Simon Property Group (NYSE: SPG)는 세계적 수준의 쇼핑, 식음, 엔터테인먼트 및 복합 용도 목적지로 이루어진 포트폴리오를 소유하고 개발하는 데 특화된 대표적인 S&P ...
Simon Property Group의 주가는 미국의 오프라인 소매업이 지속적으로 회복되는 가운데 뒷받침된다. 고급 몰과 아울렛이 임대 수익과 점유율을 견인하고 있다. REIT의 전략은 지배적인 센터에 집중하고 아울렛 및 복합용도 프로젝트로의 다각화를 추진하며, 진화하는 리테일 환경 속에서도 배당을 유지하고 대응하기 위한 강력한 재무상태표 관리를 중점으로 한다. 점유율과 리스 확장(임대 조건) 격차 같은 핵심 운영 지표, 그리고 전략적 개발 파이프라인과 ESG 고려사항은 미국 REIT 업계 내에서의 그 위치를 뒷받침하는 요인이 된다.
Arbejdsmarkedets Tillaegspension은 1분기에 Simon Property Group(NYSE:SPG)에 대한 지분을 10.6% 늘려 13,658주를 추가로 매수했으며, 총 보유 주식 수는 142,125주로 늘었다. 이 지분의 가치는 2,651만 달러로 평가된다. Simon Property Group은 또한 분기 배당을 주당 $2.25로 인상한다고 발표했으며, 이로 인해 배당수익률은 4.1%가 되었다. 기관 투자자들이 주식의 93.01%를 공동으로 보유하고 있으며, 최근 내부자 매수는 이사 Marta R. Stewart와 Gary M. Rodkin이 보고한 것으로 알려졌다.
이 글은 Modiv Industrial Inc. Class C 주식에 투자하는 여러 ETF를 나열하며, 시가총액, 비중, 발행사, 운용 스타일, 비용 비율, AUM, 가격, 3년 NAV 총수익률 같은 정보를 제공한다. 언급된 ETF에는 Hoya Capital High Dividend Yield ETF, iShares Microcap ETF, Dimensional US Real Estate ETF 등이 포함되며, 다양한 펀드를 통해 Modiv Industrial에 접근하고자 하는 투자자들에게 인사이트를 제공한다.
Vornado Realty Trust의 Series L 우선주(VNO-PR-L)는 매력적인 7.58%의 선행 수익률을 제공하며, 안정성과 청산 우선권에 대한 할인이라는 점 때문에 소득 중심 투자자들의 관심을 끌고 있다. 이러한 우선주의 안전성은 Vornado 보통주의 최근 12개월 실적과 자유현금흐름이 개선되면서 상당히 강화되었고, 그 결과 보통주 배당 지급 비율이 낮아 25.6%에 그친다. 보통주에 대해서는 전략적 프로젝트 불확실성으로 인해 애널리스트들이 신중한 시각을 보이고 있으나, 우선주는 고정되고 누적되는 지급 구조 덕분에 주식의 변동성으로부터 어느 정도 방어막을 제공하면서 회사의 근본적인 재무 건전성을 활용할 수 있다.
LGT Fund Management Co Ltd.는 1분기 동안 Simon Property Group(SPG)에서 새로 49,321주 지분을 매입했으며, 가치는 약 920만 달러로 추정된다. 분석가들의 평가는 엇갈렸고 "보유(Hold)" 합의 등급을 받았음에도, Simon Property Group은 EPS와 매출 추정치를 상회하는 등 견조한 분기 실적을 발표했으며, 주당 분기 배당금을 2.25달러로 인상했다. 현재 회사 주식의 평균 목표 주가는 213.07달러이며, 기관 투자자들이 해당 주식의 93.01%를 공동으로 보유하고 있다.
Simon Property Group의 주가는 미국의 오프라인 소매업이 지속적으로 회복되는 가운데 뒷받침된다. 고급 몰과 아울렛이 임대 수익과 점유율을 견인하고 있다. REIT의 전략은 지배적인 센터에 집중하고 아울렛 및 복합용도 프로젝트로의 다각화를 추진하며, 진화하는 리테일 환경 속에서도 배당을 유지하고 대응하기 위한 강력한 재무상태표 관리를 중점으로 한다. 점유율과 리스 확장(임대 조건) 격차 같은 핵심 운영 지표, 그리고 전략적 개발 파이프라인과 ESG 고려사항은 미국 REIT 업계 내에서의 그 위치를 뒷받침하는 요인이 된다.
