Press Release

Simon Property Group Reports First Quarter 2015 Results And Raises Quarterly Dividend And Full Year 2015 Guidance

April 24, 2015

INDIANAPOLIS, April 24, 2015 /PRNewswire/ -- Simon, a leading global retail real estate company, today reported results for the quarter ended March 31, 2015.

Results for the Quarter

  • Funds from Operations ("FFO") was $830.7 million, or $2.28 per diluted share, as compared to $865.3 million, or $2.38 per diluted share, in the prior year period.  Results for the three months ended March 31, 2014 included FFO per diluted share of $0.24 from the Washington Prime Group Inc. ("WPG") properties that were spun-off effective May 28, 2014.  On a comparable basis, FFO per diluted share was $2.28 in the first quarter of 2015 as compared to $2.14 in the first quarter of 2014.
  • Net income attributable to common stockholders was $362.2 million, or $1.16 per diluted share, as compared to $341.6 million, or $1.10 per diluted share, in the prior year period.  On a comparable basis, net income per diluted share was $1.16 in the first quarter of 2015 as compared to $0.99 in the first quarter of 2014.     
  • Growth in FFO per diluted share for the three months ended March 31, 2015 was 6.5%, excluding the FFO from the WPG properties as detailed in the table below.

 

   

Three Months Ended

March 31,

   
   

2015

 

2014

   

Reported FFO per share

 

$2.28

 

$2.38

   

   Less: FFO from WPG properties

 

--

 

(0.24)

   

Comparable FFO per share

 

$2.28

 

$2.14

   

Comparable FFO per share growth

 

6.5%

       
             

Reported earnings per share

 

$1.16

 

$1.10

   

Comparable earnings per share

 

$1.16

 

$0.99

   

Comparable earnings per share growth(1)

 

17.2%

       
   

(1)

For a reconciliation of Reported EPS to Comparable EPS, please see Footnote H of the Footnotes to Unaudited Reconciliation of Non-GAAP Financial Measures.

 

"We are off to a strong start in 2015 with the acquisition of two significant properties and the reporting of strong financial and operational results," said David Simon, Chairman and CEO.  "Given our accomplishments this quarter and our current view for the remainder of 2015, today we raised our quarterly dividend and are increasing our full-year 2015 guidance." 

 

U.S. Malls and Premium Outlets Operating Statistics

 

As of

   
 

 March 31,

 

Year-over-Year

 

2015(1)

 

2014

 

Change

Occupancy(2)                     

95.8%

 

95.5%

 

               +30 bps

Base Minimum Rent

         

      per sq. ft. (2)          

$47.59

 

$42.77

 

+11.3%

Releasing Spread

         

      per sq. ft. (2)(3) 

$11.19

 

$9.90

 

+$1.29

Releasing Spread

         

     (percentage change)(2)(3)  

18.9%

 

19.5%

 

               -60 bps

           

Total Sales per sq. ft.(4)            

$621

 

$576

 

+7.8%

   

(1)

Excludes WPG properties.

(2)

Represents mall stores in Malls and all owned square footage in Premium Outlets.

(3)

Same space measure that compares opening and closing rates on individual spaces leased during trailing 12-month period.

(4)

Trailing 12-month sales per square foot for mall stores less than 10,000 square feet in Malls and all owned square footage in Premium Outlets.

 

Comparable Property Net Operating Income
Comparable property NOI growth for the three months ended March 31, 2015 was 3.5%.  Comparable properties include U.S. Malls, Premium Outlets and The Mills.

Dividends
Today Simon's Board of Directors declared a quarterly common stock dividend of $1.50 per share.  This is a 15.4% increase year-over-year and an increase of $0.10 or 7.1% from the previous quarter.  The dividend will be payable on May 29, 2015 to stockholders of record on May 15, 2015. 

Simon's Board of Directors also declared the quarterly dividend on its 8 3/8% Series J Cumulative Redeemable Preferred Stock (NYSE: SPGPrJ) of $1.046875 per share, payable on June 30, 2015 to stockholders of record on June 16, 2015. 

Development Activity
During the quarter, we completed a 265,000 square foot expansion of Yeoju Premium Outlets, a highly productive center in Seoul, Korea. 

