Fox Business - The Power to Prosper
Search Site

David Simon

Simon Property to Spin Off Smaller Malls into REIT

Simon Property Group Inc, the largest owner of U.S. malls and outlet centers, will spin off its strip malls and smaller shopping centers into a publicly traded REIT to focus on its larger retail properties.Simon Property said the spin-off, through a distribution to shareholders, would boost its sales per square foot, net operating income and occupancy rates.The company's shares rose 2.4 percent before the bell.The new company is expected to initially own or have an interest in 54 strip malls as well as in 44 smaller enclosed malls with annual net operating income of up to $10 million each.The new company's funds from operations are expected to be about $300 million, or 80 cents per share, in the first year, Simon Property said.Real estate investment trusts (REITs), which must pay out at least 90 percent of their taxable income to shareholders as dividends, are subject to lower taxes and pay higher dividends than other companies.Simon Property said the REIT's dividend was estimated to b...

Read More

  1. Simon Property 4Q Profit Climbs on Improved Occupancy

    Helped by higher occupancy, sales and rent, Simon Property (NYSE:SPG) said Friday that its net profit more than doubled in the fourth quarter, though the results fel...

  1. ISS Tells Shareholders To Reject Simon Property's CEO Pay

    An influential corporate governance firm is calling on shareholders of Simon Property Group Inc. (SPG) to reject Chief Executive David Simon's compensation package f...

  2. Ackman's Pershing Square Pushes General Growth Sale

    Pershing Square Capital Management LP, the hedge-fund firm run by activist shareholder William Ackman, on Thursday sent a letter to General Growth Properties Inc. (G...

  3. Simon Property 2Q Earnings Blow Past Estimates

    Simon Property Group Inc , the largest U.S. owner of malls and outlet centers, reported second-quarter funds from operations (FFO) rose more than 18 percent, easily ...

  4. Do Shareholders Have Any Recourse for Rising CEO Pay?

    FBN’s Charles Payne on the rise in CEO pay and its impact on shareholders.

  5. Record-Breaking Year for Corporate Profits

    FBN’s Cheryl Casone breaks down the day in the markets.

  6. Simon Properties Posts Strong 1Q Results, Raises View

    Simon Property Group Inc raised its full-year forecast after posting better-than-expected quarterly earnings on Friday, thanks in part to higher occupancy and rent a...

  7. Simon Property Reports Higher Profit, Boosts Dividend

    Simon Property Group (NYSE:SPG) revealed a 66% leap in fourth-quarter profits on Friday as the mall owner capitalized on higher rents and occupancy rates.Indianapoli...

Freebase CC-BY
Source: David Simon on Freebase, licensed under CC-BY
Other content from Wikipedia, licensed under the GFDL