Simon Breaks Ground on Gloucester Premium Outlets in Joint Venture with PREIT-Rubin, Inc
Aug 7 14
Simon broke ground on Gloucester Premium Outlets in Gloucester Township, N.J. The multi-million dollar project will bring a diverse mix of more than 80 retailers delivering great brands at great prices. Opening in the summer of 2015, Gloucester Premium Outlets is destined to become Southern New Jersey's premier outlet shopping destination, featuring designer and name brands at savings of 25% to 65%. With the center's proximity to both the Atlantic City Expressway and the Black Horse Pike, Gloucester Premium Outlets will be a draw to the local area as well as a tourist attraction, bringing in shoppers from Pennsylvania, North and Central New Jersey, and beyond. Gloucester Premium Outlets will offer a mix of product categories including apparel and shoes, fashion accessories, leather goods, home furnishings, and specialty. Additional amenities include a Food Pavilion with multiple dining options, an outdoor lounge area, lush landscaping, and significant green space to host community events such as musical performances, charity events and children's activities. Gloucester Premium Outlets is a joint venture between Simon and PREIT-Rubin, Inc. and will be developed and managed by Simon. The outlets will be located at the intersection of Robert Kelly Drive and Cooper Road in Blackwood (Gloucester Township), N.J. Gloucester will complement the other Simon Premium Outlets located in Limerick, Pennsylvania, sharing the greater Philadelphia market.
Simon opens Charlotte Premium Outlets at Charlotte Area
Jul 31 14
Simon announced that it has opened Charlotte Premium Outlets(R), bringing the recognized and popular brand of upscale outlet shopping to the Charlotte area. Featuring high-quality designer and name brands, the center brings 100 outlet stores offering everyday savings at 25% to 65%. There are many new outlet stores unique to the Charlotte area including: ASICS Outlet, Chico's, Cole Haan, Converse, Fossil, Johnston & Murphy, Jos. A. Bank, Kate Spade New York, Le Creuset, Movado Company Store, Puma, Quiksilver, Steve Madden, Swarovski, Tilly's and White House Black Market. Charlotte Premium Outlets is a joint venture of Simon and Tanger Factory Outlet Centers. The center is located at the northwest quadrants of Interstate-485 and Steele Creek Road/NC-160 (Exit 4) in Charlotte and is 398,421 square feet.
Simon Property Group Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Revises Earnings Guidance for the Year Ending December 31, 2014
Jul 23 14
Simon Property Group Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. Funds from Operations was $783.8 million, or $2.16 per diluted share, as compared to $766.3 million, or $2.11 per diluted share, in the prior year period. Net income attributable to common stockholders was $406.6 million, or $1.31 per diluted share, as compared to $339.9 million, or $1.10 per diluted share, in the prior year period. Total revenue was $1,181,982,000 against $1,084,993,000 a year ago. Operating income was $561,531,000 against $509,939,000 a year ago. Consolidated income from continuing operations was $489,609,000 against $359,129,000 a year ago.
Funds from Operations was $1.649 billion, or $4.54 per diluted share, as compared to $1.508 billion, or $4.16 per diluted share, in the prior year period. Net income attributable to common stockholders was $748.2 million, or $2.41 per diluted share, as compared to $623.1 million, or $2.01 per diluted share, in the prior year period. Total revenue was $2,339,004,000 against $2,145,816,000 a year ago. Operating income was $1,122,496,000 against $1,012,422,000 a year ago. Consolidated income from continuing operations was $849,210,000 against $637,744,000 a year ago.
The company increased FFO guidance provided on May 29, 2014 by $0.05 to a range of $9.01 to $9.11 per diluted share for the year ending December 31, 2014, and also increased guidance for net income to a range of $4.61 to $4.71 per diluted share. For the year ending December 31, 2014, estimated net income available to common stockholders per diluted share of $4.61 to $4.71 and depreciation and amortization including Simon's share of unconsolidated entities of $4.78.