Arbejdsmarkedets Tillaegspension은 1분기에 Simon Property Group(NYSE:SPG)에 대한 지분을 10.6% 늘려 13,658주를 추가로 매수했으며, 총 보유 주식 수는 142,125주로 늘었다. 이 지분의 가치는 2,651만 달러로 평가된다. Simon Property Group은 또한 분기 배당을 주당 $2.25로 인상한다고 발표했으며, 이로 인해 배당수익률은 4.1%가 되었다. 기관 투자자들이 주식의 93.01%를 공동으로 보유하고 있으며, 최근 내부자 매수는 이사 Marta R. Stewart와 Gary M. Rodkin이 보고한 것으로 알려졌다.
이 글은 Modiv Industrial Inc. Class C 주식에 투자하는 여러 ETF를 나열하며, 시가총액, 비중, 발행사, 운용 스타일, 비용 비율, AUM, 가격, 3년 NAV 총수익률 같은 정보를 제공한다. 언급된 ETF에는 Hoya Capital High Dividend Yield ETF, iShares Microcap ETF, Dimensional US Real Estate ETF 등이 포함되며, 다양한 펀드를 통해 Modiv Industrial에 접근하고자 하는 투자자들에게 인사이트를 제공한다.
Vornado Realty Trust의 Series L 우선주(VNO-PR-L)는 매력적인 7.58%의 선행 수익률을 제공하며, 안정성과 청산 우선권에 대한 할인이라는 점 때문에 소득 중심 투자자들의 관심을 끌고 있다. 이러한 우선주의 안전성은 Vornado 보통주의 최근 12개월 실적과 자유현금흐름이 개선되면서 상당히 강화되었고, 그 결과 보통주 배당 지급 비율이 낮아 25.6%에 그친다. 보통주에 대해서는 전략적 프로젝트 불확실성으로 인해 애널리스트들이 신중한 시각을 보이고 있으나, 우선주는 고정되고 누적되는 지급 구조 덕분에 주식의 변동성으로부터 어느 정도 방어막을 제공하면서 회사의 근본적인 재무 건전성을 활용할 수 있다.
LGT Fund Management Co Ltd.는 1분기 동안 Simon Property Group(SPG)에서 새로 49,321주 지분을 매입했으며, 가치는 약 920만 달러로 추정된다. 분석가들의 평가는 엇갈렸고 "보유(Hold)" 합의 등급을 받았음에도, Simon Property Group은 EPS와 매출 추정치를 상회하는 등 견조한 분기 실적을 발표했으며, 주당 분기 배당금을 2.25달러로 인상했다. 현재 회사 주식의 평균 목표 주가는 213.07달러이며, 기관 투자자들이 해당 주식의 93.01%를 공동으로 보유하고 있다.
펜실베이니아 연방 공립학교 교직원 퇴직 시스템(Commonwealth of Pennsylvania Public School Empls Retrmt SYS)은 1분기 동안 Simon Property Group(SPG)에서의 지분을 22.6% 늘려, 현재 223,079주를 보유하고 있으며 가치는 4,160만 달러다. 또한 회사 내부자 글린 아펠(Glyn Aeppel)과 대니얼 C. 스미스(Daniel C. Smith)는 6월에 SPG 주식을 매입해, 지난 분기 동안 인사이더가 매수한 총 2,387주의 가치가 53만 달러를 넘도록 기여했다. Simon Property Group은 견조한 재무 성과를 내며 실적과 매출 추정치를 모두 상회했고, 주당 분기 배당금을 2.25달러로 인상했으며, 연율 기준 4.1%의 수익률을 제공한다.
Simon Property Group(SPG) 주식은 높은 유동성을 자랑하는 쇼핑 센터와 아울렛을 운영하는 선도적인 미국 몰 REIT에 대한 노출을 제공하며, 소비자 행동 변화와 옴니채널 리테일에 맞춰 적응하고 있다. 회사는 프리미엄 부동산의 소유, 개발, 관리를 중심으로 하며, 퍼센티지 렌트, 공용공간 유지보수 비용 상환, 전략적 재개발을 통해 수익원을 다각화한다. SPG의 REIT로서의 사업 모델은 핵심 입지에서의 탄탄한 소비 지출과 절제된 자본 관리에 무게를 두고 있어, 수익(yield)과 잠재적 자본 가치 상승을 추구하는 소득 지향 투자자들에게 매력적이다.
