Simon Property Group (SPG) analysis

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Health is the debt of the centers, not of traffic already measured. Quality separates mall rent from outlet rent. Growth follows occupancy and rents, and they need not rise together. P/E is read against a year of heavy trade, not against that peak. Shareholder return is the distribution, checked against cash. Do not read it as the tenant's sales already collected by Simon.

The P/E of a year of heavy trade is not the earnings if the anchor leaves. EV/EBITDA is read without treating the store's sales as rent. Do not use Realty Income's multiple, which rents the single building, as if the mall and that building were the same book. A dash if SPG is missing.

Limits of this report

Not advice on Simon. Vaultflake does not state sales per square metre and does not treat the cash as untouched by online trade. Read the filings. A past distribution is not a right. The table is a snapshot, not a target price.

Questions from this report