Indianapolis-based Simon Property Group Inc. (NYSE: SPG) is reporting second quarter Funds from Operations of $885 million, down from $953 million during the same period last year. The Real Estate Investment Trust is also reporting net income of $382 million, down from $455 million in the second quarter of 2016.
The earnings follow Simon’s announcement in May of plans to invest about $1 billion in 2017 and 2018 into various properties. Chief Executive Officer David Simon touted a number of completed properties during the second quarter.
"We produced impressive second quarter results and solid operating metrics," said Simon. "It was a very eventful quarter with the completion of the multi-year transformation of The Galleria in Houston and the opening of four new outlets, including three international centers, as well as the groundbreaking of a new Premium Outlets center in Denver."
Work on the Denver outlet center is expected to be complete in September 2018. Simon says at the end of the quarter, redevelopment and expansion projects were underway at 25 properties in North America at a total cost of $1.3 billion.
You can view Simon’s full second quarter earnings report by clicking here.