Simon Property Group

As Simon soars, two big mall anchors retrenchRestricted Content

December 1, 2012
Greg Andrews
Are Simon investors overlooking the potential fallout from trouble at two of the mall giant’s biggest tenants, Sears and JCPenney?
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Circle Centre to build entry through empty NordstromRestricted Content

November 17, 2012
Cory Schouten
Construction could begin soon in the former home of Nordstrom at Circle Centre mall, but the project does not signal an end to the mall’s limbo following the 2011 departure of its marquee anchor.
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Simon spared no expense with Manhattan residenceRestricted Content

November 10, 2012
Greg Andrews
The $25 million purchase ranked as the 12th-largest residential sale in New York City last year, according to the real estate website Curbed NY.
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Settlement talks afoot in Mel Simon estate brawlRestricted Content

November 3, 2012
Greg Andrews
Attorneys for Mel’s daughter Deborah asked a Hamilton County judge to put discovery deadlines on hold and vacate the July 2013 trial date while the parties negotiate a “memorandum of understanding.”
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Simon beats expectations, boosts dividend, outlook

October 25, 2012
Bloomberg News
Indianapolis-based shopping center owner Simon Property Group hiked its quarterly dividend and its forecast for full-year funds from operations as its tenants benefited from an increase in consumer spending.
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Tax bills slashed for pair of ailing mallsRestricted Content

October 20, 2012
Kathleen McLaughlin
Marion County is granting Simon Property Group Inc. a $2.4 million refund, after a tax review board cut the value of Lafayette Square Mall and Washington Square Mall roughly in half.
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VIDEO: Work on Fashion Mall at Keystone enters home stretch

September 26, 2012
Mason King
Fashion mall watch VideoMuch-anticipated upgrades to the high-profile Fashion Mall at Keystone will be ready for shoppers by mid-November. Mall owner Simon Property Group provided a sneak peek on Wednesday of work under way.
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Melvin Simon estate collects $944M from share sale

September 20, 2012
Cory Schouten
Simon Property Group Inc. has settled a dispute with the estate of its late founder Melvin Simon, converting his ownership units into common shares and selling them for $944 million.
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Luxury-outlet strategy puts Simon on top of mall industry

September 20, 2012
Bloomberg News
Luxury outlet malls—where upscale retailers such as Coach Inc. and Michael Kors Holdings Ltd. hawk discount goods—are now the main source of expansion for the Indianapolis-based real estate investment trust, the country’s largest.
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Investor still pushing for Simon to buy rival despite opposition

September 14, 2012
Bloomberg News
Brookfield Asset Management Inc. is keeping a tight grip on its stake in General Growth Properties Inc. in a bet the second-largest U.S. mall owner is better off as an independent company that will jump in value.
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Simon exec: There's ‘no interest’ in buying General Growth

September 11, 2012
Bloomberg News
A Simon Property Group Inc. executive said that the largest U.S. mall owner isn’t trying to acquire competitor General Growth Properties Inc., which announced Monday that it won’t put itself up for sale.
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General Growth rejects call for sale of company to Simon

September 10, 2012
Bloomberg News
General Growth Properties Inc., the second-largest U.S. shopping-mall owner, rejected investor Bill Ackman’s request to put itself up for sale and said it will remain independent.
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Report: Simon foe General Growth hiring investment bank

September 6, 2012
 IBJ Staff and Bloomberg News
The board of General Growth Properties—a longtime acquisition target for locally based Simon Property Group Inc.—may reconsider a sale of the company two years after it spurned a Simon offer.
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Investor urges General Growth to pursue being acquired by Simon

August 27, 2012
Bloomberg News
Bill Ackman’s Pershing Square Capital Management LP, the second-largest investor in General Growth Properties Inc., urged the mall owner to enter negotiations for a takeover by rival Simon Property Group Inc.
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Potential for Simon-General Growth deal appears to dim

August 25, 2012
Bloomberg News
General Growth Properties' largest shareholder said it won’t pursue a takeover of the company and has no interest in unloading its stake after investor Bill Ackman urged the mall owner to consider a sale.
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Simon again considering acquisition of shopping mall rival

August 24, 2012
 IBJ Staff and Bloomberg News
One of General Growth Properties Inc.'s largest shareholders says Indianapolis-based Simon Property Group has discussed acquiring the Chicago-based shopping mall competitor.
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Simon Property directors sued over CEO’s pay

August 8, 2012
Bloomberg News
The board of the largest U.S. shopping-mall owner wrongfully authorized a compensation package for CEO David Simon that included $120 million in special stock awards, a Louisiana pension fund claimed in the lawsuit filed Wednesday.
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Fashion Mall landlord suing tenant over unpaid rent

July 30, 2012
Scott Olson
A division of Simon Property Group Inc. is suing Brisbane, Calif.-based Bebe Stores Inc., claiming the women's clothing retailer owes it $64,000 in unpaid rent.
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Profit stagnates at French firm with Simon Property ties

