Simon FFO Dips in Second Quarter
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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) is reporting second quarter Funds from Operations of $746 million, down from $1.1 billion during the same period last year. The results follow a recent report that Simon is in talks with Amazon.com (Nasdaq: AMZN) to convert empty space at its malls into last-mile distribution hubs.
The Real Estate Investment Trust is also reporting net income of $254 million, down from $495 million during the second quarter of 2019.
Chief Executive Officer David Simon says the REIT continues to navigate through the challenges created by the COVID-19 pandemic.
“Despite losing nearly 10,500 shopping days in our U.S. portfolio in the second quarter, we produced solid profitability and positive cash flow from operations,” said Simon. “We have generally been encouraged by the shopper response, particularly in certain locations, after re-opening. These trends reinforce that our portfolio is an attractive destination for consumers.”
Simon did not make mention of any talks with Amazon in its earnings report. Neither company has made an official comment on the potential partnership.
You can view the full earnings report by clicking here.