Simon Prop Grp - SPG STOCK NEWS

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.

Taubman announces the return of Santa's Flight Academy and the #CommunityFirst program, running from November 12 to December 24. This immersive holiday experience allows children to join Santa's flight crew while promoting local shopping through #BuyNearby initiatives. The #CommunityFirst program includes initiatives like gift card giveaways, charitable donations, and community events, highlighting the company's commitment to customer appreciation and community support. Taubman malls will close on Thanksgiving for employee celebrations.

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.