Simon Property Group Revenues Beat Estimates (SPG)

Indianapolis, Indiana based real estate investment trust Simon Property Group, Inc. SPG announced on Monday morning that its Funds from Operations (“FFO”) were in line with consensus Wall Street estimates, while it easily beat revenue expectations. Simon Property Group, Inc reported that its 3rd quarter FFO rose to $503.6 million, or $1.43 per share, up from $473.1 million, or $1.38 per share, a year earlier. FFO including a debt extinguishment charge was $318.5 million, or 90 cents per share. Total revenue rose to $979.28 million, up from $924.93 million a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 90 cents per share, on revenue of $932.04 million. Chairman and chief executive officer David Simon said, "I am very pleased with our quarterly results and with today's significant dividend increase. Operating performance was strong as our U.S. regional mall and Premium Outlet portfolio generated comparable property net operating income growth of 3.6% in the third quarter. Our tenants also experienced a strong 10.6% increase in sales in the quarter as compared to the third quarter of 2009." Simon Property Group, Inc. (SPG) closed the previous trading day at $96.02 per share. Analysts covering the company's stock give it a consensus price target of $100.82 per share. Read more from Benzinga's Company news.