Simon Property Group reported strong Q2 2024 results with revenue increasing 6.5% to $1.46 billion and consolidated net income of $569.4 million. Lease income rose $60.8 million driven by higher fixed minimum lease consideration and occupancy, while portfolio NOI grew 4.8% year-over-year. The company maintained a solid 95.6% occupancy rate for U.S. Malls and Premium Outlets, with average base minimum rent increasing 3.0% to $57.94 per square foot.The company demonstrated robust operational performance with total other income up $28.2 million, primarily from increased interest income of $29.5 million. Property operating expenses rose $13.0 million due to inflation, while real estate taxes decreased $15.2 million mainly from successful property tax appeals. The effective overall borrowing rate increased slightly to 3.51% as of June 30, 2024.Looking ahead, Simon maintained strong liquidity with $1.2 billion in cash and $8.1 billion available under credit facilities. The Board declared a Q3 2024 dividend of $2.05 per share, payable September 30. The company continues to focus on development activities with approximately $1.1 billion in ongoing projects and expects returns of 8-10% on new developments and redevelopments.

Simon Property Group reported strong Q2 2024 results with revenue increasing 6.5% to $1.46 billion and consolidated net income of $569.4 million. Lease income rose $60.8 million driven by higher fixed minimum lease consideration and occupancy, while portfolio NOI grew 4.8% year-over-year. The company maintained a solid 95.6% occupancy rate for U.S. Malls and Premium Outlets, with average base minimum rent increasing 3.0% to $57.94 per square foot.The company demonstrated robust operational performance with total other income up $28.2 million, primarily from increased interest income of $29.5 million. Property operating expenses rose $13.0 million due to inflation, while real estate taxes decreased $15.2 million mainly from successful property tax appeals. The effective overall borrowing rate increased slightly to 3.51% as of June 30, 2024.Looking ahead, Simon maintained strong liquidity with $1.2 billion in cash and $8.1 billion available under credit facilities. The Board declared a Q3 2024 dividend of $2.05 per share, payable September 30. The company continues to focus on development activities with approximately $1.1 billion in ongoing projects and expects returns of 8-10% on new developments and redevelopments.