Indianapolis-based Simon Property Group Inc. (NYSE: SPG) is reporting a third quarter profit of $556.3 million, compared to $513.8 million last year. The company says Funds from Operations were $1.09 billion, up from $1.04 billion in the third quarter of 2017. Chief Executive Officer David Simon calls the performance "excellent" and added it was "highlighted by strong financial and operational performance, the very successful openings of Denver Premium Outlets and the expansion of Shisui Premium Outlets, and another increase to our full-year 2018 guidance."
Through year’s end, Simon’s guidance for net income ranges from $7.50 to $7.54 and it expects FFO to be within a range of $12.09 to $12.13. As of September 30, occupancy throughout Simon’s U.S. mall and premium outlet portfolio was 95.5 percent.
You can connect to more about what the company says were record results by clicking here.