"NEW YORK, Nov 3 (Reuters) - Simon Property Group Inc SPG.N, the largest U.S. mall owner and operator, reported a 10.8 percent increase in quarterly funds from operations as higher rents, especially from its outlet centers, offset vacancy declines.
Third-quarter FFO, a performance measure for real estate investment trusts, was $463.9 million, or $1.61 per share, beating the average of analysts' forecasts by 4 cents as determined by Reuters Estimates and up from $418.7 million, or $1.46 per share, a year earlier.
FFO removes from net earnings the profit-reducing effect of depreciation, a noncash accounting item. Under Generally Accepted Accounting Principles (GAAP), Simon posted net earnings of $112.8 million, or 50 cents per share."
Great to see its not all doom and gloom in the US. Centro's quarterly stats are due out any day.
CNP Price at posting:
7.4¢ Sentiment: Hold Disclosure: Held
