Simon announces year end results

INDIANAPOLIS, Feb. 4, 2011 /PRNewswire-FirstCall/ -- Simon Property Group, Inc. (the "Company" or "Simon") (NYSE: SPG) today reported results for the quarter and year ended December 31, 2010.

Results for the Quarter Ended December 31, 2010
Net income attributable to common stockholders was $217.9 million, or $0.74 per diluted share, in the quarter as compared to $91.5 million, or $0.32 per diluted share, in the prior year period.

Funds from Operations ("FFO") as adjusted was $638.7 million, or $1.80 per diluted share, in the quarter as compared to $573.4 million, or $1.66 per diluted share, in the prior year period. FFO as adjusted excludes the impact of non-cash impairment charges of $0.02 per share in 2010 and $0.26 per share in 2009. FFO was $1.78 per diluted share in 2010 and $1.40 per diluted share in 2009.

Results for the Year Ended December 31, 2010
Net income attributable to common stockholders was $610.4 million, or $2.10 per diluted share, for the year as compared to $283.1 million, or $1.05 per diluted share, in the prior year period.

FFO as adjusted was $2.121 billion, or $6.03 per diluted share, for the year as compared to $1.977 billion, or $6.01 per diluted share, in the prior year period. FFO as adjusted excludes the $1.00 per diluted share loss on extinguishment of debt incurred in connection with two tender offers for outstanding senior notes in 2010 and the impact of non-cash impairment charges of $0.02 per share in 2010 and $0.68 per share in 2009. FFO was $5.01 per diluted share in 2010 and $5.33 per diluted share in 2009.

"We delivered impressive results in an improving, but still challenging environment," said David Simon, Chairman and Chief Executive Officer. "Funds from operations as adjusted per share were $1.80 for the quarter, an increase of 8.4% over the same period one year ago. Our regional mall and Premium Outlet portfolio generated comparable property net operating income growth of 3.4% in the period, fueled by increases in occupancy and sales."


Dividends
Today the Company announced that the Board of Directors approved the declaration of a quarterly common stock dividend of $0.80 per share. This dividend is payable on February 28, 2011 to stockholders of record on February 14, 2011.

The Company also declared the quarterly dividend on its 8 3/8% Series J Cumulative Redeemable Preferred (NYSE: SPGPrJ) Stock of $1.046875 per share, payable on March 31, 2011 to stockholders of record on March 17, 2011. 

Development Activity
On November 11th, the Company opened the second phase of Houston Premium Outlets® in Cypress (Houston), Texas. The 114,000 square-foot expansion brings the property to a total of 536,000 square feet of gross leasable area and 145 stores.

The expansion added 25 new merchants including Saks Fifth Avenue Off 5th, A/X Armani Exchange, American Eagle Outfitters, Chico's, David Yurman, Ed Hardy, Esprit, Haggar Clothing Co., J.Crew, Jockey, Joe's Jeans, Jos. A. Bank, Lacoste, Merrell, Nautica, New York & Company, Nestle Toll House by Chip, Original Penguin, Talbots, Tory Burch, Tumi, White House / Black Market and Wilsons Leather. The Company owns 100% of this center.

Construction continues on the following projects:

• A 70,000 square foot expansion of Las Vegas Outlet Center in Las Vegas, Nevada, expected to open in March of 2011.  The Company owns 100% of this center.
• Paju Premium Outlets, a new 328,000 square foot upscale outlet center with approximately 160 shops, located north of Seoul, South Korea. This will be the Company's second Premium Outlet Center in South Korea and is expected to open in March of 2011.  The Company owns a 50% interest in this project.
• A 52,000 square foot expansion of Tosu Premium Outlets in Fukuoka, Japan, expected to open in July of 2011. The Company owns a 40% interest in this project.
• Johor Premium Outlets, a new 173,000 square foot upscale outlet center located in Johor, Malaysia. The center is located one hour's drive from Singapore and is projected to open in November of 2011.  The Company owns a 50% interest in this project.
• Merrimack Premium Outlets in Merrimack, New Hampshire. This new 380,000 square foot upscale outlet center is located one hour north of metropolitan Boston and is projected to open in the summer of 2012. The Company owns 100% of this center.

