Simon Property Q3 Real Estate FFO Hits $3.37 a Share; Full-Year Outlook Raised
Indianapolis — Simon Property Group, the largest U.S. mall real estate investment trust, reported third-quarter results on Nov. 5: Real Estate funds from operations (FFO) were $1.277 billion, or $3.37 per share, up 4.7% from a year earlier. Including a $99.6 million non-cash after-tax loss tied to Klépierre exchangeable bonds and the remeasurement of a newly public security, FFO was $1.172 billion, or $3.09 per share.
Quarterly revenue was $1.815 billion, up from $1.602 billion a year earlier, and net income attributable to common stockholders was $499 million, or $1.54 per share. Domestic property net operating income rose 6.6% and portfolio NOI rose 6.7%, while retailer sales over the past 12 months reached $852 per square foot, up 14.8%.
Occupancy ended the quarter at 96.5%, up from 96.4% a year earlier. Simon raised its full-year Real Estate FFO guidance to $13.30 to $13.40 per share, from $13.20 to $13.30, while trimming its full-year net income outlook to $6.32 to $6.42 per share.
The company declared a fourth-quarter dividend of $2.30 per share, up 4.5% year over year, payable Dec. 31 to shareholders of record on Dec. 10.
Source: Simon Property Group
Published by GSM · USA (original Chinese edition)
Photo: 图：Simon 旗下 King of Prussia 商场的入口通道。Dough4872，公共领域，经 Wikimedia Commons。 / Photo: Entrance walkway at King of Prussia Mall, a Simon Property Group center. Photo by Dough4872, Public domain, via Wikimedia Commons.
