Simon Property Group

Simon's quarterly results slip, but profit, revenue rise

November 1, 2010
Bloomberg News
Simon Property Group Inc., the largest U.S. shopping-mall owner, said third-quarter profit declined from a year ago after the company recorded an expense to buy back debt.
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REITs use stock sales to grow after paying debt

September 26, 2010
Bloomberg News
U.S. real estate investment trusts, including Indianapolis-based Duke Realty Corp., are selling shares to fund property acquisitions after using record cash from equity offerings last year to reduce debt and cover dividends.
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Indiana Convention Center might need yet another expansion

September 25, 2010
Katie Maurer
The current expansion has absorbed the last of the adjoining space, leaving the convention center landlocked.
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Simon, former executive settle fraud suit

September 11, 2010
 IBJ Staff
Mark Palombaro, a former senior vice president of development, will pay the company $766,000, settling a lawsuit that accused him of getting kickbacks on construction contracts.
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Simon sees improving retail conditions, analyst says

August 31, 2010
 IBJ Staff and Bloomberg News
Simon Property Group Inc. said retailers leasing space in its malls have managed to weather the economic downturn and are already eyeing recovery plans for when the economy improves.
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Simon Property wraps up $2.3B outlet mall acquisition

August 30, 2010
Associated Press
Under the terms of the deal, Simon paid about $700 million for the owners' interests in Baltimore-based Prime Outlets and assumed $1.55 billion of Prime's debt and preferred stock.
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New Jersey project enriched Simons

August 14, 2010
Cory Schouten
The battle over the estate of Melvin Simon has thrown a spotlight on a New Jersey development project that, by itself, has made many Simon family members multi-millionaires.
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Simon mall deal gives big boost to cell-phone coupons

August 11, 2010
Associated Press
The partnership between Simon Property Group and technology company Shopkick Inc. is a big step in realizing retailers' long-held dream of using cell phones to beam ads and coupons to people passing by.
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Judge to order mediation in Simon estate dispute

August 10, 2010
Cory Schouten
Hamilton County Judge William J. Hughes said it's clear that all the parties involved in a series of disputes surrounding late mall billionaire Melvin Simon's estate need to "sit across the table from each other and try to work things out."
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Simon Property plans debt sale to fund tender offer

August 9, 2010
Bloomberg News
Simon Property Group Inc., the largest U.S. shopping-mall owner, plans to sell $750 million of notes to fund a tender offer for outstanding debt for the second time this year.
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E-mails show how David Simon faced financial crisisRestricted Content

August 7, 2010
Cory Schouten
The first few months of 2009 were not an easy time to be CEO of Simon Property Group Inc. David Simon was feeling pressure from shareholders, lenders, employees and family members.
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Finish Line founders giving up their extra voting powerRestricted Content

August 7, 2010
Greg Andrews
The influence of founders’ families in public companies usually wanes over time. But few firms accelerate the process, as Finish Line is doing.
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Judge halts distribution of assets from Simon estate

July 30, 2010
Cory Schouten
A Hamilton County judge has ordered a halt to distributions from the estate of the late Melvin Simon to his widow Bren or any other beneficiary without the court's approval.
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Attorneys finish arguments on Simon estate issue

July 30, 2010
Scott Olson
Lawyers for Bren Simon's stepchildren contend she's incapable of serving as trustee of her late husband's estate and should be removed. A Hamilton Superior Court judge took the matter under advisement and will rule at a later date.
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Simon Property Group reports improved quarterly results

July 30, 2010
 IBJ Staff
The Indianapolis-based real estate giant experienced higher occupancy and sales at its shopping malls compared to a year ago.
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Bren Simon deposition sheds light on family feud

July 29, 2010
Cory Schouten
Bren Watch VideoA judge is scheduled to hear final arguments Thursday over whether Bren Simon should remain as trustee for her late husband's roughly $2 billion estate. A video deposition has provided a glimpse into ugly family conflicts.
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Lawsuit targets Simon's leasing tactics

