Simon Property Group, the biggest U.S. mall operator, said yesterday that it would have about half of its over 200 retail properties in the country open within the next week, even as some of its major retail tenants struggle to say afloat, Reuters reported. The company was forced to temporarily close all its U.S. retail properties in March due to the COVID-19 pandemic, leading it to report over a 20 percent decline in quarterly profit and scrap its annual forecast. Simon did not disclose the percentage of total rent it had collected in April or May, key figures investors were looking for as major retail tenants cut or pause monthly rent payments to shore up cash reserves. Simon’s Chief Executive Officer David Simon declined to discuss details of negotiations the company is having with tenants over reductions in rent, but hinted at some of the tension in talks. “The bottom line is we do have a contract and we do expect to get paid,” he said. Simon also said it suspended or eliminated more than $1 billion of capital expenditure meant for redevelopment and new construction projects. The company said that it had already reopened 77 retail properties in regions where the lockdown restrictions had eased.
