Simon Property Group Boosts Rents After Saks Closures

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  "signal_type": "news",
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  "detected_at": "2026-08-12T17:13:49+00:00",
  "company": {
    "name": "Simon Property",
    "domain": "simon.com"
  },
  "data": {
    "url": "https://www.bisnow.com/news/national/retail/simon-property-group-to-more-than-double-18m-in-lost-saks-global-rents-with-new-leases",
    "title": "Simon Property Group Boosts Rents After Saks Closures - Bisnow",
    "excerpt": "The loss of Saks Global stores is set to boost the bottom line of the world’s largest mall operator. Simon Property Group expects to increase rents on the 1M SF of mall space vacated by the luxury retailer by more than 144%. The REIT was collecting $18M in rent from Saks before the company shuttered nearly all of its Saks Off 5th stores after filing for Chapter 11 bankruptcy , Retail Dive reported . “We’ll basically take the $18M and turn it into $44M,” CEO Eli Simon said during a call with analysts this week. Occupancy at Simon’s malls and premium outlets remained at 96% at the end of the second quarter, the same as at the end of Q1, despite the 1M SF of retail space left empty by Saks’ closures. Simon absorbed the 1M SF and has been able to increase rents on the space. The REIT reported initial base rent from new leases rose by 17% year-over-year through the second quarter. Simon has filled about half the space vacated by Saks and already pocketed more than the $18M it lost from the luxury retailer’s closures. The rest of the vacated space is under discussion and near final deals, Simon told analysts on the call. Saks Global filed for bankruptcy in mid-January after being weighed down by debt following its $2.7B acquisition of Neiman Marcus in 2024. The Saks Global conglomerate took on $2B in debt and missed a $100M debt service bill in December. The company exited...",
    "summary": "Simon Property Group's net operating income from its North American properties increased 8.5% to $1.5B in the second quarter.",
    "location": "North America",
    "planning": false,
    "image_url": "https://a-us.storyblok.com/f/571151439874644/1065x726/a5b6191e11/saks_fifth_avenue_off_5th_crossiron_mills.jpg",
    "confidence": 0.9,
    "published_at": "2026-08-12T17:13:49Z",
    "location_data": [
      {
        "region": "Northern America",
        "continent": "Americas",
        "fuzzy_match": false
      }
    ],
    "article_sentence": "Simon’s net operating income from all its North American properties increased 8.5% during the second quarter to $1.5B.",
    "amount_normalized": 1500000000
  }
}

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