For the full press release go to:  PRNewswire

 

Eva Herzigova at the Convivio Boutique Launch

Eva Herzigova speaks to Chic Outlet Shopping® at the launch of the Convivio boutique at Fidenza Village, the Chic Outlet Shopping® Village near Milan. A treasure trove of new and vintage designer pieces, all donated by famous brands and personalities, it\’s a new home for the Convivio charity founded by Gianni Versace to support ANLAIDS. Here Eva shares with Chic Outlet Shopping® her memories of Gianni and what\’s in her secret shopping address book……



SOURCE: FreeDiva

I-65 closed for one hour near Edinburgh Premium Outlets

Interstate 65 was closed in both directions at mile 76.5 near the Edinburgh/Taylorsville exit at 3:00 p.m on Wednesday. INDOT crews assisted Bartholomew County REMC while workers restored downed power lines across the interstate from the storm.

SOURCE: WXIN FOX 59

Wrentham Premium Outlets closed as safety precaution

The Providence Journal by Paul Grimaldi

On Wednesday 2/2/11 Wrentham Village Premium Outlets closed "as a precaution" so workers there could clear snow and ice off roofs at the outdoor shopping center off Route 495.

"We asked everyone to leave the property," said Michele Rothstein, spokeswoman for Premium Outlets, a division of Simon Property Group Inc.

A report of damage to a building elsewhere in Wrentham prompted Wrentham Village managers to close the center, Rothstein said. Thus far, no damage has been found at the shopping center.

"We will assess the situation and make the determination about when to reopen," she said.

Lacoste and Talbots to open at Gulfport Premium Outlets

By MARY PEREZ - The Sun Herald

Two upscale outlets, Lacoste and Talbots, will open at Gulfport Premium Outlets in May.

Lacoste is scheduled to open May 2 and Talbots May 16.

The stores will be on the north side of the outlet, near Coach.

“We are thrilled they have decided to join the many other high quality brands at the center,” said Pam Meinzinger, general manager of the outlets.

Lacoste is known for its trademark embroidered crocodile on cotton polo shirts. The company began in 1933, when René Lacoste replaced long-sleeve starched shirts on the tennis courts with what is now the classic Lacoste polo.

The company has expanded into clothing for men, women and children and accessories.

Talbots caters to women age 35 and older, featuring classic styles of clothing with modern detail. The company’s first outlets opened in 2009, introducing the Talbots Outlet label of clothing.

Meinzinger said Gulfport Premium Outlets, as the complex is now named, has an excellent reputation in the outlet industry that attracts brand name stores.

The outlets are located off U.S. 49 at Interstate 10 in Gulfport.

Valentines Gift Ideas at Clinton Premium Outlets

SOURCE: NEW8 WTNH

Big Changes planned for Cincinnati Mall

By Laura Baverman - Cincinnati.com

Proposals presented Thursday for the redevelopment of Cincinnati Mall would make the property anything but a traditional retail center.

The New York mall owner suggested space at the region’s largest indoor mall, which is about two-thirds vacant, could become a three-story hotel, a 100,000-square-foot hockey arena, a 76,000-square-foot agriculture museum, a water park or one of the nation’s only indoor mountain bike parks.

No funding is in place for any of the plans.

“The mall hasn’t done as well as it could even with a bigger name like (Mills Corp.) and (Simon Property Group). It still has struggled,” said Karla Ellsworth, who was appointed general manager in December. “Keeping it retail would be a hard task.”

Ellsworth appeared Thursday before Fairfield and Forest Park city officials to present early plans of mall owner Cincinnati Holding Co. LLC. She was joined by the company’s principal, Alex Demetriades.

Demetriades took ownership of the property last March, paying just under $6 million for the 1.5 million-square-foot center. In 2002, Mills Corp. paid about $52 million for the property. The property has changed hands twice since.

Ann Taylor LOFT to open in the Tanger Outlet in Williamsburg.

Ann Taylor Stores will open a LOFT Outlet store this spring in the Tanger Outlet Center at Williamsburg.

The womens apparel retailer operates 510 LOFT stores in the uppoder moderate priced category. They feature apparel for ”value conscious women with a more relaxed lifestyle,” according to the company.

