Simon Prop Grp Stock Price, News & Analysis

Simon Property Group, a leading real estate investment trust, will announce its fourth quarter 2020 earnings results after the market closes on February 8, 2021. The company will host a conference call at 5:00 p.m. Eastern Time on the same day, with access details available for both U.S. and international participants. A replay of the call will be available until February 15, 2021. Simon operates premier shopping and entertainment destinations across North America, Europe, and Asia that generate billions in annual sales.

Simon has announced its fourth quarter 2020 common stock dividend of $1.30 per share, declared on December 15, 2020, for shareholders of record as of December 24, 2020. This dividend is payable on January 22, 2021. For the year, Simon's total distribution per share amounts to $6.00, with 97.4% classified as taxable ordinary dividends. The announcement also includes details on the 8.375% Series J Cumulative Redeemable Preferred Stock, which had a total distribution of $4.1875 per share. Shareholders should consult their tax advisors regarding the tax implications of these dividends.

Simon announced its achievement of the WELL Health-Safety Rating for Facility Operations and Management for over 200 properties in its portfolio. This milestone positions Simon as a leader in the retail sector, highlighting the company's commitment to enhancing health and safety in response to COVID-19 challenges. The rating underscores Simon's efforts to improve operational standards, fostering a safer environment for both employees and customers.

On January 11, 2021, Simon announced that its subsidiary, Simon Property Group, L.P., will sell $1.5 billion in senior notes, comprising $800 million of 1.750% notes due 2028 and $700 million of 2.200% notes due 2031. The weighted average term is 8.4 years with a 1.96% coupon rate. Proceeds will fund the redemption of $550 million in 2.500% notes due July 2021 and pay down debt. The offering is expected to close on January 21, 2021.

Simon Property Group (NYSE: SPG) has successfully acquired an 80% ownership stake in Taubman Realty Group Limited Partnership for approximately $3.4 billion, which includes the redemption of common and preferred shares of Taubman Centers, Inc. (TCO) at $43.00 per share. The Taubman family retains a 20% interest in TRG. This acquisition aims to enhance TRG's retail operations and job creation in the communities it serves. The transaction was funded using Simon's existing liquidity and equity offering proceeds.

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.