Simon Prop Grp Stock Price, News & Analysis

Sky Real Estate has acquired Osage Beach Outlet Marketplace from Simon Property Group (NYSE: SPG). The 391,000-square-foot shopping center is situated on a 60-acre parcel along Osage Beach Parkway in the Lake of the Ozarks region. The outlet center features prominent retailers including Polo Ralph Lauren, Under Armour, Bath & Body Works, and LOFT. Sky Real Estate plans to maintain operations while working with local community partners to enhance the property's position as a regional destination.

Simon reported strong Q3 2024 results with net income of $475.2 million ($1.46 per diluted share). Real Estate FFO reached $1.144 billion ($3.05 per diluted share), up 4.8% year-over-year. Domestic property NOI increased 5.4%, while portfolio NOI grew 5.0%. Occupancy improved to 96.2%, and base minimum rent per square foot rose 2.3% to $57.71. The company successfully opened Tulsa Premium Outlets and expanded Busan Premium Outlets. The quarterly dividend was raised 10.5% to $2.10 per share. Simon maintains its 2024 guidance with FFO expected between $12.80 and $12.90 per diluted share.

Simon (SPG), a real estate investment trust specializing in premier shopping, dining, entertainment and mixed-use destinations, has rescheduled its third quarter 2024 earnings conference call. The company will release its financial and operational results for Q3 2024 before market open on November 1, 2024. The earnings call and webcast will take place from 10:00 a.m. to 11:00 a.m. Eastern Time on the same day. An audio replay will be available from 2:00 p.m. on November 1 until November 8, and the call will be archived on investors.simon.com for approximately 90 days.

Simon, a real estate investment trust specializing in premier shopping, dining, entertainment, and mixed-use destinations, has announced its third quarter 2024 earnings release and conference call details. The company will release its financial and operational results for the quarter ending September 30, 2024, after market close on November 5, 2024.

A conference call and audio webcast will be held on the same day from 5:00 p.m. to 6:00 p.m. Eastern Time. Interested parties can join the call using specific dial-in numbers for U.S. and international participants. An audio replay will be available from November 5 to November 12, 2024. The call will also be archived on the company's investor relations website for approximately 90 days.

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.