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phil
April 22nd, 2014 at 11:08 am
Simon Property boosts guidance
10:09 AM ET · SPG
• FFO of $865.3M or $2.38 per share vs. $741.9M or $2.05 one year ago.
• Occupancy of 95.5% up 80 basis points Y/Y. Sales per square foot of $576 up 0.2%. Base minimum rent of $42.77 per square foot up 4.2%, Releasing spread per square foot of $9.90 up $2.90.
• Quarterly dividend boosted by a nickel to $1.30 per share.
• Spinoff of Washington Prime – strip mall and smaller enclosed mall business – is still expected to be completed in Q2.
• 2014 FFO per share guidance boosted by a dime to $9.60-$9.70. Guidance does not take into account Washington Prime spinoff and will be updated once transaction takes place.
• CC at 11 ET
• Press release, Q1 results
• SPG +0.4%
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