- SpinCo will be an independent, publicly traded REIT initially with interest in 54 strip centers and 44 smaller enclosed malls (each generating NOI of about $10M or less). SpinCo's initial year NOI is estimated to be more than $400M and initial year FFO is estimated at $300M, or $0.80 per share.
- The spinoff will take the form of a tax-free distribution to shareholders who will see a boosted dividend - Simon Property's current $4.80 annualized payout will be maintained, and SpinCo's initial year dividend is estimated to be at least $0.50 per share.
- The distribution is expected to take place in 2014 Q2.
- CC to discuss is at 9 ET.
- SPG +1.1% premarket
- Press release
Simon Property to spin off strip centers/smaller malls
Dec 13 2013, 07:17 ET