Simon Prop Grp - SPG STOCK NEWS

Simon, a leading real estate investment trust, announced the schedule for its first quarter earnings release and conference call. The financial results for the quarter ending March 31, 2023, will be disclosed after market close on May 2, 2023. Following this, Simon will host a conference call from 5:00 p.m. to 6:00 p.m. EDT on the same day. The live audio webcast can be accessed via investors.simon.com. Participants can join the call by dialing specific numbers based on their location. An audio replay will also be available from May 2, 2023, until May 9, 2023. Simon Property Group (NYSE: SPG) reinforces its status as an S&P 100 company, owning premier shopping, dining, and entertainment destinations worldwide.

Simon Property Group has announced plans for the second annual National Outlet Shopping Day, set for June 10 and 11, 2023, at over 90 of its Premium Outlets and The Mills locations in the U.S. and Canada. Following the success of the inaugural event, Simon anticipates an even greater turnout, boosted by exclusive deals from top retailers like Aéropostale, Banana Republic, and Polo Ralph Lauren. This year, the event will also include special online promotions, live-streaming events, and international participation from properties in Mexico, Thailand, and Malaysia. Additionally, the Simon American Express® Credit Card will offer double rewards on select purchases during the event. The excitement includes a contest for a $50,000 getaway to the Orlando Premium Outlets, fostering greater shopper engagement.

On April 4, 2023, Simon announced the opening of Etam's first U.S. store at Dadeland Mall in Miami, set for Summer 2023. This strategic move aims to tap into the growing Miami market, enhancing Dadeland's reputation as a premier retail destination. Etam, established in 1916, operates over 850 stores globally, offering a range of French fashion from lingerie to swimwear. Both Etam's CEO Laurent Milchior and Simon's VP of Leasing Zach Beloff expressed excitement about the partnership, highlighting the store's innovative design and customer-centric experience, including connected fitting rooms and mobile checkout.

Puttshack, the upscale tech-infused mini golf brand, will expand into the Minneapolis metropolitan area with a new location at Southdale Center. Set to open in Spring 2024, this 25,000 square-foot venue will feature four competitive nine-hole courses using patented Trackaball™ technology, along with two full-service bars and a 100-seat outdoor patio. It aims to serve as a premier destination for social gatherings in Edina, Minnesota, following a pattern of strategic expansion in the growing competitive socializing market. The new site signifies Puttshack's second venue in Minnesota, following another announced opening in Minneapolis.

Simon Property Group (SPG) and José Andrés Group (JAG) announce a collaboration to open three new restaurants, including Zaytinya, at premium locations in Las Vegas and Palo Alto. Set to debut between 2023-2024, these establishments aim to enhance the dining experience at Simon's properties like Stanford Shopping Center and The Forum Shops at Caesars Palace. Sam Bakhshandehpour, President of JAG, highlighted the strategic growth opportunities in key markets, while Jonathan Murphy of Simon emphasized the partnership's potential for future expansion. JAG's portfolio includes diverse dining concepts across major U.S. cities.

On March 23, 2023, Simon Property Group (NYSE: SPG) announced the retirement of two long-serving Independent Directors, J. Albert Smith, Jr. and Karen H. Horn, Ph.D., effective at the Annual Meeting on May 4, 2023. David Simon, CEO, expressed gratitude for their invaluable contributions to the company. Smith has been part of the Board since 1993 and served as Chair of the Audit Committee, while Horn joined in 2004, leading corporate governance development. Simon Property Group is a leading real estate investment trust engaged in premier shopping and entertainment destinations globally, generating billions in annual sales.

Simon, a leading real estate investment trust specializing in premier shopping and mixed-use destinations, has announced the appointment of Randall J. Lewis to its Board of Directors, effective March 21, 2023. Mr. Lewis, a Managing Partner at Cleveland Avenue, brings over 35 years of experience in finance, risk management, and operations from his tenure at major firms including GE and Wells Fargo. Chairman David Simon welcomed Lewis, highlighting his extensive skill set. Simon Property Group is a significant player in the industry, reflected by its S&P 100 status and global presence, contributing to billions in annual sales.

Simon Property Group has secured a new $5.0 billion multi-currency unsecured revolving credit facility, replacing its previous $4.0 billion facility. This new credit line, which can mature on June 30, 2027 with a potential extension to June 30, 2028, maintains an interest rate of SOFR plus 82.5 basis points. Together with an existing $3.5 billion facility, the company now has a total revolving credit capacity of $8.5 billion. CEO David Simon emphasized that this facility enhances the firm's financial flexibility, backed by a diverse lender group, led by major banks including JPMorgan Chase and Bank of America.