Simon Property expects annual real estate funds from operations (FFO) between $13.20 and $13.30 per share, compared with its earlier forecast of $13.10 to $13.25.
The company forecast annual net income per share between $6.47 and $7.47, up from the earlier target of $6.61 to $6.76 apiece.
Revenue for the second quarter ended June 30 rose about 20% to $1.79 billion from a year ago, beating analysts' average estimate of $1.61 billion, according to data compiled by LSEG.
Quarterly occupancy was at 96%, the same as a year earlier, while base minimum rent per square foot rose 6.3%.
However, second-quarter FFO per share was $3.12, missing expectations of $3.22.
Dividend increase and peer comparison
Peer Regency Centers also raised its annual forecasts late last month.
Simon Property also announced a quarterly common stock dividend of $2.25 for the ongoing quarter, an increase of 10 cents, or 4.7%, from a year ago.
Simon Property raises annual forecasts on resilient leasing demand
Aug. 10 (Reuters) - Real estate investment trust Simon Property raised its annual forecasts for real estate funds from operations and net income on Monday, banking on resilient leasing demand.
Limited retail space supply and new construction have helped real estate companies such as Simon raise rents, especially as consumer traffic remains strong despite softer macroeconomic conditions.
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