Summary of Capital Expenditures. The following table summarizes total capital expenditures on consolidated properties on a cash basis (in millions): 2023 2022 2021 New Developments ................................................... $ 156 $ 108 $ 96 Redevelopments and Expansions ....................................... 328 283 300 Tenant Allowances ................................................... 209 207 127 OperationalCapitalExpenditures........................................ 100 52 5 Total ............................................................... $ 793 $ 650 $ 528 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 2024 or 2025 is $94 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, 2023 (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: Paris-Giverny Designer Outlet . . . Vernon, France 228,000 74% EUR 136.8 $ 151.0 Opened Apr. - 2023 Jakarta Premium Outlets . . . . . . . Jakarta, Indonesia 300,000 50% IDR 931,782 $ 60.5 Feb. - 2025 Expansion: Busan Premium Outlet Phase 2 . . Busan, South Korea 194,000 50% KRW 72,933 $ 56.3 Oct. - 2024
(1) USD equivalent based upon December 31, 2023 foreign currency exchange rates.
Dividends, Distributions and Stock Repurchase Program Simon paid a common stock dividend of $1.90 per share in the fourth quarter of 2023 and $7.45 per share for the year ended December 31, 2023. The Operating Partnership paid distributions per unit for the same amounts. In 2022, Simon paid dividends of $1.80 and $6.90 per share for the three and twelve month periods ended December 31, 2022, respectively. The Operating Partnership paid distributions per unit for the same amounts. On February 5, 2024, Simon’s Board of Directors declared a quarterly cash dividend for the first quarter of 2024 of $1.95 per share, payable on March 29, 2024 to shareholders of record on March 8, 2024. The distribution rate on units is equal to the dividend rate on common stock. In order to maintain its status as a REIT, Simon must pay a minimum amount of dividends. Simon’s future dividends and the Operating Partnership’s future distributions will be determined by Simon’s Board of Directors, in its sole discretion, based on actual and projected financial condition, liquidity and results of operations, cash available for dividends and limited partner distributions, cash reserves as deemed necessary for capital and operating expenditures, financing covenants, if any, and the amount required to maintain Simon’s status as a REIT. On May 9, 2022, Simon’s Board of Directors authorized a common stock repurchase plan commencing on May 16, 2022, or the Repurchase Program. Under the program, the Company may purchase up to $2.0 billion of its common stock during the two-year period ending May 16, 2024 in open market or privately negotiated transactions, at prices that the Company deems appropriate and subject to market conditions, applicable law, and other factors deemed relevant in the Company’s sole discretion. On February 8, 2024, Simon’s Board of Directors authorized a new common stock repurchase program which replaces the existing Repurchase Program immediately where, the Company may purchase up to $2.0 billion of its common stock over the next 24 months. During the year ended December 31, 2023, Simon purchased 1,273,733 shares at an average price of $110.38 per share. During the year ended December 31, 2022, Simon purchased 1,830,022 shares at an average price of $98.57 per share. As Simon repurchases shares under this program, the Operating Partnership repurchases an equal number of units from Simon.
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