Indianapolis-based Simon Property Group (NYSE: SPG) is reporting first quarter Funds from Operations of $951.8 million, up from $830.7 million during the same period last year. The Real Estate Investment Trust is also reporting net income of $481 million, down from $539.1 million in the first quarter of 2015.
Chairman and Chief Executive Officer David Simon says the company continues to deliver strong results. "FFO per share increased 15.4 percent over the prior year, driven by growth in operating income from our comparable properties and the accretive impact of our new developments and expansions."
The higher FFO continues the company’s growth from 2015. Simon reported FFO of $3.5 billion last year, up from $3.2 billion in 2014.