Simon Property Group Announces First Quarter Results
May 1, 2009 8:00:00 AM
Email Story Discuss on ZenoBank
View Additional ProfilesINDIANAPOLIS, May 1 /PRNewswire-FirstCall/ -- Simon Property Group, Inc. (the "Company" or "Simon") (NYSE: SPG) today announced results for the quarter ended March 31, 2009:
-- Funds from operations ("FFO") for the quarter increased 13.5%
to $476.8 million from $420.1 million in the first quarter of 2008. On a
diluted per share basis the increase was 10.3% to $1.61 from $1.46 in
2008.
-- Net income available to common stockholders for the quarter increased
21.5% to $106.8 million from $87.9 million in the first quarter of 2008.
On a diluted per share basis the increase was 15.4% to $0.45 from $0.39
in 2008.
U.S. Portfolio Statistics(1)
As of As of
March 31, 2009 March 31, 2008
-------------- --------------
Occupancy
---------
Regional Malls(2) 90.8% 91.7%
Premium Outlet Centers(R)(3) 96.9% 97.9%
Comparable Sales per Sq. Ft.
----------------------------
Regional Malls(4) $455 $491
Premium Outlet Centers(3) $507 $511
Average Rent per Sq. Ft.
------------------------
Regional Malls(2) $40.29 $37.73
Premium Outlet Centers(3) $29.21 $26.32
(1) Statistics do not include the community/lifestyle center properties
or the Mills portfolio of assets.
(2) For mall stores.
(3) For all owned gross leasable area (GLA).
(4) For mall stores less than 10,000 square feet.
"The first quarter of 2009 was very positive for our Company. We delivered excellent growth in profits, a testament to the stable performance of franchise retail assets within our regional mall, Premium Outlet and Mills platforms," said David Simon, Chairman and Chief Executive Officer. "We also strengthened our balance sheet, one of the strongest in the industry, by raising over $1.6 billion of capital. These continue to be uncertain economic times, but I am very pleased with our performance."