July 24, 2010
Cory Schouten
One of Indiana’s largest privately held developers is suing Simon Property Group Inc., alleging the nation’s largest mall owner abused its “market power” to bully two national retailers into backing out of leases at a lifestyle mall near Mishawaka.
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Retailers gain upper hand in negotiations with landlordsRestricted Content

July 24, 2010
Greg Andrews
Shop owners realize that landlords, already facing rising vacancies, are sometimes willing to sacrifice financially to keep properties filled and vibrant.
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Attorneys argue widow should remain Simon estate trustee

July 16, 2010
Cory Schouten
Attorneys for Bren Simon argued Friday she has served capably to date as executor of the estate of her late husband, Melvin Simon, as shown in a series of moves she made to transfer his stake in the Indiana Pacers.
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UPDATE: Bren Simon criticizes stepchildren in court hearing

July 15, 2010
Cory Schouten
In a deposition aired during an estate hearing, Bren Simon described her stepchildren as spoiled, vicious and hurtful, and said they refused to accept her as family during 37 years of marriage to late mall billionaire Melvin Simon.
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Sparks fly at Simon estate hearing

July 15, 2010
Cory Schouten
Details of years of squabbling between family members of the shopping mall magnate Mel Simon have begun to emerge in a court battle over the late billionaire's estate.
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Simon competitor General Growth files reorganization plan

July 13, 2010
Associated Press
General Growth expects to come out of bankruptcy court with 180 properties, making it the second-largest shopping mall owner behind Indianapolis-based rival Simon Property Group Inc.
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Circle Centre vies to keep anchor stores

June 19, 2010
Cory Schouten
Deals for both Nordstrom and Carson Pirie Scott are up for renewal in the coming months.
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Slow economy bruises profits of Indiana's largest public companiesRestricted Content

June 19, 2010
Marc D. Allan
One-time events influenced bottom lines of some of the few companies that made more money in 2009.
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Katz Sapper caught up in Simon estate battle

June 18, 2010
Greg Andrews, Cory Schouten
The longtime accounting firm for Simon family interests objected to subpoenas it received from Melvin Simon's daughter Deborah, saying the information requested was far too broad.
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  1. By Mr. Lee's own admission, he basically ran pro-bono ads on the billboard. Paying advertisers didn't want ads on a controversial, ugly billboard that turned off customers. At least one of Mr. Lee's free advertisers dropped out early because they found that Mr. Lee's advertising was having negative impact. So Mr. Lee is disingenous to say the city now owes him for lost revenue. Mr. Lee quickly realized his monstrosity had a dim future and is trying to get the city to bail him out. And that's why the billboard came down so quickly.

  2. Merchants Square is back. The small strip center to the south of 116th is 100% leased, McAlister’s is doing well in the outlot building. The former O’Charleys is leased but is going through permitting with the State and the town of Carmel. Mac Grill is closing all of their Indy locations (not just Merchants) and this will allow for a new restaurant concept to backfill both of their locations. As for the north side of 116th a new dinner movie theater and brewery is under construction to fill most of the vacancy left by Hobby Lobby and Old Navy.

  3. Yes it does have an ethics commission which enforce the law which prohibits 12 specific items. google it

  4. Thanks for reading and replying. If you want to see the differentiation for research, speaking and consulting, check out the spreadsheet I linked to at the bottom of the post; it is broken out exactly that way. I can only include so much detail in a blog post before it becomes something other than a blog post.

  5. 1. There is no allegation of corruption, Marty, to imply otherwise if false. 2. Is the "State Rule" a law? I suspect not. 3. Is Mr. Woodruff obligated via an employment agreement (contractual obligation) to not work with the engineering firm? 4. In many states a right to earn a living will trump non-competes and other contractual obligations, does Mr. Woodruff's personal right to earn a living trump any contractual obligations that might or might not be out there. 5. Lawyers in state government routinely go work for law firms they were formally working with in their regulatory actions. You can see a steady stream to firms like B&D from state government. It would be interesting for IBJ to do a review of current lawyers and find out how their past decisions affected the law firms clients. Since there is a buffer between regulated company and the regulator working for a law firm technically is not in violation of ethics but you have to wonder if decisions were made in favor of certain firms and quid pro quo jobs resulted. Start with the DOI in this review. Very interesting.

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