(By Balachander) Simon Property Group Inc. (NYSE: SPG) posted better-than-expected quarterly results and the U.S. mall owner boosted its quarterly dividend.
Funds from Operations (FFO) per share for the fourth quarter increased 20 percent to $2.29, topping Wall Street projections of $2.17.
Revenue grew 15 percent to $1.34 billion, beating market expectations of $1.30 billion.
Net income attributable to common stockholders fell 13 percent to $315.4 million as total operating expenses increased 15 percent.
As of Dec. 31, 2012, occupancy increased 70 basis points to 95.3 percent from the same period last year.
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The Indianapolis, Indiana-based real estate investment trust (REIT) declared a quarterly dividend of $1.15 per share, up 4.5 percent from the prior quarter and 21 percent from the year-ago period.
The dividend is payable on February 28, 2013 to stockholders of record on February 14, 2013.
Looking ahead for the full year 2013, the company expects FFO per share in the range of $8.40 to $8.50, while analysts expect $8.40.
The stock ended at $161.97 on Friday. Shares have been trading in the 52-week range of $134.34 to $164.17.