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Simon Property Earnings Beat, Revenue Misses In Q2
Published Aug 10, 2020 04:17PM ET
© Reuters. Simon Property Earnings Beat, Revenue Misses In Q2
By Yasin Ebrahim
Investing.com - U.S. shopping mall owner Simon Property (NYSE:SPG) reported on Monday second quarter earnings that beat analysts' forecasts and revenue that fell short of expectations as the impact of the pandemic hurt lease income.
Simon Property shares gained 0.05% in after-hours trade following the report after ending the day up 5.3% amid reports that Amazon (NASDAQ:AMZN) was in talks with the company to covert JCPenney and Sears department stores into fulfillment centers.
The company announced earnings per share of 83 cents on revenue of $1.06 billion. Analysts polled by Investing.com anticipated EPS of 64 cents on revenue of $1.09 billion.
Funds from operations was $746.5 million, or $2.12 per diluted share, as compared to $1.064 billion, or $2.99 per diluted share, in the prior year period.
Comparable property net operating income for the six months ended June 30, 2020 declined 9.3% and portfolio NOI declined 10.7%.
Its domestic and international operations were negatively impacted by approximately $1.13 per diluted share primarily, owing to "reduced lease income and ancillary property revenues as a result of the COVID-19 pandemic, partially offset by approximately $0.36 per diluted share from cost reduction initiatives," the company said.
Simon Property said that 91% of the tenants across its U.S. retail properties were open and operating, while more than half of the remaining unopened tenants were closed because of "restrictive governmental orders limiting or prohibiting their operations."
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