Oct 30 (Reuters) - Simon Property Group (SPG) SPG.N on Monday lifted its annual FFO forecast after topping market expectations for the third quarter on strong leasing demand and higher rental rates at the commercial real estate investment trust's mall spaces.
SPG, which counts luxury retailer LVMH LVMH.PA among its top tenants, expects full-year 2023 funds from operations per share in the range of $12.15 to $12.25, compared with its earlier forecast of $11.85-$11.95 per share.
Occupancy at its malls and premium outlets rose 70 basis points to 95.2%, as against last year, while base minimum rent per square foot rose by 2.9% to $56.41.
The company's revenue from lease income was $1.30 billion, compared to $1.22 billion a year ago, while total revenue came in at $1.41 billion. Analysts on average estimated revenue of $1.27 billion, as per LSEG data.
Funds from operations in the third-quarter rose to $3.20 per share, from $2.93 per share a year ago. Analysts had expected FFO of $2.97 per share.
(Reporting by Juveria Tabassum; Editing by Shailesh Kuber)