Cincinnati Premium Outlets profits fall

Simon Property Group Inc., which owns the Cincinnati Premium Outlets mall in Monroe, reported a drop in earnings for the first quarter as the company recorded a charge to pay off debt.

Simon, which owns Cincinnati Premium Outlets operators Chelsea Property Group, said Friday, April 30, that its funds from operations dropped to $325.6 million, or 94 cents a share, from $476.8 million, or $1.61, in the first quarter 2009. The debt cost came to $165.6 million, or 47 cents a share. Revenue increased 0.7 percent to $925.1 million.

As of March 31, about 92 percent of the company’s retail spaces were occupied, slightly lower than the fourth quarter. Comparable sales per square foot remained on par with last year’s results at $467.

Some improvement in revenue among Simon’s tenants prompted the company to raise the low end of its full-year profit forecast to $5.77 from $5.72 per diluted share. The highest it is projected to gain in 2010 is $5.87 per diluted share, according to the earnings report.

For the full article by Jessica Heffner, Staff Writer Dayton Daily News.