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Simon Property beats, boosts guidance and dividend

Jul. 27, 2016 7:19 AM ETSimon Property Group, Inc. (SPG) StockSPGBy: Stephen Alpher, SA News Editor
  • Q2 FFO of $952.9M or $2.63 per share vs. $955.4M and $2.63 one year ago, though last year's result included a special item $0.22 gain.
  • Occupancy of 95.9% down 20 bps Y/Y. Base minimum rent per square foot of $50.43 up from $48.07. Releasing spread per square foot of $8.88 down from $10.87. Total sales per square foot of $607 slips from $620.
  • Comparable NOI growth of 3.2% for the quarter.
  • Quarterly dividend is raised a nickel to $1.65 per share.
  • Full-year FFO per share guidance of $10.77-$10.85.
  • CC at 9 ET
  • Previously: Simon Property beats by $0.01, misses on revenue (July 27)
  • SPG flat premarket

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