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Mall Crisis Continues As Trade Association Drops 'Shopping Centers' From Its Name forbes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forbes.com Daily Mail and Mail on Sunday newspapers.
Javascript is disabled in your web browser. For full functionality of this site it is necessary to enable JavaScript. Please Allow Javascript and reload this page. Simon says suburbia is hot, raises guidance for 2021 Mall REIT said net operating income in US and international markets dropped 8.4% in Q1 from last year National / Simon Property Group CEO David Simon. (Getty, Simon) After a devastating year of mall closures and tenant bankruptcies, Simon Property Group raised its guidance, saying that people are returning to its retail centers. “We are encouraged with what we are seeing in terms of sales traffic,” said David Simon, CEO of Simon Property Group, during the company’s first-quarter earnings call. “Suburbia is hot, suburbia is the place to be and we just happen to have a lot of great, well-located suburban real estate.” ....
Upper Merion Township police have released surveillance video of a man they say accidentally shot himself while at the Victoria's Secret store in the King of Prussia Mall. ....
Upper Merion Township police have released surveillance video of a man they say accidentally shot himself while at the Victoria's Secret store in the King of Prussia Mall. ....
The valuation for about two-thirds of Simon Property Group’s Crystal Mall in Waterford, Connecticut was slashed 87 percent to just $18.7 million, a sign of just how bad things are for many suburban shopping centers. About 518,000 square feet of the property backed a $95 million commercial mortgage-backed securities loan, according to Trepp. With the new appraisal, the loan-to-value ratio comes to an eye-popping 508 percent, meaning the mall’s debt is worth about five times more than a majority of the mall. That piece of the property was appraised at $153 million in 2012. The appraisal reduction is hardly a surprise: A report from Kroll Bond Rating Agency in November noted that Simon was planning to hand over the keys to the Crystal Mall, along with three other shopping centers, to its lenders. ....