Peer Kimco Realty raised projections for annual FFO and earnings last week, helped by steady leasing demand for its grocery-anchored shopping centers.
Simon Property Group reported second-quarter real estate FFO, a key performance metric for REITs, of $3.05 per share, compared with $2.93 per share a year earlier.
The company’s occupancy levels at its malls and premium outlets for the quarter ended June 30 increased 0.4% from a year ago, reaching 96%.
Its base minimum rent per square foot rose to $58.70 from $57.94 a year ago.
The mall operator, which counts LVMH – the luxury conglomerate behind Louis Vuitton and Tiffany & Co – among its top tenants, now expects its 2025 FFO to be between $12.45 and $12.65 per share, compared with its previous target of $12.40 to $12.65.
The company’s second quarter revenue from lease income was $1.38 billion, up from $1.32 billion a year ago.
(Reporting by Juveria Tabassum in Bengaluru; Editing by Mohammed Safi Shamsi)