Simon Profit, FFO Jump in 'Excellent' Quarter

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INDIANAPOLIS -

Indianapolis-based Simon Property Group Inc. (NYSE: SPG) says record results in the second quarter are driving guidance higher for the full year. The Real Estate Investment Trust is reporting Funds from Operations of $547 million, compared to $382 million during the same period last year. Net income also rose to $1.168 billion from $859.7 million. Simon expects FFO by year's end to be within the range of $12.05 to $12.13 per share and net income between $7.46 and $7.54 per share.

Chief Executive Officer David Simon says "this was an excellent quarter for our Company, with strong financial and operational performance and the successful opening of our fourth outlet center in Canada. Based upon our results to date and expectations for the remainder of 2018, today, we raised our quarterly dividend and are again increasing our full-year 2018 guidance."

Four construction projects, the company says, are currently continuing:

  • Denver Premium Outlets in Colorado is scheduled to open in September.
  • Queretaro Premium Outlets in Mexico, which Simon owns half of, is scheduled to open in December.
  • Malaga Designer Outlet in Spain, which Simon owns 46 percent of, is scheduled to open next spring.
  • Cannock Designer Outlet in the United Kingdom, which Simon owns 20 percent of, is scheduled to open in 2020.

You can connect to more about the quarterly results by clicking here.

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