Simon's Board of Directors has authorized a new common stock repurchase program.
#Simon property group job opportunities series
Simon's Board of Directors declared the quarterly dividend on its 8 3/8% Series J Cumulative Redeemable Preferred Stock (NYSE: SPGPrJ) of $1.046875 per share, payable on Jto shareholders of record on June 16, 2022. The dividend will be payable on Jto shareholders of record on June 9, 2022. Simon's Board of Directors declared a quarterly common stock dividend of $1.70 on May 9, 2022, for the second quarter of 2022. The weighted average interest rate on these loans was 2.92%.Īs of March 31, 2022, Simon had approximately $8.2 billion of liquidity consisting of $1.1 billion of cash on hand, including its share of joint venture cash, and $7.1 billion of available capacity under its revolving credit facilities, net of $240 million outstanding under its U.S. dollar equivalent), of which Simon's share was $639 million.
The Company also completed seven non-recourse mortgage loans totaling approximately $1.1 billion ( U.S. Net proceeds from the offering were used to repay indebtedness outstanding under the Company's $3.5 billion senior unsecured revolving credit facility and for general corporate purposes. The Company was active in both the secured and unsecured credit markets in the first quarter.ĭuring the quarter, the Company completed a two tranche senior notes offering totaling $1.2 billion. The opening of Nobu Hotel and Nobu Restaurant, Life Time Athletic and Work, Citizens Food Hall, and a 13-story Class A office tower will further elevate this premier destination.Ĭonstruction also continues on other redevelopment projects, including The Falls ( Miami, FL), Roosevelt Field ( Garden City, NY), Stanford Shopping Center ( Palo Alto, CA) and Towne East Square ( Wichita, KS).Ĭapital Markets and Balance Sheet Liquidity Progress continues on the transformative mixed-use redevelopment of Phipps Plaza ( Atlanta, GA), which will open in October 2022. Simon owns a 74% interest in this project. Paris-Giverny Designer Outlet (Normandy, France) projected to open in the first quarter of 2023.Simon owns a 40% interest in this project. Fukaya-Hanazono Premium Outlets® ( Tokyo, Japan) projected to open in October 2022.Base minimum rent per square foot was $54.14 at March 31, 2022.Ĭonstruction continues on two new international development projects including:.Malls and Premium Outlets Operating Statistics Domestic property Net Operating Income ("NOI") increased 7.5% and portfolio NOI increased 8.8%, compared to the prior year period.Funds From Operations ("FFO") was $1.046 billion, or $2.78 per diluted share, prior to the aforementioned unrealized loss in fair value of equity instruments of $0.08 per diluted share, as compared to $934.0 million, or $2.48 per diluted share, in the prior year, a 12.1% increase.The prior year period includes gains of $93.1 million, or $0.25 per diluted share, primarily related to disposition activity. Results for the first quarter of 2022 include a non-cash unrealized loss of $31.0 million, or $0.08 per diluted share, from a mark-to-market in fair value of equity instruments. Net income attributable to common stockholders was $426.6 million, or $1.30 per diluted share, as compared to $445.9 million, or $1.36 per diluted share in 2021.Given our accomplishments this quarter and our current view for the remainder of 2022, today we raised our quarterly dividend and are increasing our full-year 2022 guidance." "Leasing momentum, retailer sales and cash flow all accelerated.
"We are very pleased with our first quarter results," said David Simon, Chairman, Chief Executive Officer and President.
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