Simon Property Group Inc Beats Analysts’ Estimates; Raises Dividend (SPG)

Before the opening bell on Friday, Simon Property Group (SPG) announced its quarterly earnings and raised its quarterly dividend 4.3%.

SPG’s Earnings in Brief

-Simon Property Group announced third quarter revenues of $1.3 billion, which beat analysts’ estimates of $1.28 billion.
-The REIT reported funds from operations (FFO) of $802.8 million, or $2.21 per share, which was up from last year’s Q3 FFO of $720.1 million, or $1.99 per share. This beat analysts’ estimate of $2.16.
-Net income attributable to common shareholders came in at $311.7 million, or $1 per diluted share, an increase from last year’s same quarter figure of $254.9 million, or 84 cents per share.
-The company’s EPS guidance for the full year is $8.72-$8.78.

Dividend Raise

Best Blue Chip Companies To Invest In Right Now

SPG raised its quarterly dividend 4.3% to $1.20. Previously the company paid out $1.15. The dividend is payable on November 29 to all shareholders of record on November 15. The ex-dividend date is November 13.

Stock Performance

SPG stock was inactive in pre-market trading this morning. YTD, the company’s stock is up just 0.44%.