What: CEO and chairman David Simon said 2022 will be about preparing for big things next year. That goes for both the landlord’s business leasing space to retailers and its own growing retail operations.

Why it is important: The real estate giant’s fourth-quarter net income increased 85% to USD 503.2 million, from the USD 271.5 million logged a year ago during retail’s first coronavirus Christmas. Occupancy rates at the firm’s U.S. malls and premium outlets advanced to 93.4% as of 31 December, up from 91.3% a year earlier. Retail sales at Simon properties rose 34% in the fourth quarter from a year earlier and were up 8% from the final quarter of 2019.

Simon told analysts that operating earnings at SPARC would be hit as the company becomes the operating platform for Reebok, once ABG closes on the acquisition of the brand this month. Rue Gilt is also going to see more investment while J.C. Penney is spending to build out its beauty business and its digital operation.

The Simon Property Group to develop its retail businesses