Indianapolis-based Simon Property Group Inc. (NYSE: SPG) is reporting third quarter Funds From Operations of $1.2 billion, up from $723 million during the same period last year. It is the second consecutive quarter the mall retailer has seen year-over-year growth of more than 50%.
Simon is also reporting net income of $165 million, up from $100 million during the third quarter of 2020. The company says occupancy at its U.S. malls and premium outlets was at just under 93% as of September 30.
“Demand for our space from a broad spectrum of tenants is growing,” Chief Executive Officer David Simon said in a news release. “Occupancy gains continued, retailer sales accelerated, including our owned brands, and cash flow increased.”
As a result of the increased earnings, Simon is again increasing its full-year 2021 guidance. You can connect to the full earnings report by clicking here.