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Simon Property Group Reports Q4, '12 Results

INDIANAPOLIS - Simon Property Group Inc. reports its financial results, which saw funds from operations and net income increase for 2012.

By Chip Barnett | Updated on February 04, 2013

   INDIANAPOLIS – Simon Property Group Inc. reported results for the fourth quarter and year ended December 31, 2012.

   Funds From Operations for the fourth quarter rose to $827.4 million, or $2.29 per diluted share, as compared to $678.9 million, or $1.91 per diluted share, in the fourth quarter of 2011. The increase on a per share basis was 19.9%.     For 2012, FFO was $2.885 billion, or $7.98 per diluted share, compared to $2.439 billion, or $6.89 per diluted share, in 2011. The $446 million gain was 15.8% on a per share basis.    Net income attributable to common stockholders for the quarter fell to $315.4 million, or $1.01 per diluted share, as compared to $362.9 million, or $1.24 per diluted share, in the prior year period. The 2011 results included a net gain from acquisition and disposition activities of $0.35 per share.    For 2012, net income attributable to common stockholders was $1.431 billion, or $4.72 per diluted share, up from $1.021 billion, or $3.48 per diluted share, in 2011.    ”We continued to strengthen our retail real estate platform through our investment activities,” says  David Simon, Chairman and Chief Executive Officer. “We are also pleased to raise our dividend for the sixth consecutive quarter.”    The company’s board of directors declared a quarterly common stock dividend of $1.15 per share, an increase of 4.5% from the previous quarter and an increase of 21.1% from the year earlier period. The dividend is payable on Feb. 28 to stockholders of record on Feb. 14.    The company also declared a quarterly dividend on its 8 3/8% Series J Cumulative Redeemable Preferred Stock of $1.046875 per share, payable on March 29 to stockholders of record on March 15 .    For the year ahead, Simon estimates that FFO will be in a range of $8.40 to $8.50 per diluted share and diluted net income will be in a range of $3.55 to $3.65 per share in 2013.

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