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Simon Property Group Inc. Reports Operating Results (10-K)

February 25, 2011 | About:
10qk

10qk

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Simon Property Group Inc. (SPG) filed Annual Report for the period ended 2010-12-31.

Simon Property Group Inc. has a market cap of $30.94 billion; its shares were traded at around $105.64 with a P/E ratio of 18.8 and P/S ratio of 7.8. The dividend yield of Simon Property Group Inc. stocks is 3.1%. Simon Property Group Inc. had an annual average earning growth of 3.7% over the past 10 years. GuruFocus rated Simon Property Group Inc. the business predictability rank of 2-star.Hedge Fund Gurus that owns SPG: Whitney Tilson of T2 Partners Management, LP, Bruce Kovner of Caxton Associates, Steven Cohen of SAC Capital Advisors, Manning & Napier Advisors, Inc, Jim Simons of Renaissance Technologies LLC. Mutual Fund and Other Gurus that owns SPG: Ken Heebner of Capital Growth Management LP, Chris Davis of Davis Selected Advisers, Jeremy Grantham of GMO LLC, Pioneer Investments.

Highlight of Business Operations:

The Operating Partnership has a $3.9 billion unsecured revolving credit facility, or the Credit Facility. The Credit Facility has an accordion feature allowing the maximum borrowing capacity to expand to $4.0 billion. We issue debt securities through the Operating Partnership, but we may issue our debt securities which may be convertible into capital stock or be accompanied by warrants to purchase capital stock. We also may sell or securitize our lease receivables. The proceeds from any borrowings or financings may be used for one or more of the following:

issued 647,825 restricted shares of common stock, net of forfeitures, under The Simon Property Group 1998 Stock Incentive Plan, or the 1998 Plan; issued 642,639 shares of common stock upon exercise of stock options under the 1998 Plan; issued 11,822,365 shares of common stock upon the conversion of 14,308,348 shares of Series I 6% Convertible Perpetual Preferred Stock, or Series I preferred stock; redeemed 219,879 shares of Series I preferred stock; issued 11,876,076 shares of common stock as part of quarterly dividends in 2009 to common stockholders; issued 23,000,000 shares of common stock in a public offering at a public offering price of $50.00 per share; issued 17,250,000 shares of common stock in a public offering at a public offering price of $31.50 per share; issued 523,291 shares of Series I preferred stock upon the exchange of Series I 6% Convertible Perpetual Preferred Units, or Series I preferred units; issued 4,000 shares of common stock upon conversion and retirement of all 4,000 shares of Class C common stock; entered into our Credit Facility on December 8, 2009 which has a borrowing capacity of $3.9 billion and contains an accordion feature allowing the maximum borrowing capacity to expand to $4.0 billion; borrowed a maximum amount of $862.2 million under the Credit Facility; the outstanding amount of borrowings under this facility as of December 31, 2010 was $858.6 million, of which $273.6 million was related to the U.S. dollar equivalent of Yen-denominated borrowings; provided annual reports containing financial statements audited by our independent registered public accounting firm and quarterly reports containing unaudited financial statements to our security holders; not made loans to other entities or persons, including our officers and directors, other than to certain joint venture properties; not invested in the securities of other issuers for the purpose of exercising control, other than the Operating Partnership, certain wholly-owned subsidiaries and to acquire indirect interests in real estate; not underwritten securities of other issuers; and not engaged in the purchase and sale or turnover of investments for the purpose of trading. Employees

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