Strong Financial Performance
Simon Property Group reported an increase in real estate FFO to $3.22 per share, a 5.6% growth from the previous year. Domestic NOI increased by 5.1% year-over-year for the quarter.
Successful Acquisition of Taubman Realty Group
The acquisition of the remaining 12% interest in Taubman Realty Group was completed, with the expectation of improving the yield by 50 basis points and adding operational efficiencies.
Improved Occupancy Rates
The Malls and Premium Outlets achieved 96.4% occupancy, while The Mills reached 99.4% occupancy. Both showed sequential and year-over-year increases.
Increased Dividend
The company announced a $2.20 per share dividend for the fourth quarter, marking a 4.8% increase year-over-year.
Growth in Leasing Activity
Over 1,000 leases totaling approximately 4 million square feet were signed during the quarter, with 30% representing new deals.