July 25, 2012
Bloomberg News
Klepierre SA, the Paris-based shopping-center landlord that's 27-percent owned by Simon Property Group Inc., said first-half profit was little changed as disposals curbed rental income growth.
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Simon boosts dividend, outlook after strong second quarter

July 24, 2012
 IBJ Staff and Bloomberg News
The Indianapolis-based mall giant is benefitting from robust demand for space from retailers in the United States. It's also ratcheting up growth by investing overseas.
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J.C. Penney sells Simon Property stake for $248M

July 23, 2012
Associated Press
J.C. Penney Co. said Monday that it is selling the bulk of its interest in mall developer Simon Property Group Inc. for $248 million as it focuses on its core business.
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A year later, Circle Centre Nordstrom vacancy lingers

June 30, 2012
Cory Schouten
Without a rapid-fire lease deal and renovation, the former Nordstrom anchor space at Circle Centre will sit idle for a second holiday season. The more general-audience-oriented department store chain Macy’s remains the odds-on favorite to replace Nordstrom, though it would take only a portion of the available space.
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Largest Indiana public companies mostly fared well in 2011Restricted Content

June 16, 2012
Performance varied widely as industries ebbed, flowed.
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Simon Property's revolving loan signals overseas deals

June 11, 2012
Bloomberg News
Simon Property Group Inc., the world’s largest real estate investment trust, has increased its firepower for potential global expansion with a $2 billion revolving line of credit in six currencies.
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Simon Property reaches $2 billion credit arrangement

June 1, 2012
Associated Press
Indianapolis-based Simon Property Group Inc., the country's largest shopping mall operator, has a new $2 billion unsecured revolving line of credit.
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  1. Cramer agrees...says don't buy it and sell it if you own it! Their "pay to play" cost is this issue. As long as they charge customers, they never will attain the critical mass needed to be a successful on company...Jim Cramer quote.

  2. My responses to some of the comments would include the following: 1. Our offer which included the forgiveness of debt (this is an immediate forgiveness and is not "spread over many years")represents debt that due to a reduction of interest rates in the economy arguably represents consideration together with the cash component of our offer that exceeds the $2.1 million apparently offered by another party. 2. The previous $2.1 million cash offer that was turned down by the CRC would have netted the CRC substantially less than $2.1 million. As a result even in hindsight the CRC was wise in turning down that offer. 3. With regard to "concerned Carmelite's" discussion of the previous financing Pedcor gave up $16.5 million in City debt in addition to the conveyance of the garage (appraised at $13 million)in exchange for the $22.5 million cash and debt obligations. The local media never discussed the $16.5 million in debt that we gave up which would show that we gave $29.5 million in value for the $23.5 million. 4.Pedcor would have been much happier if Brian was still operating his Deli and only made this offer as we believe that we can redevelop the building into something that will be better for the City and City Center where both Pedcor the citizens of Carmel have a large investment. Bruce Cordingley, President, Pedcor

  3. I've been looking for news on Corner Bakery, too, but there doesn't seem to be any info out there. I prefer them over Panera and Paradise so can't wait to see where they'll be!

  4. WGN actually is two channels: 1. WGN Chicago, seen only in Chicago (and parts of Canada) - this station is one of the flagship CW affiliates. 2. WGN America - a nationwide cable channel that doesn't carry any CW programming, and doesn't have local affiliates. (In addition, as WGN is owned by Tribune, just like WTTV, WTTK, and WXIN, I can't imagine they would do anything to help WISH.) In Indianapolis, CW programming is already seen on WTTV 4 and WTTK 29, and when CBS takes over those stations' main channels, the CW will move to a sub channel, such as 4.2 or 4.3 and 29.2 or 29.3. TBS is only a cable channel these days and does not affiliate with local stations. WISH could move the MyNetwork affiliation from WNDY 23 to WISH 8, but I am beginning to think they may prefer to put together their own lineup of syndicated programming instead. While much of it would be "reruns" from broadcast or cable, that's pretty much what the MyNetwork does these days anyway. So since WISH has the choice, they may want to customize their lineup by choosing programs that they feel will garner better ratings in this market.

  5. The Pedcor debt is from the CRC paying ~$23M for the Pedcor's parking garage at City Center that is apprased at $13M. Why did we pay over the top money for a private businesses parking? What did we get out of it? Pedcor got free parking for their apartment and business tenants. Pedcor now gets another building for free that taxpayers have ~$3M tied up in. This is NOT a win win for taxpayers. It is just a win for Pedcor who contributes heavily to the Friends of Jim Brainard. The campaign reports are on the Hamilton County website. http://www2.hamiltoncounty.in.gov/publicdocs/Campaign%20Finance%20Images/defaultfiles.asp?ARG1=Campaign Finance Images&ARG2=/Brainard, Jim

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