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Simon Reports $485M FFO for Q4

INDIANAPOLIS-The retail Goliath will part ways with its French and Polish interests and continue with its acquisition of Prime Outlets.

By Ryan Clark | Updated on February 05, 2010

INDIANAPOLIS-The Simon Property Group, Inc. has released its FFO for the fourth quarter, raking in $485.2 million or $1.4 per diluted share. This was down year-over-year from $540.5 million. For 4Q09, Simon recorded impairment charges of $81.1 million.

Comparable sales per square foot were $433 in 4Q09 versus Q8′s $470 for their regional malls, while the premium outlet centers were closer, dropping only $9 year-over-year from $509 in 4Q09.

This quarter saw Simon agree to acquire the entirety of Prime Outlets Acquisition Co.’s outlet shopping center business and “certain affiliated entities” for approximately $2.33 billion, including “the assumiong of Prime Outlets’ existing indebtedness and preferred stock.” Prime Outlets will receive an equity consideration of approximately $700 million for the purchase consisting of 80% cash and 20% common partnership units in the subsidiary Simon Property Group, L.P. The Prime Outlet portfolio is made up of 22 outlet centers.

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