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Simon Property's Q2 FFO up 19.9% YOY, guidance revised, dividend increased

Simon Property Group Inc. logged a year-over-year increase in its second-quarter funds from operations and increased its quarterly dividend 11.1% year over year.

The mall giant said its FFO for the second quarter was $2.98 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $2.90 per share.

FFO per share increased 20.6% year over year from $2.47.

FFO for the second quarter totaled $1.06 billion, an increase of 19.9% from $884.7 million in the year-earlier period.

Simon Property's board declared a quarterly dividend of $2.00 per share, up from the previous quarterly dividend of $1.95 per share.

The company forecasts FFO per share in the range of $12.05 to $12.13 for the full year, an increase from previous guidance in the range of $11.95 to $12.05.

The S&P Capital IQ consensus for full-year FFO per share is $12.03.