Simon Property Group reported Q3 2024 FFO of $2.84 per share, down from $3.20 in Q3 2023. Portfolio NOI increased 5% year-over-year to $1.45 billion. Occupancy for U.S. malls and premium outlets rose to 96.2%, up 100 basis points from last year, while average base rent increased 2.3% to $57.71 per square foot.The company completed several financing activities, including issuing $1 billion in senior unsecured notes and amending its $3.5 billion credit facility. Simon maintained a strong balance sheet with a consolidated debt of $25.2 billion and an effective interest rate of 3.61% as of September 30, 2024.Simon declared a Q4 2024 dividend of $2.10 per share, payable December 30. The company authorized a new $2 billion stock repurchase plan through February 2026. Management reaffirmed its focus on enhancing property profitability, expanding successful locations, and pursuing selective acquisitions to drive growth in earnings and cash flows.

Simon Property Group reported Q3 2024 FFO of $2.84 per share, down from $3.20 in Q3 2023. Portfolio NOI increased 5% year-over-year to $1.45 billion. Occupancy for U.S. malls and premium outlets rose to 96.2%, up 100 basis points from last year, while average base rent increased 2.3% to $57.71 per square foot.The company completed several financing activities, including issuing $1 billion in senior unsecured notes and amending its $3.5 billion credit facility. Simon maintained a strong balance sheet with a consolidated debt of $25.2 billion and an effective interest rate of 3.61% as of September 30, 2024.Simon declared a Q4 2024 dividend of $2.10 per share, payable December 30. The company authorized a new $2 billion stock repurchase plan through February 2026. Management reaffirmed its focus on enhancing property profitability, expanding successful locations, and pursuing selective acquisitions to drive growth in earnings and cash flows.