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Bill Holter’s Commentary

…only 120 days laten now working on 150!

Bankruptcies, Abatements Cost Mall Landlords Hundreds Of Millions Of Dollars In Q2
August 11, 2020

Dive Brief:

Mall operators have put numbers to the stresses of COVID-19 on the second quarter, with the ensuing mass closures, negotiations over rent and accelerating retail bankruptcies.

Simon Property Group CEO David Simon said his company took a $215 million hit during the quarter from rent abatements and write-offs on bankrupt retailers, according to a Seeking Alpha transcript.

For Q2 Taubman Centers logged $32.6 million in uncollectible rent it attributed to tenant bankruptcies and nonpayment during mall closures. Another mall landlord, Washington Prime Group, said that it collected just 44% of owed rent during the quarter while more than 25% of Q2 rent it deemed uncollectible because of bankruptcies or pandemic-related lease modifications.