David Simon van SPG op de conference call, over ontvangst van huurpenningen:
I think they generally what I hear for the financially solid retailers, there’s not an issue in terms of them getting the capital. And, look, I will tell you, I mean, we’re not giving a percent of what we’ve collected. And let me just expand on it for a second if I could. First of all, we’re much better than what the prognosticators - I’ve read some things thinking, well, this is where we’re at. We’re doing better than that. But I also don’t think it’s appropriate to air our discussions in the public format.
And also, you have to put in mind what percent we collect in April or May. It almost, in a sense, it’s not something overly to focus on because the reality is, we have a lease and they have to pay. So, we don’t have to give semantics. And the way I also think about it, obviously if they decide they are in bankruptcy, then that’s when they get the right to reject a lease. But here is also how I think about, and I just want you to understand this, Alex, say we got 50% and it’s a hypothetical. If I was a retailer and I paid the 50%, I’d be basically upset that there were 50% that didn’t pay on one hand. On the other hand, if I didn’t pay the 50%, I’d almost feel justified in not paying because the reality is, I’ve got another 50% of the retailers that didn’t pay.
So, we know what we’re doing here. We will navigate this. It is not easy, but I just think it’s better to have our discussion directly with the retailers. And the bottom line is, we do have a contract and we do expect to get paid. And that I know somehow the market morphed into this number. But the reality is, our business is a lot more complex than some of these others. And remember, our rent roll is - a month of our rental roll is sometimes greater than these guys for the entire year. So, we’re a little more complicated, a little bigger and I think we’re navigating it appropriately. So, again, I wanted to give you context to that and I hope that was helpful.