12:50 PM EDT, 05/15/2025 (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:

We lower our 12-month target by $4 to $168, valuing SPG shares at 13.3x our 2025 FFO estimate, versus the three-year average forward multiple of 11.0x. We increase our 2025 FFO estimate by $0.04 to $12.59 and increase 2026 by $0.20 to $13.18. Management is cautious about tariff impacts on retailer inventory and sales, noting even a 30% tariff on China remains material but said it has only impacted one European retailer's leasing activity. Their largest concerns are for small/local retailers who have less flexible supply chains if current tariffs persist. Forever 21 vacancies are being re-leased, as new tenants have signed leases for half the spaces already. New tenants include Primark, Zara, and some multi-unit tenants, with 50% commencing payments in 2025 (the rest in 2026). SPG has $500 million in new developments planned for 2025, with a 60/40 retail to mixed-use split. SPG currently has a $944-million development pipeline, with a 9% blended yield, $10 billion in liquidity, and net debt to EBITDA of 5.2x.