INDIANAPOLIS, Feb. 8, 2024
/PRNewswire/ -- Simon®, a real estate investment trust
engaged in the ownership of premier shopping, dining, entertainment
and mixed-use destinations, today announced that the Company's
Board of Directors authorized a new common stock repurchase
program. Under the new program, the Company may purchase up to
$2.0 billion of its common stock over
the next 24 months, as market conditions warrant. The shares may be
repurchased in the open market or in privately negotiated
transactions, at prices that the Company deems appropriate and
subject to market conditions, applicable law and other factors
deemed relevant in the Company's sole discretion. The stock
repurchase program does not obligate the Company to repurchase any
dollar amount or number of shares of common stock, and the program
may be suspended or discontinued at any time. This new $2.0 billion program replaces the previous
program that had been scheduled to expire on May 16, 2024 of which approximately $1.7 billion was available.
About Simon
Simon® is a real estate
investment trust engaged in the ownership of premier shopping,
dining, entertainment and mixed-use destinations and an S&P 100
company (Simon Property Group, NYSE: SPG). Our properties across
North America, Europe and Asia provide community gathering places for
millions of people every day and generate billions in annual
sales.
Forward-Looking Statements
Certain statements made in this press release may be deemed
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Although the Company
believes the expectations reflected in any forward-looking
statements are based on reasonable assumptions, the Company can
give no assurance that its expectations will be attained, and it is
possible that the Company's actual results may differ materially
from those indicated by these forward–looking statements due to a
variety of risks, uncertainties and other factors. Such factors
include, but are not limited to: changes in economic and market
conditions that may adversely affect the general retail
environment, including but not limited to those caused by
inflation, recessionary pressures, wars, escalating geopolitical
tensions as a result of the war in Ukraine and the conflicts in the Middle East, and supply chain disruptions; the
inability to renew leases and relet vacant space at existing
properties on favorable terms; the potential loss of anchor stores
or major tenants; the inability to collect rent due to the
bankruptcy or insolvency of tenants or otherwise; an increase in
vacant space at our properties; the potential for violence, civil
unrest, criminal activity or terrorist activities at our
properties; natural disasters; the availability of comprehensive
insurance coverage; the intensely competitive market environment in
the retail industry, including e-commerce; security breaches that
could compromise our information technology or infrastructure;
reducing emissions of greenhouse gases; environmental liabilities;
our international activities subjecting us to risks that are
different from or greater than those associated with our domestic
operations, including changes in foreign exchange rates; our
continued ability to maintain our status as a REIT; changes in tax
laws or regulations that result in adverse tax consequences; risks
associated with the acquisition, development, redevelopment,
expansion, leasing and management of properties; the inability to
lease newly developed properties on favorable terms; the loss of
key management personnel; uncertainties regarding the impact of
pandemics, epidemics or public health crises, and the associated
governmental restrictions on our business, financial condition,
results of operations, cash flow and liquidity; changes in market
rates of interest; the impact of our substantial indebtedness on
our future operations, including covenants in the governing
agreements that impose restrictions on us that may affect our
ability to operate freely; any disruption in the financial markets
that may adversely affect our ability to access capital for growth
and satisfy our ongoing debt service requirements; any change in
our credit rating; risks relating to our joint venture properties,
including guarantees of certain joint venture indebtedness; and
general risks related to real estate investments, including the
illiquidity of real estate investments.
The Company discusses these and other risks and uncertainties
under the heading "Risk Factors" in its annual and quarterly
periodic reports filed with the SEC. The Company may update
that discussion in subsequent other periodic reports, but except as
required by law, the Company undertakes no duty or obligation to
update or revise these forward-looking statements, whether as a
result of new information, future developments, or otherwise.
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SOURCE Simon