Simon Property Slashes FY24 Net Income Outlook; Q3 Net Income Declines; Boosts Q4 Dividend 10.5%

(RTTNews) - While reporting financial results for the third quarter on Friday, real estate investment trust Simon Property Group, Inc. (SPG) slashed its net income guidance for the full-year 2024, while affirming funds from operations or FFO outlook.

For fiscal 2024, the company projects net income in a range of $7.18 to $7.28 per share and FFO in a range of $12.80 to $12.90 per share.

Previously, the company expected net income in the range of $7.37 to $7.47 per share and FFO in a range of $12.66 to $12.76 per share.

On average, five analysts polled by Thomson Reuters expect earnings of $7.12 per share for the year. Analysts' estimates typically exclude special items.

For the third quarter, the company reported net income attributable to common stockholders of $475.16 million or $1.46 per share, down from $594.14 million or $1.82 per share in the prior-year quarter.

FFO for the quarter was $1.07 billion or $2.84 per share, compared to $1.20 billion or $3.20 per share in the year-ago quarter.

Total revenue for the quarter grew to $1.48 billion from $1.41 billion in the same quarter last year.

The Street was looking for earnings of $1.57 per share on revenues of $1.33 billion for the year.

Further, Simon's Board of Directors declared a 10.5 percent higher quarterly common stock dividend of $2.10 for the fourth quarter of 2024, payable on December 30 to shareholders of record on December 9, 2024.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com