“Retail demand is really unabated,” Simon CEO David Simon said during the call. “And the physical shopping environment continues to be the place to be. So we’re quite bullish about what we’ve done, what we are doing, where we are going, despite all of the headlines that are out there.”
Simon Property Group is easing off the tariff alarm it sounded earlier this year after posting better-than-expected second quarter numbers.
The Indianapolis-based, retail-focused real estate investment trust reported a net income of $556.1 million this past quarter, compared with $413.7 million in the first quarter of this year and $493.5 million during the same period last year, according to its latest earnings call. Simon’s real estate funds from operations (FFO) also saw a bump up to $1.15 billion in the second quarter, up from $1.11 billion over the previous 90-day period and $1.09 billion year-over-year.
Occupancy across the REIT’s portfolio was also strong at 96 percent, a 10 basis point increase from the first quarter of this year and a 40 basis increase year-over-year — a sign of persistent tenant demand. Although, base minimum rent per square foot saw a slight decline to $58.70.
The Simon family, owners of the NBA Indiana Pacers and the WNBA Indiana Fever, are founders of Simon Property Group — the prominent shopping mall REIT founded by Herb and late Mel; Herb is now chairman emeritus, and his nephew David Simon serves as CEO, chairman, and president.
Mel’s amazing Steve Smyers golf course and home were donated by his wife Bren to the Great American Songbook Foundation, dedicated to honoring early‑to‑mid 20th‑century American music.
https://lnkd.in/eRBE2DB3
Gerrymandering
Cost of Capital