That means rivals, particularly Singapore-based retail property group CapitaMall Trust may have more value relatively speaking.

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CapitaMall also has a high payout ratio consistent with the country's REIT market, while Simon has a 2.8% dividend yield.

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In Singapore, CapitaMall leases generally last 2 to 3 years, with rents often linked to turnovers, compared to the 7-10 year leases in the U.S, with small annual fee increases.

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