Published On: October 3rd, 2024Categories: Trade Ideas
In this investment case, we focus our attention on Simon Property Group (SPG). SPG is the largest shopping mall and retail center owner in the US and holds high-quality malls and premium outlets that typically cater to luxury shoppers. SPG navigated very well the Covid-19 pandemic and was able to bring back the portfolio to the pre-pandemic occupancy and NOI (Net Operating Income) run rate. Thanks to strong operating performance, SPG is able to organically deleverage and we expect further improvements in credit metrics in future quarters. We therefore consider SPG’s bonds as being attractively valued compared to peers and still offering some spread-compression potential.
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