Construction continues on other significant expansion projects including Roosevelt Field, Del Amo Fashion Center, King of Prussia, The Galleria in Houston, Woodbury Common Premium Outlets, Las Vegas North Premium Outlets, San Francisco Premium Outlets and Chicago Premium Outlets

At quarter-end, redevelopment and expansion projects, including the addition of new anchors, were underway at 24 properties in the U.S. and Asia. 

Construction continues on three new Premium Outlets and one new Designer Outlet opening in 2015:

  • Vancouver Designer Outlet in Vancouver, British Columbia, Canada is a 242,000 square foot center scheduled to open in July of 2015.  Simon owns a 45% interest in this project. 
  • Gloucester Premium Outlets in Gloucester, New Jersey, serving the greater Philadelphia metropolitan area, is a 375,000 square foot center scheduled to open in August of 2015.  Simon owns a 50% interest in this project. 
  • Tucson Premium Outlets is a 366,000 square foot center scheduled to open in September of 2015.  Simon owns 100% of this project.
  • Tampa Premium Outlets is a 441,000 square foot center scheduled to open in October of 2015.  Simon owns 100% of this project.

Simon's share of the costs of all development and redevelopment projects under construction at quarter-end was approximately $2.1 billion

Acquisitions
In January 2015, we completed the acquisition of two properties – Jersey Gardens in Elizabeth, New Jersey (renamed The Mills at Jersey Gardens) and University Park Village in Fort Worth, Texas.  The aggregate purchase price was $1.09 billion which includes the assumption of existing mortgage debt of $405 million.   

Joint Venture Transactions
In February 2015, we entered into an agreement with Hudson's Bay Company to form a joint venture.  The joint venture will build on the strength of HBC's existing real estate assets and identify new real estate growth opportunities with a focus on credit tenant, net-leased and multi-tenanted retail buildings in the United States and internationally. 

Subsequent to the quarter end, we created a joint venture with Sears Holdings Corporation that includes 10 Sears stores located at our malls.  Sears Holdings will lease back and continue to operate the existing stores at the properties and the joint venture will have the ability to create additional value through re-developing the contributed properties and re-leasing space at each property to third-party tenants.  In addition to the joint venture, we separately agreed to acquire a Sears Holdings store at the La Plaza Mall in McAllen, Texas. 

Financing Activity
The Company was active in both the unsecured and secured debt markets in the first quarter continuing to lower our effective borrowing costs. 

During the quarter, the Company extended and expanded its $2.0 billion revolving credit facility, increasing the revolver's capacity to $2.75 billion.  This facility can be further increased to $3.5 billion during its term, which will initially mature on June 30, 2019 and can be extended for an additional year to June 30, 2020 at our sole option.  The pricing on the facility was reduced to LIBOR plus 80 basis points and the facility fee was reduced to 10 basis points.

In addition, the Company also increased the maximum aggregate program size of its global commercial paper note program from $500 million to $1 billion, or the non-U.S. dollar equivalent thereof. 

With regard to secured debt activity, we closed or locked rate on three new loans totaling approximately $1.9 billion, or the non-U.S. dollar equivalent thereof, of which SPG's share is $0.9 billion.  The weighted average interest rate on these loans is 3.0% and term is 8.4 years. 

As of March 31, 2015, Simon had over $6 billion of liquidity consisting of $1.2 billion of cash on hand, including its share of joint venture cash, and its available revolving credit facility capacity.

Common Stock Repurchase Program
Subsequent to the quarter end, the Company announced that its Board of Directors authorized a common stock repurchase program.  Under the program, the Company may purchase up to $2 billion of its common stock over the next 24 months as market conditions warrant.  The shares may be purchased in the open market or in privately negotiated transactions. 

2015 Guidance
Today, the Company is raising both the low and high ends of its previously provided full year 2015 FFO range by $0.05 and currently estimates a range of $9.65 to $9.75 per diluted share for the year ending December 31, 2015, with net income to be within a range of $5.10 to $5.20 per diluted share.    

