7-24-2012- From Fnno.com, you're watching the Financial News Network. Simon Property Group (NYSE:SPG) announcing its earnings this morning. The largest U.S. owner of malls and outlet centers reported second quarter funds from operations at $1.89 per share, higher than what analysts were expecting of $1.65. Revenue for the quarter rose 14% from last year to $1.19 billion, also above the $1.16 billion estimate.
Simon Property also added to the good news by raising its full year forecast for FFO in the range of $7.60 to $7.70. The company also raised its dividend for the fourth consecutive quarter to $1.05 per share.
Simon Property Group is climbing on this news. Its stock is currently up over one and a half percent. For more coverage of the business world, follow us on Twitter @FNNOnline, or check out our website at fnno.com.