Old Navy's Co-Tenancy Clause Counts Open Stores, Guess's Counts Signed Leases
A $75 million Simon Property Group refinancing of two outlet centers went into a CMBS prospectus on 14 August 2026, and the tenant footnotes print two co-tenancy clauses side by side. Old Navy's triggers when less than 70% of the center's gross leasable area is open for business. Guess's triggers when occupancy of the landlord's tract falls below 75%. A dark tenant that keeps paying rent fails one test and passes the other. The portfolio is 92.9% occupied including temporary tenants and 80.4% without them, and the rent roll counts a temporary tenant as vacant space even though its doors are open, so the number Old Navy's clause actually measures appears nowhere in the loan file. Guess's lease expires on 31 January 2028, which is sooner than the 18 consecutive months plus 90 days' notice its own termination right requires.