Simon Prop Grp Stock Price, News & Analysis

Simon (SPG), a premier retail REIT, has announced a strategic collaboration with Shopify and Leap to accelerate e-commerce brands' expansion into physical retail locations across Simon's portfolio. The partnership showcases Ring Concierge, a New York-based fine jewelry company, which successfully opened three new stores in key markets using this collaborative approach.

Ring Concierge reported strong Q4 sales performance, with two comparable locations exceeding 2023 figures and three new locations successfully acquiring customers. The jewelry brand now operates five total locations, including stores at Houston's The Galleria and Town Center at Boca Raton, powered by Leap's Retail as a Service (RaaS) solutions.

The collaboration leverages Simon's premium retail spaces, Shopify's commerce platform, and Leap's comprehensive services including location sourcing, store design, staffing, and analytics. This initiative aims to provide e-commerce brands a streamlined path to establish and scale their brick-and-mortar presence, with True Classic and other brands already utilizing the partnership.

Simon (SPG) has announced a major transformation project for Smith Haven Mall in Lake Grove, N.Y., scheduled to begin in summer 2025 and complete in 2026. The multimillion-dollar redevelopment will introduce several new retailers and amenities, including Zara's first Eastern Long Island location near Center Court.

The project includes the addition of Sur la Table, joining recently opened stores Primark and Mango. A new entertainment venue, Golf Lounge 18, will open in March, featuring a full bar and multiple TVs, while Ford's Garage restaurant will offer American cuisine. The renovation encompasses exterior and interior improvements, including a new outdoor plaza with landscaping and seating areas, updated flooring, modern fixtures, and a revitalized food court.

Simon Property Group (NYSE: SPG) announced the retirement of Herbert Simon, Chairman Emeritus of the Board of Directors, effective February 4, 2025. Herbert Simon, who co-founded the company 65 years ago, expressed confidence in the company's future under the leadership of David Simon, who has served as CEO since 1994. David Simon, currently Chairman, CEO and President, acknowledged Herbert's contributions as co-founder and his impact on the company's more than 3,600 employees.

Simon reported strong fourth quarter and full year 2024 results, with record Funds From Operations (FFO) of $4.877 billion. Net income for 2024 reached $2.368 billion ($7.26 per diluted share), up from $2.280 billion in 2023. The company achieved notable operational success with over 21 million square feet of leases executed and opened a fully-leased Premium Outlet in the U.S.

Key highlights include: domestic property NOI increased 4.7%, occupancy rose to 96.5%, and base minimum rent per square foot grew 2.5% to $58.26. The company maintained strong liquidity of $10.1 billion and completed $6.8 billion in secured loan transactions. Simon's Board declared a quarterly dividend increase of 7.7% to $2.10 per share.

For 2025, Simon projects net income between $6.95 to $7.20 per diluted share and Real Estate FFO between $12.40 to $12.65 per diluted share.

Kering and Simon® (SPG) have completed the sale of 'The Mall Luxury Outlets' entities to Simon. The transaction involves two luxury outlet destinations in Italy - one in Leccio near Florence and another in Sanremo. The deal will generate net proceeds of approximately €350 million for Kering.

The Mall, established in 2001, will continue to feature Kering's brands as part of their strategy to concentrate outlet distribution in select exclusive venues. Simon, as a leading operator of shopping destinations worldwide, will manage the continuous operation of these high-end shopping villages.

Kering, which reported revenue of €19.6 billion in 2023 and employs 49,000 people, manages luxury brands including Gucci, Saint Laurent, Bottega Veneta, and Balenciaga among others.

Simon (SPG), a premier retail REIT, has announced a nationwide music experience tour partnership with Greater Than Distribution. The Scouting for Stars @themall tour, led by Randy Jackson and Paula Moore, will visit 20 Simon malls between February and August 2025, featuring over 150 emerging artists.

The initiative aims to connect Gen Z with the music industry through performances, workshops, and talent searches. Each two-day event includes educational sessions on songwriting and content creation, with one local talent selected to perform as an opening act. The tour kicks off at Katy Mills in Houston on February 21-22, 2025, concluding at Cielo Vista Mall in El Paso.

The experience includes exclusive merchandise collaborations, retailer promotions, and brand giveaways. Pre-registered attendees will receive edition merchandise, while all concerts are free for mall visitors.

Simon has announced plans to develop Nashville Premium Outlets, a new luxury shopping and lifestyle destination in Thompson's Station, Tennessee. The approximately 325,000 square foot mixed-use center will be located at the intersection of Interstate 65 and Interstate 840. Construction is expected to begin in 2026, featuring about 75 retailers, restaurants, and a hotel, with potential for residential options and big-box retailers.

The project, developed in collaboration with Nashville-based Adventurous Journeys Capital Partners, will be Simon's third investment in the metro Nashville area, complementing their existing properties Opry Mills and The Mall at Green Hills. This expansion follows Simon's successful launch of Tulsa Premium Outlets in August 2024, which opened fully leased.

Simon Property Group (SPG) has released its 2024 tax reporting information for dividend distributions. The company's common stock (SPG) paid total distributions of $8.10 per share throughout 2024, with quarterly payments increasing from $1.95 to $2.10 per share. The distributions comprised 99.4% taxable ordinary dividends ($8.05059 per share) and 0.6% capital gain distribution ($0.04941 per share).

For the 8.375% Series J Cumulative Redeemable Preferred Stock (SPGPrJ), the company distributed $4.1875 per share annually, paid in equal quarterly installments of $1.046875. These distributions followed a similar pattern, with 99.4% as taxable ordinary dividends and 0.6% as capital gain distribution.

Under Section 199A, REIT dividends qualify for a 20% deduction for eligible taxpayers. The company confirmed these are final income allocations for tax purposes.

Simon (SPG), a premier shopping, dining, entertainment and mixed-use destinations REIT, has scheduled its fourth quarter 2024 earnings release and conference call. Financial and operational results for the quarter ending December 31, 2024, will be released after market close on February 4, 2025.

The company will host its quarterly earnings conference call and audio webcast on the same day from 5:00 p.m. to 6:00 p.m. Eastern Time. The webcast will be available at investors.simon.com. An audio replay will be accessible from February 4, 2025 (9:00 p.m. ET) until February 11, 2025 (11:00 p.m. ET).