Simon Property Group (NYSE: SPG) reported a year over year decline in its fourth-quarter profit and revenue on Monday due to the Coronavirus pandemic that continued to weigh on its business in recent months. The COVID-19 crisis has so far infected more than 27 million people in the United States and caused a little under half a million deaths.
Simon Property Group opened at £71.25 per share on Monday and closed the regular session at a per-share price of £72.09. The stock was reported trading at £73 per share in after-hours trading on Monday. In comparison, it had slid to £32 per share in the first week of April 2020 due to the ongoing health emergency. If you want to invest in the stock market, you will need a reliable stockbroker – here’s a list of the top few to make selection easier for you.
Simon reports £227.59 million of net income in Q4
Simon said that its net income in the fourth quarter printed at £227.59 million compared to a significantly higher £429.71 million in the same quarter last year. At 62.59 pence per share, its profit attributable to common shareholders slid sharply from £1.21 per share last year.
The commercial real estate company reported £820 million of revenue in the recent quarter that came in line with what analysts had anticipated. In the comparable quarter of last year, it had posted £1.08 billion of revenue.
Net billed rents that Simon collected from its U.S. tenants stood at 90% for the past three quarters combined. But the Indianapolis-based firm agreed to £298.41 million in rent abatements and £248.19 million in rent deferrals in the same time period. In the prior quarter (Q3), the largest shopping mall operator in the U.S. noted an 85% increase in rent collection, as per the report published in November.
Chief Executive David Simon’s comments on Monday
In December 2020, Simon Property Group said that it had completed its acquisition of Taubman Centres Inc. CEO David Simon commented on the financial results on Monday and said:
“2020 was a difficult year for all those affected by COVID-19, including our company.”
Simon performed largely downbeat in the stock market last year with an annual decline of close to 40%. At the time of writing, the retail real estate investment trust is valued at £23.63 billion and has a price to earnings ratio of 22.49.
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