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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
National /
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.”