Simon Property Group Inc (NYSE: SPG) stock fell 1.07% (As on August 2, 11:41:56 AM UTC-4, Source: Google Finance) after the company posted mixed results for the second quarter of FY 22. Net income attributable to common stockholders was $496.7 million, or $1.51 per diluted share, as compared to $617.3 million, or $1.88 per diluted share in 2021.  Results for the second quarter of 2022 include a non-cash unrealized loss of $17.8 million, or $0.05 per diluted share, from a mark-to-market in fair value of equity instruments.  The prior year period included a non-cash gain of $118.4 million, or $0.32 per diluted share, from the reversal of a deferred tax liability within an international investment. Funds From Operations (“FFO”) was $1.093 billion as compared to $1.217 billion in the prior year.

SPG in the second quarter of FY 22 has reported the adjusted funds from operations per share of $2.96, beating the analysts’ estimates for the adjusted funds from operations per share of $2.91, according to Zacks Investment Research. The company had reported the adjusted revenue of $1.28 billion in the second quarter of FY 22, missing the analysts’ estimates for revenue of $1.3 billion.

Meanwhile, the Company was active in the credit markets through the first six months of the year. During the first six months, the Company completed 14 non-recourse mortgage loans totaling approximately $1.6 billion (U.S. dollar equivalent), of which Simon’s share was $958 million.  As of June 30, 2022, Simon had approximately $8.5 billion of liquidity consisting of $1.2 billion of cash on hand, including its share of joint venture cash, and $7.3 billion of available capacity under its revolving credit facilities.

Additionally, the company declared a quarterly common stock dividend of $1.75 on August 1, 2022, for the third quarter of 2022.  This is an increase of $0.25, or 16.7% year-over-year and an increase of $0.05, or 2.9%, from the previous quarter.  The company has declared the quarterly dividend on its 8 3/8% Series J Cumulative Redeemable Preferred Stock of $1.046875 per share, payable on September 30, 2022 to shareholders of record on September 16, 2022.

SPG adjusted its full-year guidance after posting a decline in profit and funds from operations. The company now estimates net income for the year to be within a range of $5.93 to $6.00 per share, compared with guidance issued in May for net income to be between $5.93 and $6.08 per share.

SPG expects full-year funds from operations to be in the range of $11.70 to $11.77 per share.