'We Wish That New Owner The Best Of Luck': Simon Continues Handing Back Struggling Malls
Wikimedia Commons/John Phelan The Square One Mall in Saugus, Massachusetts. Last week, Simon relinquished its ownership of an Atlanta mall in a foreclosure auction that saw no bids. In November, the REIT ceded control of at least four other mall properties it controlled. This week, according to Fitch Ratings, the mall operator is over 60 days delinquent on an $85.6M loan backing a Boston-area mall for the second time in four months. The news comes after a dim earnings report Monday, in which Simon reported a $1B drop in revenue and income from 2019 to 2020. In the company’s ear...