Profit dips for Simon Property Group

INDIANAPOLIS (Inside INdiana Business) — Indianapolis-based Simon Property Group Inc. (NYSE: SPG) is reporting first quarter Funds From Operations of $934 million, down from $981 million during the same period last year. Chief Executive Officer David Simon says the company’s business has “substantially improved after addressing the impacts from the COVID-19 pandemic.”

Simon says the company has seen “improved profitability and cash flow growth, increasing shopper traffic, increasing retailer sales, and leasing momentum across our portfolio” over the quarter.

He adds the company is seeing similar results in its Taubman Realty group portfolio. Simon completed its $3.4 billion acquisition of Michigan-based Taubman Centers Inc. last December. 

Simon says the company is encouraged by its collective progress in increasing the Taubman portfolio’s profitability.

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