Retirement is complicated and you only get once chance to do it right. Don't miss out because you didn't know what was out there. The Retirement Forum provides actionable ideals, a high-yield safe retirement portfolio, and macroeconomic outlooks, all to help you maximize your capital and your income. We search the entire market to help you maximize returns. Simon Property Group, Inc. (NYSE: SPG ) is one of the largest American REITs with a market capitalization of almost $60 billion and a yield of almost 5% ...

Simon Property Group (SPG) has kicked off the 2024 holiday shopping season with impressive momentum. Reporting a 6.4% year-over-year increase in traffic across its nationwide portfolio during the Black Friday weekend, Simon’s performance reflects the enduring appeal of brick-and-mortar retail in a digitally dominated era.Malls led the charge, with a notable 7.1% traffic surge, underscoring their central role in Simon’s strategy. Preliminary data highlights that traffic growth was consistent across its Malls ...

Preliminary data indicates strong traffic across Simon's Malls, Premium Outlets and Mills centers for the first holiday shopping weekend of the seasonINDIANAPOLIS, Dec. 2, 2024 /PRNewswire/ -- Simon®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, saw a remarkably strong start to the holiday shopping season on Black Friday that continued throughout the weekend, including a 6.4% increase in year-over-year traffic at its centers a ...

OSAGE BEACH, Mo., Nov. 22, 2024 /PRNewswire/ -- Sky Real Estate is excited to announce its acquisition of the Osage Beach Outlet Marketplace from a subsidiary of Simon Property Group, Inc (NYSE: SPG). The 391,000-square-foot shopping center, located on a 60-acre parcel along Osage Beach Parkway, has been a cornerstone of the Lake of the Ozarks region for decades.The outlet center features key tenants such as Polo Ralph Lauren, Under Armour, Bath & Body Works, and LOFT. Sky Real Estate looks forward to conti ...

Fundamental Changes to the Mall Landscape - Malls are regaining popularity, especially among Gen Z, who value face-to-face interaction and view malls as social spaces rather than inconveniences [2][3] - Gen Z's preference for malls is supported by retailers like Shein and Skims, which believe in the mall product and are targeting younger consumers [4] - Occupancy rates at Simon Property Group (SPG) malls increased to 96.2% in Q3 2024, up from 95.2% in Q3 2023, indicating strong demand [4] - Base minimum rent per square foot rose to $57.71 in Q3 2024, a 2.3% increase from $56.41 in Q3 2023, reflecting higher demand for premium mall space [4] - Two major changes have improved mall fundamentals: significant reduction in mall space supply through demolition/conversion and increased demand for retail space [5] SPG's Financials, Earnings, and Leasing - SPG signed approximately 1,200 leases for 4 million square feet in Q3 2024, with 3,900 leases signed year-to-date for 15 million square feet, expected to generate over $1 billion in revenue [6] - Retailer sales per square foot reached $737 for malls and premium outlets combined, indicating strong tenant performance [6] - Tenant occupancy cost, a measure of lease affordability relative to retailer income, is at a healthy 12.8%, signaling a normalized leasing environment [7] - SPG's net operating income (NOI) has fully recovered to pre-COVID levels, with dividends also rebounding to $2.10 per quarter as of Q3 2024 [8][9] - SPG's 2024 FFO and AFFO are projected at $12.80 and $11.39, respectively, surpassing 2019 levels of $12.04 and $10.83 [9] Valuation and Market Position - SPG is trading at a discounted valuation of 13X trailing FFO, compared to its historical average of 20X, despite strong fundamentals and growth prospects [10][13] - The S&P 500's trailing earnings multiple has risen from 20X to 29X over the past decade, while SPG's multiple has declined, creating a valuation gap [11][13] - SPG's real estate-derived FFO grew by 4.8% in Q3 2024 and 4.1% year-to-date, with a projected long-term growth rate of 4%-5% [19] - A fair value multiple of 18X real estate FFO suggests a target price of $214, representing 23% upside from current levels [20] Industry Leadership and Competitive Advantages - SPG is an industry leader with a track record of AFFO/share growth, a large market capitalization, and an investment-grade balance sheet (A-) [10] - The company has a well-diversified portfolio geographically, by tenant industry, and by product price point, enhancing its resilience to economic downturns [17] - SPG's leasing momentum is strong, with favorable lease terms including fewer co-tenancy clauses, fewer tenant renewal options, long lease terms, and escalators [6]

Shares of Simon Property (SPG) have rallied 16.9% over the past three months, outperforming the industry's 7.1% growth. The retail real estate investment trust's (REIT) portfolio of premium retail assets in the United States and abroad, the adoption of omnichannel retailing, a focus on strategic acquisitions and mixed-use developments and solid balance sheet strength have enabled it to ride the growth curve so far. In early November, SPG reported third-quarter funds from operations (FFO) per share of $2.84, ...