The following table provides the reconciliation for the expected range of estimated net income available to common stockholders per diluted share to estimated FFO per diluted share:

 

For the year ending December 31, 2015

   
 

Low

High

 

End

End

Estimated net income available to common stockholders

   

     per diluted share                                                              

$5.10

$5.20

Depreciation and amortization including Simon's share 

   

     of unconsolidated entities                                             

4.55

4.55

     

Estimated FFO per diluted share                                

$9.65

$9.75

 

Conference Call
Simon will hold a conference call to discuss the quarterly financial results today at 11:00 a.m. Eastern Time, Friday, April 24, 2015.  Live streaming audio of the conference call will be accessible at investors.simon.com.  An online replay will be available until May 8, 2015 at investors.simon.com. 

Supplemental Materials and Website
Supplemental information on our first quarter 2015 performance is available at investors.simon.com. This information has also been furnished to the SEC in a current report on Form 8-K.

We routinely post important information online at our investor relations website, investors.simon.com. We use this website, press releases, SEC filings, quarterly conference calls, presentations and webcasts to disclose material, non-public information in accordance with Regulation FD. We encourage members of the investment community to monitor these distribution channels for material disclosures.  Any information accessed through our website is not incorporated by reference into, and is not a part of, this document.

Non-GAAP Financial Measures
This press release includes FFO, FFO per share, comparable FFO per share, comparable earnings per share and comparable property net operating income growth, which are financial performance measures not defined by generally accepted accounting principles in the United States ("GAAP"). Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in this press release and in Simon's supplemental information for the quarter. FFO and comparable property net operating income growth are financial performance measures widely used in the REIT industry. Our definitions of these non-GAAP measures may not be the same as similar measures reported by other REITs.

Forward-Looking Statements
Certain statements made in this press release may be deemed "forward‑looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward‑looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be attained, and it is possible that actual results may differ materially from those indicated by these forward‑looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: the Company's ability to meet debt service requirements, the availability and terms of financing, changes in the Company's credit rating, changes in market rates of interest and foreign exchange rates for foreign currencies, changes in value of investments in foreign entities, the ability to hedge interest rate and currency risk, risks associated with the acquisition, development, expansion, leasing and management of properties, general risks related to retail real estate, the liquidity of real estate investments, environmental liabilities, international, national, regional and local economic conditions, changes in market rental rates, security breaches that could compromise our information technology or infrastructure or personally identifiable data of customers of our retail properties, trends in the retail industry, relationships with anchor tenants, the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise, risks relating to joint venture properties, the intensely competitive market environment in the retail industry, costs of common area maintenance,  risks related to international activities, insurance costs and coverage, the loss of key management personnel, terrorist activities, changes in economic and market conditions and maintenance of our status as a real estate investment trust. The Company discusses these and other risks and uncertainties under the heading "Risk Factors" in our annual and quarterly reports filed with the SEC.  The Company undertakes no duty or obligation to update or revise these forward‑looking statements, whether as a result of new information, future developments, or otherwise unless required by law.

About Simon
Simon is a global leader in retail real estate ownership, management and development and a S&P100 company (Simon Property Group, NYSE: SPG). Our industry-leading retail properties and investments across North America, Europe and Asia provide shopping experiences for millions of consumers every day and generate billions in annual retail sales. For more information, visit simon.com.

 

Simon Property Group, Inc. and Subsidiaries
Unaudited Consolidated Statements of Operations
(Dollars in thousands, except per share amounts)

   
   
   
 

For the Three Months

 

Ended March 31,

 

2015

2014

     

REVENUE:

   

Minimum rent

$ 753,445

$ 722,283

Overage rent

38,957

31,674

Tenant reimbursements

340,170

325,471

Management fees and other revenues

35,078

30,607

Other income

48,585

46,987

Total revenue

1,216,235

1,157,022

     

EXPENSES:

   

Property operating

99,757

94,947

Depreciation and amortization

288,106

280,493

Real estate taxes

106,888

94,305

Repairs and maintenance

29,734

29,766

Advertising and promotion

18,756

22,619

Provision for credit losses

3,847

4,423

Home and regional office costs

35,903

35,288

General and administrative

14,999

14,855

Other

19,074

19,361

Total operating expenses

617,064

596,057

     

OPERATING INCOME

599,171

560,965

     

Interest expense

(232,173)

(254,234)

Income and other taxes

(6,362)

(6,863)

Income from unconsolidated entities

64,872

57,078

Gain upon acquisition of controlling interests and sale or disposal of assets

   

and interests in unconsolidated entities, net

-

2,655

     

Consolidated income from continuing operations

425,508

359,601

Discontinued operations and gain on disposal

-

41,502

     

