By Kelly Cloonan

Simon Property Group logged lower funds from operations and profit in the first quarter and lowered its full-year earnings outlook amid shifting macroeconomic conditions.

Simon, the biggest mall owner in the U.S., on Monday posted funds from operations of $1.01 billion, or $2.67 a share, compared with $1.33 billion, or $3.56 a share, a year earlier.

Revenue rose to $1.47 billion compared with $1.44 billion a year ago.

Profit fell to $413.7 million, or $1.27 a share, compared with $731.7 million, or $2.25 a share, a year earlier.

Occupancy at the end of the quarter rose to 95.9%, up from 95.5% a year ago. Retailer sales per square foot was $733 for the year ended March 31.

For the full year, the company guided for earnings per share of $6.67 to $6.92, down from prior guidance of $6.95 to $7.20. The company continues to expect funds from operations of $12.40 to $12.65 per diluted share.

Chief Executive David Simon said the company is well-positioned for shifting macroeconomic conditions with a strong balance sheet and a track record of navigating a range of economic cycles.

Write to Kelly Cloonan at kelly.cloonan@wsj.com

(END) Dow Jones Newswires

May 12, 2025 16:33 ET (20:33 GMT)

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