Simon Property Group, Inc. today announced results for the quarter ended March 31, 2002. Diluted funds from operations increased 7.5% to $148.4 million from $138.0 million in 2001. On a per share basis the increase was 6.8% to $0.79 per share from $0.74 per share in 2001.
Net income available to common shareholders decreased 3.0% to $30.0 million from $30.9 million in 2001. Diluted earnings per share were $0.17 per share for the first quarter of 2002 as compared to $0.18 in 2001.
Funds from operations and net income available to shareholders were negatively impacted by $0.02 per share in the first quarter of 2002 due to a $5.4 million currency hedge expense related to the acquisition of assets from Rodamco North America N.V. ('RNA'). SFAS 133 requires that this charge, reflected in other expenses, be recorded each quarter. This hedge, which was unwound in contemplation of the RNA acquisition closing on May 3rd, will generate a gain in the second quarter in excess of the first quarter expense.
Occupancy for mall and freestanding stores in the regional malls at March 31, 2002 was 90.9% as compared to 90.2% at March 31, 2001. Total retail sales per square foot were $377 per square foot at March 31, 2002, a 1.0% decrease from $381 at March 31, 2001, while comparable retail sales per square foot were $383 per square foot, a 1.5% decrease from $389 at March 31, 2001. Average base rents for mall and freestanding stores in the regional mall portfolio were $29.51 per square foot at March 31, 2002, an increase of $0.91 or 3.2% from March 31, 2001. The average initial base rent for new mall store leases signed during the quarter was $37.64, an increase of $6.60 or 21.3% over the tenants who closed or whose leases expired.
For more information please visit www.simon.com.
(source: Simon Property)