Simon Property Group

Star negotiating HQ move to former Nordstrom at Circle Centre

July 10, 2013
Scott Olson
The newspaper's publisher confirmed it's closing in on a deal to occupy the space after IBJ reported earlier Wednesday that the Star was considering a move to Circle Centre mall.
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Mel Simon estate quietly showering charities with millionsRestricted Content

June 29, 2013
Greg Andrews
The estate earmarked at least $1 million for nine recipients, from Butler University and the Indiana University Foundation to The Children’s Museum of Indianapolis, the United Way of Central Indiana, and the James Whitcomb Riley Memorial Association.
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REITs tumble most since 2011 on concern of rising rates

June 19, 2013
Associated Press
Shares in U.S. real estate investment trusts fell the most in 19 months Wednesday. Three major REITs, all based in Indianapolis, saw their shares drop on Wednesday.
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Most of Indiana's largest public companies enjoyed strong 2012Restricted Content

June 15, 2013
Angie's List turned a profit for the first time in nearly two decades.
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Simon investors can proceed with CEO pay suit, judge rules

June 5, 2013
Bloomberg News
Simon Property Group Inc. investors can continue with a lawsuit in which company directors are accused of improperly raising CEO David Simon’s pay without shareholder approval, a judge ruled.
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Simon to buy $569M stake in European mall operator

June 3, 2013
Bloomberg News
Simon will gain an ownership stake in six McArthurGlen properties in Austria, the Netherlands, Italy and the United Kingdom, and become a partner in the London-based firm's real estate management and development business.
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St. Vincent sports practice to fill vacant Clay Terrace big box

May 21, 2013
Scott Olson
St. Vincent Sports Performance will occupy a building in Clay Terrace originally occupied by Circuit City.
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Circle Centre hanging in despite anchor vacancy

May 8, 2013
Scott Olson
The downtown mall last year saw its sales per square foot increase to $354, a 5.3-percent increase from 2011, according to an annual operating report it provides to the city. But non-anchor occupancy slipped below 90 percent.
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Indiana firms lose ground on Fortune 500 list

May 7, 2013
Mason King
Five of the six Hoosier firms that appear in the 2013 rankings slipped from their positions in last year's list of the largest U.S. companies.
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More demand for mall space boosts Simon earnings

April 26, 2013
Bloomberg News
The Indianapolis-based owner of retail centers raised its expectations for the fiscal year after reporting solid gains in occupancy, rent revenue and earnings for the first quarter.
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Simon taps Pace bonds to fund energy projects

April 8, 2013
Bloomberg News
Indianapolis-based Simon Property Group Inc. is among borrowers funding projects from rooftop solar panels to energy-savings systems using so-called Pace financing.
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Simon sticks with key terms of CEO's pay despite shareholder ire

April 5, 2013
Greg Andrews
The company made small adjustments to David Simon's package but left in place the element that created the largest controversy—a stock retention bonus valued at $120 million he'll receive if he stays through July 2019.
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Simon differs from other mall owners on teen policy

March 13, 2013
Kathleen McLaughlin
As local activists push for stronger steps to curb disruptive gatherings by teenagers at local shopping malls, Simon Property Group is standing by a corporate policy against restricting access to its properties.
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Lawsuit over Simon's bonus may expose board's mindset

March 9, 2013
Greg Andrews
The $120 million retention bonus that Simon Property Group Inc.’s board awarded David Simon two years ago has spawned a bitter legal battle in Delaware that promises to shed fascinating light on the inner workings of the board.
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Simon unit suing Stir Crazy chain for unpaid rent

February 1, 2013
Scott Olson
The owner of Castleton Square Mall is suing its former tenant for $471,031 following the restaurant's closing late last month.
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Mall REITs soared in 2012 by ditching struggling centers

January 18, 2013
Bloomberg News
Mall owners, including Simon Property Group Inc. and General Growth Properties Inc., have been moving on from struggling retail centers as the economic rebound drives them to focus on the best-performing markets.
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Analysis: Simon factions make peace as tax hike looms

December 14, 2012
Cory Schouten
Widow Bren Simon and her stepchildren finally managed to settle a long legal battle over the estate of mall magnate Melvin Simon. The goal that appears to have united the survivors: Reducing Uncle Sam's take of a fortune that has swelled to nearly $3 billion.
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Settlement ends bitter battle over Mel Simon estate

December 12, 2012
Cory Schouten
A long, contentious family battle over the $2 billion estate of the late shopping mall tycoon Melvin Simon has ended with a confidential settlement.
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Simon’s Rushmore Mall loan sent to servicer, Fitch says

December 12, 2012
Bloomberg News
A loan with a balance of $94 million on a South Dakota shopping center owned by Simon Property Group was sent to a special servicer because default is imminent, Fitch Ratings said.
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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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  1. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

  2. If you only knew....

  3. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

  4. The facts contained in your post make your position so much more credible than those based on sheer emotion. Thanks for enlightening us.

  5. Please consider a couple of economic realities: First, retail is more consolidated now than it was when malls like this were built. There used to be many department stores. Now, in essence, there is one--Macy's. Right off, you've eliminated the need for multiple anchor stores in malls. And in-line retailers have consolidated or folded or have stopped building new stores because so much of their business is now online. The Limited, for example, Next, malls are closing all over the country, even some of the former gems are now derelict.Times change. And finally, as the income level of any particular area declines, so do the retail offerings. Sad, but true.

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