Citi Maintains Neutral Outlook on Simon Property Group (SPG)

SPG -0.63% SPG-PJ -0.65% RL -0.39%

Simon Property Group, Inc. (NYSE:SPG) is one of the best dividend stocks in the real estate sector. On November 26, Citi maintained a Neutral rating on Simon Property Group while lifting the price target from $170 to $185.

In another corporate update, dated November 18, Simon Property Group announced the acquisition of Phillips Place in Charlotte, North Carolina. The new property is situated in SouthPark’s central district.

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Phillips Place is a top-tier mixed-use property that consists of 134,000 square feet dedicated to open-air retail space. It has 25+ retail outlets and cafes/restaurants, including well-known brands like alice+ olivia, Peter Millar, rag & bone, Ralph Lauren, Veronica Beard, RH Gallery with a Rooftop Restaurant, and The Palm. Simon Property now owns a hotel with more than 180 rooms and a multi-family residential complex as part of this acquisition.

The Phillips Place will continue to operate as it is, offering an immaculate shopping environment, and Simon will eventually enhance the experience by providing curated items over time and maintain its position as a bustling community center.

Simon Property Group, Inc. (NYSE:SPG) is an American REIT that owns and operates high-quality shopping, food, and entertainment establishments across North America, Europe, and Asia.

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