Sector: Real Estate|Industry: REIT - Retail|Market Cap: $64.40B|Employees: 3K
Simon Property Group, Inc. is a self-administered and self-managed real estate investment trust (REIT) that owns, develops, and manages premier shopping, dining, entertainment, and mixed-use destinations, primarily consisting of malls, Premium Outlets, and The Mills. The company's core business model revolves around leasing retail space to tenants, and its primary revenue streams are derived from fixed minimum lease consideration and variable lease consideration based on tenants' sales. Simon is a market leader with a significant geographic presence in the United States and internationally.
Lease income increased to $1.303 billion for the three months ended March 31, 2024, compared to $1.248 billion for the same period in 2023, indicating a positive but not substantial growth in core revenue.
Total revenue reached $1.443 billion, up from $1.351 billion in the prior year, driven by increases in lease income and other income sources.
Net income attributable to common stockholders increased to $731.7 million, up from $451.8 million in the prior year, driven by gain on disposal, exchange, or revaluation of equity interests.