Market Updates
Simon Property Reported Flat Revenue Growth and Hiked Dividend
Scott Peters
02 Aug, 2022
New York City
Simon Property Group fell 1.1% to $107.11 after the largest mall operators reported second quarter revenues edged up to $1.27 billion from $1.25 billion a year ago.
Net income in the quarter declined to $569 million or $1.51 a diluted share from $706 million or $1.88 a diluted share a year ago.
The occupancy at the U.S. malls and premium outlets increased to 93.9% at the end of June quarter from 91.8% a year ago.
Base minimum rent per square foot was $54.58 at the end of June.
The company increased its quarterly dividend by 25 cents from a year ago to $1.75 a share payable on September 30, 2022 to shareholders of record on September 9, 2022.
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