February 7th, 2012Simon Quarterly Results Improve as Sales Increase at Malls
Indianapolis, IN – Simon Property Group Inc., the largest U.S. shopping-mall owner, reported a 6.3-percent gain in fourth-quarter funds from operations as income from rents rose.
FFO, which gauges a property company’s ability to generate cash, rose to $678.9 million, or $1.91 a share, from $638.7 million, or $1.80, a year earlier, the Indianapolis-based real estate investment trust said Friday morning. Analysts expected FFO of $1.90 a share, the average of 18 estimates in a Bloomberg survey.
The company increased its dividend to 95 cents a share, up from from 90 cents..
Simon is benefiting from a focus on regional shopping malls and outlet centers, which tend to perform better than the broader retail market. The company, which owns or holds stakes in more than 380 retail properties in North America, Europe and Asia, is raising rents and boosting occupancy rates as sales by its tenants rise and retailer demand for space grows.
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