Simon Property Group (SPG) reports high retailer demand for physical stores. CEO Eli Simon confirmed the company executed over 2,300 leases in the first half of the year. These leases cover more than 9.5 million square feet of retail space. New-deal rents per square foot increased 17% year-over-year.
The company currently manages approximately $1.1 billion in construction projects. Management expects these active developments to generate a 9% yield. Simon Property plans to launch an additional $600 million in projects by year-end. The total development pipeline now exceeds $4 billion.