Simon Property Group Inc., owner of Boston’s Copley Place and Braintree’s South Shore Plaza, reported first-quarter funds from operations rose 3 percent, reflecting a rebound in consumer spending.

Funds from operations (FFO), excluding a debt-related charge, rose to $491.2 million, or $1.41 per share, from $476.8 million, or $1.61 per share, in the year-earlier quarter, the company said on Friday.

Including the debt-related charge of $165.6 million, or 47 cents per share, the company reported FFO of $325.6 million, or 94 cents per share.

The average of analysts’ forecasts was 84 cents per share, according to Thomson Reuters I/B/E/S.

The Indianapolis-based company owns or has an interest in 382 properties comprising 261 million square feet of leasable space in North America, Europe and Asia. In addition Boston’s Copley Place and Braintree’s South Shore Plaza, the company also owns the Burlington Mall.

In the first quarter, the company opened Nordstrom, Target and 138,000 square feet of small shops at South Shore Plaza. Nordstrom and the small shops opened in March, and Target is scheduled to open in October.

Simon has been trying to induce its largest rival, General Growth Properties Inc., to accept its plan to help the bankrupt mall owner emerge from bankruptcy as an independent company. But Simon has not ruled out its interest in ultimately acquiring the whole company.

So far General Growth, which owns Boston’s Fanueil Hall marketplace and upscale Metrowest shopping destination The Natick Collection, has rebuffed that offer as well as an earlier one from Simon to buy the entire company.