Simon Property Group Inc (NYSE:SPG) stock rose 1.26% (As on May 10, 11:23:06 AM UTC-4, Source: Google Finance) after the company’s earnings totaled $426.63 million compared with $445.86 million, in last year’s first quarter. Funds From Operations (“FFO”) was $1.046 billion, or $2.78 per diluted share, prior to the aforementioned unrealized loss in fair value of equity instruments of $0.08 per diluted share, as compared to $934.0 million, or $2.48 per diluted share, in the prior year, a 12.1% increase. Domestic property Net Operating Income (“NOI”) increased 7.5% and portfolio NOI increased 8.8%, compared to the prior year period. Occupancy was 93.3% at March 31, 2022, compared to 90.8% at March 31, 2021. Base minimum rent per square foot was $54.14 at March 31, 2022.

SPG in the first quarter of FY 22 has reported the adjusted earnings per share of $1.30, beating the analysts’ estimates for the adjusted earnings per share of $1.29, according to figures compiled by Thomson Reuters. The company had reported the adjusted revenue growth of 4.8 percent to $1.30 billion in the first quarter of FY 22. As of March 31, 2022, Simon had approximately $8.2 billion of liquidity consisting of $1.1 billion of cash on hand, including its share of joint venture cash, and $7.1 billion of available capacity under its revolving credit facilities, net of $240 million outstanding under its U.S. commercial paper program.

Moreover, during the quarter, the Company completed a two tranche senior notes offering totaling $1.2 billion. Net proceeds from the offering were used to repay indebtedness outstanding under the Company’s $3.5 billion senior unsecured revolving credit facility and for general corporate purposes. The Company also completed seven non-recourse mortgage loans totaling approximately $1.1 billion (U.S. dollar equivalent), of which Simon’s share was $639 million.

On the other hand, the construction continues on two new international development projects including Fukaya-Hanazono Premium Outlets (Tokyo, Japan); projected to open in October 2022. Simon owns a 40% interest in this project. Paris-Giverny Designer Outlet (Normandy, France); projected to open in the first quarter of 2023. Simon owns a 74% interest in this project. The progress continues on the transformative mixed-use redevelopment of Phipps Plaza (Atlanta, GA), which will open in October 2022. Construction also continues on other redevelopment projects, including The Falls (Miami, FL), Roosevelt Field (Garden City, NY), Stanford Shopping Center (Palo Alto, CA) and Towne East Square (Wichita, KS).