Simon Property Group won’t have to face a lawsuit alleging it improperly barred investors from voting on an executive-pay plan that resulted in a $120 million stock award to CEO David Simon. Public documents released Thursday show Simon made about $16 million last year.
Simon Property’s decision to name the new business Washington Prime had fueled speculation the company would end up based in the D.C. area. However, that apparently is not the case.
Simon Property Group told a Delaware judge on Tuesday that an investor lawsuit over David Simon’s huge pay package should be thrown out now that the company has rewritten the compensation plan.
Simon Property Group Inc. is reaching into its own stable of executives to stock the C-suite of its publicly traded spinoff for retail strip centers and smaller enclosed malls.
The east-side mall's occupancy has fallen to 43.8 percent, down from was 86.6 percent in 2011 and 77.2 percent in 2012.
Carmel resident Mark Palombaro received a sentence of 18 months in a federal prison for perpetrating a construction kickback scheme in Pennsylvania that prosecutors say netted him $766,000.
Simon Property Group Inc. has chosen the name for its planned spinoff of strip shopping centers and smaller enclosed malls, and hired Mark Ordan to be the new company’s CEO.
Brick-and-mortar retailers experienced a rough holiday season, and the doldrums continued through January—fueling hand-wringing among investors and other observers over whether the Internet has permanently diminished the American shopping mall.
Stephen Sterrett joined the predecessor to Simon Property Group Inc. in 1989, before the retailing giant went public in 1993 and eventually became the world’s largest mall developer.
Simon also purchased the company’s 50-percent stake in Arizona Mills Taubman received $230 million in Simon Property shares and $60 million in cash for the two transactions.
Occupancy in Simon’s malls climbed to 96.1 percent in the fourth quarter, up from 95.3 percent in the year-ago period as total sales per square foot increased to $582 from $568.
Local restaurateur Martha Hoover plans to take her Napolese chain national with help from Simon Property Group Inc.
Three prominent restaurant chains, including one developed by Bobby Flay, and a health club franchise are eying the vacant space formerly occupied by Nordstrom in Circle Centre.
There’s not a lot of sizzle among the 54 strip shopping centers and 44 enclosed malls that Simon Property Group Inc. plans to spin off into a new public company early next year.
Carrefour SA joined a group of institutional investors to buy 127 European shopping malls in a $2.75 billion deal with Klepierre SA, which is 29-percent owned by Simon Property Group.
After recently stalling on the stock market, shares of Simon Property Group perked up in trading Friday after the massive local firm announced plans to spin off nearly 100 retail centers into a new firm. Analysts approved of the move.
The locally based retail giant confirmed Friday morning that its new spinoff will be headquartered in Indianapolis. Several of Simon’s properties in the area will be among the new portfolio, including Clay Terrace in Carmel.
The as-yet-unnamed new company will have a separate management team. The company initially will own 54 strip centers and 44 malls.
The owner of hundreds of retail properties landed on the Barron’s list of top stock picks for 2014, with the financial publication citing an improved outlook and an analyst upgrade.
An online petition drive launched by employees of stores in Simon properties urges the company to rethink a decision to open its malls at 8 p.m. on Thanksgiving. One petition so far has gathered nearly 18,000 signatures.
