Simon Property Group, Inc. (NYSE: SPG), a global leader in premier shopping, dining, entertainment, and mixed-use destinations, has reported a strong start to the year with first-quarter earnings exceeding analyst expectations and an upward revision to its full-year 2024 guidance.

Following the announcement, the company’s shares saw a 1.8% increase, indicating a positive investor response to the robust results and optimistic outlook.

For the first quarter ending on March 31, 2024, Simon Property Group revealed earnings per share (EPS) of $1.44, surpassing the analyst consensus of $1.36 by $0.08. The company’s revenue also exceeded expectations, reaching $1.44 billion compared to the market’s anticipated $1.31 billion.

This performance showcases a notable improvement from the same quarter in the previous year, underscoring the company’s ongoing growth trajectory.

David Simon, the Chairman, CEO, and President, attributed the positive results to sustained leasing momentum and cash flow growth. He also highlighted the successful divestiture of the company’s remaining stake in Authentic Brands Group, which not only generated substantial proceeds but also contributed to the quarter’s success.

Looking forward, Simon Property Group has revised its full-year 2024 EPS guidance to a range of $7.38 to $7.53, significantly higher than the analyst consensus of $6.13. The midpoint of the guidance range, $7.455, is well above the consensus estimate, indicating confidence in the company’s ability to maintain strong financial performance.