(RTTNews) - Simon Property Group Inc. (SPG: News ), Friday reported a 2% increase in funds from operations for the first quarter from a year ago, helped by stable performance of franchise retail assets within its regional mall, premium outlet and mills platforms. FFO for the quarter came in ahead of analysts' consensus estimate, as did revenues. Looking ahead, the company raised its earnings outlook for 2009. The company also declared a quarterly cash dividend.

The Indianapolis, Indiana-based company reported funds from operations or FFO for the quarter that increased 2.0% to $473.07 million or $1.38 per share from $463.90 million or $1.61 per share in the same quarter last year.

On average, eighteen analysts polled by Thomson Reuters expected the company to earn $1.33 per share for the quarter. Analysts estimates typically exclude special items.

FFO for the recent quarter reflects dilution of $0.08 per share as a result of the 2009 common stock issuances of 17.25 million shares of common stock by the company in March and an additional 23 million shares in May of 2009, as well as about 10 million shares year-to-date that were issued as common stock dividends.

Simon Property's net income attributable to common stockholders for the third quarter was $105.5 million or $0.38 per share, compared to $112.8 million or $0.50 per share in the year-ago quarter. Net income for the third quarter of 2009 reflects dilution of $0.23 per share as a result of the additional share issuance.
Revenues for the quarter decreased to $924.93 million from $935.59 million in the prior-year quarter. Nine analysts had a revenue consensus of $891.99 million for the third quarter.

In the immediately preceding quarter, Simon Property's FFO increased to $476.8 million or $1.61 per share, while net income available to common stockholders climbed to $106.8 million or $0.45 per share compared to last year, helped by the stable performance of franchise retail assets within its regional mall, premium outlet and mills platforms.

Amongst others in the sector, real estate investment trust,Taubman Centers Inc.(TCO) reported a loss of $94.07 million or $1.77 per share for the third quarter of 2009, compared to profit a year ago, hurt primarily by lower revenue that totaled $163.20 million. FFO applicable to the company was a negative $67.01 million or $1.26 per share, compared with FFO of $39.76 million or $0.74 per share in the year-ago period. On adjusted basis, FFO attributable to the company increased to $40.40 million or $0.74 per share from $39.76 million or $0.00 per share in the same quarter last year.

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