INDIANAPOLIS, Aug. 2, 2023 /PRNewswire/ --
Simon®, a real estate investment trust engaged in the
ownership of premier shopping, dining, entertainment and mixed-use
destinations, today reported results for the quarter ended
June 30, 2023.
"We are very pleased with our financial and operational
performance in the second quarter and again raised our quarterly
dividend and full-year 2023 guidance," said David Simon, Chairman, Chief Executive Officer
and President.
Results for the Quarter
- Net income attributable to common stockholders was $486.3 million, or $1.49 per diluted share, as compared to
$496.7 million, or $1.51 per diluted share in 2022.
- Funds From Operations ("FFO") was $1.077
billion, or $2.88 per diluted
share as compared to $1.093 billion,
or $2.91 per diluted share in the
prior year.
- Domestic property Net Operating Income ("NOI") increased 3.3%
and portfolio NOI increased 3.7%, in each case, compared to the
prior year period.
Results for the Six Months
- Net income attributable to common stockholders was $938.2 million, or $2.87 per diluted share, as compared to
$923.4 million, or $2.81 per diluted share in 2022.
- FFO was $2.103 billion, or
$5.62 per diluted share as compared
to $2.108 billion, or $5.61 per diluted share in the prior
year.
- Domestic property NOI increased 3.6% and portfolio NOI
increased 3.8%, in each case, compared to the prior year
period.
U.S. Malls and Premium Outlets Operating Statistics
- Occupancy was 94.7% at June 30,
2023, compared to 93.9% at June 30,
2022, an increase of 80 basis points.
- Base minimum rent per square foot was $56.27 at June 30,
2023, compared to $54.58 at
June 30, 2022, an increase of
3.1%.
- Reported retailer sales per square foot was $747 for the trailing 12 months ended
June 30, 2023.
Development Activity
Construction continues on redevelopment and expansion projects
at properties in North America,
Europe and Asia. In April,
we opened a new shopping destination in Paris-Giverny, France.
Capital Markets and Balance Sheet Liquidity
The Company was active in the credit markets through the first
six months of the year.
During the first six months, the Company completed 9
non-recourse mortgage loans totaling approximately $820 million (U.S. dollar equivalent), of which
Simon's share was $404 million.
The weighted average interest rate on these loans was 6.01%.
As of June 30, 2023, Simon had
approximately $8.8 billion of
liquidity consisting of $1.4 billion
of cash on hand, including its share of joint venture cash, and
$7.4 billion of available capacity
under its revolving credit facilities.
Dividends
Today, Simon's Board of Directors declared a quarterly common
stock dividend of $1.90 for the third
quarter of 2023. This is an increase of $0.15, or 8.6% year-over-year. The dividend
will be payable on September 29, 2023
to shareholders of record on September
8, 2023.
Simon's Board of Directors declared the quarterly dividend on
its 8 3/8% Series J Cumulative Redeemable Preferred Stock (NYSE:
SPGPrJ) of $1.046875 per share,
payable on September 29, 2023 to
shareholders of record on September
15, 2023.
2023 Guidance
The Company currently estimates net income to be within a range
of $6.39 to $6.49 per diluted share and FFO to be within a
range of $11.85 to $11.95 per diluted share for the year ending
December 31, 2023. The FFO per
diluted share range is an increase from the $11.80 to $11.95
per diluted share range provided on May 2,
2023, or an increase of $0.02
per diluted share at the mid-point.
The following table provides the GAAP to non-GAAP reconciliation
for the expected range of estimated net income attributable to
common stockholders per diluted share to FFO per diluted share:
|
For the year ending
December 31, 2023
|
|
Low
|
|
High
|
|
|
End
|
|
End
|
|
|
Estimated net income
attributable to common stockholders
per diluted share
|
|
|
|
|
|
$6.39
|
|
$6.49
|
|
|
Depreciation and
amortization including Simon's share
of unconsolidated
entities
|
|
|
|
|
|
5.45
|
|
5.45
|
|
|
Loss on acquisition of
controlling interest, sale or
disposal of, or recovery on,
assets and interest in
unconsolidated entities and impairment, net
|
|
|
|
|
|
|
|
|
|
0.01
|
|
0.01
|
|
|
|
|
|
|
|
Estimated FFO per
diluted share
|
$11.85
|
|
$11.95
|
|
Conference Call
Simon will hold a conference call to discuss the quarterly
financial results today from 4:30 p.m. to
5:30 p.m. Eastern Time, Wednesday,
August 2, 2023. A live webcast of the conference call
will be accessible in listen-only mode at
investors.simon.com. An audio replay of the conference call
will be available until August 9,
2023. To access the audio replay, dial 1-844-512-2921
(international +1-412-317-6671) passcode 13739743.
