Simon Prop Grp - SPG STOCK NEWS

Simon collaborates with Mango to expand its U.S. presence by opening three new stores in Q1 2021 at key locations: Roosevelt Field, Menlo Park Mall, and Dadeland Mall. This strategic move aims to enhance Mango's brand recognition among American consumers, supported by a consistent presence since 2006. Daniel López, Mango's Director of Expansion, emphasizes the importance of physical stores in their growth strategy, while Simon's Zachary Beloff highlights the brand's potential in the U.S. retail market.

Simon has announced a common stock dividend of $1.30 per share for the fourth quarter of 2020, payable on January 22, 2021. Shareholders on record by December 24, 2020 will receive this cash dividend. The company acknowledges potential risks from the COVID-19 pandemic affecting tenant businesses, rental income, and overall financial conditions, which could impact future dividend distributions. Simon Property Group operates as a real estate investment trust owning premier shopping and entertainment destinations.

Simon Property Group (NYSE: SPG) has completed its public offering of 22,137,500 shares, raising approximately $1.56 billion in net proceeds. The offering included an upsized base of 19,250,000 shares, plus an additional 2,887,500 shares from underwriters' overallotment. The funds will primarily support the acquisition of an 80% stake in Taubman Realty Group and for general business purposes, including debt repayment and capital expenditures. The offering was managed by several prominent financial institutions, including BofA Securities and Citigroup.

On November 18, 2020, Simon Property Group, NYSE: SPG, announced an upsized public offering of 19,250,000 shares of common stock at $72.50 per share, expected to close on November 23, 2020. The offering aims to generate net proceeds of approximately $1.35 billion, which will help fund the acquisition of an 80% stake in Taubman Realty Group and support general business purposes. The company has granted underwriters an overallotment option for an additional 2,887,500 shares.

On November 18, 2020, Simon Property Group (NYSE: SPG) announced an offering of 17,500,000 shares of common stock, with an option for underwriters to purchase an additional 2,625,000 shares. The proceeds will fund an 80% acquisition of Taubman Realty Group and for other general business needs including debt repayment. The offering is structured under an effective shelf registration and will be managed by BofA Securities and Citigroup. Investors are advised that the offering is subject to market risks and potential dilution implications for existing shareholders.

Narvar and Simon announced a collaboration to enhance retail returns through a convenient drop-off service at Simon properties. This initiative allows customers to return items from about two dozen brands at nearly 80,000 locations, significantly easing the returns process. Research indicates that convenience drives consumer behavior, with 30-40% of shoppers valuing location and hours for returns. The partnership addresses friction points for consumers, potentially boosting loyalty and increasing foot traffic to Simon's retail locations.

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.