Taubman owns 26 super-regional shopping centers in the U.S. Simon Property Group's purchase of Taubman Centers closed in the final week of 2020.Buying name-brand retailers out of bankruptcy will allow Simon to keep stores occupied and help manage the brands back to profitability. Simon and Authentic Brands Group each own 37.5%, and Brookfield Property Partners ( BPY) owns the balance. In February 2020, Simon put together the acquisition of fast fashion retailer Forever 21.By the end of June, 199 of the company’s 204 U.S. As of May 11, Simon had reopened 77 properties.Here is a list of moves and acquisitions made in 2020:
In reaction to the coronavirus pandemic, Simon Property Group became aggressive to ensure it would survive and thrive in the post-covid world. To preserve cash, The SPG dividend was reduced from an $8.40 annual rate to $6.00 paid in 2020. In March 2020, the company closed all of its U.S.-based properties. Īs the owner of enclosed shopping malls and premium outlet malls, Simon was battered by the coronavirus pandemic and related economic shutdown. With a $32 billion market cap, Simon Property Group ( SPG) is a top-five REIT by size - and is my top conservative investment idea for 2021, asserts Tim Plaehn, editor of The Dividend Hunter.
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