Simon Focused on Reinvesting After Failed Deal
After an unsuccessful bid to acquire rival Macerich earlier this year, developer Simon has moved on from the deal business and will shift its focus to reinvesting in its own holdings. The Indianapolis-based mall operator addressed future plans on its second-quarter earnings call. “We don’t see any big deals on the horizon for us, so we are obviously very focused on development, redevelopment. We’re out of the big deal business,” said chairman and CEO David Simon. The company plans to repurchase $2B worth of shares and has already bought $505M worth in Q2, as reported by RealEstateRama. Business is booming for Simon as FFO for the quarter came in at $955.4M, a 21.8% increase from the prior year’s $783.8M. Total sales per SF rose to $620, a 2% increase from last year. [RER]
