SPG - Simon Property Group, Inc.

NYSE - NYSE Delayed Price. Currency in USD
148.70
+1.32 (+0.90%)
At close: 4:02PM EDT
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Previous Close147.38
Open147.50
Bid0.00 x 1800
Ask0.00 x 1100
Day's Range146.45 - 149.07
52 Week Range146.25 - 191.49
Volume1,125,406
Avg. Volume1,580,910
Market Cap45.803B
Beta (3Y Monthly)0.51
PE Ratio (TTM)19.88
EPS (TTM)7.48
Earnings DateOct 23, 2019 - Oct 28, 2019
Forward Dividend & Yield8.40 (5.70%)
Ex-Dividend Date2019-08-15
1y Target Est184.50
Trade prices are not sourced from all markets
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    (Bloomberg) -- Mall landlords accustomed to offering rent reductions to ailing retailers are mulling a new strategy to forestall the industry’s collapse: positioning themselves as lenders to tenants struggling to stay afloat.Boutique bank PJ Solomon has organized discussions with several mall owners about pursuing such a strategy with troubled retailer Forever 21 Inc., according to people with knowledge of the matter, in what could serve as a model for future transactions within the sector.The talks have centered on converting rent and other liabilities into secured debt that could give distressed companies some breathing room to stay out of court, said the people, who asked not to be identified because the discussions are private. If a retailer later goes bust, the arrangement could give landlords a stronger say in the restructuring process because lenders get higher priority in a bankruptcy, they said. The landlords potentially could use their preferred status to bid for assets, swapping their unpaid claims for ownership.For mall operators dealing with wave after wave of closings, the situation is critical. More than 7,500 U.S. retail storefronts have shuttered this year alone, according to Coresight Research, dwarfing openings as chains such as Payless Inc. and Gymboree Corp. ceased operations. Landlords are faced with either slashing rents or dealing with empty properties that don’t have ready occupants. Less than half of U.S. malls are likely to survive the industry’s disruption, according to Bloomberg Intelligence analyst Lindsay Dutch.Breathing RoomMall owners have been willing to consider a wider range of options, including outright purchases of bankrupt tenants, to help keep stores from going dark. That’s been done only once before in recent history. Three years ago, America’s two largest mall operators -- Simon Property Group Inc. and General Growth Properties Inc. -- were part of a group that bought Aeropostale Inc., preserving more than 200 of the clothing chain’s stores.“Unless the landlords are going to repurpose their properties altogether, they still have to capture the greatest value they can from retail tenants,” said Scott Stuart, chief executive officer of industry group Turnaround Management Association, who has worked on corporate restructurings for 30 years. “If they can get creative about keeping the stores open, it may be a win-win situation.”PJ Solomon and Brookfield Property Partners LP -- which purchased General Growth Properties last year -- declined to comment, while representatives for Simon Property Group and Forever 21 didn’t respond to requests seeking comment.On a July 31 conference call with investors to discuss second-quarter earnings, Simon Property Group Chief Executive Officer David Simon acknowledged the company has considered pursuing more investments like the one in Aeropostale.“We certainly have the ability to help beyond what you might do on the leases and become an investor in a distressed situation,” Simon said. “So we have kind of the ability, together or individually or some combination thereof, to look at becoming more than just a real estate player, but a buyer of these brands.”Their diverse portfolio of tenants gives REITs particular insight into which merchants could make successful investments, according to Bloomberg Intelligence’s Dutch.“They will be selective when they make an investment,” Dutch said. “They won’t just go after every failing retailer.”\--With assistance from Lily Katz, Gillian Tan and Scott Deveau.To contact the reporters on this story: Lauren Coleman-Lochner in New York at llochner@bloomberg.net;Eliza Ronalds-Hannon in New York at eronaldshann@bloomberg.netTo contact the editors responsible for this story: Rick Green at rgreen18@bloomberg.net, Boris KorbyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

