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Simon CEO: Mall owner has ‘firepower’ for deals

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Indianapolis-based Simon Property Group Inc., the U.S. shopping-mall owner that paid $2.3 billion this year for an outlet-center business, has plenty of capital for more purchases, CEO David Simon said.

“We still have a significant amount of firepower to do value-added transactions for the company,” Simon said in a Tuesday webcast of the REITWorld conference hosted by the National Association of Real Estate Investment Trusts in New York. “The one thing we will not do is do a deal just to do a deal.”

Simon Property, the largest owner of U.S. malls, bought Prime Outlets Acquisition Co. in August, expanding its outlet retail operation. The company had $1.3 billion of cash and $3 billion availability on a corporate credit line at Sept. 30.

Simon, 49, said the company will continue to use cash to reduce debt and has “a great growth trajectory, regardless of any external activities.” Earnings may reach a record next year, he said.

The company raised its profit forecast and increased its dividend this month.

Simon projects full-year funds from operations of $5.90 to $5.95 a share, compared with a previous forecast of no more than $5.87, the company said in a Nov. 1 earnings statement. The forecast excludes costs from debt repurchases in January and August. The landlord said it will pay a dividend of 80 cents a share in the fourth quarter, up from 60 cents.

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  • Taxes Will Rise As Revenue Given Away & Expenses Dumped On Taxpayers
    Allowing of politicans to socialize all losses and privatize all profits to politically connected firms is not a public private partnership, it is being a dormat.

    Think about it the next time they want to raise your taxes saying revenue is not meeting expenses for essential public services.
  • Works Only One Way
    Revenue producing assets such as parking meters need to be privitized. Money losing projects like stadiums, have to be owned publicly. Doesn't that make sense?
  • Great News!
    How about using that excess capital to buy out the CIB and corporate partners in the Circle Center Mall and/or Conseco Fieldhouse?

    The city has no hope of ever repaying this long term debt considering the recent deal with both the Colts and Pacers which turned the CIB insolvent?

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  1. Now if he'd just stay there...

  2. Daniel - what about the many US citizens who do NOT follow what the Bible teaches? The Hindus, Jews, Muslims and others who are all American citizens entitled to all rights as Americans?? This issue has NOTHING to do with "What the Bible says..." Keep all Churches separate from State! Pence's ongoing idiocy continues to make Indiana look like a backwards, homophobic state in the eyes of our nation. Can't we move on to bigger issues - like educating our kids?

  3. 1. IBJ should link to the referenced report. We are in the age of electronic media...not sharing information is lazy. Here is a link http://www.in.gov/gov/files/Blue_Ribbon_Panel_Report_July_9_2014.pdf 2. The article should provide more clarity about the make-up of this panel. The commenters are making this item out to be partisan, it does not appear the panel is partisan. Here is a list of the panel which appears to be balanced with different SME to add different perspectives http://www.in.gov/activecalendar/EventList.aspx?view=EventDetails&eventidn=138116?formation_id=189603 3. It suggests a by-pass, I do not see where this report suggests another "loop". 4. Henry, based on your kneejerk reaction, we would be better off if you moved to another state unless your post was meant as sarcasm in which case I say Well Done. 5. The article and report actually indicates need to improve rail and port infrastructure in direct contradiction to Shayla commentary. Specifically, recommendation is to consider passenger rail projects... 6. People have a voice with their elected officials. These are suggestions and do not represent "crony capitalism", etc. The report needs to be analyzed and the legislature can decide on priorities and spending. Don't like it, then vote in a new legislature but quit artificially creating issues where there are none! People need to sift through the politics and provide constructive criticism to the process rather than making uninformed comments in a public forum based on misinformation. IBJ should work harder to correct the record in these forums when blatant errors or misrepresentations are made.

  4. Joe ... Marriage is defined in the Bible ... it is mentioned in the Bible often. Marriage is not mentioned once in the US or Indiana Constitution ...

  5. Daniel - Educate me please: what does the Bible have to do with laws? If the government wasn't in the business of marriage to begin with, then it wouldn't have to "define" marriage at all. Marriage could be left as a personal, religious, or otherwise unregulated action, with no ties to taxes, legal status, etc. Then people could marry whomever they want, and all this silliness would go away. Remember to vote Libertarian in November.

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