Simon Prop Grp - SPG STOCK NEWS

Simon®, a real estate investment trust specializing in premier shopping destinations, has launched a nationwide campaign called 'Meet Me @themall™'. The campaign aims to celebrate the enduring appeal of shopping malls across generations, particularly targeting Gen Z. It features ads on premium streaming services and social media platforms, blending '80s and '90s nostalgia with modern shopping trends.

The campaign includes a recreation of Simple Minds' 'Don't You (Forget About Me)' and collaborations with over 250 influencers and creators. Directed by acclaimed director Matty Peacock, the ads highlight the mall's role as a cultural touchstone and gathering place. Simon has also launched @themall social channels on TikTok and Instagram to further engage with customers and showcase mall culture.

Simon Property Group, L.P., the majority-owned operating partnership subsidiary of Simon®, a real estate investment trust, has agreed to sell $1.0 billion aggregate principal amount of its 4.750% Notes due 2034. The senior notes have a 10-year term and a 4.750% coupon rate. The offering is expected to close on September 26, 2024, subject to customary conditions.

The net proceeds will be used for general corporate purposes, including repaying other unsecured indebtedness. BNP Paribas, Citigroup, PNC Capital Markets , and US Bancorp are serving as joint book-running managers for the public offering, conducted under the Operating Partnership's shelf registration statement filed with the SEC.

Simon Property Group has announced the amendment, restatement, and extension of its $3.5 billion multi-currency unsecured revolving credit facility. The facility, managed by the company's majority-owned operating partnership subsidiary, will initially mature on January 31, 2029, with an option to extend for an additional year. This enhancement, combined with their existing $5.0 billion senior unsecured credit facility, provides Simon with a total revolving credit capacity of $8.5 billion.

The interest rate for U.S. Dollar borrowings remains unchanged at SOFR plus 82.5 basis points. The facility is supported by a diverse group of 28 banks. Brian McDade, Executive Vice President and CFO, stated that this move strengthens the company's financial flexibility and demonstrates continued endorsement of Simon's strength.

Simon, a real estate investment trust, has completed the expansion and renovation of Busan Premium Outlets in South Korea. The property now features:

• Nearly 555,000 square feet of retail space
• Over 270 luxury and premium retail brands
• A 19,000 square foot Nike Unite Store
• 28 food and beverage concepts, including Shake Shack
• A new 53,000 square foot Premium Golf House zone
• Enhanced amenities like expanded parking and EV charging stations

This expansion is part of Simon's global strategy to reinvest in its centers, following recent openings in Tulsa, Oklahoma, and upcoming projects in Jakarta, Indonesia. The company is also undertaking significant redevelopment programs at several other properties across the United States.

Simon®, a leading real estate investment trust, has launched ShopSimon™, an expanded and rebranded online marketplace offering premium and luxury sale-priced products from over 360 retailers. Building on the success of Shop Premium Outlets, ShopSimon aims to create an integrated omnichannel shopping experience, combining online convenience with Simon's nationwide network of malls and outlets.

The platform offers retailers a brand-safe digital environment with enhanced capabilities for posting, promoting, and selling merchandise. For consumers, ShopSimon provides personalized shopping experiences, easy search functions, and plans for future enhancements like same-day pickup. This initiative leverages Simon's extensive reach of 2 billion annual visits to its retail destinations and 153 million website visits, positioning the company to drive retail evolution in the changing consumer landscape.

Simon, a leading real estate investment trust, has announced its participation in the BofA Securities 2024 Global Real Estate Conference. The company, known for owning premier shopping, dining, entertainment, and mixed-use destinations, will present on Tuesday, September 10, 2024, at 10:20 a.m. Eastern Time.

Investors and interested parties can access a live audio webcast of the presentation through the Investors section of Simon's website at investors.simon.com. For those unable to attend the live event, an online replay will be made available at the same location following the presentation.

This conference appearance provides an opportunity for Simon (SPG) to showcase its portfolio and strategies to a global audience of real estate professionals and investors.

Princess Polly, an Australian-born fashion brand under a.k.a. Brands Holding Corp. (NYSE: AKA), has announced plans to open five new U.S. stores in the second half of 2024. The expansion includes locations in Scottsdale, San Diego, Boston, Santa Clara, and Irvine. Each store will offer over 250 apparel looks and 200 accessories and footwear styles, featuring interactive elements like selfie mirrors and digital screens. The brand aims to enhance customer engagement through exclusive events and campus roadshows. This expansion builds on the success of Princess Polly's first U.S. store in Los Angeles and reflects the brand's growing popularity among Gen Z consumers in the United States.

Simon, a premier shopping and mixed-use destination REIT, reported strong Q2 2024 results, raising both full-year guidance and quarterly dividend. Net income reached $493.5 million ($1.51 per diluted share), up from $486.3 million in 2023. FFO increased to $1.088 billion ($2.90 per diluted share), while Real Estate FFO grew 4.3% year-over-year to $2.93 per diluted share. Domestic property NOI rose 5.2%, and portfolio NOI climbed 4.8%. U.S. Malls and Premium Outlets saw improved occupancy at 95.6% and increased base minimum rent of $57.94 per square foot. The company maintains strong liquidity of $11.2 billion and raised its quarterly dividend by 7.9% to $2.05 per share. Simon updated its 2024 guidance, projecting net income between $7.37 and $7.47 per diluted share and FFO ranging from $12.80 to $12.90 per diluted share.

Simon, a leading real estate investment trust specializing in premier shopping, dining, entertainment, and mixed-use destinations, has announced the release and conference call details for its second-quarter financial results. The earnings report for the quarter ending June 30, 2024, will be available after market close on August 5, 2024. A conference call to discuss these results is scheduled for the same day from 5:00 p.m. to 6:00 p.m. EDT. The live webcast can be accessed via the company's investor relations website, and replays will be available until August 12, 2024. The call will also be archived online for 90 days.