Simon Property 2Q21 Beat by Over 20%

SPG reported 2Q FFOPS of $2.92 versus Factset consensus of $2.38 for a 23% beat. SPG also increased full year guidance to conservatively suggest 14% y/y growth.

Highlights also included 2,500 leases encompassing 9.5mn SF year in 1H21. SPG’s retailer investments remain strong, led by Forever 21 and Aeropostale. Eddie Bauer outperformed expectations. The development pipeline increased 98% to $854mn from $432mn in 1Q21 A strong quarter across the board.

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