Tuesday, May 2, 2017

Simon Property Group CEO urges retailers to reinvest in stores

Simon Property Group on Thursday said occupancy in its U.S. malls and premium outlet properties was 95.6% at the end of its first quarter, unchanged from the same point last year, according to the company's first quarter earnings press release.

Base minimum rent per square foot in those properties rose 4.4% to $51.87, which chairman/ CEO David Simon said reflects “strong retailer demand and pricing power for our locations,” while leasing spread for the trailing 12-months rose 13% to $8.31 per square foot. Reported retailer sales per square foot for the malls and outlets rose 30 basis points to $615, compared to $613 per foot in the prior year period. . . . more

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