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Simon Property Group Reports Third Quarter 2021 Results ; Increases Full Year 2021 Guidance And Raises Quarterly Dividend November 1 , 2021 INDIANAPOLIS , Nov. 1 , 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 September 30 , 2021 . SIMONⓇ " We produced impressive third quarter results , " said David Simon , Chairman , Chief Executive Officer and President . " Demand for our space from a broad spectrum of tenants is growing . Occupancy gains continued , retailer sales accelerated , including our owned brands , and cash flow increased . Based upon results to date and expectations for the remainder of 2021 , we are once again increasing full - year 2021 guidance and raising our quarterly dividend . " Results for the Quarter • Net income attributable to common stockholders was $ 679.9 million , or $ 2.07 per diluted share , as compared to $ 145.9 million , or $ 0.48 per diluted share in 2020. As previously announced , results for the third quarter of 2021 include $ 28.6 million , or $ 0.08 per diluted share , for a loss on extinguishment of debt related to the optional redemption of certain senior notes of Simon Property Group , L.P. and a non - cash after - tax gain of $ 111.9 million , or $ 0.30 per diluted share , associated with the contribution of the Company's interests in the Forever 21 and Brooks Brothers intellectual property licensing ventures in exchange for additional ownership interests in Authentic Brands Group . • Funds From Operations ( " FFO " ) was $ 1.176 billion , or $ 3.13 per diluted share , as compared to $ 723.2 million , or $ 2.05 per diluted share , in the prior year period , a 52.7 % increase . FFO for the third quarter of 2021 includes the loss on extinguishment of debt and the non - cash gain mentioned above . • Domestic property net operating income ( " NOI " ) increased 24.5 % compared to the prior year period . Portfolio NOI , which includes NOI from domestic properties , international properties and NOI from the Company's investment in Taubman Realty Group , increased 34.3 % compared to the prior year period . Results for the Nine Months • Net income attributable to common stockholders was $ 1.743 billion , or $ 5.30 per diluted share , as compared to $ 837.7 million , or $ 2.74 per diluted share in 2020. Results for the nine months ended 2021 include the loss on extinguishment of debt , and the non - cash contribution gain associated with the licensing ventures recorded in the third quarter , as well as the $ 118.4 million , or $ 0.32 per diluted share , non - cash gain recorded in the second quarter 2021 from the reversal of a deferred tax liability associated with an international investment . • FFO was $ 3.327 billion , or $ 8.85 per diluted share , as compared to $ 2.45 billion , or $ 6.95 per diluted share , in the prior year period , a 27.3 % increase . FFO for the nine months ended 2021 includes the aforementioned loss on extinguishment of debt and the non - cash gains associated with the contribution of licensing ventures and the deferred tax liability reversal . • Domestic property NOI increased 8.8 % compared to the prior year period . Portfolio NOI increased 18.7 % compared to the prior year period . U.S. Malls and Premium Outlets Operating Statistics • Occupancy was 92.8 % at September 30 , 2021 . • Base minimum rent per square foot was $ 53.91 at September 30 , 2021 . Development Activity The first phase of the transformation of Northgate Station ( Seattle , WA ) , featuring the National Hockey League's Seattle Kraken corporate offices and the Kraken Community Iceplex , opened in September . This first phase is part of a multi - year development that will evolve Northgate Station into a mixed - use , transit - oriented community . The redevelopment of Burlington Mall ( Boston , MA ) opened during the quarter including an exciting line - up of premier dining and innovative retailers , as well as an outdoor gathering green space , including amenities for seasonal programming and community events . During the quarter , construction started on Fukaya - Hanazono Premium Outlets® , the tenth Premium Outlet® Center in Japan . The 292,500 square foot upscale outlet located in Fukaya City ( Tokyo ) , is projected to open in October 2022. Simon owns 40 % of this project . On October 15 , 2021 , Jeju Premium Outlets ( Jeju Island , South Korea ) opened with 92,000 square feet of high - quality , name brand stores . Jeju Premium Outlets is the fifth Premium Outlet® Center in South Korea . Simon owns a 50 % interest in this center . Capital Markets and Balance Sheet Liquidity