LOFT Outlet was launched by Ann Taylor Stores Corp. in July 2008. It offers apparel under the LOFT Outlet locations at 14 locations, with several others set to open soon.

Tanger Outlet Center General Manager Theresa Phillips said the interior build-out of the LOFT Outlet will begin soon in preparation for an April opening. The LOFT Outlet will be located in the former Liz Claiborne space at the retail center, Phillips said.

SOURCE: Eastern Iowa Business

Six store closures at Woodbury Commons Premium Outlets

Times Herald Record/CHET GORDON

By Christian Livermore - Times Herald-Record

In another sign that consumers aren't spending like they used to, at least six retailers have closed in Woodbury Common Premium Outlets since the new year.

Chanel, French Connection, Harry & David, Liz Claiborne, Miss Sixty and Williams-Sonoma have shuttered, and rumors are circulating that more closures are on the way.

Christine Greak, the center's marketing director, denied the rumors of additional store closings and chalked the other closings up to a seasonal cycle.

"In the beginning of every year, it is not uncommon for a handful of stores to close and for us to await new stores taking their place," she said in an e-mail. "Although we do not comment on individual company business decisions to close a particular store, it should be noted that most of these closings are not unique to this particular center as selected companies have previously announced their decision to close all or most of their outlet stores."

All the stores that closed at Woodbury Common have been closing locations nationwide because of slumping sales.

Nebraska Crossing Factory Stores make-over

Nebraska Crossing Factory Stores

By Michaela Saunder - Omaha World Herald

 You've driven past it while headed east or west on Interstate 80. You know exactly where to turn. But how often do you stop at Nebraska Crossing Factory Stores?

The answer to that question could change if a team of local and Arizona-based developers and the City of Gretna realize their vision of a $60 million makeover that would attract some of the nation's leading outlet retailers.

The center at the intersection of I-80 and Nebraska Highways 6 and 31 would gain an additional 115,000 square feet for stores and restaurants, as well as such amenities as benches, outdoor fire pits and a pedestrian-only “main street.”

“Omaha's going to be a great outlet town,” said Rod Yates of OTB Destination in Scottsdale, Ariz.
Plans for the Gretna center have been in the works since last summer, but a similar project announced this week for La Vista by a Baltimore developer raises questions about which development will persevere.

Cordish Cos. wants to build a $114 million entertainment and outlet retail complex at Southport West, just off I-80 near 126th Street and Giles Road. The site already is home to Cabela's, several hotels and the La Vista Conference Center.

Both groups of developers agree on one thing: The market will support only one project.

Future outlet mall in Winnipeg

By: Murray McNeill - Winnipeg Free Press

 Winnipeg is one of the cities that will be getting a U.S.-style factory outlet mall, according to a spokesman for one of the income trusts that's bringing the retail concept to Canada.

"There's got to be one in Manitoba, and if there's going to be one in Manitoba it's got to be near Winnipeg," Edward Sonshine, president and CEO of Toronto-based RioCan Real Estate Investment Trust, said Tuesday.
Factory outlet malls, with their tantalizing combination of brand-name merchandise (usually prior-season goods) and deeply discounted prices, are huge retail draws in the United States.

North Carolina-based Tanger Factory Outlet Centres is partnering with RioCan to bring its outlet mall concept to Canada and its malls are typically about 350,000 square feet. That's similar in size to the new IKEA store that's scheduled to open in Winnipeg in 2012 or 2013. And because these malls usually feature dozens of brand-name outlets, one local retail leasing specialist said their drawing power is probably similar, as well.

"The (Winnipeg shoppers) will embrace it and it will be very big," said Ken Yee, senior executive vice-president of Cushman and Wakefield's Winnipeg office. "The outlets in the U.S. are always busy."

The closest factory outlet mall to Winnipeg is the Albertville Premium Outlets mall near Minneapolis, Minn., which boasts more than 100 discount retailers and more than 400,000 square feet of retail space. It's long been a favourite of Manitobans visiting that area.

Sonshine said RioCan and Tanger plan to open outlet malls in 10 to 15 Canadian cities over the next five to seven years.