Simon Property beat, boosts guidance and dividend

|About: Simon Property Group, Inc. (SPG)|By:, SA News Editor

On a comparable basis (excl. Washington Prime spinoff), Q1 FFO of $803.7M or $2.28 per share vs. $2.14 one year ago.

Occupancy of 95.8% up 30 bps from a year ago. Base minimum rent of $47.59 per square foot up 11.3%. Releasing spread of $11.19 per square foot up $1.29. Total sales per square foot of $621 up 7.8%.

Comparable property NOI growth of 3.5%.

Quarterly dividend is hiked to $1.50 per share, up 7.1% from Q4, up 15.4% from a year ago. $2B share repurchase program is in place (announced earlier this month after the failure to buy Macerich).

2015 guidance: The FFO per share range is lifted by a nickel to $9.65-$9.75.

Conference call at 11 ET

Previously: Simon Property beats by $0.03, revenue in-line (April 24)

SPG -0.15% premarket

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