Simon Property Group: Retail Sales Returned to Pre-Pandemic Levels in June

by Katie Sloan

Indianapolis — Total retail sales for the month of June at Simon Property Group (NYSE: SPG) assets were equal to pre-pandemic levels, according to the Indianapolis-based company. Sales were up 80 percent compared with June 2020.

Simon’s net operating income (NOI) increased 16.6 percent in the second quarter of 2021 compared with the same period one year ago. As of June 30, occupancy at Simon’s U.S. malls and premium outlets was 91.8 percent.

“I am pleased with the profitability and substantial improvement in cash flow that were generated in the second quarter,” says David Simon, chairman, CEO and president. “We are encouraged by the increase in our shopper traffic, retailer sales and leasing activity. Based upon our results to date and expectations for the remainder of 2021, we are again increasing our full-year 2021 guidance and again raising our quarterly dividend.”

Following the second-quarter earnings report, Simon’s stock price jumped to $129.79 per share yesterday morning. The stock price closed at $126.53 per share on Friday.

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