Simon Property Up 72% In Two Years

Simon Property Group (SPG) continues to deliver better-than-expected results on solid rent growth and improving occupancy rates. Management recently raised its guidance for 2012, prompting analysts to revise their estimates higher. Simon Property Group is the largest real estate company in the world. It owns or has an interest in 337 retail real estate properties in North America and Asia comprising 244 million square feet. The REIT is headquartered in Indianapolis, Indiana and has a market cap of $47 billion.

Given Simon Property Group’s strong first quarter results and management’s outlook for the remainder of 2012, the company raised its FFO guidance to a range of $7.50-$7.60. This prompted analysts to revise the estimates higher too, sending the stock to a Zacks #1 Rank (Strong Buy) stock. Simon Property Group also recently announced another dividend increase, from $0.95 to $1.00 per share. This marked the company’s third consecutive quarterly increase. It currently yields a solid 2.6%.

Source: Forbes

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