Supplemental Materials and Website
Supplemental information on our second quarter 2023 performance
is available at investors.simon.com. This information has also been
furnished to the SEC in a current report on Form 8-K.
We routinely post important information online on our investor
relations website, investors.simon.com. We use this website, press
releases, SEC filings, quarterly conference calls, presentations
and webcasts to disclose material, non-public information in
accordance with Regulation FD. We encourage members of the
investment community to monitor these distribution channels for
material disclosures. Any information accessed through our
website is not incorporated by reference into, and is not a part
of, this document.
Non-GAAP Financial Measures
This press release includes FFO, FFO per share and portfolio NOI
growth which are financial performance measures not defined by
generally accepted accounting principles in the United States ("GAAP"). Reconciliations of
these non-GAAP financial measures to the most directly comparable
GAAP measures are included in this press release and in Simon's
supplemental information for the quarter. FFO and NOI growth
are financial performance measures widely used in the REIT
industry. Our definitions of these non-GAAP measures may not be the
same as similar measures reported by other REITs.
Forward-Looking Statements
Certain statements made in this press release may be deemed
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Although the Company
believes the expectations reflected in any forward-looking
statements are based on reasonable assumptions, the Company can
give no assurance that its expectations will be attained, and it is
possible that the Company's actual results may differ materially
from those indicated by these forward–looking statements due to a
variety of risks, uncertainties and other factors. Such factors
include, but are not limited to: changes in economic and market
conditions that may adversely affect the general retail
environment, including but not limited to those caused by
inflation, recessionary pressures, wars, such as in Ukraine, and supply chain disruptions; the
inability to renew leases and relet vacant space at existing
properties on favorable terms; the potential loss of anchor stores
or major tenants; the inability to collect rent due to the
bankruptcy or insolvency of tenants or otherwise; an increase in
vacant space at our properties; the potential for violence, civil
unrest, criminal activity or terrorist activities at our
properties; natural disasters; the availability of comprehensive
insurance coverage; the intensely competitive market environment in
the retail industry, including e-commerce; security breaches that
could compromise our information technology or infrastructure; the
increased focus on ESG metrics and reporting; environmental
liabilities; our international activities subjecting us to risks
that are different from or greater than those associated with our
domestic operations, including changes in foreign exchange rates;
our continued ability to maintain our status as a REIT; changes in
tax laws or regulations that result in adverse tax consequences;
risks associated with the acquisition, development, redevelopment,
expansion, leasing and management of properties; the inability to
lease newly developed properties on favorable terms; the loss of
key management personnel; uncertainties regarding the impact of
pandemics, epidemics or public health crises, and the associated
governmental restrictions on our business, financial condition,
results of operations, cash flow and liquidity; changes in market
rates of interest; the impact of our substantial indebtedness on
our future operations, including covenants in the governing
agreements that impose restrictions on us that may affect our
ability to operate freely; any disruption in the financial markets
that may adversely affect our ability to access capital for growth
and satisfy our ongoing debt service requirements; any change in
our credit rating; risks relating to our joint venture properties,
including guarantees of certain joint venture indebtedness; and
general risks related to real estate investments, including the
illiquidity of real estate investments.
The Company discusses these and other risks and uncertainties
under the heading "Risk Factors" in its annual and quarterly
periodic reports filed with the SEC. The Company may update
that discussion in subsequent other periodic reports, but except as
required by law, the Company undertakes no duty or obligation to
update or revise these forward-looking statements, whether as a
result of new information, future developments, or otherwise.
About Simon
Simon® is a real estate investment trust engaged in
the ownership of premier shopping, dining, entertainment and
mixed-use destinations and an S&P 100 company (Simon Property
Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for
millions of people every day and generate billions in annual
sales.
|
Simon Property Group, Inc.
