Simon Property Group

Eastgate owner plots unusual office-space strategy

August 9, 2011
Cory Schouten
The owner of the former Eastgate shopping center has begun marketing a third phase of its mall overhaul: About 225,000 square feet of emergency backup office space.
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Simon Property results improve as U.S. retail sales advance

July 26, 2011
Bloomberg News
Indianapolis-based Simon Property Group Inc. said funds from operations rose 20 percent in the second quarter as rents and occupancies increased. The company raised its forecast for the year.
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Simon Property Group signs CEO to long-term contract

July 8, 2011
 IBJ Staff and Bloomberg News
Indianapolis-based Simon Property Group Inc. signed an employment agreement with CEO David Simon that will keep him as head of the largest U.S. mall owner for the next eight years—and give him a one-time award worth $120 million.
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Tanger buys outlet center from Simon Property

June 28, 2011
Associated Press
Tanger Factory Outlet Centers Inc. said Tuesday it bought an Ohio outlet shopping center from Indianapolis-based Simon Property Group Inc. for $134 million.
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Nordstrom closing Circle Centre store

May 26, 2011
Cory Schouten
Nordstrom plans to close its store at Circle Centre mall, dealing a substantial setback for downtown. The Seattle-based chain was scheduled to announce the closure to employees at a mandatory staff meeting Thursday morning, a person familiar with the plans told IBJ.
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Simon Property to develop outlet center in Canada

May 23, 2011
Associated Press
Indianapolis-based Simon Property Group Inc. said Monday that it will open an outlet shopping center in Ontario, the first of the shopping mall owner's line of Premium Outlets-brand shopping centers in Canada.
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PROXY CORNER: Simon Property Group Inc.

May 14, 2011
Indianapolis-based Simon Property Group Inc. is a real estate investment trust that owns, operates, manages, leases and develops regional malls and community shopping centers.
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Simon Property results improve as store rents climb

April 29, 2011
Bloomberg News
Simon Property Group Inc., the largest U.S. shopping-mall owner, said funds from operations rose 75 percent in the first quarter as retail sales climbed.
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State court rejects Bren Simon's appeal in estate battle

April 18, 2011
 IBJ Staff
The Indiana Court of Appeals has dismissed Bren Simon’s petition seeking to reverse a lower court’s ruling that removed her as interim trustee of her late husband’s $2 billion estate.
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Retail REIT profits may slip on store bankruptcies

April 11, 2011
Associated Press
Retailer bankruptcies likely will weigh on earnings of retail landlords, especially those that own shopping centers and mid-quality malls, an analyst said. But upscale mall owners like Simon Property Group should feel a smaller impact.
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Simon CEO compensation jumps to $24.6 million

April 8, 2011
Bloomberg News
Simon Property Group Inc.’s board is working on a long-term employment agreement with Chairman and CEO David Simon, whose compensation rose more than fivefold last year.
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Irsay, Simon tie on magazine's world's-richest list

March 10, 2011
 IBJ Staff
In a feat not possible for their teams, Indiana Pacers owner Herb Simon and Indianapolis Colts owner Jim Irsay tied for 879th place on Forbes magazine’s annual list of the richest people in the world. Bill Cook and Dean White also made the list.
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Three local companies make most-admired list

March 7, 2011
 IBJ Staff
Simon Property Group Inc., WellPoint Inc. and Brightpoint Inc. of Indianapolis, and Columbus-based Cummins Inc. made Fortune's annual list of 350 companies, released Monday.
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Appeals court agrees to hear challenge in Simon case

February 16, 2011
Cory Schouten
The Indiana Court of Appeals has agreed to hear an appeal from the widow of the late Melvin Simon, putting on hold a legal dispute over the mall magnate's more than $2 billion estate.
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Simon Property's quarterly profit rises on improving retail sales

February 4, 2011
 IBJ Staff and Bloomberg News
Earnings for the Indianapolis-based shopping mall owner increased to $217.9 million in the fourth quarter, up from $91.5 million in the fourth quarter of 2009. Funds from operations, a key measurement used by real estate investment trusts, also improved.
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Bren Simon fires attorneys in estate dispute, appeals ruling

January 26, 2011
Cory Schouten
Bren Simon is poised to replace her outside legal team in favor of a heavy hitter from Chicago as she appeals two courtroom setbacks in Hamilton County.
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Analyst says spurned Simon still has plenty of potentialRestricted Content

January 22, 2011
Greg Andrews
Simon Property Group Inc. used multibillion-dollar buyouts to become the nation’s largest public real estate company. So should investors be worried its last two acquisition bids have gone bust?
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Brightpoint exec Fivel leaving for Simon Property Group

January 19, 2011
 IBJ Staff
One of the top executives at Brightpoint Inc. is leaving the Indianapolis-based cell phone distributor to take a similar position at Simon Property Group.
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Analyst predicts modest year for REIT returns

January 12, 2011
Associated Press
Goldman Sachs & Co. analyst Jonathan Habermann expects a return of 5 percent to 10 percent this year after last year's 29-percent total return for REIT stocks.
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Simon Property abandons offer for Capital Shopping

January 11, 2011
Bloomberg News
Simon Property Group Inc., the largest U.S. shopping mall owner, abandoned its $4.5 billion bid for Capital Shopping Centres Group Plc after the British company resisted Simon’s takeover interest.
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Simon target's valuation 'out of reach' for Indianapolis firm

January 7, 2011
Bloomberg News
Capital Shopping Centres Group Plc, the U.K.’s biggest shopping mall owner, said it is worth as much as $9.64 a share to a bidder, almost 50 percent more than an offer from Indianapolis-based Simon Property Group Inc.
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Simon lands $4.6B loan to fund offer for London mall owner

December 29, 2010
Bloomberg News
Simon Property Group Inc. has secured a 3 billion pound loan that will give the company the resources to bid for London-based Capital Shopping Centres Group Plc.
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Simon loses battle for General Growth

December 24, 2010
Cory Schouten
Just as shoppers began spending more cash at Simon Property Group Inc. malls, the Indianapolis real estate giant tried to open its own wallet for three huge deals—to mixed results.
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Analysts: Simon unlikely to buy Capital Shopping

December 21, 2010
Bloomberg News
Simon Property Group Inc. is unlikely to buy Capital Shopping Centres Group Plc because it will take too long for rents to rise enough to justify a price its U.K. counterpart would accept, according to Barclays Capital real estate analysts.
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Simon Property likely to continue pursuit of British mall ownerRestricted Content

December 18, 2010
 IBJ Staff and Bloomberg News
In rejecting Simon’s offer, London-based Capital Shopping Centres Group said the cash bid “very substantially undervalues the company and its prospects."
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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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