CONSOLIDATED NET INCOME

425,508

401,103

     

Net income attributable to noncontrolling interests

62,500

58,621

Preferred dividends

834

834

     

NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS

$ 362,174

$ 341,648

     
     

BASIC AND DILUTED EARNINGS PER COMMON SHARE:

   

Income from continuing operations

$ 1.16

$ 0.99

Discontinued operations

-

0.11

Net income attributable to common stockholders

$ 1.16

$ 1.10

 

 

Simon Property Group, Inc. and Subsidiaries
Unaudited Consolidated Balance Sheets
(Dollars in thousands, except share amounts)

 
 
 
 
 

March 31,

December 31,

 

2015

2014

ASSETS:

   

Investment properties at cost

$ 32,537,403

$ 31,318,532

Less - accumulated depreciation

9,146,094

8,950,747

 

23,391,309

22,367,785

Cash and cash equivalents

833,732

612,282

Tenant receivables and accrued revenue, net

523,734

580,197

Investment in unconsolidated entities, at equity

2,158,205

2,378,800

Investment in Klepierre, at equity

1,516,749

1,786,477

Deferred costs and other assets

1,851,798

1,806,789

    Total assets

$ 30,275,527

$ 29,532,330

     

LIABILITIES:

   

Mortgages and unsecured indebtedness

$ 21,694,055

$ 20,852,993

Accounts payable, accrued expenses, intangibles, and deferred revenues

1,122,444

1,259,681

Cash distributions and losses in partnerships and joint ventures, at equity

1,372,575

1,167,163

Other liabilities

295,853

275,451

    Total liabilities

24,484,927

23,555,288

     

Commitments and contingencies

   

Limited partners' preferred interest in the Operating Partnership

25,537

25,537

     

EQUITY:

   

Stockholders' Equity

   

Capital stock (850,000,000 total shares authorized,  $ 0.0001 par value, 238,000,000

   

    shares of excess common stock, 100,000,000 authorized shares of preferred stock):

   
     

Series J 8 3/8% cumulative redeemable preferred stock, 1,000,000 shares authorized,

   

    796,948 issued and outstanding with a liquidation value of $ 39,847

43,980

44,062

     

Common stock, $ 0.0001 par value, 511,990,000 shares authorized, 314,803,818 and

   

    314,320,664 issued and outstanding, respectively

31

31

     

Class B common stock, $ 0.0001 par value, 10,000 shares authorized, 8,000

   

    issued and outstanding

-

-

     

Capital in excess of par value

9,437,338

9,422,237

Accumulated deficit

(4,289,099)

(4,208,183)

Accumulated other comprehensive loss

(151,831)

(61,041)

Common stock held in treasury at cost, 3,543,043 and 3,540,754 shares, respectively

(103,974)

(103,929)

    Total stockholders' equity

4,936,445

5,093,177

Noncontrolling interests

828,618

858,328

    Total equity

5,765,063

5,951,505

    Total liabilities and equity

$ 30,275,527

$ 29,532,330

 

 

Simon Property Group, Inc. and Subsidiaries

 

Unaudited Joint Venture Statements of Operations

 

(Dollars in thousands)

 
         
         
   
   
 

For the Three Months Ended

March 31,

 
 

2015

 

2014

 
         

Revenue:

       

Minimum rent

$ 433,781

 

$ 424,785

 

Overage rent

51,180

 

48,797

 

Tenant reimbursements

194,487

 

192,793

 

Other income

53,995

 

112,706

 

Total revenue

733,443

 

779,081

 
         

Operating Expenses:

       

Property operating

130,804

 

161,421

 

Depreciation and amortization

141,659

 

152,148

 

Real estate taxes

58,574

 

54,791

 

Repairs and maintenance

20,361

 

19,641

 

Advertising and promotion

16,702

 

18,810

 

Provision for credit losses

1,853

 

3,108

 

Other

44,428

 

52,929

 

Total operating expenses

414,381

 

462,848

 
         

Operating Income

319,062

 

316,233

 
         

Interest expense

(147,020)

 

(151,637)

 

Income from Continuing Operations

172,042

 

164,596

 

Income from operations of discontinued joint venture interests

-

 

2,985

 

Net Income

$ 172,042

 

$ 167,581

 
         

Third-Party Investors' Share of Net Income

$ 89,114

 

$ 89,313

 
         

Our Share of Net Income

82,928

 

78,268

 

Amortization of Excess Investment (A)

(24,154)

 

(25,598)

 

Our Share of Income from Unconsolidated Discontinued Operations

-

 

(345)

 
         

Income from Unconsolidated Entities (B)

$ 58,774

 

$ 52,325

 
         
         

Note: The above financial presentation does not include any information related to our investment in Klepierre S.A.

