Simon Property Raises 2013 Forecast as Second-Quarter FFO Jumps
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Simon Property Group Inc., the largest U.S. mall owner, reported an increase in second-quarter funds from operations and raised its FFO forecast for the year as it redevelops centers domestically and expands overseas.
FFO, which gauges a property company’s ability to generate cash, rose to $766.3 million, or $2.11 a share, from $688.8 million, or $1.89, a year earlier, the Indianapolis-based real estate investment trust said today in a statement. The average of 21 analyst estimates compiled by Bloomberg was $2.07 a share.