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MarketScreener Homepage  >  Equities  >  Nyse  >  Simon Property Group, Inc    SPG

SIMON PROPERTY GROUP, INC

(SPG)
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Mall Owner Simon Property Sues Gap Over Millions in Unpaid Rent -- WSJ

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06/05/2020 | 02:48am EDT

By Esther Fung

Simon Property Group, the country's largest mall owner, filed a lawsuit against Gap Inc. on Tuesday over unpaid rent and other charges it says amount to $66 million.

In the filing, Simon Property said the retailer has withheld rent for April, May and June. The landlord is seeking to be paid rent for those months, as well as attorney fees and other charges, according to the lawsuit.

"The requirement that The Gap Entities timely pay rent due under the leases has not been excused," said the complaint, which was filed in the Superior Court of the state of Delaware.

Gap didn't comment on the lawsuit directly, but said it is committed to working with landlords on "mutually agreeable solutions and fair rent terms."

"It's important to note the profound effect that Covid has had on shopping centers as well, leaving them closed to us and our customers for months," said Mark Daniel Snyder, communications manager at Gap.

Gap spoke generally about its landlords on its first-quarter earnings call Thursday, but didn't mention Simon by name. "We're just knee deep with all the landlords today," Chief Financial Officer Katrina O'Connell said. "It's very hard to say how long it will take, but I do know that one of our primary objectives is to use this opportunity to partner with our landlords to come out with a better profitability for the company."

Gap said in April that its stores are closed because of the coronavirus pandemic and it had stopped paying rent because of insufficient cash flow. The San Francisco-based retailer, which owns brands such as Old Navy, Banana Republic and Athleta, added at that time that it was looking to renegotiate leases with its landlords.

At the end of the first quarter, Simon Property, based in Indianapolis, had 412 stores operated by the Gap in its properties, making Gap one of its top U.S. store tenants apart from department stores.

Simon Property didn't respond to requests for comment.

Gap reported a $932 million loss for the first quarter that ended in May. Results were hurt by hundreds of millions in impairment charges. Gap's net sales fell 43%, but the company said that online sales were up 13%, fueled by Athleta and Old Navy.

Gap has more than 1,500 locations in North America open, Chief Executive and President Sonia Syngal said in prepared remarks, which she said was "ahead of plan." She said the company expects "to have the vast majority of our North American stores reopened in June."

Allison Prang contributed to this article.

Write to Esther Fung at esther.fung@wsj.com

 

Stocks mentioned in the article
ChangeLast1st jan.
AT HOME GROUP INC. 2.76% 5.96 Delayed Quote.8.36%
GAP INC -1.02% 11.65 Delayed Quote.-33.43%
JUST GROUP PLC 2.25% 49.06 Delayed Quote.-37.90%
SIMON PROPERTY GROUP, INC 4.85% 63.98 Delayed Quote.-57.05%
THE NEW HOME COMPANY INC. 2.16% 3.31 Delayed Quote.-28.97%
WILL GROUP, INC. -2.52% 618 End-of-day quote.-50.64%
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Financials (USD)
Sales 2020 4 987 M - -
Net income 2020 1 494 M - -
Net Debt 2020 25 311 M - -
P/E ratio 2020 13,8x
Yield 2020 10,3%
Capitalization 19 562 M 19 562 M -
EV / Sales 2019
EV / Sales 2020 9,00x
Nbr of Employees 4 000
Free-Float 94,7%
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Technical analysis trends SIMON PROPERTY GROUP, INC
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 89,44 $
Last Close Price 63,98 $
Spread / Highest target 155%
Spread / Average Target 39,8%
Spread / Lowest Target -18,7%
EPS Revisions
Managers
NameTitle
David E. Simon Chairman, President & Chief Executive Officer
Brian J. McDade Chief Financial Officer, Treasurer & Executive VP
David Schacht Chief Information Officer & Senior Vice President
Richard S. Sokolov Vice Chairman
Karen N. Horn Independent Director
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