Simon Property Group's Solid Q1 Results Show Malls Aren't Dead
The COVID-19 pandemic severely affected even the best malls during 2020. Most malls were forced to close for months because of government mandates. Even after they reopened, many shoppers chose to stay away.
However, vaccinations are starting to tame the pandemic in the United States. As a result, malls that were well positioned entering 2020 have started to recover. Simon Property Group's (NYSE: SPG) first-quarter results highlighted the sector's budding turnaround.
In the first quarter, Simon Property Group's net operating income (NOI) declined 8.4% year over year, excluding its recently acquired 80% stake in Taubman Realty Group. That marked a huge improvement over the fourth quarter of 2020, when portfolio NOI plunged 23.9%.
Source Fool.com
