IBJNews

Simon posts strong quarter on higher mall occupancy

Back to TopCommentsE-mailPrintBookmark and Share

Indianapolis-based Simon Property Group Inc. on Tuesday morning reported a 16.1-percent increase in first-quarter funds from operations as demand for retail space in outlet centers climbed.

FFO, which gauges a real estate investment trust's ability to generate cash, rose to $865.3 million, or $2.38 per share, up from $741.9 million, or $2.05 per share, in the same period a year ago, the Indianapolis-based real estate investment trust said.

The per-share FFO figure beat analyst estimates by 14 cents.

Profit increased to $341.6 million, or $1.10 per share, compared with $283.1 million, or 91 cents per share, in the first quarter of 2013.

Quarterly revenue rose 8 percent, to $1.3 billion.

Simon, the largest mall owner in the country, declared a $1.30 per share dividend, up from $1.25 the previous quarter and 13 percent more than a year ago.

Occupancy in its malls climbed to 95.5 percent in March, up from 94.7 percent a year ago. Total sales per square foot increased slightly, from $575 to $576. Rents also grew, to $42.77 per square foot, up from $41.05 a year ago.

“We are off to an outstanding start in 2014, reporting strong financial and operating results led by a 16.1-percent growth in FFO per diluted share," Simon CEO David Simon said in a prepared statement. “We are increasing our full-year 2014 guidance and raising our dividend due to our strong first quarter performance and expectations for continued growth."

Simon increased its FFO guidance by 10 cents, to a range of $9.60 to $9.70 per diluted share for the year ending Dec. 31, and net income to a range of $4.55 to $4.65 per diluted share.

 

ADVERTISEMENT

  • Ya think
    And knowing that our tax dollars paying Simon to keep the Circle Center Mall open helpd warms the cockles of my heart.

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. In reality, Lilly is maintaining profit by cutting costs such as Indiana/US citizen IT workers by a significant amount with their Tata Indian consulting connection, increasing Indian H1B's at Lillys Indiana locations significantly and offshoring to India high paying Indiana jobs to cut costs and increase profit at the expense of U.S. workers.

  2. I think perhaps there is legal precedence here in that the laws were intended for family farms, not pig processing plants on a huge scale. There has to be a way to squash this judges judgment and overrule her dumb judgement. Perhaps she should be required to live in one of those neighbors houses for a month next to the farm to see how she likes it. She is there to protect the people, not the corporations.

  3. http://www.omafra.gov.on.ca/english/engineer/facts/03-111.htm Corporate farms are not farms, they are indeed factories on a huge scale. The amount of waste and unhealthy smells are environmentally unsafe. If they want to do this, they should be forced to buy a boundary around their farm at a premium price to the homeowners and landowners that have to eat, sleep, and live in a cesspool of pig smells. Imagine living in a house that smells like a restroom all the time. Does the state really believe they should take the side of these corporate farms and not protect Indiana citizens. Perhaps justifiable they should force all the management of the farms to live on the farm itself and not live probably far away from there. Would be interesting to investigate the housing locations of those working at and managing the corporate farms.

  4. downtown in the same area as O'malia's. 350 E New York. Not sure that another one could survive. I agree a Target is needed d'town. Downtown Philly even had a 3 story Kmart for its downtown residents.

  5. Indy-area residents... most of you have no idea how AMAZING Aurelio's is. South of Chicago was a cool pizza place... but it pales in comparison to the heavenly thin crust Aurelio's pizza. Their deep dish is pretty good too. My waistline is expanding just thinking about this!

ADVERTISEMENT