Simon Property Group (NYSE:SPG) closed at $201.41 on October 12 and has been largely flat over the last six months. The article attributes the gap between net and operating margin to income below the operating line: its share of profit from unconsolidated joint ventures, including substantial international holdings, and gains from selling or revaluing property or partnership interests. Core operations remain strong, with revenue up 19.50% in the latest quarter and a 46.02% operating margin. However, trailing earnings of $14.17 per share compare with a forward estimate of $6.77, implying these gains are unlikely to recur. The article also flags heavy leverage, with debt at $29.44 billion against a thin book value.
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