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5 REITs to Rally on Home Sales (Corrected)

5. Simon Property (SPG) is the largest real estate company in the U.S. with a market cap exceeding $36 billion. The company owns and has interests in 392 properties comprising 262 million square feet of gross leasable area in North America, Europe and Asia, including regional malls, Premium Outlets, The Mills, community/lifestyle centers and international properties.

Of the 25 analysts covering the stock, 68% recommend a buy and 28% suggest a hold. Analysts' average 12-month price target for the stock is $133.31, about 8.5% higher than the current price, according to a Bloomberg consensus.

The company reported total revenue of $1.07 billion for 2011 third quarter, up 9.18% from $979 million for the same quarter in the previous year. Net income attributable to common stock holders was $274 million, or 93 cents per diluted share, compared to $230.6 million, or 79 cents, in the prior-year period.

On Nov. 30, the company paid a quarterly dividend of 90 cents per share, an increase of 12.5% from the previous quarter. It will pay a special common stock dividend of 20 cents per share on Dec. 30 to stockholders of record Dec 16.

Simon recently announced that, in partnership with Genting Berhad, it has opened Johor Premium Outlets, its first Premium Outlet Center in Southeast Asia. Simon and Woodmont Outlets and EWB Development have signed a joint venture agreement for the development, construction, leasing and management of St. Louis Premium Outlets, an upscale outlet center in Chesterfield, Missouri. Simon will own 60% of the project.

The company affirms its guidance on 2011 funds from operations of $6.80 to $6.85 per diluted share, with net income between $3.00 and $3.05 per share.

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