![]() ![]() That's compared to $723.2 million in the prior year. Simon delivered the company's third-quarter financial results, which reflect a net income of roughly $680 million for the quarter compared to just under $146 million last year. Funds from operations were approximately $1.2 billion for the period. Tuesday, the company's stock price climbed nearly 6% to $158.31.įrank Lloyd Wright and more: 10 historic homes within easy drive from Indianapolis At the end of day Monday, Simon Property's Group stock sold at $149.36, up $2.88. Simon added that the company believed its stock price was undervalued. "There are many levers that contribute to it (growth) beyond what is contained in one or two operating metrics," he said. The CEO urged analysts to focus on the company's cash flow which he added allows the REIT to increase growth opportunities and increase dividends. "Much like the variety of our investments, no other company in our industry has the capability to put an executive in an interim role and produce these results," Simon said. Retail investment platforms are performing very well, Simon, the CEO, said SPARC outperformed their budgets on sales, gross margins and EBITDA, or earnings before interest, taxes, depreciation and amortization. Revisit: Simon settles lawsuit with Taubman Centers, to acquire rival at reduced price And, the company completed its acquisition of rival mall operator Taubman Centers, Inc. Simon also added JC Penney to its portfolio of retailers via a partnership with rival Brookfield Property Partners. The joint venture absorbs troubled retailers at reduced overhead costs. ports threatens to create a chaotic holiday shopping season.īut since the pandemic began, Simon has jointly purchased retailers Brooks Brothers and Lucky Brand Jeans out of bankruptcy via a partnership with New York City-based Authentic Brands Group called SPARC Group LLC. Labor shortages have impacted retail centers and stores. Travel restrictions cut tourism shopping. Since March 2020, the company has grappled with a pandemic that's hit the service and retail industries hard. In addition to operating and managing malls, Simon Property Group has ownership interest in several retail stores and brands. "We're very pleased with the JC Penney results," Simon said, adding that the retailer and its management team, which was led by interim CEO Stanley Shashoua, made significant gains over the past year. "The Penney's team has stabilized the business, improved financial results, and we've added private and exclusive national brands to it." ![]()
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