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Simon Property Group Reports First Quarter 2021 Results And Raises Full Year 2021 Guidance May 10 , 2021 INDIANAPOLIS , May 10 , 2021 / PRNewswire / -- Simon , a global leader in the ownership of premier shopping , dining , entertainment and mixed - use destinations , today reported results for the quarter ended March 31 , 2021 . SIMONⓇ " We are very pleased with our first quarter results , " said David Simon , Chairman , Chief Executive Officer and President . " Our business has substantially improved after addressing the impacts from the COVID - 19 pandemic including significantly restrictive governmental orders as evidenced by our improved profitability and cash flow growth , increasing shopper traffic , increasing retailer sales , and leasing momentum across our portfolio . We are also seeing similar results in the Taubman Realty Group portfolio and are encouraged by our collective progress in increasing its profitability . Today we are increasing our full - year 2021 guidance . " Results for the Quarter • Net income attributable to common stockholders was $ 445.9 million , or $ 1.36 per diluted share for the three months ended March 31 , 2021 . • Funds From Operations ( " FFO " ) was $ 934.0 million , or $ 2.48 per diluted share for the three months ended March 31 , 2021 . • Domestic and international properties net operating income ( " NOI " ) , combined , declined 8.4 % compared to the prior year period as a direct result of the impact of the COVID - 19 pandemic . Portfolio NOI , which includes NOI from domestic properties , international properties and NOI from the Company's investment in Taubman Realty Group ( " TRG " ) , increased 4.0 % compared to the prior year period . U.S. Malls and Premium Outlets Operating Statistics • Occupancy was 90.8 % at March 31 , 2021 . • Base minimum rent per square foot was $ 56.07 at March 31 , 2021 , an increase of 0.6 % year - over - year . Development Activity West Midlands Designer Outlet opened on April 12 , 2021 , upon the lifting of COVID - 19 restrictions which delayed the center's initial planned opening . The center includes 197,000 square feet of high - quality , name brand stores providing shoppers in the United Kingdom with one of the finest open - air retail and leisure experiences . Simon owns a 23 % interest in this center . Construction continues on redevelopments including Northshore Mall ( Boston , MA ) , West Town Mall ( Knoxville , TN ) , Burlington Mall ( Boston , MA ) and Tacoma Mall ( Tacoma , WA ) . These redevelopments , scheduled to be completed in 2021 , will significantly benefit the communities in which they operate . Progress continues on transformative mixed - use redevelopments of Northgate ( Seattle , WA ) and Phipps Plaza ( Atlanta , GA ) . The transformation of Northgate will feature the National Hockey League's Seattle Kraken corporate offices and practice and training facility . This first phase of the Northgate transformation is scheduled to be completed in the fall of 2021. The dynamic redevelopment at Phipps Plaza is headlined by a Nobu Hotel and Restaurant , Citizens food hall , Life Time athletic club and Life Time Work . These additions are scheduled to open in 2022 . Capital Markets and Balance Sheet Liquidity The Company has been active in both the unsecured and secured credit markets . During the quarter , the Company completed a two tranche senior notes offering totaling $ 1.5 billion . Combined , the two new issues of senior notes had a weighted average term of 8.4 years and a weighted average coupon rate of 1.96 % . The Company , through one of its subsidiaries , also completed a Euro senior notes offering totaling € 750 million with a 1.125 % coupon rate and term of 12 years . Net proceeds from the offerings were used to fund the optional redemption of the Company's $ 550 million aggregate principal amount of 2.50 % notes due July 2021 and fully repay the $ 2.0 billion unsecured delayed - draw term loan facility . The Company closed six non - recourse mortgage loans totaling approximately $ 1.3 billion ( U.S. dollar equivalent ) , of which Simon's share is $ 589 million . The weighted average interest rate on these loans is 3.36 % . As of March 31 , 2021 , Simon had more than $ 8.4 billion of liquidity consisting of $ 1.5 billion of cash on hand , including its share of joint venture cash , and $ 6.9 billion of available capacity under its revolving credit facilities , net of $ 500 million outstanding under its U.S. commercial paper program . Dividends The Company paid its first quarter 2021 common stock dividend of $ 1.30 per share , in cash , on April 23 , 2021. Simon's Board of Directors will declare