Table of Contents Emerging growth company ◻ Simon Property Group, L.P.: Large accelerated filer ◻ Accelerated filer ◻ Non-accelerated filer ⌧ Smaller reporting company ◻ 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, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 SIMON PROPERTY ...

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Simon Property Group, Inc. (SPG) reported third-quarter funds from operations (FFO) per share of $2.84, missing the Zacks Consensus Estimate of $3. The figure decreased from $3.20 reported in the year-ago period.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.Results reflect higher interest expenses on a year-over-year basis. However, an increase in revenues, backed by a rise in the base minimum rent per square foot and occupancy levels, supported the results to some extent. SPG rai ...

Financial Data and Key Metrics - Real estate FFO was $3.05 per share in Q3 2024, a 4.8% growth compared to $2.91 in the prior year [9] - Third quarter funds from operations were $1.07 billion or $2.84 per share, compared to $1.2 billion or $3.20 per share last year [10] - Domestic NOI increased 5.4% year-over-year, while portfolio NOI (including international properties) grew 5% at constant currency [13] - Malls and Outlet occupancy reached 96.2%, a 1% increase compared to the prior year, with The Mills occupancy at 98.6% [14] - Average base minimum rent for Malls and Outlets increased 2.3% year-over-year, and The Mills increased 4.5% [14] - Retailer sales per square foot were $737, up approximately 1% year-over-year, with total sales volumes up 1.5% [16] Business Line Data and Key Metrics - The company signed approximately 1,200 leases for 4 million square feet in Q3, with over 3,900 leases signed year-to-date, expected to generate more than $1 billion in revenue [15] - SPARC and J.C. Penney recorded sequential improvements in comp sales during Q3, setting up well for the holiday season [19] - The company's OPI (Other Platform Investments) underperformed due to cautious spending by lower-income consumers, particularly affecting Forever 21 and Reebok [18] Market Data and Key Metrics - The company opened Tulsa Premium Outlets at 100% lease and expanded Busan Premium Outlets in South Korea [17] - Development and redevelopment projects are underway with a net cost of $1.3 billion at a blended yield of 8% [17] - The company's digital marketplace, ShopSimon, was rebranded and expanded, leveraging a shopper email list of over 25 million customers [22] Company Strategy and Industry Competition - The company focuses on improving the merchandise mix and re-merchandising centers, rather than solely focusing on rent increases [27][28] - Construction costs have risen 60% since pre-pandemic levels, limiting new supply and benefiting the company's position in the market [29] - The company is investing in mixed-use developments, with a pipeline of around $4 billion, including over $1 billion in residential projects [34][35] Management Commentary on Operating Environment and Future Outlook - Demand for retail space remains strong, with a broad spectrum of tenants showing interest in the company's portfolio [7] - The company raised its dividend to $2.10 per share, marking a 10.5% year-over-year increase and returning to pre-pandemic levels [23] - Guidance for the full year remains at $12.80 to $12.90 per share, excluding non-cash losses from Klépierre exchangeable bonds [24] Other Important Information - The company amended and extended its $3.5 billion revolving credit facility and issued $1 billion in senior notes with a 4.75% interest rate [20] - Refinancings of 14 property mortgages were completed, totaling approximately $1.3 billion at an average rate of 6.13% [21] - The company ended the quarter with approximately $11.1 billion in liquidity [21] Q&A Session Summary Question: Leasing momentum and pricing power [26] - The company focuses on improving the merchandise mix and re-merchandising centers, rather than solely focusing on rent increases [27][28] - Construction costs have risen 60% since pre-pandemic levels, limiting new supply and benefiting the company's position in the market [29] Question: Development and redevelopment pipeline [34] - The company has a pipeline of around $4 billion, including over $1 billion in residential projects [34][35] - Mixed-use opportunities and anchor replacements remain a focus, with significant potential for growth [34] Question: Omnichannel experience and customer engagement [41] - The company emphasizes the mall as a unique gathering place and is investing in digital initiatives like ShopSimon to enhance the omnichannel experience [42][45] - Digital commerce accounts for 14-15% of total commerce, with potential for further growth [45] Question: ShopSimon and logistics [50] - The company sees potential in last-mile distribution and is exploring opportunities to integrate logistics into its retail centers [51][52] Question: Occupancy and NOI growth [86] - The company expects continued momentum in NOI growth, supported by leasing activity, capital investments, and limited new supply [87] Question: Acquisition opportunities and development spend [91] - The company remains open to acquisition opportunities but is being selective, with a focus on high-quality retail real estate [92] - Development and redevelopment spending is expected to remain around $1.5 billion annually [96] Question: ShopSimon progress and logistics [98] - The company is making progress with ShopSimon, leveraging its 25 million email list and adding loyalty programs to drive growth [100] Question: Domestic NOI growth [102] - The company is seeing strong momentum in Domestic NOI growth, with further details to be provided in the next earnings call [103]