NEW YORK, United States — Simon Property Group Inc's quarterly revenue fell 25 percent on Monday, as the COVID-19 pandemic ravaged the retail industry leading to dwindling traffic, store closures and retail bankruptcies.
The company's shares, which closed up nearly 30 percent after drugmaker Pfizer Inc revealed progress in its experimental COVID-19 vaccine, were down about 6 percent after the closing bell.
Simon's properties, that include malls and lifestyle centers in the United States, were forced to close during pandemic-led lockdowns and the company was left behind with months of unpaid rents and bankruptcy of some of its biggest tenants that brought in consumers.
Occupancy was 91.4 percent, the company said, lower than the 92.9 percent it recorded in the previous quarter.
Net income attributable to the company's shareholders fell to $145.9 million, or 48 cents per share, in the three months ended Sept. 30, from $544.3 million, $1.77 per share, a year earlier.
Total revenue fell to $1.06 billion, from $1.42 billion.
By Nivedita Balu; Editor: Shailesh Kuber