Simon Raises Guidance on FFO Gains

INDIANAPOLIS—The shopping center REIT's “strong momentum:” continued into the quarter that ended June 30, says David Simon, chairman and CEO.

By Paul Bubny | Updated on July 23, 2014

INDIANAPOLIS—Simon Property Group‘s second-quarter funds from operations nudged analysts’ expectations by two or three cents per share, reaching $783.8 million or $2.16 per diluted share. Analysts polled by Thomson Reuters had projected an average of $2.14 per share, while Street Insider.com reported a consensus of $2.13. The shopping center REIT raised its full-year guidance, after cutting it in May following the spinoff of smaller properties into a separate real estate trust.

“I am very pleased with our quarterly results as our strong momentum continued, with 5.6% quarterly growth in comparable property net operating income,” says David Simon, chairman and CEO. “It was also an eventful quarter, with our completion of the Washington Prime Group spin-off and the re-launch of our brand.”

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