Simon Property Group, Inc. - SPG STOCK NEWS

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.

Simon announced the redemption of $1.65 billion in senior notes, comprising $550 million of 2.350% notes due January 2022, $600 million of 2.625% notes due June 2022, and $500 million of 2.750% notes due February 2023. Redemption dates are August 25, 2021, for the January and June notes, and September 9, 2021, for the February notes. A one-time charge of approximately $29 million, or $0.08 per share, will impact Net Income and Funds From Operations in Q3 2021, which was not included in previous guidance. The Bank of New York Mellon Trust Company will notify bondholders.

On August 9, 2021, Simon Property Group announced the sale of $1.25 billion in senior notes to enhance its financial flexibility. The issuance includes $550 million of 1.375% notes due in 2027 and $700 million of 2.250% notes due in 2032, with a combined weighted average coupon rate of 1.865%. Proceeds will be used to redeem existing higher-rate notes maturing in early 2022 and 2023. The offering, led by BofA Securities and others, is expected to close on August 18, 2021.

Simon reported strong second-quarter 2021 results with net income of $617.3 million, or $1.88 per diluted share, compared to $254.2 million in 2020. Funds From Operations (FFO) also rose significantly to $1.217 billion, a 52.8% increase year-over-year. The company is optimistic and has raised its full-year guidance, estimating net income between $5.47 and $5.57 per share. Furthermore, Simon declared a quarterly dividend of $1.50, a 15.4% increase year-over-year, payable on September 30, 2021. Overall, the company shows strong growth in both occupancy and operating statistics.

Simon Property Group, a leader in premier shopping and mixed-use destinations, announced its Q2 2021 earnings release set for August 2, 2021, after market close. The earnings conference call will occur the same day at 5:00 PM EDT. Investors can join via phone or a live webcast on the company’s website. Simon operates globally, generating billions in annual sales. The company is part of the S&P 100, highlighting its significant market presence.

SCHEELS has announced the opening of its second location in Kansas, set to debut in Spring 2023 at Towne East Square in Wichita. This new store will span 220,000 sq. feet and create over 400 associate positions. Following the success of its Overland Park store, the Wichita location aims to attract a diverse range of shoppers with its family-friendly attractions and specialty shops. SCHEELS now operates 31 locations, with additional stores scheduled to open in Missoula, MT, and Chandler, AZ in Fall 2023.