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 $980 million. Simon’s share of remaining net cash funding required to complete the new development and redevelopment projects currently under construction is approximately $239 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 7-10% 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): 2022 2021 2020 NewDevelopments...................... $ 108 $ 96 $ 27 Redevelopments and Expansions . . . . . . . . . . 283 300 399
207
127
53
TenantAllowances...................... Operational Capital Expenditures .......... Total..................................
52
5
5
$
650 $
528 $
484
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 2023 or 2024 is $199 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, 2022 (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: Fukaya-Hanazono Premium Outlets .................
Fukaya City, Japan
296,300
40% JPY
6,153 $
46.9 Opened Oct. - 2022
Paris-Giverny Designer Outlet . . Vernon (Normandy), France Expansion: Busan Premium Outlet Phase 2 . . Busan, South Korea
228,000
74% EUR
128.9 $
137.9
Apr. - 2023
194,000
50% KRW
72,933 $
57.8
Oct. - 2024
(1) USD equivalent based upon December 31, 2022 foreign currency exchange rates.
Dividends, Distributions and Stock Repurchase Program Simon paid a common stock dividend of $1.80 per share in the fourth quarter of 2022 and $6.90 per share for the year ended December 31, 2022. The Operating Partnership paid distributions per unit for the same amounts. In 2021, Simon paid dividends of $1.65 and $7.15 per share for the three and twelve month periods ended December 31, 2021, respectively. The Operating Partnership paid distributions per unit for the same amounts. On February 6, 2023, Simon’s Board of Directors declared a quarterly cash dividend for the first quarter of 2023 of $1.80 per share, payable on March 31, 2023 to shareholders of record on March 10, 2023. 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. Under the plan, Simon may repurchase up to $2.0 billion of its common stock during the two-year period commencing on May 16, 2022 and ending
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