Indianapolis-based Simon Property Group Inc. (NYSE: SPG) is reporting third quarter Funds from Operations of $723 million, down from more than $1 billion during the same period last year. Chief Executive Officer David Simon says, despite COVID-19, the REIT is encouraged by increases in shopper traffic, retailer sales, and tenant rent collections.
The Real Estate Investment Trust is also reporting net income of $146 million, down from $544 million during the third quarter of 2019.
“I am pleased with the solid profitability and substantial improvement in cash flow from operations we generated in the third quarter,” said Simon. “As we continue to navigate through the pandemic and the resulting economic conditions, the well-being of our employees, shoppers and communities we serve remains at the forefront. We continue to improve our company through innovative investment opportunities which, when combined with our A-rated balance sheet, sets us apart and allows us to re-define the future.”
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