Simon then boosted the low end of its full-year FFO forecast, to a range of $5.40 to $5.50 per share, up from earlier estimates of $5.35 to $5.50 per share. Meanwhile, net income declined 7 percent to $105.5 million, or 38 cents per share. Analysts polled by Thomson Reuters had expected $1.32 per share. FFO adds depreciation and amortization expenses, as well as other non-operating items, back to net income. Funds from operations grew to $473.1 million, or $1.38 per share, from $463.9 million, or $1.61 per share, during the same period a year ago.
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In October, Simon reported funds from operations improved in the third quarter on lower expenses but occupancy at regional malls and premium outlets slipped about 1 percent. Simon expects the transaction to add immediately to its funds from operations, a widely used gauge of real estate operating performance. The price will be based on a 10-day trading average of Simon common stock shortly before closing. Under the terms of the agreement, Simon will pay about $700 million for the owners' interests in Prime Outlets, comprising 80 percent of existing cash on hand and 20 percent in Simon common operating partnership units. Simon Property shares rose 93 cents to $74.83 in morning trading. At the end of the third quarter, the company owned 387 properties with 262 million square feet, including sites in Europe and China. Simon also owns regional malls and other assets. Once the deal is completed, Simon will have 63 outlet centers with about 25 million square feet. Prime Outlets, based in Baltimore, owns, manages, operates and develops 22 outlet centers in major metropolitan areas including Washington and Orlando, Fla. The $2.3 billion deal includes assumption of Prime Outlets' debt and preferred stock. First and foremost, Simon cares about happy, healthy retailers because those are their tenants, said Neel Grover, CEO of Shop Premium Outlets in an interview with Retail TouchPoints. said Tuesday it will buy the outlet shopping centers owned by Prime Outlets Acquisition Co., solidifying its position as the nation's largest public real estate company. Woodbury Commons in NY, one of Simon’s Premium Outlets locations.
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