Simon Property Group Inc. (NYSE: SPG), the largest shopping mall operator and owner in the U.S., reported Friday that its fourth-quarter results dropped, hurt partly by an impairment charge, according to Associated Press.
Funds from operations, or FFO, fell 10 percent to $485.2 million, or $1.40 per share, from $540.5 million, or $1.86 per share a year ago. Excluding impairment charges, FFO totaled $1.66 per share.
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The company’s performance beat analyst expectations of FFO of $1.52 per share, according to a poll by Thomson Financial. Analyst estimates typically exclude one-time items.
Net income fell 37 percent to $91.5 million, or 32 cents per share, from $145.2 million, or 64 cents per share last year.
Revenue was nearly flat at $1.028 billion from $1.029 billion last year.
About 92.1 percent of the regional malls the company operates were occupied, nearly flat with the 92.4 percent occupancy rate from a year ago. About 98 percent of its premium outlet centers were occupied, from 98.9 percent last year.
For the year, FFO fell 6 percent to $1.75 billion, or $5.33 per share, from $1.85 billion, or $6.42 per share last year.
Simon Property Group issued 52.1 million shares through public offerings and dividends in 2009. The impact to FFO per share was 22 cents for the quarter and 57 cents for the year and the impact to net income per share was 10 cents for the quarter and 21 cents for the year. Net income per share was also hurt by 9 cents for the quarter and the year due to losses on the sale of assets.
For the year ending Dec. 31, the company expects FFO of $5.25 to $5.40 per share, or $5.72 to $5.87 per share, excluding items. Analysts expect FFO of $5.46 per share.
Finally, Simon declared a dividend of 60 cents, payable on Feb. 26 to shareholders of record as of Feb. 16.
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