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Simon Property Q2 FFO Up, Beats Street; Boosts FY13 Target - Quick Facts

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Simon Property Group Inc. (SPG: Quote) posted higher second-quarter funds from operations or FFO of $766.3 million, or $2.11 per share, versus $688.8 million, or $1.89 per share, in the prior-year period. On average, 22 analysts polled by Thomson Reuters expected the company to report $2.07 per share profit for the quarter. Analysts' estimates typically exclude one-time items.

Net income attributable to common stockholders totaled $339.9 million, or $1.10 per share in the period, an increase compared with $215.4 million, or $0.71 per share, last year.

Quarterly total revenue climbed to $1.24 billion, from $1.19 billion reported a year back. Analysts estimated revenues of $1.24 billion for the quarter.

For 2013, Simon Property updated its 2013 guidance, by now expecting FFO to be within a range of $8.60 - $8.70 per share and net income to be within $3.98 - $4.08 per share range. Analysts project full-year earnings of $8.67 per share. Previously, 2013 FFO was estimated to lie between $8.50 and $8.60 per share and net income between $3.70 and $3.80 per share.

In addition, the board declared a quarterly dividend of $1.15 per share, payable on August 30, 2013 to stockholders of record on August 16, 2013. Also, the firm declared the quarterly dividend on its 8 3/8% Series J Cumulative Redeemable Preferred Stock of $1.046875 per share, payable on September 30, 2013 to stockholders of record on September 16, 2013.

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by RTT Staff Writer

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