Simon Property Group, Inc. (SPG) "Had Its Numbers Raised Pretty Big," Says Jim Cramer

Simon Property Group, Inc. (NYSE:SPG) is one of the Jim Cramer Discusses US-China Trade War & These 10 Stocks.

Simon Property Group, Inc. (NYSE:SPG) is a real estate investment trust (REIT) that invests in retail properties. Its shares have bled 9.3% year-to-date after suffering from massive drops in March and April. Then, in May, Simon Property Group, Inc. (NYSE:SPG)’s shares lost another 6% after the firm’s first-quarter earnings. The report saw the firm’s net income of $413.7 million and earnings of $1.27 mark a significant drop over the year-ago figures of $731.7 million and $2.25. In his previous comments about the stock, Cramer called Simon Property Group, Inc. (NYSE:SPG) a “terrific” company and advised viewers to buy at a 5.7% yield. This time around, he commented on the link between consumer spending and the firm’s financials:

“Look there’s no department stores anymore that people are really going to. Although Simon Property Group had its numbers raised pretty big.

“But to me, I don’t know, these numbers, how could people expect to spend more if we’re supposed to be so down and glum. But maybe there’s a huge disconnect. That’s what Rob was saying to me. Jim you know you read the headlines about LA and then you go and you spend a fortune at a good restaurant. Says this doesn’t [inaudible] work like that Jim.”

Earlier this year, Cramer discussed Simon Property Group, Inc. (NYSE:SPG) ahead of its earnings:

“One of my absolute favorite, Simon Property Group might be- it’s going to report and this may put up some just terrific set of numbers, with that 5.5% yield the risk seems low while the reward May simply be to be just I think sensational. Remember this is the highest quality mall real estate in the world. Simon properties was on last time; I thought they told a fantastic story frankly.”

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