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Although they are telling city officials that can’t afford to keep up their commitments with Conseco Field House, the Simons are apparently hoarding cash in order to pay for any new properties that come on the market.
Bloomberg and the IBJ are reporting the following…
Simon Property Group Inc. plans to hoard cash this year to purchase property that may come on the market, said David Simon, CEO of the Indianapolis-based mall owner. Simon made the comments this morning at a Citigroup 2009 Global Property CEO Conference in Naples, Fla., Bloomberg News reported. “We are going to hoard and warehouse capital, I think, so ultimately we can continue to be a leader in this industry, and ultimately take advantage of external opportunities once we see opportunities in the marketplace,” Simon said, according to Bloomberg.
No offense guys, but if you’re going to cry poverty and ask the taxpayers to pick up the bill, you might want to actually act like it.
