Simon Closes Year Down
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIndianapolis-based Simon Property Group Inc. (NYSE: SPG) reports full-year and fourth quarter Funds From Operations were both down from the previous periods as the mall operator still recovers from the economic turmoil of the pandemic.
Simon says full-year FFO came in at $3.2 billion, compared to $4.2 billion the previous year. For the quarter, FFO was $786 million, down from $1 billion during the same period a year ago.
The company says it negatively impacted due to reduced revenues from the company’s domestic and international operations.
“2020 was a difficult year for all those affected by COVID-19, including our Company,” said David Simon, chief executive officer and president. “We feel confident we have turned the corner, and we expect growth in earnings and cash flow in 2021.”
In December, the company completed its acquisition of an 80% ownership interest in The Taubman Realty Group of Michigan. The Taubman family sold approximately one-third of its ownership interest at the transaction price and remains a 20% partner in TRG.
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