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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 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.
Läderach – chocolatier suisse has announced plans to open 15 new premium chocolate stores in Simon properties across California, Florida, Massachusetts, New York, Texas, and Virginia from August to September. Each store will showcase over 85 varieties of artisanal chocolate directly from Switzerland and feature a FrischSchoggi™ counter. This expansion responds to high e-commerce demand and enhances the in-store experience. Läderach, the largest chocolate retailer in Switzerland, aims to deliver the freshest chocolate through its bean-to-bar production.
On June 21, 2021, Simon announced a 7.7% increase in its common stock dividend for Q2 2021. Shareholders will receive a $1.40 cash dividend per common share, payable on July 23, 2021, to those on record as of July 2, 2021. This decision reflects Simon's ongoing commitment to return value to its investors amid market uncertainties.
Simon Property Group (NYSE: SPG) addresses the environmental impact of both Bitcoin mining and online shopping. The company emphasizes that in-store shopping is a more sustainable option, claiming that shoppers can help the environment by choosing local retail outlets. Simon has reduced its carbon footprint by over 50% since 2003 and plans to lower emissions by an additional 68% by 2035. The company also highlights initiatives such as increased EV charging stations and solar energy systems aimed at promoting sustainability.
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