In order to enrich the shopping experience of their customers,
Simon Property Group, Inc.
) collaborated with NRG eVgo - the subsidiary of
NRG Energy, Inc.
) - to install Electric Vehicle (EV) charging stations at its
In particular, Simon Property is set to launch new EV
fast-charging Freedom Station sites at 3 of its Maryland based
properties - Bowie Town Center, St. Charles Towne Center and
Queenstown Premium Outlets. This retail real estate investment
trust (REIT) will host a ceremony on Apr 22, Earth Day, for
unveiling of the same.
The abovementioned Freedom Station sites have a 480-volt
direct current (DC) fast charger which will facilitate the
shoppers or visitors to recharge their EVs in 30 minutes or less.
Moreover, the sites have a traditional 240-volt alternating
current (AC) charger, which can charge all EVs.
With the rising usage of EVs in the U.S., we view this
transaction as a strategic fit for Simon Property. Particularly,
the installation of Freedom Station sites by Simon Property is
aimed at catering to the increasing network of these in the
greater Washington D.C., metropolitan area.
Consequently, the company is opening 10 more units going
forward. We expect this initiative to escalate footfall at the
Simon Property is slated to report its first-quarter 2014
results on Apr 22, before the market opens. The Zacks Consensus
Estimate for FFO per share for the quarter is pegged at $2.24,
representing year-over-year growth of 9.31%.
This retail real estate investment trust (REIT) has an
of +0.45% for first-quarter 2014. This, along with its Zacks Rank
#2 (Buy), makes us confident about a positive earnings
Other better-ranked retail REITs include
General Growth Properties, Inc
Acadia Realty Trust
). Both stocks carry the same rank as Simon Property.
: 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.
ACADIA RLTY TR (AKR): Free Stock Analysis
GENL GRWTH PPTY (GGP): Free Stock Analysis
NRG ENERGY INC (NRG): Free Stock Analysis
SIMON PROPERTY (SPG): Free Stock Analysis
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