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Simon Property Group Q3 FFO Declines; Updates FY10 Outlook - Quick Facts

11/1/2010 7:22 AM ET

Simon Property Group, Inc. (SPG: Quote) reported third quarter net income attributable to common stockholders of $230.62 million or $0.79 per share, up from $105.55 million or $0.38 per share last year.

Funds from Operations, or FFO, allocable to common stockholders were $265.02 million or $0.90 per share, down from $400.58 million or $1.38 per share last year.

FFO as adjusted were $503.6 million, or $1.43 per share, compared to $473.1 million, or $1.38 per share, in the prior year period.

On average, 19 analysts polled by Thomson Reuters expected the company to report earnings of $0.90 per share. Analysts' estimates typically exclude special items.

Total revenue grew to $979.28 million from $924.93 million in the prior year quarter.

Seven analysts estimated revenues of $932.04 million.

Further, the Company announced that the Board of Directors approved the declaration of a quarterly common stock dividend of $0.80 per share, an increase of 33%. This dividend is payable on November 30, 2010 to stockholders of record on November 16, 2010.

The Company also declared the quarterly dividend on its 8 3/8% Series J Cumulative Redeemable Preferred Stock of $1.046875 per share, payable on December 31, 2010 to stockholders of record on December 17, 2010.

The Company provided updated guidance for 2010, estimating that FFO as adjusted will be within a range of $5.90 to $5.95 per diluted share for the year ending December 31, 2010, an increase of $0.13 in the low end and an increase of $0.08 in the high end of guidance provided on July 30, 2010. FFO as adjusted excludes the loss on extinguishment of debt charges of $350.7 million related to SPGLP's January and August tender offers.

After giving effect to these charges, the Company now expects 2010 FFO per diluted share to be within a range of $4.90 to $4.95. Diluted net income is now expected to be within a range of $2.03 to $2.08 per share.

Earlier, Simon Property estimated 2010 earnings in a range of $2.49 to $2.59 per share, FFO in the range of $5.30 to $5.40 per share, and adjusted FFO of between $5.77 and $5.87 per share.

Analysts expect the company to earn $4.93 per share.

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by RTT Staff Writer

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