Simon's Chicago Premium Outlets Celebrates Re-Opening

On Thursday, the Chicago Premium Outlets of Simon Property Group Inc. (NYSE:SPG) celebrated its grand re-opening with the announcement of the entry of more top-notch retailers. In fact, this celebration marked the successful completion of an all-encompassing renovation of the 170-store center and this is likely to be accretive for the Indianapolis, IN-based retail real estate investment trust (“REIT”), going forward.

In fact, last August, Chicago Premium Outlets witnessed massive expansion initiatives which significantly increased the center’s retailer activities. Chicago Premium Outlets is the largest center in the Chicago market and with this latest renovation, it is fast turning into a prized center in Simon Property’s global portfolio, offering unmatched value for the shoppers.

The new retailers which are slated to open this month include Versace, Forever 21 and performance shoe standout Salomon. Other prime retailers which are in the queue to open their shops at the center are Victoria’s Secret and its popular offshoot Pink, Restoration Hardware, shoemaker Geox Breathes, Steve Madden, Land’s End, high-end children’s apparel brand Hanna Andersson and Bath & Body Works.

Simon Property is engaged in acquiring, owning and leasing a diverse portfolio of shopping malls. The company reported first-quarter 2016 funds from operations (“FFO”) per share of $2.63, up from $2.28 in the year-ago quarter. The Zacks Consensus Estimate for the quarter was $2.54. Growth in operating income as well as new developments and expansions aided the results.

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Zacks Rank & Other Stocks

Currently, Simon Property has a Zacks Rank #3 (Hold). Investors interested in the retail REIT sector can consider stocks like Retail Opportunity Investments Corp. (NASDAQ:ROIC) , Saul Centers Inc. (NYSE:BFS) and Urban Edge Properties (NYSE:UE) . Each of these stocks carries a Zacks Rank #2 (Buy).