Simon Sees Jump in Q3 Profit

Simon recently opened outlets in South Korea and France.

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Indianapolis-based Simon Property Group (NYSE: SPG) is reporting third quarter Funds from Operations of $976 million, up from $919 million during the same period the previous year. The Real Estate Investment Trust is also reporting net income of $505 million, up from $420 million in the third quarter of 2015.

Chairman and Chief Executive Officer David Simon said, "We continue to strengthen our retail real estate platform through transformative redevelopments such as our recently opened expansion at King of Prussia and selected new developments including the highly anticipated Clarksburg Premium Outlets which will open (Thursday) and serve the greater Washington D.C. market."

Simon says, at the end of the third quarter, construction was continuing on several new developments throughout the world in which the REIT has a stake. These developments are located in the U.S., Canada, France, Malaysia and South Korea.

You can view the full third quarter results by clicking here.