Stock Alert: Simon Property Up 4% On Decision To Open Properties

(RTTNews) - Shares of Simon Property Group, Inc. (SPG) are climbing more than 4% Tuesday morning at $57.46. As per reports, the biggest mall operator is planning to open 50% of its properties within the next week as states have started easing restrictions during the Covid-19 pandemic.

As of May 11, 77 of its U.S retail properties have reopened, Simon Property said in a call with analysts after reporting first-quarter results.

The company's first-quarter net income fell to $437.6 million, or $1.43 per share from $548.5 million, or $1.78 per share in the year-ago quarter. revenue also decreased to $1.353 billion from $1.453 billion in the same quarter a year ago.

SPG has traded in the range of $42.25- $177.93 in the past one year.