Simon Property Group today raised its full year outlook as first quarter earnings increased 6.5 percent on higher occupancy and rent figures.
For the quarter ended March 31, Simon earned $362 million, or $1.16 a share, up from $341 million, or $1.10 a share in the previous year’s same quarter. Revenue grew 5.1 percent to $1.22 billion. Analysts were expecting a profit of $1.06.
Occupancy in US malls was 95.8 percent, up from 95.5 percent in last year’s first quarter and rents increased 11 percent to $47.59.
Simon last month bid $16.8 million to acquire rival Macerich, but was rebuffed and withdrew its offer.
For the full year, Simon expects earnings per share of $5.10 to $5.20, up from its previous guidance of $5.10 to $5.15.