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Simon Property Group Inc predicted a rise in its 2021 profit on Monday as the US shopping center benefits from improved rent collection and a recovery in the retail industry, increasing shares by 2% in long-term trading.
Sales of some brick-and-mortar retailers have risen from the pandemic bins plunged last year, thanks to the introduction of online shopping options and government incentives to support household incomes.
SIMON PROPERTY, TAUBMAN AGREES, TO REVIEW MERGER TRADING
This helped retailers meet their rental obligations, and Simon said he collected 90% of the joint net billed second, third and fourth quarters on Feb. 5. It earned only 85% of the net billed third quarter of November 6th.
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| SPG | SIMON PROPERTY GROUP INC. | 98.94 | +2.19 | + 2.26% |
Simon forecasts 2021 earnings per share from $ 4.60 to $ 4.85, compared to $ 3.59 per share in 2020.
However, the company wrote off, reduced or postponed approximately $ 850 million, or nearly 18%, of its contractual rent due to the second to fourth quarters of 2020, because some tenants withheld payments.
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“We have, to this day, a handful of large tenants who unfortunately do not have to settle their debtors yet,” CEO David Simon said in a call to analysts.
“Are we completely out of the woods? Not yet, but we’re well on our way.”
Rental income fell nearly 24% to $ 1.03 billion in the fourth quarter ended December 31, according to analysts’ estimates of $ 1.08 billion, according to Refinitiv IBES data.
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Funds from $ 2.17 per share also missed estimates of $ 2.22.