- Despite reporting record-low occupancy rates and rental rate spreads, mall REITs have been the best-performing property sector this year, riding the vaccine-driven reopening rotation to gains of more than 40%.
- "A traumatic time for our company." Reflecting on an epic plunge in operating performance over the past year, Simon Property's CEO sounded humbled when discussing recent performance and its outlook.
- While rent collection rates have improved to around 90%, Q1 results showed that vacancy rates continued to climb. Simon is the lone mall REIT projecting positive FFO growth this year.
- From SPARC to SPAC. Desperate times call for desperate measures, and we've been encouraged to see some "fight" and creativity from Simon, which sponsored a SPAC and continues to buy distressed retail brands.
- Dismal earnings reports from mall REITs came despite the strongest year for retail sales in history. Outside of Simon, the remainder of the mall sector remains in a fight for survival with an uncertain future.
For further details see:
Mall REITs: Only The Strong Shall Survive