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Simon Property Group, Inc. (NYSE: SPG) is a global leader in retail real estate ownership, management, and development. As an S&P 100 company, Simon Property Group boasts an extensive portfolio that spans across North America, Europe, and Asia, providing premier shopping, dining, entertainment, and mixed-use destinations. With a formidable market capitalization exceeding $80 billion, Simon Property Group is well-positioned as the second-largest real estate investment trust in the United States.
The company's portfolio includes investments in 230 properties, comprising 136 traditional malls, 69 premium outlets, 14 Mills centers, 6 lifestyle centers, and 5 other retail properties. Their strategic investment also includes a 21% interest in Klépierre, a European retail company with shopping centers in 16 countries, and joint-venture interests in 33 premium outlets across 11 countries. Simon's properties generate billions in annual sales and provide community gathering places for millions of people every day.
Simon Property Group is renowned for its strong balance sheet, long-tenured and well-respected senior management team, and innovative spirit. This reputation is backed by over 50 years of successful retail real estate development, management, and leasing. Recent achievements include receiving a four-star rating from the Global Real Estate Sustainability Benchmark (GRESB) for its sustainability practices and the commencement of construction on the Jakarta Premium Outlets® in Indonesia, which is set to open in February 2025.
Financially, the company continues to demonstrate strong performance with robust liquidity. As of September 30, 2023, the company had approximately $8.8 billion of liquidity, including $1.4 billion in cash and $7.4 billion in available capacity under its revolving credit facilities. The company also completed eleven non-recourse mortgage loans totaling approximately $962 million, with Simon's share being $540 million, at a weighted average interest rate of 6.03%.
Simon's strategic initiatives are aimed at growth and sustainability. During the first nine months of 2023, the company repurchased 1,267,995 shares of its common stock and declared a quarterly common stock dividend of $1.90 for the fourth quarter of 2023, representing a 5.6% year-over-year increase. Moreover, the company has provided optimistic guidance for 2023, with expected net income per diluted share ranging from $6.67 to $6.77 and Funds From Operations (FFO) per diluted share ranging from $12.15 to $12.25.
With a commitment to sustainability, continuous development, and robust financial health, Simon Property Group remains a pinnacle of real estate investment, delivering significant value to investors and maintaining its leadership in the industry.
Simon Property Group (NYSE: SPG) has announced the date for its fourth quarter 2021 earnings release, scheduled for after market close on February 7, 2022. The earnings conference call will take place the same day from 5:00 p.m. to 6:00 p.m. Eastern Time, accessible by dialing 1-877-705-6003 for U.S. participants and 1-201-493-6725 for international participants, with a conference ID of '13725697'. An audio replay will be available post-call until February 14, 2022. Simon operates premier shopping and entertainment destinations globally, generating significant community engagement and revenue.
On January 4, 2022, Simon announced that its subsidiary, Simon Property Group, L.P., will sell a total of $1.2 billion in senior notes, comprising $500 million in Floating Rate Notes due 2024 and $700 million in 2.650% Notes due 2032. The offering is expected to close on January 11, 2022. Proceeds will be used to repay existing indebtedness under its $3.5 billion credit facility and for general corporate purposes. This offering is managed by Goldman Sachs, J.P. Morgan, Santander, and Wells Fargo.
Simon has appointed Peggy Fang Roe to its Board of Directors. Roe, currently a Global Officer at Marriott International, brings 18 years of experience in customer experience, loyalty programs, and business development. Chairman David Simon expressed confidence in her dynamic leadership and expertise. Her background includes overseeing Marriott Bonvoy and driving strategic initiatives across various regions. This appointment is expected to strengthen Simon's board with fresh insights and valuable perspectives in enhancing customer engagement and business growth.
Simon reported strong Q3 2021 results with net income of $679.9 million, or $2.07 per diluted share, up from $145.9 million in Q3 2020. Funds From Operations (FFO) rose 52.7% to $1.176 billion. The company increased its full-year guidance and raised the quarterly dividend to $1.65, a 26.9% year-over-year increase. Occupancy at U.S. malls reached 92.8%. Simon maintained robust liquidity with approximately $8.0 billion as of September 30, 2021. The report highlighted successful property developments and continued tenant demand.
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On October 26, 2021, Simon announced the amendment and extension of its $3.5 billion revolving credit facility, maturing initially on January 31, 2026, with an option to extend to January 31, 2027. The new facility, indexed to SOFR, reduces the interest rate for U.S. Dollar borrowings to SOFR plus 72.5 basis points. This refinancing enhances Simon's financial flexibility, increasing total revolving credit capacity to $7.5 billion. The facility was arranged by a diverse lender group led by major banks including JPMorgan Chase and BofA Securities.
Simon Property Group, a leader in premier shopping destinations, announced its third quarter 2021 earnings release scheduled for after market close on November 1, 2021. A conference call will follow from 5:00 p.m. to 6:00 p.m. EDT, accessible via phone or audio webcast. Participants can dial specific numbers based on their location, with a conference ID of 13722912. An audio replay will be available from 8:00 p.m. EDT on November 1 until November 8. Simon operates numerous properties globally, generating significant annual sales.
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