Simon Property Group’s retail holdings swung to a Q1 net operating loss of $54.5 million from net operating income of $25.9 million in the year-ago period, according to a company press release.
Some retailers did better than others, with the mall REIT’s investment in brand management firm Authentic Brands Group performing the best, CEO David Simon told analysts Tuesday. J.C. Penney is profitable but required investments in stores and its new beauty spaces, he said.
Overall at the company, lease income in the quarter rose 3.3% to $1.2 billion, with funds from operations up 1% to $1 billion. Occupancy edged up 1.1% to 94.4%, with base minimum rent per square foot up 3.1% to $55.84. Reported retail tenant sales per square foot rose 3.3% to $759.
Source: Retail Dive
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