Despite widespread troubles in the U.S. real estate market, mall developer Simon Property Group Inc. bolstered both revenues and earnings in the second quarter.
Net income available to common shareholders jumped 27.8 percent to $76.6 million, or 34 cents a share, from $59.9 million, or 27 cents a year ago. Sales for the three months ended June 30 rose 7.8 percent to $922.9 million from $855.9 million.
During the quarter, Simon cut the ribbon on retail projects in Panama City Beach, Fla., and Noblesville, Ind., and began construction on projects in Austin, Tex., and Cincinnati.
Earnings for the first half inched up 3.9 percent to $164.5 million, or 73 cents a share, on a 6.5 percent rise in revenues to $1.82 billion.
For complete coverage, see Tuesday’s issue of WWD.