研究警报：CFRA持有Simon Property Group，Inc.的股票。

10:05 AM EDT, 11/01/2022 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

美国东部时间2022年11月1日上午10：05(MT Newswres)--独立研究提供商CFRA向MT Newswres提供了以下研究警报。CFRA的分析师总结了他们的观点如下：

We keep our target at $120, using forward P/FFO of 10.0x our 2023 FFO estimate, in line with SPG's multiple during previous recessionary periods as we believe market headwinds are likely to have an increased impact on consumers moving into 2023. We raise our 2022 FFO estimate by $0.02 to $11.67 and raise 2023 by $0.23 to $11.98. SPG reported Q3 2022 FFO of $2.93 vs. $3.13, a penny consensus beat. Domestic net operating income (NOI) rose 2% Y/Y as occupancy improved to 94.5%, up 160 bps Y/Y. SPG also showed continued leasing strength and pricing power, raising minimum base rents 1.7% Y/Y ($54.80 vs. $53.91), while signing 900 new leases. Sales per sq. ft. also continued to increase, reaching a record $749 for malls and outlets, +14% Y/Y. The balance sheet remains healthy with $8.6b in liquidity and net debt to EBITDA of 5.7x. Despite positive results, we think consumers will cut spending in 2023 and see leasing momentum cooling, resulting in pressure on base rents and further occupancy growth, in our view.

我们将目标维持在120美元，使用远期P/FFO为2023年FFO估计的10.0x，与SPG在前几次衰退期间的倍数一致，因为我们认为市场逆风可能会对进入2023年的消费者产生更大影响。我们将2022年的FFO估计上调0.02美元至11.67美元，将2023年上调0.23美元至11.98美元。SPG报告2022年第三季度FFO为2.93美元，而不是3.13美元，这是一个很小的共识。随着入住率提高至94.5%，国内净营业收入(NOI)同比增长2%，同比增长160个基点。SPG也显示出持续的租赁实力和定价能力，将最低基本租金同比提高1.7%(54.80美元对53.91美元)，同时签署了900份新租约。每平方英尺的销售额英国《金融时报》也继续增加，商场和奥特莱斯达到创纪录的749美元，同比增长14%。资产负债表保持健康，流动资金为86亿美元，净债务与EBITDA之比为5.7倍。尽管业绩积极，但我们认为，消费者将在2023年削减支出，租赁势头降温，导致基本租金和入住率进一步增长的压力。

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