("Klepierre"). For additional information, see footnote B.

 

 

Simon Property Group, Inc. and Subsidiaries

Unaudited Joint Venture Balance Sheets

(Dollars in thousands)

 
 
 
 

March 31,

 

December 31,

 

2015

 

2014

Assets:

     

Investment properties, at cost

$ 16,010,766

 

$ 16,087,282

Less - accumulated depreciation

5,525,606

 

5,457,899

 

10,485,160

 

10,629,383

Cash and cash equivalents

763,917

 

993,178

Tenant receivables and accrued revenue, net

308,358

 

362,201

Investment in unconsolidated entities, at equity

-

 

11,386

Deferred costs and other assets

507,735

 

536,600

Total assets

$ 12,065,170

 

$ 12,532,748

       

Liabilities and Partners' Deficit:

     

Mortgages

$ 13,629,050

 

$ 13,272,557

Accounts payable, accrued expenses, intangibles, and deferred revenue

861,041

 

1,015,334

Other liabilities

440,651

 

493,718

Total liabilities

14,930,742

 

14,781,609

       

Preferred units

67,450

 

67,450

Partners' deficit

(2,933,022)

 

(2,316,311)

Total liabilities and partners' deficit

$ 12,065,170

 

$ 12,532,748

       

Our Share of:

     

Partners' deficit

$ (1,064,025)

 

$ (663,700)

Add: Excess Investment (A)

1,849,655

 

1,875,337

Our net Investment in unconsolidated entities, at equity

$ 785,630

 

$ 1,211,637

       

Note: The above financial presentation does not include any information related to our investment in Klepierre.  

          For additional information, see footnote B attached hereto.

     

 

 

Simon Property Group, Inc. and Subsidiaries

Unaudited Reconciliation of Non-GAAP Financial Measures (C)          

(Amounts in thousands, except per share amounts)

               

Reconciliation of Consolidated Net Income to FFO 

           
         

For the Three Months Ended

         

March 31,

         

2015

 

2014

               

Consolidated Net Income (D)

 

$           425,508

 

$         401,103

Adjustments to Arrive at FFO:

       
               
 

Depreciation and amortization from consolidated 

     
 

     properties 

   

284,227

 

322,604

 

Our share of depreciation and amortization from

     
 

     unconsolidated entities, including Klepierre

123,884

 

147,256

 

Gain upon acquisition of controlling interests and sale or disposal

     
 

     of assets and interests in unconsolidated entities, net

-

 

(2,897)

 

Net income attributable to noncontrolling interest holders in

     
 

     properties

   

(690)

 

(523)

 

Noncontrolling interests portion of depreciation and amortization

(885)

 

(897)

 

Preferred distributions and dividends

(1,313)

 

(1,313)

FFO of the Operating Partnership (E)

$           830,731

 

$         865,333

               
               

Diluted net income per share to diluted FFO per share reconciliation:

     

Diluted net income per share

 

$                 1.16

 

$              1.10

 

Depreciation and amortization from consolidated properties

     
 

     and our share of depreciation and amortization from 

     
 

     unconsolidated entities, including Klepierre, net of noncontrolling 

     
 

     interests portion of depreciation and amortization

1.12

 

1.29

 

Gain upon acquisition of controlling interests and sale or disposal

     
 

     of assets and interests in unconsolidated entities, net

-

 

(0.01)

Diluted FFO per share  (F)

 

$                 2.28

 

$              2.38

               

Details for per share calculations:

       
               

FFO of the Operating Partnership (E)

$           830,731

 

$         865,333

Diluted FFO allocable to unitholders

(120,305)

 

(124,878)

Diluted FFO allocable to common stockholders (G)

$           710,426

 

$         740,455

               

Basic and Diluted weighted average shares outstanding

311,101

 

310,623

Weighted average limited partnership units outstanding

52,683

 

52,386

               

Basic and Diluted weighted average shares and units outstanding

363,784

 

363,009

               

Basic and Diluted FFO per Share (F)

$                 2.28

 

$              2.38

 

 

Simon Property Group, Inc. and Subsidiaries

Footnotes to Unaudited Reconciliation of Non-GAAP Financial Measures

                         

Notes:  

                     
                         

(A)

Excess investment represents the unamortized difference of our investment over equity in the underlying net assets of the related partnerships and joint ventures shown therein.  The Company generally amortizes excess investment over the life of the related properties.

