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Simon says suburbia is hot, raises guidance for 2021
Mall REIT said net operating income in US and international markets dropped 8.4% in Q1 from last year
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Simon Property Group CEO David Simon. (Getty, Simon)
After a devastating year of mall closures and tenant bankruptcies, Simon Property Group raised its guidance, saying that people are returning to its retail centers.
“We are encouraged with what we are seeing in terms of sales traffic,” said David Simon, CEO of Simon Property Group, during the company’s first-quarter earnings call. “Suburbia is hot, suburbia is the place to be and we just happen to have a lot of great, well-located suburban real estate.”
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The valuation for about two-thirds of Simon Property Group’s Crystal Mall in Waterford, Connecticut was slashed 87 percent to just $18.7 million, a sign of just how bad things are for many suburban shopping centers.
About 518,000 square feet of the property backed a $95 million commercial mortgage-backed securities loan, according to Trepp. With the new appraisal, the loan-to-value ratio comes to an eye-popping 508 percent, meaning the mall’s debt is worth about five times more than a majority of the mall.
That piece of the property was appraised at $153 million in 2012.
The appraisal reduction is hardly a surprise: A report from Kroll Bond Rating Agency in November noted that Simon was planning to hand over the keys to the Crystal Mall, along with three other shopping centers, to its lenders.
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