L.P. is the company's majority-owned Delaware partnership subsidiary that owns all of its real estate properties and other assets. The company owns, develops and manages shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets?, and The Mills? in United States as well as internationally including Puerto Rico, Asia, Europe and Canada. The company also owned equity stake in Klepierre SA, a Paris-based real estate company, which owns, or has an interest in, shopping centers in Europe.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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