Indianapolis-based Simon Property Group Inc. (NYSE: SPG) is reporting third quarter Funds From Operations of $918.7 million, compared to $689.4 million a year earlier. As a result of what Chief Executive Officer David Simon calls an "excellent" quarter, the retail REIT is raising full-year guidance.
Simon adds the company had a "strong financial and operational performance, successful openings of new and expanded Premium Outlet Centers and the groundbreaking of two new outlet centers, including our first outlet center in France. Today we are pleased to raise our dividend for the fourth consecutive quarter and once again increase guidance for 2015."
Simon is reporting net income of $420 million, compared to $252 million during the same period a year earlier.
During the quarter, Simon opened Premium Outlets or Design Outlets in New Jersey, Arizona and Canada and wrapped up three expansion projects in California and Illinois. It says construction or expansion projects are currently ongoing at 30 properties in the U.S., which represent an approximately $2.4 billion total investment.