Chelsea Property Group Reports 19% Increase in First Quarter Funds from Operations; Premium Outlet Same-Space Sales Up 15%.

Business Wire › May 05, 2004

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Chelsea Property Group Reports 19% Increase in First Quarter Funds from Operations; Premium Outlet Same-Space Sales Up 15%.

Business Editors

ROSELAND, N.J.--(BUSINESS WIRE)--May 5, 2004

Chelsea Property Group, Inc. (NYSE: CPG) today reported operating results for the first quarter ended March 31, 2004.

First quarter funds from operations (FFO) before minority interest rose 19% to $47.1 million from $39.4 million in the first quarter of 2003, and diluted FFO per share rose 16% to $0.89 from $0.77, respectively. First quarter net income available to common shareholders rose to $24.2 million, or $0.53 per diluted share, from $18.4 million, or $0.43 per diluted share, in the year-earlier period.

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