Simon Property Reports Increased Q4 Earnings; Raises Dividend (SPG)

Simon Property Reports Increased Q4 Earnings; Raises Dividend (SPG)


Real estate investment trust (REIT), Simon Property Group, Inc(SPG) reported an increased FFO on Monday, beating analysts estimates. The company has also announced an increase to their quarterly dividend.

The Indianapolis, IN based company reported fourth quarter funds from operations (FFO) of $827.4 million, or $2.29 per share, up 20% from $678.9 million, or $1.91 per share last year. Analysts expected to see earnings of $2.17 per share.

Revenue was reported at $1.34 billion for the quarter, from $1.17 billion last year.

Additionally, the company reported that they will be increasing their dividend for the sixth straight quarter from $1.10 per share to $1.15 per share. The next dividend will be paid on February 28 to shareholders of record on February 14.

For 2012, FFO came in at $2.42 billion, or $7.98 per share, up from $2.02 billion, or $6.89 per share last year. Analysts estimated EPS of $7.86. The company saw revenue of $4.88 billion, up from $4.31 billion last year. Analysts expected to see revenue of $4.82 billion.

Looking forward, SPG sees FY2013 earnings in the range of $3.55 to $3.65 per share. FFO is expected to be between $8.40 and $8.50 per share. Analysts are expecting EPS of $8.40 for the year.

Simon Property shares were mostly flat during premarket trading Monday. The stock has increased 16% in the past year.

The Bottom Line
With the increased dividend, shares of Simon Property Group, Inc.(SPG) will now have a 2.84% yield, based on Friday’s closing price of $161.97.

Simon Property Group, Inc(SPG) is not recommended at this time, holding a DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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