Jim Cramer Calls Simon Property Group's Stock a Bargain

Simon Property Group, Inc. (NYSE:SPG) is one of the latest stocks on Jim Cramer’s radar. Cramer called the stock a bargain, as he stated:

“Now, on the conference call, management kept their prepared remarks brief, seemingly happy to let the excellent numbers speak for themselves. I like that when people do that… With the excellent overall numbers, these isolated pockets of softness didn’t seem to be all that alarming to anyone… So here’s where I come down on this one: sure, there’s a lot of concern about the consumer-facing parts of the economy right now. I talk about them every night.

But that weakness just clearly hasn’t started impacting the upscale mall landlord like Cramer fave Simon Property Group. In response to this beat and raise quarter, the stock jumped more than 3% today. Still trades at less than 15 times the midpoint of new full-year funds from operations forecast, a very reasonable multiple, and it supports a bountiful 8.9% yield.

The bottom line: Everyone thinks everything’s so expensive, there’s no bargains here. Wait a second, you’re looking for a safe way to play retail [in an] increasingly tricky environment? We came up with it here. Forget the retailers and park your money in the best landlord in the business, Simon Property Group. After all, Simon’s paying you to wait with that terrific… high yield and a portfolio of properties that cannot be duplicated. Then stop complaining there’s no bargains. SPG is one.”

Simon Property Group, Inc. (NYSE:SPG) is a real estate investment trust that owns, develops, and manages shopping, dining, entertainment, and mixed-use destinations, including malls and outlets.

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Disclosure: None. This article is originally published at Insider Monkey.