Simon Properties beats by $0.04, beats on revs; guides FY14 FFO above consensus; raises quarterly dividend 8.7% to $1.25/share
Reports Q4 (Dec) funds from operations of $2.47 per share, $0.04 better than the Capital IQ Consensus Estimate of $2.43; revenues rose 5.4% year/year to $1.42 bln vs the $1.4 bln consensus. Co issues upside guidance for FY14, sees FFO of $9.50-9.60 vs. $9.49 Capital IQ Consensus Estimate.
Spin Off
In December, 2013, Simon Property Group announced a plan to spin off all of its strip center business and 44 smaller enclosed malls into an independent, publicly traded REIT. In conjunction with this transaction, we filed a Form 10 on December 24, 2013. We continue to expect the transaction will be effective in the second quarter of 2014.
Today the co announced that the Board of Directors declared a quarterly common stock dividend of $1.25 per share. This is an increase of $0.05 from the previous quarter, and a year over year increase of 8.7%. The dividend will be payable on February 28, 2014 to stockholders of record on February 14, 2014.
Spin Off
In December, 2013, Simon Property Group announced a plan to spin off all of its strip center business and 44 smaller enclosed malls into an independent, publicly traded REIT. In conjunction with this transaction, we filed a Form 10 on December 24, 2013. We continue to expect the transaction will be effective in the second quarter of 2014.
Today the co announced that the Board of Directors declared a quarterly common stock dividend of $1.25 per share. This is an increase of $0.05 from the previous quarter, and a year over year increase of 8.7%. The dividend will be payable on February 28, 2014 to stockholders of record on February 14, 2014.