Simon Property Group Inc.
) crafted a new 52-week high, touching $181.30 during the trading
session on May 21. The closing price of this real estate
investment trust (REIT) represents a solid year-to-date return of
14.3%. The trading volume for the session was over 0.9 million
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Despite hitting its 52-week high, this Zacks Rank #3 (Hold) stock
has plenty of upside left, given its strong estimate revisions
over the last 30 days and expected year-over-year funds from
operations (FFO) growth of 7.9% for 2013.
Impressive first-quarter 2013 results - including an earnings
surprise of 2.0% and improving tenant sales per square foot and
occupancy were the key growth drivers. In addition, management
revised the company's FFO per share outlook upward. The
geographic and product diversity of the company provides a
significant competitive advantage. Also, the company has a strong
balance sheet with adequate liquidity.
On Apr 26, Simon Property reported first-quarter 2013 FFO per
share of $2.05, beating the Zacks Consensus Estimate by 4 cents.
Moreover, this compared favorably with the year-ago quarter's FFO
per share of $1.82. The 12.6% year-over-year increase in
quarterly FFO per share was primarily driven by a rise in overage
revenues and occupancy.
Moreover, Simon Property has now delivered positive earnings
surprises in 3 of the last 4 quarters with an average beat of
Estimate Revisions Show Potency
Over the last 30 days, 7 of the 14 estimates for 2013 have been
revised upward, lifting the Zacks Consensus Estimate for FFO per
share by 0.2% to $8.61 per share. For 2014, 6 of the 13 estimates
moved north, helping the Zacks Consensus Estimate FFO per share
advance 0.9% to $9.33 per share.
A number of other REITs also touched 52-week highs on May 21.
Health Care REIT, Inc.
Omega Healthcare Investors Inc.
Taubman Centers Inc.
Funds from operations, a widely accepted and reported measure
of REITs performance, are derived by adding depreciation,
amortization and other non-cash expenses to net income.