INDIANAPOLIS, June 29, 2020 /PRNewswire/ -- Simon, a real
estate investment trust engaged in the ownership of premier
shopping, dining, entertainment and mixed-use destinations, today
provided an update on the reopening of the Company's retail
properties and declared a common stock dividend for the second
quarter 2020.
Simon has reopened 199 of its 204 U.S. retail properties in 37
states which represent more than 95% of the Company's property net
operating income ("NOI"). These properties are located where
governmental orders have enabled reopening and the remaining
five properties are expected to reopen within the next
week.
More than 18,000 stores across the Company's U.S. portfolio have
reopened. Since reopening, many tenants have reported
higher-than-expected conversion rates and sales.
In addition, 30 of Simon's Designer and international Premium
Outlets properties are open, including all of the Company's
international Premium Outlets in Asia and Designer Outlets in Continental
Europe, with nearly 100% of retail stores open. The last
remaining international Premium Outlet is expected to open next
week. The Company recently announced the grand opening of
Siam Premium Outlets Bangkok, marking Thailand's first Premium Outlet center.
The Company maintains a strong liquidity position of
approximately $8.5 billion,
consisting of approximately $3.5
billion of cash on hand, including its share of joint
venture cash, and $5.0 billion of
available capacity under its revolving credit facilities and term
loan, net of outstanding U.S. and Euro commercial paper as of
May 31, 2020.
Today, Simon's Board of Directors declared a $1.30 per common share dividend, payable in
cash, for the second quarter 2020. The dividend will be
payable on July 24, 2020 to
shareholders of record at the close of business on July 10, 2020. The Company expects to pay
at least $6.00 per share in common
stock dividends for 2020, in cash, subject to Board of Directors
approval.
The Company intends to release its financial results for the
quarter ending June 30, 2020 on
August 10, 2020.
Forward-Looking Statements
Certain statements made in
this press release may be deemed "forward–looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Although the Company believes the expectations reflected
in any forward–looking statements are based on reasonable
assumptions, the Company can give no assurance that its
expectations will be attained, and it is possible that the
Company's actual results may differ materially from those indicated
by these forward–looking statements due to a variety of risks,
uncertainties and other factors. Such factors include, but are not
limited to: uncertainties regarding the impact of the COVID-19
pandemic and restrictions intended to prevent its spread (which are
impacting some properties more than others, given differing
consumer demographics and responses to the pandemic and the
characteristics and layout of certain properties) on our tenants'
businesses, financial condition, results of operations, cash flow
and liquidity and our ability to access the capital markets,
satisfy our debt service obligations and make distributions to our
stockholders; the inability to collect rent due to the bankruptcy
or insolvency of tenants or otherwise; changes in economic and
market conditions that may adversely affect the general retail
environment; the intensely competitive market environment in the
retail industry; changes to applicable laws or regulations or the
interpretation thereof; risks associated with the acquisition,
development, redevelopment, expansion, leasing and management of
properties; the inability to lease newly developed properties and
renew leases and relet space at existing properties on favorable
terms; the potential loss of anchor stores or major tenants;
decreases in market rental rates; the impact of our substantial
indebtedness on our future operations; any disruption in the
financial markets that may adversely affect our ability to access
capital for growth and satisfy our ongoing debt service
requirements; any change in our credit rating; changes in market
rates of interest and foreign exchange rates for foreign
currencies; general risks related to real estate investments,
including the illiquidity of real estate investments; security
breaches that could compromise our information technology or
infrastructure; risks relating to our joint venture properties; our
continued ability to maintain our status as a REIT; changes in tax
laws or regulations that result in adverse tax consequences;
changes in the value of our investments in foreign entities; our
ability to hedge interest rate and currency risk; changes in
insurance costs; the availability of comprehensive insurance
coverage; risks related to international activities, including,
without limitation, the impact, if any, of the United Kingdom's exit from the European Union;
natural disasters; the potential for terrorist activities;
environmental liabilities; the loss of key management personnel;
and the transition of LIBOR to an alternative reference rate. The
Company discusses these and other risks and uncertainties under the
heading "Risk Factors" in its annual and quarterly periodic reports
filed with the SEC. The Company may update that discussion in
subsequent other periodic reports, but except as required by law,
the Company undertakes no duty or obligation to update or revise
these forward-looking statements, whether as a result of new
information, future developments, or otherwise.
About Simon
Simon is a real estate investment trust
engaged in the ownership of premier shopping, dining, entertainment
and mixed-use destinations and an S&P 100 company (Simon
Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for
millions of people every day and generate billions in annual
sales.
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SOURCE Simon