Retail REIT reports sales over 2019 peak levels

Simon Property Group reports cash flow has increased to nearly $3 billion year to date, consistent with pre-pandemic levels, according to the firm’s third quarter earnings call.

“We recorded increased leasing volumes, occupancy gains, shopper traffic, and retail sales. Demand for our space from a broad spectrum of tenants is strong and growing and our various platform investments continue to outperform,” said David Simon, chairman, CEO and president of the REIT.

“For the first nine months, we signed 3,500 leases for 12.8 million square feet, which was nearly 3 million square feet or approximately 800 more deals compared to the first nine months of 2019. Mall sales for the third quarter were up 11 percent compared to third quarter 2019, up 43 percent year over year.

“Our sales are over 2019 peak levels. These results are impressive