Simon Property Group SPG has recently announced that it has exceeded 100 % of the gorgeous outlet entity in the KERING mall. The mall, which was established in 2001, operates two luxurious stores. One is Rekio near Florence, Italy, and the other is in San Lemo, Riviera, Italy.
This movement boosts Simon’s portfolio, strengthens the provision of lively groups, attracts more shoppers, and contributes to long -term growth. Kering has received a 350 million euros from the above disposal. This helps to integrate portfolios and concentrate on core operations.
Simon is reconstructing portfolios with the aim of acquiring premium and transformed redevelopment. The retail REIT focuses on the development of composite assets supporting Omni -channel retail. The latest acquisitions are in line with these initiatives, enhancing portfolio quality.
Recently, Simon has announced plans to develop a luxurious shopping and lifestyle destination in Nashville, Tennessee. The construction will start in 2026. The 325,000 square feet Premium Outlets are 75 classes, restaurants, restaurants, and hotels. This may include housing options, big box retailers, etc. This development introduces Simon’s growth strategy and emphasizes efforts to expand its reach and scale.
Simon will report the fourth result in 2024 on February 4 after the market closed. The company’s quarterly results may indicate a rise in revenue compared to the previous year, but it is expected that the operating funds per share (AFFO) will decrease.
For the past six months, the shares of Zacks Rank # 3 (hold) have risen 14.6 %, exceeding the industry by 3.8 %.
Image source: Zacks Investment Research
The better rank stocks of the retail REIT sector are Regency Centers Reg, which are currently equipped with Zacks rank # 2 (purchased), and Phillips Edison & Company Peco. Here, you can see the full list of today’s Zacks # 1 rank (strong purchase) stock.
The FFO Zacks consensus estimation of FFO around 2024 at the Regency Center is $ 4.28, suggesting 3.1 % of the previous year.
The estimates of the Zacks Consansus of FFO around FFO in 2024 in Phillips Edison & Company are $ 2.42, indicating that it has increased 3.4 % from the previous year’s report.
Note: Everything related to the revenue presented in this article indicates the funds from the operation (FFO), a metric that is widely used to measure the performance of REIT.
Do you need the latest recommendations from Zacks Investment Research? Today, you can download seven best stocks in the next 30 days. Click to get this free report
The story will continue
