Sponsored
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.
RELATED CONTENT: WWD Earnings Tracker >>
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.
Click Here for the WWD Global Stock Tracker >>
