Simon Property Group was the first regional mall REIT to report fourth quarter results. (It's having its conference call at 11:00 and you can listen in via Webcast here).
The firm's results are very strong. Funds from operations for the fourth quarter were $1.76 on a per diluted share basis, up 12.7 percent and $5.90 per diluted share for the full year, up 10.1 percent.
And here are some other interesting stats from its portfolio.
| Metric | As of Dec. 31, 2007 | As of Dec. 31, 2006 | Change |
|---|---|---|---|
| Mall Occupancy | 93.5% | 93.2% | +30 basis points |
| Premium Outlets Occupancy | 99.7% | 99.4% | +30 basis points |
| Community/Lifestyle Centers Occupancy | 94.1% | 93.2% | +90 basis points |
| Mall Sales per Sq. Ft. | $491 | $476 | +3.2% |
| Premium Outlets Sales | $504 | $471 | +7.0% |
| Mall Rent per Sq. Ft. | $37.09 | $35.38 | +4.8% |
| Premium Outlet Centers | $25.67 | $24.23 | +5.9% |
| Community/Lifestyle Centers | $12.43 | $11.82 | +5.2% |
For 2008, the company is providing guidance of full year FFO of $6.25 to $6.45 per share. It is projecting occupancies will be down slightly to where they are now, but is projecting it will be able to raise rents. Its projected releasing spreads are 15% to 25% on its mall portfolio, 25% to 35% on its Premium Outlet Centers and 5% to 15% on its Community and Lifestyle Centers.