Simon Reports Annual Profit
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Indianapolis-based Simon Property Group Inc. (NYSE: SPG) is reporting full-year Funds From Operations of $4.5 billion, compared to $3.2 billion in 2020. Chief Executive Officer David Simon said it was a very productive year for the company with an increase in occupancy at its U.S. malls and outlets.
“We executed over 15 million square feet of leases, completed five significant domestic redevelopments, opened two new international shopping destinations, and substantially increased the profitability generated from our other platform investments during the year,” said Simon. “Our Company is focused on unlocking value through unique and disciplined investment activities that will continue to deliver long-term growth in cash flow, FFO and dividends per share.”
The company also reported fourth quarter Funds From Operations of $1.2 billion, up from $787 million during the same period in 2020.
The company says its current development activity includes the mixed-use redevelopment of Phipps Plaza in Atlanta, which is expected to open in the fall, as well as The Falls in Miami, Roosevelt Field in New York and Stanford Shopping Center in California.
Simon reported occupancy at its U.S. malls and outlets at the end of 2021 was 93.4%, compared to 91.3% at the end of 2020. Additionally, base minimum rent per square foot was $53.91 at the end of the year.
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