Mall operator Simon Property Group, Inc. (SPG) Wednesday reported that its second-quarter funds from operations or FFO was $783.8 million or $2.16 per share, compared to $766.3 million or $2.11 per share in the prior year period.
The latest quarter results included $0.10 per share of transaction costs related to the Washington Prime Group Inc. spin-off.
On average, 21 analysts polled by Thomson Reuters expected earnings of $2.14 per share for the quarter. Analysts' estimates typically exclude special items.
Net income attributable to common stockholders was $406.6 million or $1.31 per share, compared to $339.9 million or $1.10 per share last year.
Total revenue increased to $1.18 billion from last year's $1.08 billion. Analysts expected revenues of $1.25 billion.
David Simon, Chairman and CEO said, "Based upon our results to date and expectations for the remainder of 2014, we are again increasing our full-year 2014 guidance."
For fiscal 2014, the company has increased FFO guidance provided on May 29 by $0.05 to a range of $9.01 to $9.11 per share, and also increased guidance for net income to a range of $4.61 to $4.71 per share.
The company was projecting FFO per share to be between $8.96 and $9.06, and net income per share to be in the range of $4.21 to $4.31.
Further, the company declared a quarterly common stock dividend of $1.30 per share. This is a year-over-year increase of 13 percent.
Simon's Board of Directors also declared the quarterly dividend on its 8 3/8 percent Series J Cumulative Redeemable Preferred Stock of $1.046875 per share.
by RTT Staff Writer
For comments and feedback: firstname.lastname@example.org