Mall operator Simon Property Group saw its profit double last year amid a solid increase in real estate funds from operations (FFO).
Simon is a real estate investment trust that owns premier shopping, dining, entertainment and mixed-use destinations across North America, Europe and Asia.
The group’s attributable net income grew from $2.3 billion in 2024 to $4.6 billion last year.
Real estate FFO increased 4 per cent to $4.812 billion. Domestic property net operating income rose 4.4 per cent, and portfolio net operating income was up 4.7 per cent.
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.
Base minimum rent per square foot rose 4.7 per cent to $60.97, and reported retailer sales per square foot increased 8.1 per cent to $799.
“I am very pleased with our fourth-quarter results, which caps another impressive year of performance for our company,” said David Simon, chairman, CEO and president.
“We executed over 17 million sqft of leases, opened a new premium outlet in Indonesia, completed 23 significant redevelopment projects, and acquired $2 billion of high-quality retail properties,” he added.
Simon Property Group expects net income to be within a range of $6.87 to $7.12 per diluted share and real estate FFO to be in a range of $13.00 to $13.25 per diluted share this year.
- Further reading: Simon Property Group acquires Phillips Place in North Carolina.
