David Simon still managed to make money and is now branching out and becoming more of a retailer.
David Simon is branching out and becoming more of a retailer — playing for a share in Brooks Brothers, Lucky Brand and perhaps J.C. Penney — but that doesn’t mean Simon Property Group is changing its spots and veering too far from its profitable life as a landlord.
For the quarter ended June 30, the landlord posted net income of $254.2 million, down from $495.3 million a year earlier, despite the coronavirus shutdown and continued disruptions. Funds from operations — the standard yardstick in real estate — fell to $746.5 million from $1.1 billion a year earlier. Nearly 93 percent of the company’s space was occupied at the end of the quarter.
The mall owner has a 50/50 joint venture with Authentic Brands Group called Sparc that has the stalking horse bids in the auctions for Brooks Brothers and Lucky Brand, both expected this week. The company is also said by a source close to the situation to be the leading contender to pick up J.C. Penney out of bankruptcy this week, .
If Sparc were to prevail in both the auctions for Brooks Brothers and Lucky, Simon said his company would be putting less than $50 million worth of equity into the combined deals.
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