Simon Property Group Lifts FY22 Outlook

(RTTNews) - While reporting its results for the first quarter on Monday, real estate investment trust Simon Property Group, Inc. (SPG) Monday lifted its outlook for the full year 2022.

Looking forward, the company currently estimates net income to be within a range of $5.93 to $6.08 per share and comparable FFO to be within a range of $11.60 to $11.75 per share. Previously, the company expected net income of $5.90 to $6.10 per share and comparable FFO per share of $11.50 to $11.70 per share.

Analysts polled by Thomson Reuters currently estimate earnings of $5.68 per share for the quarter.

"We are very pleased with our first quarter results," said David Simon, Chairman, Chief Executive Officer and President. "Leasing momentum, retailer sales and cash flow all accelerated. Given our accomplishments this quarter and our current view for the remainder of 2022, today we raised our quarterly dividend and are increasing our full-year 2022 guidance."

Further, Simon's Board of Directors declared a quarterly common stock dividend of $1.70 on May 9, 2022, for the second quarter of 2022. This is a 21.4% increase year-over-year. The dividend will be payable on June 30, 2022 to shareholders of record on June 9, 2022.

Simon's Board of Directors has authorized a new common stock repurchase program. Under the program, which will become effective on May 16, 2022, the Company may purchase up to $2 billion of its common stock over the next 24 months as market conditions warrant.