Genting Simon, a joint venture between Genting Plantations and $SPG, has opened Genting Highlands Premium Outlet, its second Premium Outlet Center in Malaysia. The 278,000 sq-ft facility will feature over 130 designers and brand name stores.

$SPG said it will invest $1Bil in both 2017 and 2018 in development projects. The company continues to reinvest in its portfolio to create premier gathering places at a record pace.

$SPG's funds from operations for 1Q17 rose 4.2% to $985MM, or $2.74 per share, compared to $951.8MM, or $2.63 per share during 1Q16. For FY17, $SPG expects EPS to be in the range of $6.50-6.60 and FFO to be about $11.45-11.55 per share.

$SPG reported lower 1Q17 earnings, as prior year results included gains of $22.7MM related to acquisition. Net income fell to $477.7MM, or $1.53 per share, compared to $481MM, or $1.55 per share during 1Q16. Revenue during the quarter was $1.35Bil.

Shinsegae Simon, a joint venture between Shinsegae Group and $SPG, opened Siheung Premium Outlets, its fourth Premium Outlet Center in South Korea. Siheung Premium Outlets will feature 220 domestic and international brands contained in 452,000 square feet of space.

$SPG amended and extended its $4Bil unsecured multi-currency revolving credit facility. The newly refinanced facility, which can be increased to $5Bil during its term, will initially mature on June 30, 2021 and can be extended for an additional year to June 30, 2022 at the company's sole option.

$SPG's BoD authorized a two year extension of its $2Bil common stock repurchase program that had previously been announced on April 2, 2015 and was scheduled to expire on March 31, 2017. Since the program's inception, $SPG has purchased about $600MM of its common stock. Under the extended program, $SPG may buy balance of about $1.4Bil.

$SPG said its BoD declared a quarterly common stock dividend of $1.75 per share. The dividend will be payable on Feb. 28, 2017 to stockholders of record on Feb. 14, 2017. This is an increase of $0.10 from the previous quarter, and a YoverY increase of 9.4%.

$SPG's funds from operations for 4Q16 increased to $912.23MM or $2.53 per share from $866.46MM or $2.40 per share in the previous year quarter. Looking ahead into 2017, the company now expects EPS to be within the $6.45-6.55 range and FFO per share to be within the $11.45-11.55 range.

$SPG reported a rise in 4Q16 earnings on higher revenues and lower non-controlling interest income. Net income rose to $394.43MM from $392.3MM last year, while EPS slid to $1.26 from $1.27. Revenue grew to $1.43Bil from $1.38Bil.

$SPG intends to use the net proceeds from its recent offering of $1.85Bil for funding the planned optional redemption of its 10.35% notes due 2019, pending optional redemption of its 5.875% notes due 2017, and repaying a portion of the borrowings outstanding under its $3.5Bil unsecured supplemental revolving credit facility.

$SPG agreed to sell $550MM principal amount of its 2.35% senior notes due Jan. 30, 2022, $750MM principal amount of its 3.25% senior notes due Nov. 30, 2026, and $550MM principal amount of its 4.25% senior notes due Nov. 30, 2046. The offering is expected to close on Nov. 23, 2016, subject to customary closing conditions.

$SPG said its BoD declared a quarterly common stock dividend of $1.65 per share. The dividend is payable on Nov. 30, 2016 to stockholders of record on Nov. 16, 2016. The company will pay $6.50 per share in common stock dividends in 2016, a 7.4% increase YoverY.

$SPG's funds from operations for 3Q16 increased to $976.02MM or $2.70 per share from $918.69MM or $2.54 per share in the previous year quarter. Looking ahead into 2016, the company now expects EPS of $6.25-6.27 and FFO per share of $10.85-10.87.

Commercial real estate company $SPG reported a rise in 3Q16 earnings on higher revenues and gain on acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities. Net income rose to $504.74MM or $1.61 per share from $420.01MM or $1.36 per share last year. Revenue grew to $1.36Bil from $1.32Bil.

$SPG said James Barkley, General Counsel and Secretary, will retire from his current role effective Jan. 1, 2017.  Steven Fivel, currently Assistant General Counsel and Assistant Secretary, will assume role of General Counsel and Secretary effective Jan. 1, 2017. Alexander Snyder has been named Assistant General Counsel and Assistant Secretary.

$SPG said James Barkley, General Counsel and Secretary, will retire from his current role effective Jan. 1, 2017.  Steven Fivel, currently Assistant General Counsel and Assistant Secretary, will assume role of General Counsel and Secretary effective Jan. 1, 2017. Alexander Snyder has been named Assistant General Counsel and Assistant Secretary.