Simon Property (SPG) Unveils Norfolk Premium Outlets

Simon Property Group Inc. (NYSE:SPG) , the Indianapolis, IN-based retain real estate investment trust (“REIT”), unveiled the ground work on Norfolk Premium Outlets, located in Norfolk, VA. This marks the most significant retail development in the area in nearly two decades. Importantly, this outlet is likely to allure visitors and residents of the Hampton Roads region, and generate job opportunities in the area.

Scheduled to open in summer 2017, the center will offer the communities of the Norfolk, Virginia Beach, Chesapeake and Hampton Roads the experience of a premium outlet center with the presence of 85 branded and high-quality designers. Norfolk Premium Outlets will hold a leasable space of 332,000 square feet and will offer a bouquet of products including apparel and shoes, home furnishings, leather goods, fashion accessories, and specialty items. The center will also include a Market Hall with a wide variety of dining options.

Simon Property is engaged in the ownership, development, management, leasing, acquisition and expansion of regional malls and community shopping centers. This REIT reported first-quarter 2016 funds from operations (“FFO”) of $2.63 per share, up from $2.28 in the year-ago quarter. The Zacks Consensus Estimate for the quarter was $2.54. Growth in operating income and new developments and expansions aided the better-than-expected results.

The stock presently has a Zacks Rank #3 (Hold).

However, investors interested in the REIT sector can consider stocks like Retail Opportunity Investments Corp. (NASDAQ:ROIC) , Saul Centers Inc. (NYSE:BFS) and Urban Edge Properties (NYSE:UE) . Each of these stocks carries a Zacks Rank #2 (Buy).

Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.


SIMON PROPERTY (SPG): Free Stock Analysis Report

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RETAIL OPPURTUN (ROIC): Free Stock Analysis Report

URBAN EDGE PROP (UE): Free Stock Analysis Report

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