Simon Property Group reported solid Q3 2024 results with lease income rising 3.2% to $1.34 billion and net income reaching $546.7 million. Portfolio net operating income increased 4.6% year-over-year, driven by improved operations in both domestic and international portfolios. The company maintained a strong occupancy rate of 96.2% across U.S. Malls and Premium Outlets, up 100 basis points from the prior year.The company's financial position remained robust with $2.17 billion in cash and cash equivalents as of September 30, 2024. During the quarter, Simon Property completed several strategic financing initiatives, including issuing $1.0 billion in senior unsecured notes at 4.75% and extending its $3.5 billion supplemental credit facility. The effective overall borrowing rate stood at 3.61%, up 21 basis points from the previous year.Looking ahead, Simon Property raised its quarterly dividend to $2.10 per share for Q4 2024, demonstrating confidence in its operational performance. The company continues to expand its portfolio, opening Tulsa Premium Outlets in August 2024 and maintaining approximately $1.3 billion in ongoing development and redevelopment projects. Management expects to fund these capital projects through operating cash flows while targeting stabilized returns of 8-10%.

Simon Property Group reported solid Q3 2024 results with lease income rising 3.2% to $1.34 billion and net income reaching $546.7 million. Portfolio net operating income increased 4.6% year-over-year, driven by improved operations in both domestic and international portfolios. The company maintained a strong occupancy rate of 96.2% across U.S. Malls and Premium Outlets, up 100 basis points from the prior year.The company's financial position remained robust with $2.17 billion in cash and cash equivalents as of September 30, 2024. During the quarter, Simon Property completed several strategic financing initiatives, including issuing $1.0 billion in senior unsecured notes at 4.75% and extending its $3.5 billion supplemental credit facility. The effective overall borrowing rate stood at 3.61%, up 21 basis points from the previous year.Looking ahead, Simon Property raised its quarterly dividend to $2.10 per share for Q4 2024, demonstrating confidence in its operational performance. The company continues to expand its portfolio, opening Tulsa Premium Outlets in August 2024 and maintaining approximately $1.3 billion in ongoing development and redevelopment projects. Management expects to fund these capital projects through operating cash flows while targeting stabilized returns of 8-10%.