Simon Property Group Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Earnings Guidance for the Year Ending December 31, 2015
Jul 24 15
Simon Property Group Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the second quarter, the company reported total revenue was $1,349,110,000 against $1,181,982,000 a year ago. Operating income was $702,385,000 against $561,531,000 a year ago. Consolidated income from continuing operations was $554,526,000 against $489,609,000 a year ago. Net income attributable to common stockholders was $472,944,000, or $1.52 per diluted share, as compared to $406,587,000, or $1.31 per diluted share, in the prior year period. Funds from Operations were $955,356,000, or $2.63 per diluted share, as compared to $783,833,000, or $2.16 per diluted share, in the prior year period. These results were achieved even with a negative impact of $0.04 for the quarter compared to the prior year quarter due to a strong dollar against the euro and yen.
For the six months, the company reported total revenue was $2,565,345,000 against $2,339,004,000 a year ago. Operating income was $1,301,556,000 against $1,122,496,000 a year ago. Consolidated income from continuing operations was $982,035,000 against $849,210,000 a year ago. Net income attributable to common stockholders was $835,118,000, or $2.69 per diluted share, as compared to $748,235,000, or $2.41 per diluted share, in the prior year period. Funds from Operations were $1,786,087,000, or $4.92 per diluted share, as compared to $1,649,166,000, or $4.54 per diluted share, in the prior year period.
The company is raising both the low and high ends of its previously provided full year 2015 FFO range and currently estimates a range of $10.02 to $10.07 per diluted share for the year ending December 31, 2015, with net income to be within a range of $5.47 to $5.52 per diluted share.
Simon Property Group Declares Quarterly Common Stock Dividend and Preferred Stock Dividend, Payable on August 31, 2015 and September 30, 2015, Respectively
Jul 24 15
Simon Property Group Inc.'s board of directors declared a quarterly common stock dividend of $1.55 per share. This is a 19.2% increase year-over-year and an increase of $0.05 or 3.3% from the previous quarter. The dividend will be payable on August 31, 2015 to stockholders of record on August 17, 2015.
The company's board of directors also declared the quarterly dividend on its 8 3/8% Series J Cumulative Redeemable Preferred Stock of $1.046875 per share, payable on September 30, 2015 to stockholders of record on September 16, 2015.
Hudson's Bay Company Closes its Joint Venture with Simon Property Group
Jul 22 15
Hudson’s Bay Company announced that it has closed its joint venture with Simon Property Group focused on credit tenant, net-leased and multi-tenanted retail buildings in the United States and internationally. The joint venture will enable HBC and Simon to build on the strength of existing real estate assets and identify new real estate growth opportunities. HBC contributed 42 owned or ground-leased properties to the HBC-Simon JV, including the Saks Fifth Avenue Beverly Hills and the Westchester and Manhasset Lord & Taylor stores, for an aggregate purchase price of approximately USD 1.7 billion. The contributed properties total approximately 5.4 million square feet. Third-party debt at the HBC-Simon JV totalling USD 846 million was arranged in conjunction with the closing. Of this amount, HBC received USD 600 million in cash proceeds for the properties it contributed. HBC intends to use these proceeds to repay the balance of its existing term loan B and reduce the borrowings on its US revolving credit facility. The HBC-Simon JV currently expects to use the remaining USD 246 million in proceeds from the third-party debt towards the proposed purchase of at least 40 owned or partially-owned properties in Germany (the Kaufhof Properties), which HBC is expected to acquire at the end of the third fiscal quarter upon completion of its previously announced acquisition of Galeria Holding's department store Kaufhof. Simon contributed an initial USD 1 million upon closing, and has committed to contribute up to a total of USD 278 million to the HBC-Simon JV. This includes USD 100 million for improvements to properties contributed by HBC to the HBC-Simon JV. The balance of USD 178 million is intended to be used by the HBC-Simon JV to partially fund the acquisitions of the Kaufhof Properties.