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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 reported Q3 2020 results with a net income of $145.9M ($0.48/share), down from $544.3M ($1.77/share) in 2019, impacted by a $91.3M impairment charge. FFO was $723.2M ($2.05/share), a decline from $1.081B ($3.05/share) due to COVID-19. Portfolio NOI fell 22.4%, driven by rent abatements and increased uncollectible rents. Occupancy was at 91.4%, with a base rent of $56.13/sq. ft., up 2.9% year-over-year. Simon has over $9.7B in liquidity and paid a $1.30/share dividend on October 23, 2020.
Simon Property Group, a leading real estate investment trust, will announce its third quarter 2020 earnings results on November 9, 2020, after the market closes. The company will also host a conference call and audio webcast that same day at 5:00 p.m. ET. Interested participants can join via phone or listen to the live webcast at investors.simon.com. An audio replay will be available from 8:00 p.m. ET on November 9 to 8:00 p.m. ET on November 16.
Afterpay (ASX: APT) and Simon Property Group (NYSE: SPG) have formed a national collaboration to enhance in-store payment services for retailers as the holiday shopping season approaches. This initiative allows shoppers to make immediate purchases while paying over time, interest-free, thereby boosting sales for participating retailers. With over 5 million U.S. customers using Afterpay at 15,000 retailers, this collaboration aims to drive consumer spending during challenging economic times by providing a secure, contactless payment option.
Simon, a leading real estate investment trust, has declared a $1.30 common stock dividend for Q3 2020, payable on October 23, 2020. Shareholders on record by October 9, 2020 will receive this dividend. The company is set to announce its financial results for the quarter ending September 30, 2020 on November 2, 2020. While the dividend reflects ongoing income generation, the company faces uncertainties due to the COVID-19 pandemic, which may impact tenants' operations and overall market conditions.
Simon announced that it will not open its properties on Thanksgiving Day to allow employees to spend time with family. The decision reflects a commitment to community and employee well-being amidst challenging times. Simon properties will operate on Black Friday, and details regarding individual property hours can be found on their website. Simon is a leading real estate investment trust focused on premier shopping, dining, and entertainment destinations across North America, Europe, and Asia, and is listed on the S&P 100 (NYSE: SPG).
Simon reported its Q2 2020 results, with net income of $254.2 million ($0.83/share), down from $495.3 million ($1.60/share) in 2019. Funds From Operations (FFO) was $746.5 million ($2.12/share), down from $1.064 billion ($2.99/share). The pandemic caused a decrease in comparable property NOI by 18.5% and portfolio NOI by 21%. Despite challenges, occupancy was 92.9% and over 91% of tenants were operational by August 7. Simon maintained strong liquidity of $8.5 billion and paid a dividend of $1.30/share in July. Future dividends are expected to be at least $6.00/share for 2020.
Simon, a leading real estate investment trust (REIT), has scheduled its second quarter 2020 earnings release for August 10, 2020, after market close. The subsequent conference call will take place the same day at 5:00 p.m. Eastern Time, accessible via audio webcast or by dialing designated phone numbers for U.S. and international participants. The company operates premier shopping, dining, and mixed-use destinations globally, providing crucial community spaces and generating substantial annual sales.
On July 6, 2020, Simon announced its majority-owned subsidiary, Simon Property Group, L.P., will sell a total of $2.0 billion in senior notes to fund the redemption of existing debt and for general corporate purposes. The offering includes $500 million of 3.500% senior notes due 2025, $750 million of 2.650% senior notes due 2030, and $750 million of 3.800% senior notes due 2050. The weighted average coupon rate for these notes is 3.225%, with the offering expected to close on July 9, 2020.
On June 29, 2020, Simon reported reopening 199 of its 204 U.S. retail properties, representing over 95% of its property net operating income. The company has a strong liquidity position of approximately $8.5 billion, including $3.5 billion in cash. A cash dividend of $1.30 per share for Q2 2020 has been declared, payable on July 24, 2020. Simon expects to pay at least $6.00 per share in dividends throughout 2020. The company will release its financial results for Q2 on August 10, 2020.
On June 23, 2020, Simon announced the grand opening of Siam Premium Outlets Bangkok, Thailand's first Premium Outlets® center. Located just a 15-minute drive from Suvarnabhumi Airport, the center offers a range of luxury brands, including Burberry and Balenciaga, along with over 60 other exclusive brands. The opening serves as a part of Simon's international growth strategy, enhancing brand reach in the Bangkok region, which boasts a metro population exceeding 14 million. The outlet features modern amenities, a food hall, and unique architectural designs, catering to both locals and tourists.
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