Simon Property Group Posts In-Line Earnings; Raises Dividend

A recent Reuters report cited Simon Property Group SPG Q3 results fell on debt related charges but tenant sales shot up more than 10%. SPG, the largest owner of U.S malls raised its outlook and quarterly dividend as well. Simon said on Monday that funds from operations, a key measure for real estate investment trusts, fell to $318.5 million, or 90 cents per share, in the quarter. This is down from $473.1 million or $1.38 per share, a year earlier. Simon owns or has an interest in 393 retail properties comprising 264 million square feet of leasable space in North America, Europe and Asia. Its malls include Roosevelt Field on New York's Long Island and Sawgrass Mills Circle near Fort Lauderdale, Florida, and its outlet centers include Woodbury Commons, north of New York City. Occupancy also increased, although mall occupancy remains 100 to 150 percentage points below peak levels in 2007. Average rent was about flat. Although Simon no longer breaks out the performance of its malls and outlets separately, most of the company's growth has come from its outlet centers. SPG is trading higher at $99.63