Simon Property Group Inc. (SPG: Quote) Friday released the results for the first quarter ended 31 March 2012, reporting rise in funds from operations, or FFO, for the first quarter at $648.7 million, or $1.82 per diluted share, compared to $570.6 million, or $1.61 per diluted share reported for the same quarter last year.
Twenty analysts polled by Thomson Reuters estimated FFO of $1.68 per share for the quarter. Analysts' estimates usually exclude special items.
Net income attributable to common stockholders for the first quarter of 2012 increased to $645.4 million, or $2.18 per diluted share, from $179.4 million, or $0.61 per diluted share, reported for the same quarter last year.
Total revenues for the first quarter improved to $1.12 billion from $1.02 billion reported in the year-ago quarter, with minimum rent revenues rising to $702.02 million from $644.33 million in the previous year. Seven analysts polled by Thomson Reuters estimated revenues of $1.05 billion for the quarter.
Looking ahead, the company revised its FFO guidance for the full year 2012, and now projects 2012 FFO in the range of $7.50 to $7.60 per share. Consensus of analysts' estimates currently sees FFO of $7.48 per share.
by RTT Staff Writer
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