WASHINGTON (dpa-AFX) - Simon Property Group Inc. (SPG) reported first-quarter net income attributable to stockholders of $283.1 million or $0.91 per share, compared to $645.4 million or $2.18 per share, prior year. The company noted that the results for the first quarter of prior year include primarily non-cash net gains from acquisitions and dispositions of $1.39 per share. Funds from operations was $741.9 million or $2.05 per share, compared to $648.7 million or $1.82 per share, prior year. Total revenue rose to $1.22 billion from $1.12 billion last year.
On average, 21 analysts polled by Thomson Reuters expected the company to report profit of $2.01 per share for the quarter. Analysts' estimates typically exclude special items. Analysts expected revenue of $1.19 billion for the quarter.
The company updated and raised its guidance for 2013, estimating that FFO will be within a range of $8.50 to $8.60 per share and net income will be within a range of $3.70 to $3.80 per share. Analysts expect the company to report fiscal 2013 profit per share of $8.58.
The company announced that the Board has declared a quarterly common stock dividend of $1.15 per share. The dividend is payable on May 31, 2013 to stockholders of record on May 17, 2013.
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