Simon Property Group, Inc. reports recurring developments as a retail real estate investment trust focused on premier shopping, dining, entertainment and mixed-use destinations. Company news commonly covers quarterly earnings releases, conference calls, property redevelopment activity, tenant and dining additions, and updates across its North America, Europe and Asia property footprint.
Simon announcements also address capital and governance matters, including unsecured revolving credit facilities at its majority-owned operating partnership, common stock repurchase authorizations, board appointments, leadership succession and related corporate governance updates. Its retail real estate coverage includes malls, premium outlets, mixed-use centers and other destination properties.
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.