While reporting its results for the third quarter on Monday, real estate investment trust Simon Property Group, Inc. (SPG) lifted its fiscal 2022 outlook for net income and comparable funds from operations or FFO.
Looking ahead for fiscal 2022, the company currently estimates net income to be within a range of $6.16 to $6.21 per share, funds from operations or FFO in a range of $11.66 to $11.71 per share and comparable FFO to be within a range of $11.83 to $11.88 per share.
The revised comparable FFO range represents an increase of $0.12 and $0.26 per share at the mid-point from the previous outlook.
The company previously expected net income to be within a range of $5.93 to $6.00 per share and comparable FFO in a range of $11.70 to $11.77 per share.
On average, four analysts polled by Thomson Reuters expect earnings of $5.52 per share for the year. Analysts' estimates typically exclude special items.
Further, Simon's Board of Directors declared a quarterly common stock dividend of $1.80 for the fourth quarter of 2022, an increase of 9.1 percent year-over-year. The dividend will be payable on December 30 to shareholders of record on December 9.
David Simon, Chairman, Chief Executive Officer and President, said, "This was an excellent quarter for our Company with strong financial and operational performance. Based upon our results to date and our expectations for the remainder of 2022, we are once again increasing full-year 2022 guidance and raising our quarterly dividend."
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