Simon Prop Grp - SPG STOCK NEWS

Simon Media & Experiences has partnered with Adentro, a guest marketing solution provider, to enhance retail brands' connection with Simon mall shoppers. The collaboration leverages Adentro's technology to utilize first-party anonymized data from on-site Wi-Fi engagement across Simon properties.

The partnership aims to create a unified shopping experience by integrating digital and physical channels, with US connected commerce spending projected to exceed $112 billion in 2025. Adentro's platform will enable retail brands to curate and optimize high-intent shopping audiences for targeted display, social media, and CTV campaigns.

The technology utilizes secure OpenRoaming™ profiles on consumers' mobile devices, provided by the Wireless Broadband Alliance (WBA). This collaboration expands Adentro's network of industry partnerships, which includes Experian, LiveRamp, Adobe, and Cisco.

Simon (NYSE: SPG) has announced the opening of Jakarta Premium Outlets® in Indonesia, marking its first Premium Outlet® in the country and eighth globally. The center spans over 302,000 square feet of retail space and is nearly fully leased with more than 150 global and local brands.

Located in Tangerang, outside Jakarta, the outlet features premium brands including Bally, BOSS, Coach, Versace, and houses Southeast Asia's largest adidas outlet store. The center is strategically positioned at the intersection of two major highways, providing 30-minute access to Central Jakarta's 12 million residents and Soekarno-Hatta International Airport.

The development is operated through a joint venture between Genting Plantations Berhad and Simon, with operations managed by PT Nusantara Management Indonesia and PT Pembangunan Property Nusantara. The design incorporates Indonesian architectural elements with lush greenery and shaded walkways.

Simon Property Group (SPG) announced that Independent Director Allan B. Hubbard will retire effective May 14, 2025, and will not seek re-election to the Board of Directors at the upcoming Annual Meeting. Hubbard, who joined the Board in 2009, served on key committees including the Compensation and Human Capital Committee and the Governance and Nominating Committee.

During his 16-year tenure, Hubbard contributed to Simon's growth through his leadership roles in corporate governance, oversight, and strategic direction. David Simon, Chairman, CEO and President, expressed gratitude for Hubbard's distinguished service and leadership on the Board.

Simon (SPG), a premier retail REIT, has announced its upcoming presentation at Citi's 2025 Global Property CEO Conference. The presentation is scheduled for Monday, March 3, 2025, at 3:35 p.m. Eastern Time.

Investors and interested parties can access a live audio webcast of the presentation through the Investors section on Simon's website at investors.simon.com. For those unable to attend the live session, an online replay will be made available at the same location following the presentation.

Simon (SPG), a premier retail REIT, has announced a strategic collaboration with Shopify and Leap to accelerate e-commerce brands' expansion into physical retail locations across Simon's portfolio. The partnership showcases Ring Concierge, a New York-based fine jewelry company, which successfully opened three new stores in key markets using this collaborative approach.

Ring Concierge reported strong Q4 sales performance, with two comparable locations exceeding 2023 figures and three new locations successfully acquiring customers. The jewelry brand now operates five total locations, including stores at Houston's The Galleria and Town Center at Boca Raton, powered by Leap's Retail as a Service (RaaS) solutions.

The collaboration leverages Simon's premium retail spaces, Shopify's commerce platform, and Leap's comprehensive services including location sourcing, store design, staffing, and analytics. This initiative aims to provide e-commerce brands a streamlined path to establish and scale their brick-and-mortar presence, with True Classic and other brands already utilizing the partnership.

Simon (SPG) has announced a major transformation project for Smith Haven Mall in Lake Grove, N.Y., scheduled to begin in summer 2025 and complete in 2026. The multimillion-dollar redevelopment will introduce several new retailers and amenities, including Zara's first Eastern Long Island location near Center Court.

The project includes the addition of Sur la Table, joining recently opened stores Primark and Mango. A new entertainment venue, Golf Lounge 18, will open in March, featuring a full bar and multiple TVs, while Ford's Garage restaurant will offer American cuisine. The renovation encompasses exterior and interior improvements, including a new outdoor plaza with landscaping and seating areas, updated flooring, modern fixtures, and a revitalized food court.

Simon Property Group (NYSE: SPG) announced the retirement of Herbert Simon, Chairman Emeritus of the Board of Directors, effective February 4, 2025. Herbert Simon, who co-founded the company 65 years ago, expressed confidence in the company's future under the leadership of David Simon, who has served as CEO since 1994. David Simon, currently Chairman, CEO and President, acknowledged Herbert's contributions as co-founder and his impact on the company's more than 3,600 employees.

Simon reported strong fourth quarter and full year 2024 results, with record Funds From Operations (FFO) of $4.877 billion. Net income for 2024 reached $2.368 billion ($7.26 per diluted share), up from $2.280 billion in 2023. The company achieved notable operational success with over 21 million square feet of leases executed and opened a fully-leased Premium Outlet in the U.S.

Key highlights include: domestic property NOI increased 4.7%, occupancy rose to 96.5%, and base minimum rent per square foot grew 2.5% to $58.26. The company maintained strong liquidity of $10.1 billion and completed $6.8 billion in secured loan transactions. Simon's Board declared a quarterly dividend increase of 7.7% to $2.10 per share.

For 2025, Simon projects net income between $6.95 to $7.20 per diluted share and Real Estate FFO between $12.40 to $12.65 per diluted share.

Kering and Simon® (SPG) have completed the sale of 'The Mall Luxury Outlets' entities to Simon. The transaction involves two luxury outlet destinations in Italy - one in Leccio near Florence and another in Sanremo. The deal will generate net proceeds of approximately €350 million for Kering.

The Mall, established in 2001, will continue to feature Kering's brands as part of their strategy to concentrate outlet distribution in select exclusive venues. Simon, as a leading operator of shopping destinations worldwide, will manage the continuous operation of these high-end shopping villages.

Kering, which reported revenue of €19.6 billion in 2023 and employs 49,000 people, manages luxury brands including Gucci, Saint Laurent, Bottega Veneta, and Balenciaga among others.