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Simon Reports June Sales Reach or Exceed Pre-Pandemic Levels

Simon Property Group’s June sales were on par with June 2019 and in many U.S. regions exceeded pre-pandemic levels, CEO David Simon said on a second-quarter earnings call Monday afternoon. The shopping center REIT raised its guidance for 2021 and increased its quarterly dividend.

Malls and outlets occupancy at the end of Q2 was 91.8%, an increase of 100 basis points from Q1, said Simon. “We continue to see demand for space across our portfolio from healthy local, regional, and national tenants, entrepreneurs, restaurateurs, and mixed-use demand, increasing day-by-day.”

Funds from operations for Q2 was $1.217 billion, or $3.24 per diluted share, as compared to $746.5 million, or $2.12 per diluted share, in the year-ago period, a 52.8% increase. Net income more than doubled year-over-year to $617.3 million, although the increase was due partly to a non-cash gain of $118.4 million from the reversal of a deferred tax liability.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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