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The best ratio to evaluate a REIT like Simon Property (SPG) is the price-to-FFO (price-to-funds from operations) multiple. Simon Property’s TTM (trailing-12-month) price-to-FFO ratio is 15.0x. Competitors Equity Residential (EQR), GGP (GGP), and Kimco Realty (KIM) have TTM price-to-FFO ratios of 21.3x, 14.1x, and 11.0x, respectively, which means Simon Property is trading at a discount to Equity Residential but at a premium to GGP and Kimco Realty.
What Lies Ahead for Simon Property in the Second Half of 2018? At the end of the second quarter of 2018, Simon Property (SPG) had a debt-to-equity ratio of 7.06x, which was higher than the first-quarter level of 6.83x as well as the industry average of 0.97x. Simon Property is working on several development projects to expand its business.
What Lies Ahead for Simon Property in the Second Half of 2018? In its second-quarter 2018 earnings conference call, Simon Property (SPG) stated that it will continue investing in the redevelopment and expansion of its properties. Notably, the company has spent ~$5 billion on development projects over the last five years.
What Lies Ahead for Simon Property in the Second Half of 2018? Simon Property (SPG) has reported five consecutive quarters of upbeat top-line performances and also seen YoY improvements. Furthermore, Simon Property is focusing on transforming its properties by adding more hotels, restaurants, and luxury stores.
Simon Property Group (SPG) has been putting a lot of focus on the redevelopment and expansion of its properties. Over the last five years, the company has spent ~$5 billion on development projects. Under this plan, the company has been targeting the addition of luxury stores, hotels, and restaurants, as it believes these areas will not be affected by the rise of e-commerce.
Simon Property Group (SPG) is undertaking omni-channel retailing and portfolio-restructuring initiatives to maintain traffic amid the retail crisis. The company’s revenue losses due to some retailers leaving malls could more than offset the benefits it’s derived from its sales-boosting initiatives. Retail stores are experiencing falling traffic and sales as consumers turn away from visiting malls in favor of online shopping.
Short interest is low for GGP with fewer than 5% of shares on loan. The last change in the short interest score occurred more than 1 month ago and implies that there has been little change in sentiment among investors who seek to profit from falling equity prices. The net inflows of $832 million over the last one-month into ETFs that hold GGP are among the lowest of the last year and appear to be slowing.