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Simon Q2 FFO Jumps 30%

INDIANAPOLIS-Retail REIT Simon Property Group reports a 30.1% increase in Q2 FFO and raises its 2005 guidance.

By Dana Dubriwny | Updated on July 29, 2005

INDIANAPOLIS-Simon Property Group released better-than-expected results for the quarter and six months ended June 30. Richard S. Sokolov, president and chief operating officer told investors during Thursday’s earnings call that the REIT was “pleased to report another excellent quarter with strong financial and operational results.”

Diluted funds from operations–considered a key measure of a REIT’s operating performance–for the quarter increased 30.1% to $349.4 million from $268.5 million in 2004. On a per share basis the increase was 16.8% to $1.18 from $1.01 in the second quarter of 2004. Diluted FFO of the Simon portfolio for the six months increased 30.7% to $683.2 million from $522.8 million in 2004. On a per share basis the increase was 17.3% to $2.31 per share from $1.97 per share in 2004.

BofA Securities Equity released a report stating that Simon’s reported FFO was 6 cents above Wall Street estimates. “The upside does not appear to relate to one item, but looks to be primarily due to higher-than-expected percentage rents, unexpected credit loss recoveries, modestly lower-than-expected G&A and higher-than-expected ‘other income,’” BofA reports.

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