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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

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