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Simon Property Group beats, boosts dividend and guidance

Published 08/01/2017, 08:46 AM
© Reuters.  Simon Property Group beats, boosts dividend and guidance
SPG
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  • Q2 FFO per share of $2.47 included a $0.36 charge related to early debt retirement. Adding that back in gives FFO of $2.83 vs. $2.63 a year earlier.
  • Dividend is boosted to $1.80 per share from $1.75.
  • Comparable property NOI growth of 4.4% during quarter.
  • Base minimum rent per square foot of $52.10 was up 3.3% Y/Y; leasing spread per square foot for trailing 12 months of $8.13 up 12.9%.
  • Full-year FFO guidance is lifted by $0.04 at the midpoint to $11.14-$11.22 per share.
  • Conference call at 10 ET
  • Previously: Simon Property beats by $0.39, beats on revenue (Aug. 1)
  • SPG flat premarket
  • Now read: Mall REITs Are Good Bets Now, And Simon Property Group Is Among The Safest


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