December 20, 2021, we sold a portion of our interest in ABG, resulting in a pre-tax gain of $18.8 million. In connection with this transaction, we recorded tax expense of $8.0 million which is included in income and other tax expense in the consolidated statement of operations and comprehensive income. Subsequently, we acquired additional interests in ABG for cash consideration of $100.0 million. During the first quarter of 2022, SPARC Group acquired certain assets and operations of Reebok and entered into a long-term strategic partnership with ABG to become the core licensee and operating partner for Reebok in the United States. Development Activity We routinely incur costs related to construction for significant redevelopment and expansion projects at our properties. Redevelopment and expansion projects, including the addition of anchors, big box tenants, and restaurants are underway at several properties in North America, Europe, and Asia. Construction continues on certain redevelopment and new development projects in the U.S. and internationally that are nearing completion. Our share of the costs of all new development, redevelopment and expansion projects currently under construction is approximately $1.3 billion. Simon’s share of remaining net cash funding required to complete the new development and redevelopment projects currently under construction is approximately $552 million. We expect to fund these capital projects with cash flows from operations. We seek a stabilized return on invested capital in the range of 8-10% for all of our new development, expansion and redevelopment projects. Summary of Capital Expenditures. The following table summarizes total capital expenditures on consolidated properties on a cash basis (in millions): 2024 2023 2022 NewDevelopments........................................... $ 75 $ 156 $ 108 RedevelopmentsandExpansions............................... 321 328 283 Tenant Allowances ........................................... 191 209 207 Operational Capital Expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 169 100 52 Total........................................................ $ 756 $ 793 $ 650 International Development Activity We typically reinvest net cash flow from our international joint ventures to fund future international development activity. We believe this strategy mitigates some of the risk of our initial investment and our exposure to changes in foreign currencies. We have also funded most of our foreign investments with local currency-denominated borrowings that act as a natural hedge against fluctuations in exchange rates. Our consolidated net income exposure to changes in the volatility of the Euro, Yen, Peso, Won, and other foreign currencies is not material. We expect our share of estimated committed capital for international development projects to be completed with projected delivery in 2025 or 2026 is $12 million, primarily funded through reinvested joint venture cash flow and construction loans. The following table describes recently completed and new development and expansion projects as well as our share of the estimated total cost as of December 31, 2024 (in millions): Gross Our Our Share of Our Share of Projected/Actual Leasable Ownership Projected Net Cost Projected Net Cost Opening Property Location Area (sqft) Percentage (in Local Currency) (in USD) (1) Date New Development Projects: Jakarta Premium Outlets . . . . . . Jakarta, Indonesia 300,000 50% IDR 931,782 $ 57.5 Mar. - 2025 Expansion: Busan Premium Outlet Phase 2 . Busan, South Korea 184,000 50% KRW 72,933 $ 49.4 Opened Sep. - 2024
(1) USD equivalent based upon December 31, 2024 foreign currency exchange rates.
Dividends, Distributions and Stock Repurchase Program Simon paid a common stock dividend of $2.10 per share in the fourth quarter of 2024 and $8.10 per share for the year ended December 31, 2024. The Operating Partnership paid distributions per unit for the same amounts. In 2023, Simon paid dividends of $1.90 and $7.45 per share for the three and twelve month periods ended December 31, 2023,
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