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Published
Jul 27, 2016
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Simon Property Group pleased with Q2, increases quarterly dividend

Published
Jul 27, 2016

Simon Property Group on Wednesday raised its quarterly dividend on Wednesday as a result of a “strong financial and operational performance” in its second quarter.
 
Simon Chairman and CEO David Simon said, "This was an excellent quarter for Simon Property Group, with the opening of a new outlet center, the groundbreaking for our second Premium Outlet in Malaysia, and the acquisition of The Shops at Crystals.” The company also increased its full-year 2016 guidance once again.


Brickell City Centre, one of Simon Property Group's developments that is slated to open in 2016. - PRNewsFoto/Swire Properties Inc


 
In this quarter, the real estate company completed the transformation of Stanford Shopping Center in Palo Alto, opened a 355,000-square-foot outlet center in Columbus, Ohio, which it owns 50% of, started construction on Norfolk Premium Outlets in Virginia and Genting Highlands Premium Outlets, and it started construction on the redevelopment and expansion for La Plaza Mall in McAllen, Texas.
 
In April, Simon completed the acquisition of The Shops at Crystals in Las Vegas in a 50:50 joint venture with Invesco Real Estate. The purchase price was approximately $1.1 billion.

Clarksburg Premium Outlets in Clarksburg, Maryland and Brickell City Centre in Miami are slated for completion this year in October and November, respectively. Simon owns a 66% interest in Clarksburg Outlets and a 25% interest in Brickell City Centre. In 2017, The Shops at Clearfork in Fort Worth, Texas, Siheung Premium Outlets in Seoul, Premium Outlet Collection in Edmonton and Provence Designer Outlet in Miramas, France are scheduled to open.
 
Simon’s second quarter net income was $455.4 million, or $1.45 per diluted share, compared to $472.9 million, or $1.52 per diluted share, in the previous second quarter. For the six months, net income was $936.4 million versus $1.012 billion in the prior year.
 
Funds From Operations (FFO) increased 7.1% to $1.905 billion, or $5.27 per diluted share, from $1.786 billion, or $4.92 per diluted share, in the prior year.
 
The Board of Directors on Wednesday declared a quarterly common stock dividend of $1.65 per share, which is a 6.5% increase year-over-year.
 
The company expects its 2016 net income to be in range of $6.04 to $6.12 per diluted share and that Funds From Operations will be in range of $10.77 and $10.85 per diluted share.

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