Simon Property Group Inc. increased its quarterly dividend 9.4% year over year and reported a rise in funds from operations for both the fourth quarter and full year of 2016.

FFO for the quarter came in at $912.2 million, up from from $866.5 million in the prior-year period. On a per-share basis, FFO came to $2.53 in the fourth quarter, compared to $2.40 per share in the year-ago quarter.

For full-year 2016, the company logged FFO of $3.79 billion, or $10.49 per share, compared to $3.57 billion, or $9.86 per share, in 2015.

The S&P Capital IQ consensus FFO-per-share estimate for the 2016 fourth quarter and full year were $2.51 and $10.48, respectively.

The company expects full-year 2017 FFO to be between $11.45 and $11.55 per share.

The S&P Capital IQ consensus FFO-per-share estimate for full-year 2017 is $11.69.

Total portfolio NOI growth for the fourth quarter and full-year 2016 was 6.7% and 5.6%, respectively.

Simon's board declared a quarterly dividend of $1.75 per share, marking an increase of 10 cents from the previous quarter. The dividend will be payable Feb. 28 to shareholders on record Feb. 14.