Simon Property Group, Inc. yesterday announced results for the quarter and six months ended June 30, 2002. Diluted funds from operations for the quarter increased 14.2% to $167.9 million from $147.0 million in 2001.
On a per share basis, the increase was 12.7% to $0.89 per share from $0.79 per share in 2001. Net income available to common shareholders increased to $173.2 million from $36.7 million in 2001. Diluted earnings per share for the quarter were $0.97 per share as compared to $0.21 in 2001.
Diluted funds from operations for the six months increased 11.0% to $316.3 million from $285.0 million in 2001. On a per share basis, the increase was 9.2% to $1.67 per share from $1.53 per share in 2001. Net income available to common shareholders increased to $203.2 million from $67.7 million in 2001. Diluted earnings per share for the six months were $1.16 as compared to $0.39 in 2001.
Occupancy for mall and freestanding stores in the regional malls at June 30, 2002 was 91.5% as compared to 90.3% at June 30, 2001. Total retail sales per square foot were $384 per square foot at June 30, 2002 compared to $380 at June 30, 2001, while comparable retail sales per square foot were $390 per square foot compared to $388 at June 30, 2001. Average base rents for mall and freestanding stores in the regional mall portfolio were $30.03 per square foot at June 30, 2002, an increase of $1.19 or 4.1%, from June 30, 2001. The average initial base rent for new mall store leases signed during the first six months of 2002 was $39.59, an increase of $7.39 or 23.0% over the tenants who closed or whose leases expired.
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(source: Simon Property)
