Simon Property Group Inc. (SPG) reported that its third-quarter net income attributable to common stockholders was $105.5 million, or $0.38 per share, compared to net income of $112.8 million, or $0.50 per share in the year ago quarter.
Funds from operations of the operating partnership for the quarter was $473.1 million, or $1.38 per share, from $463.9 million, or $1.61 per share in the year ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $1.33 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter were $924.93 million, compared to $935.59 million in the prior year quarter. Nine analysts had consensus revenue estimate of $891.99 million for the quarter.
The Company announced that its board approved the declaration of a quarterly common stock dividend of $0.60 per share, consisting of a combination of cash and shares of the Company's common stock. The Company intends that the cash component of the dividend will not exceed 20% in the aggregate, or $0.12 per share. The dividend is payable on December 18, 2009 to stockholders of record on November 16, 2009.
For fiscal 2009, the company now expects Funds from operations to be in the range of $5.40 to $5.50 per share, compared to prior range of $5.35 - $5.50 per share.
Looking ahead for fiscal 2009, the company now expects net income will be within a range of $1.17 - $1.27 per share. Earlier, the company expected net income to be in the range of $1.05 - $1.20 per share. Analysts expect the company to report earnings of $5.43 per share for fiscal 2009.
"I was pleased with our third quarter financial and operational performance, which exceeded the First Call consensus FFO estimate by $0.05 per share," said David Simon, Chairman and Chief Executive Officer. "We are encouraged to see continued improvement in the capital markets and from our retailers. Accordingly, today we are increasing the low-end and maintaining the high-end of our 2009 FFO guidance range, even after the impact of our August $500 million unsecured notes issuance, which was not in our previous guidance."
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.