Indianapolis-based Simon Property Group Inc. (NYSE: SPG) is reporting third quarter Funds from Operations of $1.04 billion, up from $976 million during the same period last year. The Real Estate Investment Trust is also reporting net income of $514 million, up from $505 million during the third quarter of 2016.
Simon touted the opening of a 500,000-square-foot mixed-use property in Fort Worth, Texas as well as the completion of a 123,000-square-foot expansion of another property in Dallas. The company also has two new developments under construction in Edmonton, Alberta and Thornton, Colorado as well as redevelopments and expansions underway in Boca Raton, Florida and Toronto, Ontario.
"I am very pleased with our quarterly results including our cash flow growth and continued solid operating metrics," said David Simon, chairman and chief executive officer of Simon Property Group. "We also continue to strengthen our real estate platform through our redevelopments and selected new developments."
You can view the full third quarter earnings report by clicking here.