Simon Releases First-Quarter Results, Reports 20.2 Percent Decrease in Net Income
INDIANAPOLIS — In its first-quarter results, Simon Property Group (NYSE: SPG) has reported a net income of $437.6 million — compared with $548.5 million the same time period last year — resulting in a 20.2 percent decrease. As part of the Indianapolis-based mall owner’s response to COVID-19, Simon says it suspended or eliminated more than $1 billion of redevelopment and new development projects. It also significantly reduced non-essential corporate spending and property operating expenses and implemented a temporary furlough of certain employees. As of May 11, Simon has reopened 77 of its U.S. retail properties and 12 of its premium outlets in markets where local and state orders have been lifted. Roughly 50 percent of Simon’s malls and outlet centers will reopen within the next week, according to CNBC.