- Noting Simon Property (NYSE:SPG) CEO David Simon provided "scant details" on either current profitability or what the future may hold, Land & Buildings' Jonathan Litt says there's three concrete things investors can take away from last night's results and earnings call (transcript here).
- First, that Simon will cut the dividend.
- Second, the no comment on the Taubman Centers (NYSE:TCO) purchase suggests everything is on the table to improve the terms, or even exit the merger.
- Third, no stock buybacks.
- In early action, SPG has given back some big premarket gains, now up 4.4%; TCO is down 11.2%.
- Previously: Simon Property plays it coy with rent collections, Taubman purchase (May 12)