Published
Jan 31, 2017
Reading time
2 minutes
Download
Download the article
Print
Text size

Simon posts small net income growth, increases quarterly dividend

Published
Jan 31, 2017

Simon Property Group released on Tuesday its fourth quarter and full year 2016 results. Though mall retailers are in hot water competing with e-commerce, the retail real estate company posted slight increases in net income for the quarter and the year.


Brickell City Centre in Miami opens. - facebook.com/BrickellCityCentre

 
Net income for the quarter increased to $394.4 million, or $1.26 per diluted share, from $392.3 million, or $1.27 per diluted share, and funds from operations increased 5.4% to $912.2 million, or $2.53 per diluted share, from $866.5 million, or $2.40 per diluted share.
 
The company reported a net income increase for the year to $1.836 billion, or $5.87 per diluted share, from $1.824 billion, or $5.88 per diluted share. In addition, the company increased its quarterly dividend by $0.10 to $1.75 per share.

In 2016, Simon opened three new centers including Brickell City Centre in Miami Florida, which it owns a 25% interest, and Clarksburg Premium Outlets, which it owns 66% of interest.
 
"I am pleased with our strong fourth quarter results, concluding another very successful and productive year for our company," said David Simon, Chairman and Chief Executive Officer. "In 2016, we opened three new centers, delivered four significant property transformations and completed several major financing transactions that reinforced our industry-leading balance sheet. We are also pleased to again announce an increase in our quarterly dividend to $1.75 per share, growth of 6.1% from last quarter and year-over-year increase of 9.4%."
 
Simon plans to open six new projects in 2017, including US projects The Shops at Clearfolk in Fort Worth, TX and Norfolk Premium Outlets in Virginia and international projects Provence Designer Outlet in France; Siheung Premium Outlets in Seoul; Genting Highlands Premium Outlets in Kuala Lumpur, Malaysia; and Premium Outlet Collection Edmonton IA in Edmonton, Alberta, Canada. The company will also continue construction on redevelopment and expansion for The Westchester, The Galleria in Houston, La Plaza Mall, The Shops at Riverside, Woodbury Common Premium Outlets, Allen Premium Outlets and Toronto Premium Outlets.
 
For fiscal 2017, Simon expects its net income to be in range of $6.45 and $6.55 per diluted share and its funds from operations to be within range of $11.45 to $11.55 per diluted share.

Copyright © 2024 FashionNetwork.com All rights reserved.