(Reuters) -Simon Property Group Inc reported an 8.4% drop in quarterly revenue on Monday, as the largest U.S. mall owner collected less rent from tenants who are still dealing with the effects of the COVID-19 pandemic.
Some of Simon's biggest national tenants have been negotiating lower rents in the months since the pandemic began, arguing that the health crisis had caused their revenues to dry up.
Simon cut its full-year profit per share forecast to $4.47 to $4.57, from a prior outlook of $4.60 to $4.85 per share.
However, it raised its full-year outlook for funds from operations to $9.70 to $9.80 per share, from $9.50 to $9.75 per share.
Total revenue fell to $1.24 billion from $1.35 billion in the first quarter ended March 31.
However, Simon earned $1.36 per share in the quarter, above analysts' estimates of 96 cents, according to IBES data from Refintiv.