Simon FFO Hits $4B Mark For 2017

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INDIANAPOLIS -

Indianapolis-based Simon Property Group Inc. (NYSE: SPG) is reporting full-year Funds from Operations of $4.02 billion in 2017, up from $3.8 billion the previous year. The Real Estate Investment Trust is also reporting net income of $1.9 billion, up from $1.8 billion in 2016.

Simon says occupancy at its U.S. mall and premium outlet properties was 95.6 percent at the end of the year. During the fourth quarter of 2017, Simon also began construction on two outlet properties in Spain and Mexico, while redevelopment and expansion projects were underway at 25 locations throughout the world.

Simon is also reporting fourth quarter FFO of $1.1 billion, up from $912 million during the same quarter in 2016.

"We had a strong fourth quarter concluding another year of industry-leading growth with record earnings and dividends for our company," said David Simon, chairman and chief executive officer. "In 2017, we opened five new centers, delivered six significant property transformations and expansions, and completed several major financing transactions that further enhanced our strong balance sheet. We continue to strengthen our portfolio through our innovative and disciplined investment activities that will allow us to continue to deliver cash flow and FFO per share growth."

You can connect to the full earnings report by clicking here.

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