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Simon Property Group Inc predicted an increase in its 2021 profit on Monday, with the US shopping center operator benefiting from improved rental collection and a recovery in the retail sector, raising its shares by 2% in the period. negotiation.
Sales of some brick and mortar retailers have increased with last year’s pandemic depressions, thanks to the launch of online shopping options and government stimulus checks to support family income.
SIMON PROPERTY, TAUBMAN AGREES TO REVIEW THE MERGER BUSINESS
This helped retailers meet their rental obligations, with Simon saying he collected 90% of the combined net billed rent for the second, third and fourth quarters on February 5. November 6th.
| Ticker | Safety | Last | change | Change % |
|---|---|---|---|---|
| SPG | SIMON PROPERTY GROUP INC. | 98.94 | +2.19 | + 2.26% |
Simon predicted earnings per share in 2021 from $ 4.60 to $ 4.85, compared to $ 3.59 per share in 2020.
However, the company has written off, decreased or postponed about $ 850 million, or almost 18%, of its contractual rentals due in the second to fourth quarters of 2020, as some tenants have delayed payments.
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“We still have, today, a handful of large tenants, unfortunately, who have not yet settled their accounts receivable,” said Chief Executive David Simon in a call with analysts.
“Are we completely out of danger? Not yet, but we are on the right track.”
Rental revenue fell nearly 24% to $ 1.03 billion in the fourth quarter ended December 31, losing analysts’ estimates of $ 1.08 billion, according to data from IBES Refinitiv.
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The transaction funds of $ 2.17 per share also lost estimates of $ 2.22.