Simon Property Group chief executive David Simon says he's bullish on leasing in 2021, but cautions it will "take some time" to return to heady pre-pandemic levels.

In the REIT's fourth quarter earnings call, Simon said the REIT has built in a reserve—though he declined to provide a specific number—for further bankruptcies and additional rent abatements and outlined guidance of $9.50 to $9.75 per share for 2021. Simon acknowledged the range is "tight," and said the company added its reserve out of an abundance of caution. 

Fourth quarter funds from operations, or FFO, clocked in at $2.17 per share for a total of $787 million, an amount Simon said was diluted by the company's recent equity offering. The company generated $900 million in operating cash flow during the quarter and collected 90% of net rent builds for the second, third, and fourth quarters combined. A handful of large tenants have yet to resolve receivables, according to Simon, but the company anticipates resolving those in the near term.