Shopping center operator Simon Property Group has delivered growth across its key metrics in the first fiscal quarter.

The group’s attributable net income for the quarter ended March 31 rose from $413.7 million a year earlier to $479.6 million.

Funds from operations (FFO) rose 9 per cent to $1.108 billion, and real estate FFO increased 7.5 per cent to $1.208 billion.

Regarding US malls and premium outlets, occupancy as of March 31 was 96 per cent, up from 95.9 per cent a year ago. Reported retailer sales per square foot were $819 for the trailing 12 months ended March 31, up 11.8 per cent year-on-year.

Base minimum rent per square foot was $61.99, an increase of 5.2 per cent.

Eli Simon, CEO, president and COO, said he was pleased with the first-quarter results.

“Our portfolio delivered strong operating performance, supported by continued leasing momentum, retailer sales and traffic increases, disciplined capital allocation, and growth in cash flow,” Simon said.

The group has raised its full-year guidance, expecting real estate FFO of $13.10 to $13.25 per diluted share, compared to the $13.00 to $13.25 per diluted share range provided in February.

Simon is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations across North America, Europe and Asia.

In the US, the group’s key shopping centers include King of Prussia (PA), The Galleria (TX), Sawgrass Mills (FL), Woodbury Common Premium Outlets (NY), and Lenox Square (GA).

Last year, Simon’s attributable net income doubled to $4.6 billion, with real estate FFO increasing 4 per cent to $4.812 billion. 

US malls and premium outlets recorded occupancy of 96.4 per cent as of December 31, a slight decrease from 96.5 per cent in the prior year.