Simon Property Group To Open New Malls for Entrepreneurs
Simon Property Group To Open New Malls
In a conference call today, CEO David Simon reported that Simon Property Group's properties is at "96.8 percent occupancy in 2016."
"I am pleased with our strong fourth quarter results, concluding another very successful and productive year for our company," said David Simon, Chairman and Chief Executive Officer. "In 2016, we opened three new centers, delivered four significant property transformations and completed several major financing transactions that reinforced our industry-leading balance sheet. We are also pleased to again announce an increase in our quarterly dividend to $1.75 per share, growth of 6.1% from last quarter and year-over-year increase of 9.4%."
Base minimum rent per square foot was $51.59 at December 31, 2016, an increase of 5.4% compared to the prior year period, stated Mr. Simon.
Simon Property Group's New Projects
Entrepreneurs looking for retail space can lease space in a new Simon Property Group mall or center.
During the fourth quarter, we opened two significant new development projects:
On October 27th, we opened Clarksburg Premium Outlets, in Clarksburg, Maryland, a 392,000 square foot center with more than 85 retailers featuring high-quality designer and name brands serving the greater Washington D.C. area. Simon owns a 66% interest in this center.
On November 3rd, we opened the 500,000 square foot retail component to Brickell City Centre in Miami, Florida. Simon owns a 25% interest in this center and leases and manages the center.
Construction continues on six other new development projects scheduled to open in 2017, including:
The Shops at Clearfork (Fort Worth, Texas); scheduled to open in September. Simon owns a 45% interest in this project.
Provence Designer Outlet (Miramas, France); scheduled to open in April. Simon owns a 90% interest in this project.
Siheung Premium Outlets (Siheung (Seoul), South Korea); scheduled to open in May. Simon owns a 50% interest in this project.
Genting Highlands Premium Outlets (Kuala Lumpur, Malaysia); scheduled to open in May. Simon owns a 50% interest in this project.
Norfolk Premium Outlets (Norfolk, Virginia); scheduled to open in June. Simon owns a 65% interest in this project.
Premium Outlet Collection Edmonton IA (Edmonton, Alberta, Canada); scheduled to open in October. Simon owns a 50% interest in this project.
Construction also continues on significant redevelopment and expansion projects including The Westchester, The Galleria in Houston, La Plaza Mall, The Shops at Riverside, Woodbury Common Premium Outlets, Allen Premium Outlets and Toronto Premium Outlets.
