The tone of these stories is along the lines of “How could the Board award such excessive cash when the equity is performing so poorly?” I expect on a fundamental level the poor performance of the equity is exactly why the cash award was made. Over the past five years, Simon Properties’ returns fell 29.11 percent while the S&P rose 55.77 percent.’ Writing in The New Republic, in an article entitled The Stock Market’s Down-but Guess Which Direction CEO Pay Is Going Timothy Noah added some additional data: “According to The Motley Fool, over the past year, its returns fell 15.89 percent while the S&P 500 fell 5.80 percent. Journalist Patrick Temple-West highlighted Simon Properties in his article US executive pay bucked falling stock market in 2022 noting that shareholder returns dropped 22 percent in 2022. The Financial Times commissioned ISS Corporate Solutions to do an analysis of S&P 500 companies. The company has already gained notoriety as one of this season’s examples of excess. The risk here seems minimal for most employees since the industry of commercial real estate is struggling across the board. For example, David Simon’s OPI Incentive award was $24.25 million, which is “approximately 37% of the total pool of OPI Incentives awarded.” Shareholders are more tolerant, and rightly so, of awards given to executives other than the CEO that may leave for more lucrative jobs elsewhere. Some of the things they said in defense of the award struck me as an indictment of it. The company filed an open letter to shareholders with the SEC after both ISS and Glass Lewis recommended voting against the advisory vote on pay and other items. The company gave mammoth cash awards, called OPI Incentive awards, to 23 executives on February 10, 2022. This includes a bonus of $28 million dollars. Times-Union writer Mark Basch contributed to this report.Simon Properties’ Chair and CEO, David Simon, received total compensation for 2022 of $35,667,783, more than three times what he had been paid the prior year. It could be international opportunities." "We're focused on quality retail real estate, so it's more than just malls," he said. The company has completed $25 billion in mergers and acquisition transactions since the company went public in 1993, Simon said in a Sept. in 2004 for $3.5 billion in cash and stock. Simon Property acquired Chelsea Property Group Inc. It just fits well within the outlet portfolio." "Simon's done a good job with Chelsea, and this makes sense. "It's a good deal," said Alexander Goldfarb, an analyst at Sandler O'Neill & Partners LP, who has a "buy" rating on Simon Property shares. In an interview in March, David Simon said he wanted to "hoard" cash to take advantage of opportunities in the market. to consider purchasing the assets of mall owner General Growth Properties Inc. Simon amassed about $3.7 billion in cash in the past year to fund acquisitions and last month hired Lazard Ltd. Publicly-traded Simon will pay about $700 million in cash and stock to acquire Prime Outlets and assume about $1.6 billion in debt. "I am very proud of the company we were able to build over the past seven years and equally delighted that we were able to sell Prime to a world-class company like Simon," Lichtenstein said in a statement.
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Following the completion of this transaction, our outlet portfolio will have 63 centers comprising approximately 25 million square feet," Simon Property CEO David Simon said in a news release.Īlmost all of Prime Outlets are owned by Lightstone Group, a closely held real estate investment firm founded by David Lichtenstein, and Lightstone Value Plus Real Estate Investment Trust.
"Prime Outlets is an excellent opportunity for Simon as it represents a strong strategic fit for our existing premium outlet portfolio and enhances our leadership position in the outlet business. Augustine last year completed a $35 million expansion, including the addition of high-end retailers Saks Fifth Avenue and Gucci. He said the deal is expected to close late in the first quarter of 2010 or early in the second quarter. Simon spokesman Les Morris said it's too early to say what the company will do with two outlet malls in the same neighborhood. Johns Town Center and the Orange Park Mall in the Jacksonville area. Simon also owns all or part of The Avenues, St. Augustine Premium Outlets center on the other side of I-95 from the Prime Outlets mall. Simon's global portfolio of 385 properties includes the St. malls, including an outlet center off of I-95 in St. (NYSE: SPG), operator of some of Northeast Florida's biggest shopping malls, added to its portfolio Tuesday with a $2.3 billion agreement to buy Prime Outlets Acquisition Co.
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