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Simon Property beats and lifts guidance

Oct. 22, 2014 7:21 AM ETSimon Property Group, Inc. (SPG) StockSPGBy: Stephen Alpher, SA News Editor
  • Q3 comparable FFO per share of $2.25 vs. $1.97 one year ago.
  • Comparable property NOI growth of 5.3% (excludes now spun off WPG properties). Occupancy of 96.9% up 140 basis points. Base minimum rent of $46.29 per square foot up 10.9%. Total sales per square foot of $613 up 5.9%.
  • Full-year FFO guidance is boosted to $8.84-$8.88 per share, and guidance for net income is lifted to $4.45-$4.49 per share. This represents an increase of $0.15 per share from the midpoint of previous guidance from this summer.
  • Conference call at 11 ET
  • Previously: Simon Property beats by $0.31, beats on revenue
  • SPG flat premarket

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