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Simon Property Group Inc T.SPG


Primary Symbol: SPG Alternate Symbol(s):  SPG.PR.J

Real Estate REIT - Retail
Simon Property Group, Inc. is a self-administered and self-managed real estate investment trust (REIT). The Company owns, develops and manages premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets, and The Mills. It owns or holds an interest in approximately 195 income-producing properties in the United States, which consists of 93 malls, 69 Premium Outlets, 14 Mills, six lifestyle centers, and 13 other retail properties in 37 states and Puerto Rico. It also holds an interest in 24 regional, super-regional, and outlet malls in the United States and Asia. In addition, it has redevelopment and expansion projects, including the addition of anchors, big box tenants and restaurants, underway at several properties in the North America, Europe and Asia. Internationally, the Company has ownership in 35 Premium Outlets and Designer Outlet properties primarily located in Asia, Europe, and Canada.


NYSE:SPG - Post by User

Simon Property Group Inc > Ex bullfrog numbers?
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Comment by Ernieandberton Dec 06, 2022 9:48am
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Post# 35153061

RE:RE:RE:RE:Ex bullfrog numbers?

RE:RE:RE:RE:Ex bullfrog numbers?Bullfrog was not sold on ann Ebtida run rate of $10mm.  Try 4mm with an over 8x multiple.  The associated energy pricing had to be normalized.  

Going forward, the two remaining segments will do 30-35mm Ebitda.  80% of that Ebitda is recurring or reoccuring.  That does not trade at 3-4x.   Comps trade north of 10x and Ameresco is 20x. 

Too much debt?  3x total leverage seems to high to you?  And 1.9x lease adj leverage seems too high?  Look around at credit metrics.  And they will cover interest and leases by almost 5x.  
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