FONT-SIZE Plus   Neg

Simon Property Group Q1 FFO Rises; Revises FY 2012 Guidance - Quick Facts

Simon Property Group Inc. (SPG) 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

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
As Sony Corp. prepares to launch the new PlayStation 4 Pro gaming console on November 10, several new games that are compatible with the console have also been confirmed for launch. Game developers are readying to provide PlayStation 4 Pro support for many games on PS4. Shares of Advaxis Inc. dropped more than 13 percent in pre-market activity before paring losses to just more than 5 percent after the company said that it was not able to complete the second stage of the Phase 2 GOG-0265 trial as designed due to a clinical hold that affected its clinical development programs last year. Dicks Sporting Goods Inc., one of the major sporting good retailers in the U.S., is planning to acquire Golfsmith International Holdings Inc., a specialty retailer with stores in U.S. and Canada, through a bankruptcy auction, Reuters reported. The bid would be worth $70 million and needs approval by a U.S. bankruptcy court.
comments powered by Disqus
Follow RTT