Herbert Simon

RetailValueWalk

The stock market has its own game of “Simon says” and that is in the mall property world. David Simon and his father Herbert Simon have been the leader of the Class A mall

REIT world for decades. In their Q4 2020 earnings report, David Simon said some very important things:. “We earned $9.11 per diluted share and funds from operation (FFO) for the full year, which includes a $0.06 per share dilution from our recent equity offering in November. We generated over $2.3 billion in operating cash flow. We acquired an 80% interest in the Taubman Realty Group, made strategic investments in several widely recognized retail brands at attractive valuations and have already made significant progress in repositioning each brand and increasing their operating cash flow. We raised over $13 billion in debt and equity markets; opened two new international shopping destinations, expanded two others, completed three domestic redevelopments; abated rent for thousands of small and local businesses, regional entrepreneurs and restaurateurs who, frankly, needed our help to survive; paid $700 million in real estate taxes which, unbelievably, was an increase from 2019 despite losing approximately 13,500 shopping days in our domestic portfolio during the year due to the restrictive governmental orders placed upon us, and that's roughly 20% of the whole year to put in perspective; and we returned $2 billion in cash to our shareholders in dividends.”
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