Simon Property Group, Inc. today announced results for the quarter and nine months ended September 30, 2002. Diluted funds from operations for the quarter increased 14.3% to $186.1 million from $162.8 million in 2001. On a per share basis, the increase was 8.0% to $0.94 per share from $0.87 per share in 2001.
Net income available to common shareholders increased to $58.9 million from $36.3 million in 2001. Diluted earnings per share for the quarter were $0.32 per share as compared to $0.21 in 2001.
Diluted funds from operations for the nine months increased 12.2% to $502.2 million from $447.5 million in 2001. On a per share basis, the increase was 9.2% to $2.61 per share from $2.39 per share in 2001.
Net income available to common shareholders increased to $262.1 million from $103.9 million in 2001. Diluted earnings per share for the nine months were $1.47 as compared to $0.60 in 2001.
Occupancy for mall and freestanding stores in the regional malls at September 30, 2002 was 91.9% as compared to 90.6% at September 30, 2001. Total retail sales per square foot were $385 per square foot at September 30, 2002 compared to $378 at September 30, 2001, while comparable retail sales per square foot were $391 per square foot compared to $380 at September 30, 2001.
Average base rents for mall and freestanding stores in the regional mall portfolio were $30.37 per square foot at September 30, 2002, an increase of $1.34 or 4.6%, from September 30, 2001. The average initial base rent for new mall store leases signed during the first nine months of 2002 was $39.96, an increase of $7.81 or 24.3% over the tenants who closed or whose leases expired.
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(source: Simon Property Group)
