Contrary to what the pundits have said, top malls have endured the growth of Walmart/Target, lifestyle centers, power centers, the proliferation of strip centers, e-commerce, retailer bankruptcies and the shut-down from the pandemic to name just a few. With that said, our well-located properties (whether enclosed or not) continue to lead the retail scene because they are properly maintained, leased and reinvigorated. Importantly, we have proven on many fronts that our Company can handle adversity and bumps in the road. This is leading to growth in our property cash flow. Our properties are getting better, excess supply is leaving the landscape, and e-commerce growth has decelerated as retailers acknowledge that it is simply not as profitable as physical stores (omnichannel is a must for retailers with a major emphasis on stores assuming profitability is a priority). We have fully bounced back from the toll of the COVID-19 pandemic. I am really pleased with our 2022 results and how we have positioned Simon Property Group (“SPG,” “Simon” or the “Company”) for future prosperity. Simon Property Group's (NYSE: SPG) 2022 complete annual report with form 10Kįinancial Highlights Investment Highlightsġ0-K 1 Management’s Discussion & Analysis 59 Financial Statements 79įROM THE CHAIRMAN, CEO & PRESIDENT Dear Fellow Shareholders,
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