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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.
- ◦Lease
- ◦Economy
