Retailer Fundamentals Strong and Simon Beats in First Quarter Despite Disruptions to NOI Growth
Fundamental results for Simon Property Group came in ahead of our expectations for the first quarter. However, we don't anticipate any material changes to our $195 fair value estimate as nothing the company reported impacts our long-term outlook. Retail sales grew a solid 3.1%, a figure below the strong growth seen in 2018 but above any other quarter the company has reported since 2013. Occupancy increased 50 basis points year over year to 95.1% and was well ahead of our 94.2% assumption. Releas...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
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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