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Simon Property 1Q FFO Improves, Dividend Is Cut

Stock quotes in this article: SPG  

INDIANAPOLIS (AP) — Simon Property Group Inc. said Friday that its first-quarter funds from operations improved, but the largest shopping mall owner and operator in the U.S. cut its quarterly dividend 33 percent.

The real estate investment trust also lowered its 2009 FFO outlook, citing recent common stock and unsecured debt offerings that were not previously accounted for.

The company's stock dropped $2.61, or 5.1 percent, to $48.99 in midday trading. The stock has traded in a range of $24.27 to $106.43 over the last year. ...

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