이 기사는 Simon Property Group(SPG) 주식을 살펴보며, 쇼핑몰, 아울렛 센터, 복합용도 부동산에 집중한 미국 부동산 투자신탁(리츠, REIT)으로서의 역할을 강조한다. 리츠 구조가 상당한 배당 분배를 가능하게 하는 방식과, 회사의 다각화된 포트폴리오, 사업 모델, 투자자에게 중요한 평가 지표를 자세히 설명한다. 또한 SPG가 변화하는 리테일 트렌드와 경제 요인에 어떻게 적응하는지에 대해서도 다루며, 미국의 더 넓은 주식 및 부동산 시장 안에서의 입지를 강조한다.
AvalonBay Communities recently acquired a South Miami development site for US$22 million to build Avalon South Miami II, a 16-story mixed-use community with 251 apartments, setting a local record price per unit. This acquisition highlights AvalonBay’s strategy to pay a premium for prime expansion opportunities in Southeast Florida. The deal modestly increases near-term development risk but doesn't change the primary short-term catalyst, which is the proposed merger with Equity Residential.
Simon Property Group reported strong Q3 2024 financial and operational performance, including increased leasing volumes, higher occupancy, and a raised quarterly dividend of $2.10 per share. The company achieved a 4.6%–5% year-over-year increase in portfolio NOI and affirmed its full-year 2024 FFO guidance of $12.80–$12.90 per diluted share. Key drivers included higher fixed lease income, increased interest income, and profit from the sale of Authentic Brands Group.
Acadia Realty Trust is looking to sell a five-building retail portfolio near Lincoln Park in Chicago for approximately $60 million. The portfolio, anchored by a Trader Joe's and other major retailers, is 95 percent leased and totals 103,526 square feet. Acadia assembled these properties between 2007 and 2012 for a total of $51.2 million.
The article discusses how Marcus & Millichap (MMI) stock, representing a US commercial real estate brokerage, is impacted by headwinds in the US commercial real estate market, such as higher interest rates and tightened lending standards. MMI's business model, which relies on transaction volumes and commissions, makes its earnings cyclical and sensitive to market shifts. The company serves as an intermediary for commercial property owners and buyers, making its stock a geared play on the health of the domestic commercial property sector.
Simon Property Group (SPG) announced that its 2026 Annual Meeting will be held virtually on May 13, 2026, following a record-breaking 2025 with significant increases in net income and consolidated revenue. Shareholders will vote on the election of 13 directors, executive compensation, and the ratification of Ernst & Young LLP as the independent auditor. The company emphasized its robust corporate governance practices, including an independent board and regular refreshment, with a recommendation to vote in favor of all proposals.
Simon Property Group reported strong Q1 2026 earnings, exceeding expectations with significant increases in net income and FFO due to occupancy gains, higher shopper traffic, and retailer sales. The company signed over 1,100 leases, increased its quarterly dividend, and repurchased shares. Looking ahead, SPG raised its full-year 2026 Real Estate FFO guidance, expecting continued strong performance.
UBS has maintained a Neutral rating on Simon Property Group (SPG) but raised its price target from $199 to $222, signaling cautious optimism. However, GuruFocus indicates SPG is currently overvalued by about 22.1% relative to its GF Value™ of $180.56, despite strong profitability and momentum scores, with recent insider purchases of $0.5 million.
UBS has increased its price target for Simon Property Group (SPG) to $222 from $199, while keeping a "Neutral" rating on the stock. This adjustment reflects a revised valuation for the commercial REIT, which specializes in owning and managing shopping centers and outlets. Other analysts have also recently updated their price targets and ratings for Simon Property Group, indicating ongoing re-evaluations within the sector.
Deutsche Bank Aktiengesellschaft downgraded Simon Property Group (NYSE:SPG) from a "buy" to a "hold" rating, setting a $220.00 price target. This adjustment comes despite the company recently beating quarterly earnings and revenue estimates. The broader analyst consensus for SPG is "Hold" with an average price target of $213.07, and recent insider purchases have also been noted.
