Swire Properties Inc., Whitman Family Development and Simon Property Group partnered in Brickell City Centre’s 500,000 square feet of retail.

Simon Property Group Inc. delivered strong results for the second quarter and raised guidance for the full year.

The stock slid over 1 percent to close the day at $221.75 as analysts on the earnings call zeroed in on the re-leasing spread, which fell from $10.87 during last year’s second quarter to $8.88. David Simon said on the call, “If you are looking to grasp on anything, I would say it’s somewhat affected by the fact that we have amendments due to some of the retailer situations that we’ve been dealing with over the last 12 months.”

David Simon, chairman and chief executive officer, said he was pleased with the number. He also pointed out that the base minimum rent was $50.43, up 4.9 percent from last year. He also noted that traffic is up 2.65 percent in the outlet business year-to-date, but tourism spending is still lower. Total retail sales per square foot at the malls and the outlets is $6.07 versus last year’s $6.20.

Net income for the quarter ending June 30 fell to $455.4 million, or $1.45 a diluted share, down from $472.9 million, or $1.52, a year ago. Last year’s bigger number was attributed to a gain on the sale of marketable securities. The Capital IQ estimate was $1.46.

Funds from operations were $952.9 million, or $2.63 a diluted share, versus last year’s $955.4 million, or $2.63 a diluted share, but this too was affected by last year’s aforementioned sale. Excluding last year’s gain, the FFO per diluted share grew by 9.1 percent. The Capital IQ estimate was for adjusted FFO per share of $2.39.

The dividend was increased by 6.5 percent year-over-year and Simon revised its net income guidance to a range of $6.04 to $6.12. The FFO will be in a range between $10.77 and $10.85. The Capital IQ estimate is $6.10 for the year and adjusted FFO per share of $9.78.

The company has been busy with projects. It completed the renovation of the Stanford Shopping Center including a redevelopment of a Bloomingdale’s store into new specialty shops. Construction was started on two new projects during the quarter, at The Norfolk Premium Outlets in Virginia and the Genting Premium Outlets in Malaysia.

There are currently 33 projects in redevelopment or expansion mode in the U.S. and Europe. Also during the quarter, Simon completed the acquisition of The Shops at Crystals in Las Vegas. The purchase price was roughly $1.1 billion.

“This was an excellent quarter for Simon Property Group, with strong financial and operational performance, the opening of a new outlet center, the groundbreaking for our second Premium Outlet in Malaysia, and the acquisition of The Shops at Crystals, a highly productive center,” said Simon.

Simon’s stock has had a good year — rising 21 percent over the past 12 months and was lately trading at $224.50.

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