Simon Property slashes annual profit forecasts as leasing demand slumps

The signage of Woodbury Common Premium Outlets, owned by the Simon Property Group is seen in Central Valley, New York, U.S., February 15, 2022. REUTERS/Andrew Kelly/File Photolowered its annual profit forecast on Wednesday, signaling a fall in leasing demand from retailers who are battling conservative consumer spending and higher rentals.

This has slowed footfall at outlet malls, shopping centers and restaurants, denting leasing demand for Simon Property. The real estate trust has also raised its base minimum rent, which was up 3.1% in the quarter ended June 30, in order to protect margins. The company now expects annual net income attributable to shareholders to be between $6.39 and $6.49 per share, compared with its previous forecast between $6.45 to $6.60 per share.

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