Simon Prop Grp - SPG STOCK NEWS

Simon® has launched Simon Search™, a new search platform enhancing the shopping experience by allowing customers to find in-stock products at participating retailers within Simon properties. This innovation is accessible through the Simon app and websites. The platform was developed in response to consumer interest, with nearly 90% of shoppers valuing enhanced search capabilities. Currently testing at 29 retail centers, a broader rollout is anticipated later this year. Participating retailers include well-known brands like Aéropostale, Anthropologie, and J.Crew.

Beverly Center is launching the EMERGE in Color boutique from June 17 to July 23, showcasing Black designers and brands. The pop-up will feature nearly 50 Black-owned fashion, beauty, and lifestyle brands, enhancing retail opportunities and celebrating diversity. Curated by Maison Black and The Black Fashion Movement, the initiative aims to address the low representation of Black-owned brands and provide a unique shopping experience. Events include discussions on Black Spending Power and screenings, fostering community engagement and economic opportunities.

Simon reported strong first-quarter results for 2022, with a net income of $426.6 million or $1.30 per diluted share, despite a $31.0 million unrealized loss from equity instruments. Funds From Operations (FFO) increased 12.1% to $1.046 billion or $2.78 per diluted share. With occupancy at 93.3%, the company raised its quarterly dividend by 21.4% to $1.70, payable June 30, 2022. Simon also authorized a $2 billion stock repurchase program. The updated 2022 guidance estimates net income of $5.93 to $6.08 per diluted share.

Simon, a leading real estate investment trust, announced its first quarter earnings release for the period ending March 31, 2022, set for May 9, 2022, after market close. The subsequent conference call will occur on the same day from 5:00 p.m. to 6:00 p.m. EDT, accessible via dial-in or webcast. Simon, listed on NYSE under the symbol SPG, operates premier shopping, dining, and mixed-use destinations globally, significantly contributing to community engagement and generating billions in sales annually.

Simon reported strong financial results for Q4 and the full year 2021, highlighting record Funds From Operations (FFO) of nearly $4.5 billion, a 31.1% increase from 2020. Net income rose to $2.246 billion, or $6.84 per diluted share, up from $1.109 billion in 2020. The company returned approximately $2.7 billion to shareholders and achieved 93.4% occupancy in its U.S. malls. Simon paid a quarterly dividend of $1.65 per share, a 26.9% increase year-over-year. For 2022, net income is projected between $5.90 and $6.10 per share, with FFO estimated between $11.50 and $11.70 per share.

Simon has partnered with Kitchen United to launch the "Grab Go Eat" platform, enabling customers to order from multiple restaurants in one transaction for on-site pickup or home delivery. The service will enhance the dining experience at Simon's Del Amo Fashion Center and Roosevelt Field malls by providing convenience and flexibility. Customers can access the platform through kiosks, the website, or an app, streamlining takeout and delivery operations for participating restaurants. This collaboration reflects a growing demand for off-premise dining options.

Simon Property Group announced its 2021 year-end tax reporting information on January 14, 2022. Key highlights include total distributions per share of $5.85 for common stock (Ticker: SPG) and $4.1875 for preferred stock (Ticker: SPG.PrJ). Taxable ordinary dividends for common stock totaled $5.446994, while qualified dividends were $0.027116. For preferred stock, taxable ordinary dividends were reported at $3.899024. The distributions indicate significant returns for shareholders, reflecting the company’s strong financial position in the real estate investment trust sector.

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.