Simon Property Group raises full-year guidance as tenant sales per square foot jump 14% and occupancy holds at 96%
Simon Property Group, the US mall and outlet operator behind the Mitsubishi Estate joint venture that runs Japan's Premium Outlets, lifted its full-year profit guidance after tenants' reported sales per square foot rose almost 14% and occupancy held at 96% — a sign that America's better physical retail real estate is gaining pricing power, not losing it.
Simon Property Group raised its full-year profit outlook after posting second-quarter results in which its tenants' reported sales per square foot climbed 13.9% and occupancy held steady, the Indianapolis-based mall and outlet operator said on 10 August.