Simon Property Group (SPG) posted earnings today of $318.5 million, or $0.90 per share, compared to $473.1 million, or $1.38 per share, in the same quarter last year.
The real estate investment trust is the largest mall owner in the U.S.
The firm hiked its dividend by a third, to $0.80 per share, and said tenants’ sales increased 10.6% vs. last year.
Simon hiked some of its full-year projections, as well, and the holiday shopping season is expected to be the best in several years.
Rival General Growth Properties (GGP) posted a loss on Friday.
Simon Property Group shares are trading up 1% Monday.
The stock is a major holding in several real estate and REIT ETFs.
The SPDR Dow Jones REIT ETF (RWR) counts Simon as its top holding, and is trading up almost .9% Monday. Simon is a top holding in the iShares Down & Steers Realty Majors Index Fund (ICF) as well…that ETF is trading up over .8% Monday.
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