Simon Property Boosts Dividend After 3Q FFO Rises

Simon Property Group Inc., the largest U.S. shopping-mall owner, reported a 12 percent gain in third-quarter funds from operations and raised its 2013 FFO forecast as demand for space in outlet centers climbed.

FFO, which gauges a property company’s ability to generate cash, rose to $803 million, or $2.21 a share, from $720 million, or $1.99, a year earlier, the Indianapolis-based real estate investment trust said today in a statement. The average of 22 analyst estimates was $2.16 a share, according to data compiled by Bloomberg. The REIT declared a $1.20 per share dividend, a 5 cent boost from the previous quarter and a 9.1 percent year-over-year increase, according to the statement.