Resona Asset Management Co. Ltd. increased its stake in Simon Property Group (NYSE:SPG) by 3.2% in the first quarter, bringing its total holdings to 196,311 shares valued at approximately $36 million. Insiders also purchased shares, with directors Glyn Aeppel and Daniel C. Smith collectively buying 615 shares. The company reported strong Q1 results, exceeding analyst expectations for EPS and revenue, and raised its quarterly dividend to $2.25 per share.
Staley Capital Advisers Inc. increased its stake in Simon Property Group (SPG) by 23% in the first quarter, purchasing an additional 11,050 shares, bringing their total to 59,100 shares valued at approximately $11.0 million. This comes as Simon Property Group reported better-than-expected first-quarter earnings and raised its quarterly dividend to $2.25 per share. Despite the increased institutional investment, analyst ratings for SPG remain mixed with a consensus "Hold" rating.
Deutsche Bank has downgraded Simon Property Group (SPG) from a "Buy" rating to "Hold," while simultaneously increasing its price target to $220 from the previous $205. The article also provides recent analyst recommendations and company news for Simon Property Group, which specializes in owning and managing shopping centers and factory outlets.
Deutsche Bank downgraded Simon Property Group (NYSE:SPG) from Buy to Hold, despite raising its price target to $220 from $205 and increasing its earnings estimates for 2026, 2027, and introducing a 2028 estimate. The firm noted Simon Property Group's strong position in a K-shaped economy, benefiting from high-quality malls and strong consumer spending, with potential for earnings upside from its development pipeline and an attractive dividend yield. However, other analysts show mixed views, with Wolfe Research downgrading due to valuation concerns, while Argus maintained a Buy rating.
Simon Property Group, a major real estate investment trust, is drawing attention from US retail investors due to its focus on high-quality shopping centers and mixed-use properties. The company's portfolio strategy, which includes regional malls, premium outlets, and lifestyle centers, provides direct exposure to US consumer spending and retail trends. Key factors for investors include occupancy levels, rental growth, and the REIT's ability to adapt its properties to evolving retailer and consumer needs, balancing dividends with strategic investments.
Simon Property Group (SPG) discussed their strong performance at the Goldman Sachs 2024 U.S. Financial Services Conference. The company reports robust leasing demand with high occupancy, driven by retailers prioritizing physical stores. They anticipate continued rent increases and sustainable same-store NOI growth due to limited new supply and a favorable tenant mix, while the retailer watch list has significantly shrunk.
This article summarizes Simon Property Group's (SPG) presentation at the Bank of America 2024 Global Real Estate Conference. It details SPG's business overview, strong financial performance, robust leasing demand, and strategies for navigating consumer trends and regional shifts. The company highlights its leading position as the world's largest retail real estate owner, its dividend payout, and ongoing investments in growth.
Simon Property Group (SPG) presented at Citi's 30th Annual Global Property CEO Conference in 2025, highlighting its long-term growth, strong operating fundamentals, and robust balance sheet. The company has diversified into five retail channels, maintained an A-rating, and achieved significant shareholder returns. SPG also outlined its investment strategy, focusing on redevelopment, international expansion in outlets, and integrating digital initiatives like omnichannel platforms and data analytics for future revenue streams.
Shares of Simon Property Group Inc. (SPG) dropped 3.57% on Wednesday, closing at $219.09. This performance occurred on a negative trading day for the broader market, with both the S&P 500 Index and Dow Jones Industrial Average falling. The stock is now 4.57% below its 52-week high reached just one day prior.
The Macerich Company (NYSE: MAC) was recently added to the Russell 2000 Defensive Index and the Russell 2000 Value-Defensive Index. This inclusion categorizes Macerich as a defensive, value-oriented REIT, which may influence institutional investors' perception. However, the article notes that despite this positive index label, investors still need to consider Macerich's high leverage and refinancing schedule.
Regency Centers (REG) has seen recent stock price gains, drawing investor attention to its undervalued narrative. The company, an integrated REIT focusing on grocery-anchored shopping centers, is estimated to have a fair value of $84.63 per share, indicating it is currently 5% undervalued. This valuation is supported by demographic trends and the company's strong positioning in suburban markets, though risks related to tenant health and development costs are also noted.
