Broker Valuations, page-19

agreed and also I was reading Germany update yesterday that Angela Merkel was trying to bring in restrictions last week but that the regions pushed back on this and there were also protests so I think the feeling is similar now across many countries that despite rising infections the resentment for employment and business re Xmas trading is winning + vaccine deployment in tier 1 western countries to commence in 2-3 weeks for US and 3-6 weeks for the other such as UK, Germany.

I’m thinking -50% bs last year as a base case but you never know with the large increase in incentive non malls yoy this could even be 70%. Also need to remember Simon Property with its 200 stores in the US is new business YOY so even at 30%-50% capacity this is big growth yoy to assist the shortfall in legacy malls.

will be interesting to watch over next few weeks......