Key Developments: Simon Property Group Inc (SPG)
173.59USD
23 May 2013
$-2.45 (-1.39%)
$176.04
$175.13
$175.35
$172.81
1,394,887
1,237,921
$182.45
$142.08
Latest Key Developments (Source: Significant Developments)
Simon Property Group Inc Raises FY 2013 FFO Guidance
Simon Property Group Inc updated fiscal 2013 guidance and expects FFO to be within a range of $8.50 to $8.60 per diluted share and diluted net income will be within a range of $3.70 to $3.80 per share. According to I/B/E/S Estimates, analysts were expecting the Company to report FFO of $8.59 for fiscal 2013. Full Article
Simon Property Group Inc Announces Quarterly Dividend
Simon Property Group Inc announced that the Board of Directors declared a quarterly common stock dividend of $1.15 per share. The dividend is payable on May 31, 2013 to stockholders of record on May 17, 2013. Full Article
Simon Property Group Inc Issues FY 2013 FFO Guidance
Simon Property Group Inc announced that it estimates FFO will be within a range of $8.40 to $8.50 per diluted share for fiscal 2013, and diluted net income will be within a range of $3.55 to $3.65 per share for fiscal 2013. Full Article
Simon Property Group Inc's Simon Property Group, L.P. Announces Closing Of Two Senior Notes Offerings
Simon Property Group Inc announced that its majority-owned operating partnership subsidiary, Simon Property Group, L.P. (Operating Partnership), has closed the two debt offerings announced previously: Public offering of $500 million principal amount of 2.75% senior unsecured notes due February 1, 2023 and Private offering of $750 million principal amount of 1.50% senior unsecured notes due February 1, 2018 to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (Securities Act), and to non-U.S. persons outside the United States in reliance on Regulation S under the Securities Act. Full Article
Simon Property Group Inc Sells $750 Million Of Senior Notes In Private Offering
Simon Property Group Inc announced that its majority owned operating partnership subsidiary, Simon Property Group, L.P. (the Operating Partnership), has agreed to sell $750 million principal amount of its 1.50% senior unsecured notes due February 1, 2018 in a private offering to 'qualified institutional buyers' pursuant to Rule 144A under the Securities Act of 1933, as amended (the Securities Act), and to non-U.S. persons outside the United States in reliance on Regulation S under the Securities Act. This offering is expected to close on December 17, 2012. The Operating Partnership currently expects to use the net proceeds from the private offering to repay a portion of the outstanding balance under the U.S. dollar tranche of its $4.0 billion credit facility which it incurred in connection with acquisitions. Full Article
Simon Property Group Inc Sells $500 Million Of Senior Notes In Public Offering
Simon Property Group Inc announced that its majority owned operating partnership subsidiary, Simon Property Group, L.P. (the Operating Partnership), has agreed to sell $500 million principal amount of its 2.75% senior unsecured notes due February 1, 2023. This offering is expected to close on December 17, 2012. The Operating Partnership currently expects to use the net proceeds from the public offering for general corporate and partnership purposes. Barclays Capital Inc., Citigroup Global Markets Inc., UBS Securities LLC, Goldman, Sachs & Co., Morgan Stanley & Co. LLC and RBS Securities Inc. are serving as joint book-running managers and Fifth Third Securities, Inc., Mitsubishi UFJ Securities (USA), Inc., SMBC Nikko Capital Markets Limited and U.S. Bancorp Investments, Inc. are serving as co-managers of the public offering which is being conducted under the Operating Partnership's shelf registration statement filed with the Securities and Exchange Commission. Full Article
Simon Property Group Inc Acquires 100% Ownership Of Upscale Outlet Centers In Grand Prairie, Texas And Livermore, California
Simon Property Group Inc announced that it has completed the acquisition of Paragon Outlets Grand Prairie in Grand Prairie, Texas and Paragon Outlets Livermore Valley in Livermore, California. Simon now owns 100% of each asset. The 417,000 square foot Grand Prairie center, serving the Dallas-Fort Worth metropolitan area, is home to more than 100 designer and name brand outlet stores including Saks Fifth Avenue OFF 5TH, Bloomingdale's The Outlet Store, Coach, Cole Haan, DKNY, Hugo Boss, Kate Spade New York, J.Crew, Michael Kors, Nike and Tommy Hilfiger. The center opened in August of 2012 and is 100% leased. The 512,000 square foot Livermore center, located in the affluent East Bay area of San Francisco, is home to 130 designer and name brand outlet stores including Saks Fifth Avenue OFF 5TH, Bloomingdale's The Outlet Store, Last Call by Neiman Marcus, Armani, Barneys New York, Coach, DKNY, Elie Tahari, Kate Spade New York, J.Crew, Lacoste, Michael Kors, Prada and Tommy Hilfiger. The center opened in November of 2012 and is 100% leased. Simon has assumed management responsibilities and the centers will be renamed Grand Prairie Premium Outlets and Livermore Valley Premium Outlets. Full Article
Simon Property Group Inc Declares Dividend
Simon Property Group Inc announced that the Board of Directors declared a quarterly common stock dividend of $1.10 per share, an increase of 4.8% from the previous quarter and an increase of 22.2%from the year earlier period. The dividend is payable on November 30, 2012 to stockholders of record on November 16, 2012. The Company also declared the quarterly dividend on its 8 3/8% Series J Cumulative Redeemable Preferred Stock of $1.046875 per share, payable on December 31, 2012 to stockholders of record on December 17, 2012. Full Article
Simon Property Group Inc Raises FY 2012 Guidance
Simon Property Group Inc updated and raised guidance for fiscal 2012, estimating FFO will be within a range of $7.80-$7.85 per diluted share for fiscal 2012, and diluted net income will be within a range of $4.61 to $4.66 per share for fiscal 2012. According to I/B/E/S Estimates, analysts were expecting the Company to report FFO of $7.76 and for fiscal 2012. Full Article
Simon Property Group Inc Announces Pricing of Common Stock Offering by Melvin Simon Family Enterprises Trust
Simon Property Group Inc announced the pricing of the 5,873,620 shares of its common stock offered by the Melvin Simon Family Enterprises Trust, as selling stockholder, resulting in gross proceeds of $943,714,525 (before deducting underwriting commissions and offering expenses). The shares offered represent the Trust's entire direct ownership in the Company and Simon Property Group, L.P., the Company's operating partnership subsidiary. The shares are being offered under the Company's effective shelf registration statement filed with the Securities and Exchange Commission (the SEC). Neither the Company nor any of its affiliates, including officers and directors, sold any shares in the offering. BofA Merrill Lynch acted as the sole book-running manager for the offering. Full Article
Simon sees no sale-leasebacks as mall occupancy rises
NEW YORK - Simon Property Group Inc , the largest owner of U.S. malls, has little interest in buying department store space from retailers and leasing it back, a senior executive said on Friday, a stance that may limit options for cash-strapped J.C. Penney Co Inc .
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