Simon Property Group (SPG) reported Q1 2025 results that exceeded internal plans, driven by strong domestic and international operations, strategic acquisitions, and robust leasing. The company saw a 3.6% increase in portfolio NOI year-over-year and reaffirmed its full-year 2025 Real Estate FFO guidance despite macroeconomic uncertainties. Dividend for Q2 was set at $2.10 per share, marking a 5% increase.
Kimco Realty, a major owner of open-air shopping centers, focuses on grocery-anchored properties and mixed-use redevelopment to ensure stable rental income and long-term growth. The company's strategy targets necessity-based retail and urban density to attract consistent customer flow and diversify income sources, appealing to income-oriented investors through its dividend distributions and active asset management approach.
Whittier Trust Co. significantly reduced its stake in Simon Property Group (NYSE:SPG) by 87% in Q1 2026, selling 70,360 shares and retaining 10,492 shares valued at $2.0 million. Despite this reduction, Simon Property Group reported strong quarterly results, beating revenue and EPS expectations, and increased its full-year EPS guidance and quarterly dividend. Insider activity also shows confidence, with two directors purchasing shares in late June.
Whittier Trust Co. of Nevada Inc. significantly reduced its stake in Simon Property Group (SPG) by 95.1% in Q1, selling 37,538 shares, though institutional ownership remains high at 93.01%. Despite this sale, insiders Glyn Aeppel and Gary M. Rodkin recently purchased shares. Simon Property Group reported strong quarterly results, beating estimates, and increased its dividend to $2.25 per share, resulting in a 4.0% annualized yield, while analysts currently hold a consensus "Hold" rating on the stock.
Private Advisor Group LLC significantly reduced its stake in Simon Property Group (NYSE:SPG) by 16% in Q1, selling 4,743 shares and bringing its total holdings to 24,896 shares valued at $4.64 million. While institutional investors generally have increased their positions, analyst ratings for SPG are mixed, with a consensus "Hold" despite recent price target increases and a "Strong Buy" upgrade from Jefferies Financial Group. The company recently reported better-than-expected earnings and increased its quarterly dividend to $2.25 per share.
Essex Property Trust (NYSE:ESS) recently hit a new 52-week high of $303.35, though it settled at $298.19. Analyst sentiment for the REIT is neutral, with an average price target of $292.08, below its current trading price. Despite missing recent EPS estimates, the company announced a quarterly dividend of $2.59 per share, offering a 3.5% annual yield.
Simon Property Group (SPG) reported record Real Estate FFO of $4.8 billion ($12.73/share) for 2025 and net income of $4.624 billion ($14.17/share), returning $3.5 billion to shareholders. The company saw strong operational performance, including over 17 million sq. ft. of leases, new developments, and significant acquisitions like the remaining Taubman Realty Group interest. For 2026, SPG projects Real Estate FFO of $13.00–$13.25/share and a Q1 dividend of $2.20/share, indicating continued growth.
Wolfe Research downgraded Simon Property Group (SPG) from 'Outperform' to 'Peer Perform' due to valuation concerns, citing its all-time high share price as a challenging entry point. Despite solid underlying fundamentals, Wolfe Research believes the current valuation fully reflects the company's strength. This follows Barclays raising its price target on SPG slightly, while the company itself recently raised its full-year 2026 FFO guidance.
Wolfe Research downgraded Simon Property Group (SPG) from 'Outperform' to 'Peer Perform' due to valuation concerns, citing its all-time high share price as a challenging entry point despite solid fundamentals. This downgrade comes despite Barclays analyst Richard Hightower recently raising SPG's price target. Simon Property Group also raised its full-year 2026 real estate FFO guidance.
Integrated Advisors Network LLC increased its stake in Simon Property Group, Inc. (NYSE:SPG) by 38.7% in the first quarter, purchasing an additional 7,434 shares and bringing its total holdings to 26,651 shares valued at approximately $4.97 million. Simon Property Group's stock recently rose 1.9% to $229.27, trading near its 52-week high with a market capitalization of $74.35 billion, and the company reported strong quarterly results and raised its dividend to $2.25 per share. Analysts have a consensus "Hold" rating on the stock with an average price target of $211.93.
This article states that Simon Property Group is on track for a record closing high based on data. Further details regarding the data and the significance of this record are not provided in the snippet.
