Simon Property Group Inc reported a 21.9 percent increase in a key earnings measure in the fourth quarter, helped by higher rents and sales at its malls and outlet centers, easily beating estimates.
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The company also raised its dividend for the sixth straight quarter.
Simon said fourth-quarter funds from operations (FFO) increased to $827.4 million, or $2.29 per share, from $678.9 million, or $1.91 per share, a year earlier. Revenue rose to $1.34 billion from $1.17 billion.
Analysts, on average, had expected FFO of $2.17 a share, according to Thomson Reuters I/B/E/S.
FFO is a REIT performance measure that usually excludes gains or losses from property sales and removes the effect that depreciation has on earnings. The company, the No. 1 U.S. mall and outlet center owner, also raised its quarterly dividend to $1.15 per share from $1.10 per share. The dividend is payable Feb. 28 to shareholders of record on Feb. 14.