![]() The company is looking to spend as much as $1.5 billion on these projects, which is an estimate at this point, and the projects would span across the United States, from Austin, Texas, to Orange County, California, to Seattle, and include hotels in Florida, multifamily properties in Florida, and potentially a hotel in Cape Cod, Simon added. Each deal will be assessed individually, Simon stated, and it’s likely to span a period of at least five years, with several expected to start as early as this year.Īccording to Simon, the company is already pursuing permits across the West Coast in California and the Northwest however, pending those outcomes, it will proceed as it sees opportunities arise. The company is looking to deliver these units through selective joint ventures for certain residential developments, and it may also bring in third-party equity. “Now, that’s not going to happen overnight, but that’s going to happen over the next few years. “We have a residential pipeline that looks really attractive in hotels that are generating really good accretive values of around 2,000 units,” said David Simon, chairman, chief executive officer and president for the company. However, perhaps the most interesting new announcement was that the company has also identified projects that include roughly 2,000 residential units and hotel rooms. The big announcements for the group included the opening of the West Paris Designer Outlet in Normandy, France, and the restart of construction on an upscale outlet center in Tulsa, Okla., which is projected to open in the fall of 2024. The company reported retailer sales per square foot was $759, an increase of 3.3 percent for the trailing 12 months ended March 31, 2023. On top of that, its tenants did better, as well. ![]() Overall, occupancy was 94.4 percent at March 31, 2023, compared to 93.3 percent at March 31, 2022, an increase of 1.1 percent, and base minimum rent per square foot was $55.84 at March 31, 2023, compared to $54.14 at March 31, 2022, an increase of 3.1 percent, Simon reported. The company has implemented various measures to support its tenants and promote the safe reopening of its properties.įor the first three months of 2023, the company reported total revenue of $1.35 billion, which is up just over 4 percent over the first three months in 2022 when it reported revenue of $1.295 billion. The COVID-19 pandemic has significantly impacted Simon Property Group, and many of its retail tenants have struggled with decreased foot traffic and reduced sales. In a recent, first quarter of 2023 earnings call, the company announced plans to add as many as 2,000 residential and hotel units in an effort to boost profitability and diversify revenues at the company. But the price per share is still down 29 percent compared to this time last year.The largest shopping mall operator in the United States, Simon Property Group, which oversees a portfolio of over 200 malls across North America, Europe and Asia, is looking to make some changes at its properties. Simon Property Group’s (SPG) stock price seems to have had a reaction to the news, having risen 0.82 percent between when the markets opened and 11:09 a.m. Its investments such as One Times Square, Chelsea Market and Industry City in New York City, Ponce City Market in Atlanta and Ghirardelli Square in San Francisco are expected to diversify Simon’s mall-centric portfolio. ![]() Jamestown has $13 billion in assets under management. Terms of the deal were not disclosed, but it is expected to close near the end of the quarter, according to Simon Property Group. “The partnership with Simon will help us achieve that goal and position us for our next chapter as we scale our differentiated products in an increasingly global world.” “At Jamestown, our goal is to be the best mixed-use investor globally, focusing on creating innovation hubs and community centers,” Phillips said in a statement. Jamestown will continue to operate independently under the leadership of CEO Matt Bronfman and President Michael Phillips, according to a joint press release, while Christoph Kahl will transition to Jamestown’s board of directors for daily involvement in that company’s operations. Jamestown is well positioned for future growth.” “Their strong leadership team and track record align with our focus on investing in best-in-class partners. ![]() “We have been impressed with Jamestown’s combination of sector expertise, dedication to driving creative placemaking, and reputation in the fund management business,” David Simon, chairman, president and CEO of Simon Property Group, said in a statement. ![]() SEE ALSO: Sunday Summary: It’s Not Always Sunny in Phoenix ![]()
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