Fourth-quarter FFO increased to $507.7 million, or $1.76 per share, from $450.4 million, or $1.57 per share, a year earlier.
NEW YORK (Reuters) - Simon Property Group Inc <SPG.N>, the largest U.S. mall operator, on Friday posted better-than-expected quarterly funds from operations, which rose nearly 13 percent despite a write-off for a master-planned community in Arizona.
Fourth-quarter FFO increased to $507.7 million, or $1.76 per share, from $450.4 million, or $1.57 per share, a year earlier.
The results include a charge of 12 cents a share for the write-off of an investment in a Phoenix residential joint venture with home builder Toll Brothers Inc <TOL.N>.
Simon earlier had cut its 2007 forecast to account for the Phoenix charge, which it originally estimated at 11 cents.
!ADVERTISEMENT!Still, the results easily beat the analysts' average FFO forecast of $1.66 a share, which included the write-off, according to Reuters Estimates.
Simon, based in Indianapolis, said that for 2008, it expected to report FFO of $6.25 to $6.45 per share, excluding charges.
FFO is a measure of real estate investment trust performance that factors out depreciation and land sales.
In the fourth quarter, net income available to common stockholders fell 44.8 percent to $112.9 million, or 51 cents per share, from $204.7 million, or 92 cents per share, a year earlier. The decline was chiefly due to asset sales and the impairment charge.
(Reporting by Ilaina Jonas; Editing by Lisa Von Ahn)
