INDIANAPOLIS, Jan. 9, 2024 /PRNewswire/ -- Simon®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, announced today that Nina P. Jones has been appointed to its Board of Directors, effective January 8, 2024. Ms. Jones retired from T. Rowe Price where she most recently served as Vice President, Portfolio Manager, of the U.S. Real Estate Equity Strategy. Ms. Jones also served as global team leader for real estate at T. Rowe Price in ...

Simon Property Group, Inc. (NYSE:SPG) Goldman Sachs 2023 US Financial Services Conference December 5, 2023 3:40 PM ET Company Participants Brian McDade - Chief Financial Officer Conference Call Participants Caitlin Burrows - Goldman Sachs Caitlin Burrows Thank you, Brian, for joining us, and everyone else. I'm Caitlin Burrows and I cover REITs at Goldman Sachs. As I believe the audience knows, Simon is a REIT engaged in the ownership of premier shopping, dining, entertainment, and mixed-use destinations acr ...

J UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 SIMON PROPERTY GROUP, INC. SIMON PROPERTY GROUP, L.P. (Exact name of registrant as specified in its charter) Delaware 001-14469 04-6268599 (Simon Property Gr oup, Inc.) (Simon Propert ...

Simon Property Group, Inc. (NYSE:SPG) Q3 2023 Earnings Call Transcript October 30, 2023 5:00 PM ET Company Participants Tom Ward - SVP, IR David Simon - Chairman, CEO and President Brian McDade - CFO Conference Call Participants Ron Kamdem - Morgan Stanley Caitlin Burrows - Goldman Sachs Samir Khanal - Evercore ISI Alexander Goldfarb - Piper Sandler Jeff Spector - Bank of America Michael Goldsmith - UBS Floris van Dijkum - Compass Point Vince Tibone - Green Street Greg McGinniss - Scotiabank Mike Mueller - ...

Summary of Simon Property Group, Inc. Conference Call Company Overview - **Company**: Simon Property Group, Inc. (NYSE:SPG) - **Event**: Bank of America 2023 Global Real Estate Conference Call - **Date**: September 12, 2023 Key Points Company Performance and Strategy - Simon Property Group continues to prosper and grow, operating across three platforms: malls, outlets, and Mills [5][6] - The company sees opportunities to drive occupancy and reinvest in real estate, emphasizing the importance of physical stores alongside e-commerce [5][6] - The company has a strong financial footing and is optimistic about the remainder of 2023 and 2024 [6] Market Dynamics - There is a supply/demand imbalance favoring landlords in the U.S. retail real estate market, with regional malls, outlets, and power centers being undersupplied [9] - The competitive dynamic for Simon is stronger than for others in the sector, allowing for reinvestment in assets and partnerships with retailers [9] Retail Environment - There is significant demand from retailers for physical real estate, with approximately 30% of Simon's activity in the last year being new deals rather than renewals [11][12] - Retailers are expanding and optimizing their footprints, recognizing the importance of physical stores in conjunction with digital strategies [12][13] - Retailer balance sheets are in good shape, with many having improved their financial positions post-COVID [13] Luxury Retail Trends - Luxury retail is undergoing a transformation, with brands moving away from department stores to full-price stores, which is driving demand for space [19][20] - Simon is benefiting from this trend as luxury retailers seek both full-price and outlet spaces [20][21] Financial Outlook - Simon expects a potential slowdown in consumer spending in 2024 but anticipates continued strong demand from retailers for prime locations [17] - The company has approximately $2.5 billion of unsecured debt maturing in 2024, with plans to pre-fund and refinance as necessary [32][33] Redevelopment and Investment - Simon's redevelopment pipeline is expected to exceed $1 billion, focusing on recapturing anchor stores and adding density through mixed-use developments [41][42] - The company is actively building new outlets and expanding existing ones, with significant projects planned in the U.S. and abroad [43][44] Returns and Risk Management - Expected returns on redevelopment projects generally range from 7% to 9% unlevered, with a disciplined approach to project initiation and financing [46][47] - The company utilizes free cash flow for investments, providing a competitive advantage in managing development costs [46] Stock Buyback Program - Simon has a $2 billion stock buyback authorization and plans to utilize it as opportunities arise from monetizations or free cash flow generation [40] Market Transactions - The acquisitions market for A-class malls is characterized by unique transactions, often leading to redevelopment rather than maintaining current operations [59][60] Future Expectations - The company does not expect the Federal Reserve to stop hiking rates but anticipates rate cuts by the end of 2024 [61] - Real estate transactions are expected to pick up in the second half of 2024 [62] - Simon is currently using AI in various business aspects and plans to increase investment in AI initiatives [62] Additional Insights - The company is strategically positioned to leverage the intersection of physical and digital retail, which is expected to drive growth in the coming years [12][14] - The transformation of luxury retail and the focus on full-price stores indicate a shift in consumer behavior that Simon is well-prepared to capitalize on [19][20]