                         

(B)

The Unaudited Joint Venture Statements of Operations do not include any operations or our share of net income or excess investment amortization related to our investment in Klepierre.  Amounts included in Footnotes D below exclude our share of related activity for our investment in Klepierre.  For further information, reference should be made to financial information in Klepierre's public filings and additional discussion and analysis in our Form 10-Q.

                         

(C)

This report contains measures of financial or operating performance that are not specifically defined by GAAP, including FFO, FFO per share, comparable FFO per share and comparable EPS.  FFO is a performance measure that is standard in the REIT business.  We believe FFO provides investors with additional information concerning our operating performance and a basis to compare our performance with those of other REITs.  We also use these measures internally to monitor the operating performance of our portfolio. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs.

                         
 

We determine FFO based upon the definition set forth by the National Association of Real Estate Investment Trusts ("NAREIT"). We determine FFO to be our share of consolidated net income computed in accordance with GAAP, excluding real estate related depreciation and amortization, excluding gains and losses from extraordinary items, excluding gains and losses from the sales or disposals of, or any impairment charges related to, previously depreciated retail operating properties, plus the allocable portion of FFO of unconsolidated joint ventures based upon economic ownership interest, and all determined on a consistent basis in accordance with GAAP. 

                         
 

We have adopted NAREIT's clarification of the definition of FFO that requires it to include the effects of nonrecurring items not classified as extraordinary, cumulative effect of accounting changes, or a gain or loss resulting from the sale or disposal of, or any impairment charges relating to, previously depreciated retail operating properties. We include in FFO gains and losses realized from the sale of land, outlot buildings, marketable and non-marketable securities, and investment holdings of non-retail real estate. However, you should understand that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income determined in accordance with GAAP as a measure of operating performance, and is not an alternative to cash flows as a measure of liquidity.

                         

(D)

Includes our share of: 

           
                         

-

Gains on land sales of $0.1 million and $6.8 million for the three months ended March 31, 2015 and 2014, respectively.

                         

-

Straight-line adjustments to minimum rent of $16.4 million and $14.0 million for the three months ended March 31, 2015 and 2014, respectively (including $0.1 million related to WPG in 2014).

                         

-

Amortization of fair market value of leases from acquisitions of $3.4 million and $5.4 million for the three months ended March 31, 2015 and 2014, respectively (including $0.2 million related to WPG in 2014).

   

-

Debt premium amortization of $7.2 million and $16.1 million for the three months ended March 31, 2015 and 2014, respectively (including $0.1 related to WPG in 2014).

   

(E)

Includes FFO of the operating partnership related to WPG of $88.4 million for the three months ended March 31, 2014.

                         

(F)

Includes Basic and Diluted FFO per share related to WPG operations of $0.24 for the three months ended March 31, 2014.

                         

(G)

Includes Diluted FFO allocable to common stockholders related to WPG of $75.6 million for the three months ended March 31, 2014.

                         

(H)

Reconciliation of reported earnings per share to comparable earnings per share.

                         
           

THREE MONTHS

   
           

ENDED

   
           

MARCH 31,

   
                         
           

2015

 

2014

       
   

Reported earnings per share

 

$    1.16

 

$    1.10

       
   

   Less: Earnings per share from WPG properties

-

 

(0.11)

       
   

Comparable earnings per share

 

$    1.16

 

$    0.99

       
   

Comparable earnings per share growth

 

17.2%

           

 

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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/simon-property-group-reports-first-quarter-2015-results-and-raises-quarterly-dividend-and-full-year-2015-guidance-300071622.html

SOURCE Simon

Tom Ward, 317-685-7330, Investors; Les Morris, 317-263-7711, Media