INDIANAPOLIS-Outlet Malls are the best bet for current retaildevelopment, said Simon Property Group executivesduring a first quarter conference call this morning. DavidSimon, chairman and CEO, said that his mega mall REIT willconcentrate on redeveloping current properties and building newoutlet malls, not lifestyle centers, for the near future.
The company owns or has an interest in 337 retail properties inNorth America and Asia, and has plans for up to 14 outlet centers in Brazil. During the first quarter,Simon also acquired a 28.7% stake in Paris-basedKlepierre with 271 shopping centers in 13 Europeancountries.
In the first quarter, Simon recorded impressive results, as FFOincreased by $648.7 million, from $570.6 million in Q1 2010. Also,total sales per square foot for the company’s total portfolio rosefrom $491 to $546 from a year ago, an 11.2% increase. Totaloccupancy is at 93.6% for the trust.
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