Simon Property Group (SPG) has reached a new 52-week high of $228.59, reflecting investor confidence and strong market performance, with a 42.8% total return over the past year. Despite being considered overvalued by InvestingPro, its 4% dividend yield remains attractive. Recent positive news includes exceeding Q1 2026 earnings expectations and favorable analyst ratings, though Wolfe Research downgraded the stock while Argus raised its price target.
Simon Property Group (SPG) stock has reached a new 52-week high of $228.59, reflecting strong investor confidence and a 42.8% total return over the past year. Despite trading above its InvestingPro Fair Value, its 4% dividend yield remains attractive. Recent news includes better-than-expected Q1 2026 earnings and varied analyst ratings, with Wolfe Research downgrading to Peerperform and Argus maintaining a Buy rating with a raised price target.
Pictet Asset Management Holding SA significantly reduced its stake in American Homes 4 Rent (AMH) by 58.8% in Q1 2026, selling 77,125 shares to hold 54,144 shares valued at $1.51 million. Despite this, American Homes 4 Rent reported robust Q1 results with EPS of $0.48 and revenue of $472.02 million, surpassing estimates, and issued positive guidance for FY 2026. The company also declared a quarterly dividend of $0.33 per share, and analysts rate it as a "Moderate Buy" with a target price of $36.08.
Evercore ISI has increased its price target for Simon Property Group (NYSE:SPG) from $208 to $215, as reported by MT Newswires. This adjustment reflects an updated outlook from the analyst firm for the commercial REIT. Simon Property Group's stock price was $225.00 before market open on July 7, 2026, slightly down from its previous close.
This article examines three US REITs—Equinix (EQIX), Simon Property Group (SPG), and Extra Space Storage (EXR)—that are positioned to potentially benefit from the Federal Reserve's flexible average inflation targeting and near-zero interest rates. It details each company's operations, market cap, and investment considerations, highlighting their dividend profiles, growth prospects, and associated risks like debt and market pressures. The piece suggests these stocks as starting points for income-focused investors looking for yield and stability in the current monetary environment.
The article discusses three US REITs—Equinix (EQIX), Simon Property Group (SPG), and Extra Space Storage (EXR)—that are positioned to potentially benefit from the Federal Reserve's low-interest-rate outlook and flexible average inflation targeting. It examines each company's operations, market capitalization, dividend yield, and financial considerations, highlighting both opportunities and risks for income-focused investors. The piece suggests these REITs offer stability and yield in a changing monetary policy environment, while also advising investors to consider debt, earnings trajectories, and market valuations.
This article provides the latest SEC filings and comprehensive financial overview for Kimco Realty Corp (KIM). It details key financial metrics, stock performance data, analyst recommendations, and insider/institutional ownership, alongside information on dividends and various valuation ratios.
This article provides a detailed financial overview of Simon Property Group Inc (SPG), including its current stock performance, key financial metrics, volatility, and various valuation ratios. It covers aspects like market capitalization, income, sales, dividend information, and insider/institutional ownership, alongside performance indicators over various timeframes.
This article compares two real estate ETFs, REET (iShares Global REIT ETF) and RWR (State Street SPDR Dow Jones REIT ETF), to help investors decide which is a better buy. The main distinction lies in their geographic focus: RWR is U.S.-centric, while REET offers global exposure, including developed and emerging markets. Despite REET having a lower expense ratio, RWR has recently shown stronger performance, though REET provides better diversification for U.S.-heavy portfolios.
Fjarde AP Fonden, the Fourth Swedish National Pension Fund, significantly increased its stake in Kimco Realty Corporation (NYSE:KIM) by 95.8% during the first quarter, now owning 321,758 shares valued at $7.23 million. Other institutional investors also adjusted their positions, and 89.25% of Kimco's stock is held by institutions and hedge funds. Kimco Realty reported strong quarterly results and maintains a "Moderate Buy" consensus rating from analysts with an average price target of $25.71.
Elevation Point Wealth Partners LLC significantly increased its stake in Simon Property Group (SPG) by 381.9% in the first quarter, now holding shares valued at $1.86 million. Several analysts recently raised their price targets for SPG, which currently has a consensus "Hold" rating and a target of $211.47. The company reported strong first-quarter earnings, beating estimates with $1.48 EPS, a 19.3% revenue increase year-over-year, and raised its quarterly dividend to $2.25 per share.
