Summary
Simon Property Group, Inc. (SPG) announced a significant new common stock repurchase program authorized by its Board of Directors on February 10, 2019. The company plans to buy back up to $2 billion of its common stock over the next 24 months, demonstrating management's confidence in the company's value and commitment to returning capital to shareholders. This new program effectively supersedes the previous one, which had remaining capacity of approximately $633 million and was set to expire in March 2019.
Key Highlights
- 1Simon Property Group (SPG) has authorized a new $2 billion common stock repurchase program.
- 2The program is authorized to run for the next 24 months.
- 3Repurchases will be executed as market conditions warrant.
- 4The company may buy back shares through open market transactions or privately negotiated deals.
- 5This new program replaces an existing one with approximately $633 million remaining capacity.
- 6The new authorization signals management's confidence in the company's stock valuation and commitment to shareholder returns.
Frequently Asked Questions
The new stock repurchase program authorizes Simon Property Group to purchase up to $2 billion of its common stock.
The program is authorized to continue for the next 24 months from the authorization date.
The new $2 billion program replaces the previous program, which had approximately $633 million remaining and was scheduled to expire on March 31, 2019.
The company may repurchase shares in the open market or through privately negotiated transactions.