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Simon Property Group Q2 Earnings Rise, Beating View; Dividend Boosted 5% (SPG)

Mall-based real estate investment trust (REIT) Simon Property Group, Inc. ( SPG ) on Tuesday posted better-than-expected second quarter earnings results and lifted its quarterly dividend payout by 5%.

The Indianapolis-based company reported second quarter net income of $216.3 million, or 71 cents per share, compared with $206 million, or 70 cents per share, in the year-ago period.

Revenue rose 14% from last year to $1.19 billion.

Funds from operations, or FFO, rose to $1.89 per share from $1.65 last year.

On average, Wall Street analysts expected lower FFO of $1.81 per share, on smaller revenue of $1.16 billion.

Looking ahead, SPG lifted its FFO outlook to $7.60 to $7.70 per share, up from $7.50 to $7.60 previously.

On another positive note, the company boosted its quarterly dividend payout by 5%. The new dividend of $1.05 per share (up from $1) will be paid on Aug. 31 with an ex-dividend date of Aug. 15.

Simon Property Group shares were mostly flat in premarket trading Tuesday.

The Bottom Line

Shares of Simon Property Group ( SPG ) will now have a 2.57% dividend yield, based on the higher dividend payout and last night's closing stock price of $155.94. The stock has technical support in the $143-$150 price area. The stock is trading near the all-time high levels of $160 a share.

Simon Property Group, Inc. ( SPG ) is not recommended at this time, holding a Dividend.com 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 .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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