Simon Property Group raised its full-year real estate FFO guidance to a range of $13.20 to $13.30 per share, lifting the midpoint by $0.08, after reporting second-quarter results for the three months through June 30. Real estate funds from operations came in at $3.29 per diluted share, up from $3.05 a year earlier, while net operating income at its domestic properties grew 8.5%. Reported retailer sales reached $838 per square foot over the year through June 30, up from $736 a year earlier, and base minimum rent per square foot climbed to $62.42 from $58.70. Net income for common stockholders was $483.1 million, or $1.49 per diluted share, versus $1.70 a year earlier, a comparison flattered by a non-cash gain of $0.21 per share in the prior-year quarter, while plain FFO slipped to $3.12 from $3.15. The board declared a third-quarter dividend of $2.25 per share, $0.10 more than a year ago, payable September 30 to holders of record September 9, and the company bought back $211.4 million of stock at an average of $205.10 per share, ending June with about $9.3 billion of liquidity.
Simon Property Group IncSimon Property Group raised full-year FFO guidance and reported Q2 FFO of $3.29/share, plus a higher dividend and $211.4M buyback.
