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Simon Property 3rd-qtr FFO rises 13 pct
Simon Property Group Inc (SPG.N: Quote, Profile , Research) said on Monday that quarterly funds from operations rose 13 percent, as rents and occupancy at its malls and outlet centers increased.

The company issued an optimistic forecast for the rest of the year but said it is watching for a slowdown of the U.S. economy and consumer jitters.

Simon reported third-quarter FFO of $418.7 million, or $1.46 per share, compared with $369.5 million, or $1.30 per share, a year earlier. FFO is a measure of real estate investment trust performance that factors out depreciation.

The result beat analysts' average expectations of FFO of $1.42 a share, according to Reuters Estimates.

Simon, based in Indianapolis, also said it sees 2007 FFO at least at the high end of its previously raised forecast of $5.83 per share to $5.88 per share. Analysts, on average, have expected $5.86 per share, according to Reuters Estimates.

Heading into the holiday gift buying season, Simon said it expects revenue from sales of its gift card to increase by 10 percent to 15 percent.
http://investing.reuters.co.uk/news/articleinvesting.aspx?type=marketsNewsUS&storyID=2007-10-29T171551Z_01_N29606594_RTRIDST_0_SIMONPROPERTY-RESULTS-UPDATE-3.XML