Simon Profits Bounce Higher

(photo courtesy of RATIO Architects)

Indianapolis-based Simon Property Group Inc. (NYSE: SPG) is reporting second quarter Funds From Operations of $1.2 billion, compared to $746 million during the same period a year ago. Chief Executive Officer David Simon says the nearly 53% jump is a strong signal of the company’s recovery from the pandemic lockdown.

“I am pleased with the profitability and substantial improvement in cash flow that were generated in the second quarter,” said Simon.  “We are encouraged by the increase in our shopper traffic, retailer sales and leasing activity.”

Simon says based upon the results to date and expectations for the remainder of 2021, the global mall operator is increasing its full-year 2021 guidance. Click here to view the full earnings report.