Financial Data and Key Metrics Changes - Funds from operations (FFO) for Q2 2023 were $1.08 billion or $2.88 per share, showing an increase from $1.06 billion or $2.78 per share in Q2 2022 [5][6] - FFO from the real estate business was $2.81 per share in Q2 2023 compared to $2.78 per share in the prior year period [6] - Year-to-date FFO comparison shows $5.65 per share in 2023 versus $5.58 in 2022 [6] - The company generated $1.2 billion in free cash flow in Q2 and $2.1 billion year-to-date [6] - The dividend for Q3 2023 was announced at $1.90 per share, an increase of 8.6% year-over-year [9] Business Line Data and Key Metrics Changes - Domestic property net operating income (NOI) increased by 3.3% quarter-over-quarter and 3.6% for the first half of the year [6] - Portfolio NOI, including international properties at constant currency, grew by 3.7% for the quarter and 3.8% for the first half of the year [6] - Mall and outlet occupancy at the end of Q2 was 94.7%, an increase of 80 basis points year-over-year [7] - Average base minimum rent for malls and outlets was $56.27 per foot, a 3.1% increase year-over-year, while mills rent increased by 4.3% to $36.02 per foot [7] Market Data and Key Metrics Changes - Reported retail sales per square foot in Q2 were $747 for malls and outlets, and $677 for mills [8] - The company signed over 1,300 leases for more than 5 million square feet in Q2, totaling 11 million square feet year-to-date [7] Company Strategy and Development Direction - The company is focused on asset rotation to improve portfolio quality and maintain strong tenant relationships [10][17] - The management expressed confidence in achieving over 95% occupancy by year-end [13] - The company is actively looking to recycle assets to generate liquidity and improve portfolio quality [17][48] Management's Comments on Operating Environment and Future Outlook - Management is optimistic about retail sales in the second half of 2023, expecting easier comparisons due to prior deceleration in sales [69] - The company anticipates a 3% plus growth in 2024, driven by lease-up, renewal spreads, and new business [37][71] - Management noted that the luxury retail sector remains strong and is a significant part of their tenant landscape [22][24] Other Important Information - The company completed refinancing of nine property mortgages totaling $820 million at an average rate of 6% [9] - The market value of the OPI platform is estimated at approximately $3.5 billion or roughly $10 per share [6] Q&A Session Summary Question: What is the expected occupancy level for the mall portfolio? - Management expects occupancy to be north of 95% by year-end, with positive trends in pricing power due to strong tenant demand [13][14] Question: Is the company looking to be more active in asset recycling? - Management confirmed ongoing asset recycling efforts to improve portfolio quality and generate liquidity, indicating a consistent strategy [17] Question: How does the company view the luxury retail sector? - Management sees luxury retail as a growing and important segment, with strong relationships with top brands like LVMH [22][24] Question: What is the outlook for retail sales in the second half of the year? - Management is optimistic about retail sales, expecting easier comparisons and stable economic conditions to support growth [69] Question: Can you provide insights on the impact of new leases and tenant demand? - Management noted that 30% of lease activity in the first half was new deal volume, indicating strong interest from new concepts and a positive sign for the business [55]

J UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 SIMON PROPERTY GROUP, INC. SIMON PROPERTY GROUP, L.P. (Exact name of registrant as specified in its charter) Delaware 001-14469 04-6268599 (Simon Property Gr oup, Inc.) (Simon Property Gro ...

J UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 SIMON PROPERTY GROUP, INC. SIMON PROPERTY GROUP, L.P. (Exact name of registrant as specified in its charter) Delaware 001-14469 04-6268599 (Simon Property Gr oup, Inc.) (Simon Property Gr ...

Simon Property Group, Inc. (NYSE:SPG) Q1 2023 Earnings Conference Call May 2, 2023 5:00 PM ET Company Participants Tom Ward - Senior Vice President of Investor Relations David Simon - Chairman, Chief Executive Officer and President Brian McDade - Chief Financial Officer Conference Call Participants Caitlin Burrows - Goldman Sachs Steve Sakwa - Evercore ISI Ronald Kamdem - Morgan Stanley Alexander Goldfarb - Piper Sandler Vince Tibone - Green Street Nick Joseph - Citi Greg McGinnis - Scotiabank Derek Johnsto ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 SIMON PROPERTY GROUP, INC. SIMON PROPERTY GROUP, L.P. (Exact name of registrant as specified in its charter) Delaware 001-14469 04-6268599 (Simon Property Group, Inc.) (Simon Property Gro up, Inc.) (Simon Property Gro up, Inc.) Delaware 001-36110 34-1755769 (Simon Property Group, L.P.) (Simon Proper ...