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    (Bloomberg) -- Barneys New York Inc. filed for bankruptcy protection from creditors and laid out plans to shutter most of its stores after getting squeezed by rising rents and fewer visitors to its luxury fashion stores.The Chapter 11 filing in New York allows the department-store chain to stay open while it seeks to sell a slimmed-down business and to negotiate with its landlords.The company, owned by billionaire investor Richard Perry, said it has secured $75 million from affiliates of Hilco Global and Gordon Brothers Group to help meet its financial commitments. Authentic Brands Group LLC is one party in discussions with the retailer to potentially purchase assets including the company’s name brand and trademarks.“Like many in our industry, Barneys New York’s financial position has been dramatically impacted by the challenging retail environment and rent structures that are excessively high relative to market demand,” Chief Executive Officer Daniella Vitale said in a statement Tuesday.Barneys’ proposed bankruptcy loan would allow it to repay $50 million of debt and provide $25 million to help facilitate a sale in the next 60 days, court papers show. Before Barneys arranged that financing, one existing lender -- TPG Specialty Lending Inc. -- proposed $10 million of new money financing that would have required going-out-of-business sales at all but two Barneys stores, other court papers show.What’s ClosingThe bankruptcy had been telegraphed for several weeks as the retailer sought to avert Chapter 11 by finding a partner or buyer. Barneys said its stores on Madison Avenue and downtown New York City will remain open, as well as locations in Beverly Hills, San Francisco and Boston.The company currently employs 2,300 people, according to court papers.Two Barneys Warehouse locations will also stay open, and online operations will continue to operate. Among locations slated for closure include stores in Chicago, Las Vegas and Seattle, in addition to five smaller concept stores and seven Barneys Warehouse locations.“Aside from the high price tags on goods, this department store faces the same challenges as any department store,” George Angelich, partner at restructuring law firm Arent Fox, said in an interview before the filing. As rents increase and consumers shift to buying online, “it becomes very challenging to maintain profitability,” said Angelich, who isn’t involved in the case.Prior BustFounded as a men’s retailer in 1923 in Manhattan, Barneys morphed into a high fashion icon for women and men by the 1970s. It went bankrupt once before in 1996, after a falling out with a Japanese partner.Earlier this year, Barneys sought to downsize the Madison Avenue store to reduce the annual rent, which tripled this year, Bloomberg previously reported. The retailer was working on a restructuring plan with advisers at MIII Partners and Houlihan Lokey, and lawyers at Kirkland & Ellis.The chain listed $200 million of funded liabilities, with $800 million of revenue in 2018, according to papers filed in U.S. Bankruptcy Court for the Southern District of New York. Barneys also says it has about $120 million of federal net operating losses that could be used to offset future taxable income. Barneys is asking court permission to reject 15 store leases across the country, including deals with Brookfield Properties Inc. and Simon Property Group Inc. That could save the the company $2.2 million per month in rent and related expenses, Chief Restructuring Officer Moshin Y. Meghji said in a court declaration.Vendor UncertaintyThe prospect of liquidation sales at such a high-end store raised questions about how discounting could affect Barneys’ relationships with its vendors.“Barneys works with the crème de la crème of vendors, who don’t want their items hitting the market at discounted prices, and are probably not used to their merchants filing for bankruptcy,” said Stephen Selbst, chair of the restructuring and bankruptcy group at New York law firm Herrick, Feinstein LLP. “Their only possible recourse is to offer to buy back inventory to avoid it hitting the distribution channel, but that’s expensive. It’s going to be a walk into a very cold shower.”While maintaining good relationships with its vendors will be crucial to turning Barneys’ remaining business around, David Silverman, Senior Director in Fitch Ratings’ corporate group, wasn’t too concerned about the implications of discounting related to store closings.“It’s not like the company’s going to be putting yellow 40% off signs in the window,” Silverman said. “You can discount a good product by a little bit and drive a lot of excitement and traffic into the stores.”He added that, “customers are aware that these kind of markdown events are one time. This is an isolated incident.”The case is Barneys New York Inc., 19-36300-cgm, U.S. Bankruptcy Court for the Southern District of New York (Poughkeepsie).(Updates with potential buyer in third paragraph, bankruptcy loan uses in fifth paragraph and commentary on vendors in paragraphs 13 through 17)\--With assistance from Jordyn Holman, Anne Riley Moffat, Eliza Ronalds-Hannon and Lauren Coleman-Lochner.To contact the reporters on this story: Katherine Doherty in New York at kdoherty23@bloomberg.net;Jeremy Hill in New York at jhill273@bloomberg.netTo contact the editors responsible for this story: Rick Green at rgreen18@bloomberg.net, Nicole Bullock, Dan WilchinsFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

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