Simon Property Group, Inc. has announced results for the quarter ended March 31, 2007:
- Funds from operations ("FFO") of the Simon portfolio for the quarter increased 9.3% to $392.4 million from $358.9 million in the first quarter of 2006. On a diluted per share basis the increase was 8.7% to $1.37 from $1.26 in 2006.
- Net income available to common stockholders for the quarter decreased 5.4% to $98.4 million from $104.0 million in the first quarter of 2006. On a diluted per share basis the decrease was 6.4% to $0.44 from $0.47 in 2006. The decrease in net income is primarily the result of gains recognized in 2006 on the sale of interests in unconsolidated entities. Gains from real estate transactions do not impact FFO.
The Company announced a quarterly common stock dividend of $0.84 per share. This dividend will be paid on May 31, 2007 to stockholders of record on May 17, 2007.
The Company also declared dividends on its three outstanding public issues of preferred stock:
- 7.89% Series G Cumulative Preferred (NYSE: SPGPrG) dividend of $0.98625 per share is payable on June 29, 2007 to stockholders of record on June 15, 2007.
- 6% Series I Convertible Perpetual Preferred (NYSE: SPGPrI) dividend of $0.75 per share is payable on May 31, 2007 to stockholders of record on May 17, 2007.
- 8 3/8% Series J Cumulative Redeemable Preferred (NYSE: SPGPrJ) dividend of $1.046875 per share is payable on June 29, 2007 to stockholders of record on June 15, 2007.
US Development Activity
On March 9th, the Company opened The Domain, an open-air town center which combines 700,000 square feet of luxury fashion, retail and restaurant space; 75,000 square feet of Class A office space; and 390 high-end apartments in Austin, Texas.
The Domain is anchored by Macy's and the first Neiman Marcus in central Texas. Of The Domain's 75 retailers, more than 30 high-end retailers and restaurants make their Austin-area debuts at the property. Stores range from innovative home decor retailers such as Z Gallerie to fashion retailers Lilly Pulitzer and Juicy Couture. Other exclusive retailers include Tiffany, Intermix and Louis Vuitton. New restaurants include Kona Grill, North, Daily Grill, Jasper's, Joe DiMaggio's Italian Chophouse, Fleming's Prime Steakhouse and California Pizza Kitchen.
On March 15th, the Company announced the start of construction on Houston Premium Outlets. This 430,000 square-foot outlet center will bring upscale outlet shopping to the Houston market. The 75 acre property is located in northwest Houston off of U.S. Highway 290 between Mason Road and Fairfield Drive in Cypress, Texas. The center will be a single-level, village-style project with a Southwest architectural theme. Houston Premium Outlets will house 120 outlet stores and will feature high-quality designer and name brands serving the area's permanent population as well as visitors to the area.
The Company continues construction on:
- The Village at SouthPark - a mixed-use project comprised of residential and retail components located adjacent to Simon's highly successful SouthPark in Charlotte, North Carolina. Crate & Barrel opened in November of 2006, with the remaining retail and the residential component of 150 luxury apartments scheduled to open this summer.
- Palms Crossing - a community center in McAllen, Texas. The 385,000 square foot first phase of the center is scheduled to open in November of 2007.
- Philadelphia Premium Outlets - a 430,000 square foot upscale manufacturers' outlet center located in Limerick, Pennsylvania, 35 miles northwest of Philadelphia. The center is scheduled to open in November of 2007.
- Hamilton Town Center - a 950,000 square foot open-air retail center located in Noblesville, Indiana. The center is scheduled to open in May of 2008.
- Pier Park - a 920,000 square foot community/lifestyle center located in Panama City Beach, Florida. Target has already opened at the center and a 16-screen theater is scheduled to open in May of 2007