INDIANAPOLIS-Simon Property Group reported Tuesday that its conversion to outlet malls is moving ahead quickly, with a number of retail properties set to open this year and next around the globe. David Simon, chairman and CEO, also discussed the mall giant’s financial improvement during its second quarter conference call.

During the quarter, the company reports that funds from operations was $688.8 million, compared to $583 million in second quarter 2011. The company also reported 5.1% growth in comparable property net operating income, tenant sales are up 9.9% to $554 per square foot, and the company has raised the dividend from $1 per share to $1.05 per share. “Our dividend is now 31% higher than it was a year ago,” Simon said.

He said that commercial real estate construction continues on a number of new Premium Outlet Centers in the markets of Houston, Phoenix, Toronto, Tokyo and Busan, Korea, all set to open this year or in 2013. The company also started construction July 11 at its outlet center in St. Louis, a property already 62% leased but going up against a similar outlet center being built by Bloomfield Hills, MI-based Taubman Centers. Simon admitted that there has been competition to gain tenants in St. Louis, and that Taubman has grabbed a few tenants that Simon sought.