Simon Property Group Jumps As Company Raises Guidance, Ups Dividend

Simon Property Group rose in pre-market trading after increasing its quarterly dividend and upping its full-year guidance for 2017. The mall operator said it had net income of $382 million, or $1.23 per share, down from $455.4 million, or $1.45 per share, in the year-earlier period. Analysts surveyed by FactSet had forecast $1.15 in per-share earnings. Rent per square foot was up 3.3% compared to a year ago, the company said, while free funds from operations was $1.87 billion, or $5.20 per share, versus $1.9 billion, or $5.27 per share, a year ago. David Simon, the company's CEO, cited new openings and a groundbreaking in Denver as drivers of "impressive" second quarter results. The company now expects EPS of between $6.20 and $6.28 for the full year, up four cents compared to earlier guidance. The stock is down 34% in the year to date, compared to a 10.3% year-to-date gain for the S&P 500 .