Simon funds, same-store sales rise

Simon Property Group today reported that funds from operations, a common measure of real estate investment trusts like the Indianapolis-based shopping mall giant, rose 7 percent in the first quarter.

The $420 million amounted to $1.46 per share, slightly more than the $1.44 expected by analysts surveyed by Thomson Financial.

Net income fell 10.7 percent, to $87.9 million, due to increased depreciation costs for the Mills Corp. malls it acquired in February last year.

Simon said comparable-store sales increased 0.8 percent, to $491 per square foot, and that average rent increased across its regional malls, outlet malls and lifestyle centers.

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