Simon earnings see solid rise
Shopping mall operator Simon Property Group Inc. on Monday said its funds from operations – or FFO, a key real estate measure – rose 9 percent in the last quarter, helped by increased occupancy and rental income.
The company posted FFO of $433.2 million, or $1.47 per share, for the fourth quarter. In the same period last year, FFO was $397.6 million, or $1.36 per share.
Earnings amounted to $115.7 million, or 52 cents per share, an 8 percent gain from $107.4 million, or 49 cents, the year before. Overall revenue rose 8 percent to $889.8 million, with minimum and overage rent revenue adding 10 percent to $531.2 million.
Full-year FFO rose 23 percent to $1.47 billion, or $4.96 per share, from $1.2 billion, or $4.39 per share, in 2004. Annual profit was up 34 percent to $401.9 million, or $1.82 per share, as total revenue rose 23 percent to $3.17 billion.
Among Simon’s holdings are the Mall of New Hampshire in Manchester, the Pheasant Lane Mall in Nashua and the Mall at Rockingham Park in Salem. – NHBR STAFF