Unaudited Consolidated Statements of
Operations
(Dollars in thousands, except per share
amounts)
|
|
|
|
For the Three Months
|
|
For the Six Months
|
|
Ended June 30,
|
|
Ended June 30,
|
|
2023
|
2022
|
|
2023
|
2022
|
|
|
|
|
|
|
|
REVENUE:
|
|
|
|
|
|
|
Lease
income
|
$
1,254,958
|
$ 1,194,700
|
|
$
2,503,143
|
$ 2,402,566
|
|
Management fees and
other revenues
|
33,507
|
28,811
|
|
62,457
|
56,398
|
|
Other
income
|
81,136
|
56,331
|
|
154,850
|
116,799
|
|
Total revenue
|
1,369,601
|
1,279,842
|
|
2,720,450
|
2,575,763
|
|
|
|
|
|
|
|
EXPENSES:
|
|
|
|
|
|
|
Property
operating
|
118,263
|
112,408
|
|
230,012
|
216,071
|
|
Depreciation and
amortization
|
319,534
|
298,273
|
|
626,592
|
608,436
|
|
Real estate
taxes
|
111,837
|
111,989
|
|
222,996
|
223,680
|
|
Repairs and
maintenance
|
23,002
|
20,050
|
|
45,176
|
42,354
|
|
Advertising and
promotion
|
33,745
|
20,064
|
|
57,904
|
45,327
|
|
Home and regional
office costs
|
50,006
|
47,516
|
|
106,826
|
99,713
|
|
General and
administrative
|
10,058
|
9,360
|
|
19,164
|
17,194
|
|
Other
|
45,231
|
33,421
|
|
91,132
|
75,836
|
|
Total operating expenses
|
711,676
|
653,081
|
|
1,399,802
|
1,328,611
|
|
|
|
|
|
|
|
OPERATING INCOME BEFORE OTHER
ITEMS
|
657,925
|
626,761
|
|
1,320,648
|
1,247,152
|
|
|
|
|
|
|
|
Interest
expense
|
(218,086)
|
(187,316)
|
|
(417,515)
|
(372,473)
|
|
Gain on disposal,
exchange, or revaluation of equity interests
|
36,437
|
-
|
|
36,437
|
-
|
|
Income and other tax
(expense) benefit
|
(10,487)
|
(24,346)
|
|
2,966
|
(22,912)
|
|
Income from
unconsolidated entities
|
90,455
|
190,073
|
|
112,355
|
271,257
|
|
Unrealized gains
(losses) in fair value of publicly traded equity instruments,
net
|
5,617
|
(17,817)
|
|
26,225
|
(48,850)
|
|
Loss on acquisition of
controlling interest, sale or disposal of, or recovery
on,
assets and interests
in unconsolidated entities and impairment, net
|
|
|
|
|
|
|
(4,356)
|
(17,875)
|
|
(4,356)
|
(16,384)
|
|
|
|
|
|
|
|
CONSOLIDATED NET INCOME
|
557,505
|
569,480
|
|
1,076,760
|
1,057,790
|
|
|
|
|
|
|
|
Net income attributable
to noncontrolling interests
|
70,328
|
71,903
|
|
136,921
|
132,747
|
|
Preferred
dividends
|
834
|
834
|
|
1,669
|
1,669
|
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE TO COMMON
STOCKHOLDERS
|
$
486,343
|
$ 496,743
|
|
$
938,170
|
$ 923,374
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC AND DILUTED EARNINGS PER COMMON
SHARE:
|
|
|
|
|
|
|
Net income attributable to common
stockholders
|
$
1.49
|
$ 1.51
|
|
$
2.87
|
$ 2.81
|
|
Simon Property Group, Inc.
Unaudited Consolidated Balance
Sheets
(Dollars in thousands, except share
amounts)
|
|
|
|
|
|
June 30,
|
December 31,
|
|
2023
|
2022
|
|
ASSETS:
|
|
|
|
Investment properties,
at cost
|
$
38,749,494
|
$ 38,326,912
|
|
Less - accumulated
depreciation
|
17,126,186
|
16,563,749
|
|
21,623,308
|
21,763,163
|
|
Cash and cash
equivalents
|
837,465
|
621,628
|
|
Tenant receivables and
accrued revenue, net
|
738,170
|
823,540
|
|
Investment in TRG, at
equity
|
2,978,024
|
3,074,345
|
|
Investment in
Klépierre, at equity
|
1,542,634
|
1,561,112
|
|
Investment in other
unconsolidated entities, at equity
|
3,439,251
|
3,511,263
|
|
Right-of-use assets,
net
|
492,253
|
496,930
|
|
Deferred costs and
other assets
|
1,167,891
|
1,159,293
|
|
Total assets
|
$
32,818,996
|
$ 33,011,274
|
|
|
|
|
LIABILITIES:
|
|
|
|
Mortgages and
unsecured indebtedness
|
$
24,990,480
|
$ 24,960,286
|
|
Accounts payable,
accrued expenses, intangibles, and deferred revenues
|
1,543,848
|
1,491,583
|
|
Cash distributions and
losses in unconsolidated entities, at equity
|
1,749,960
|
1,699,828
|
|
Dividend
payable
|
2,885
|
1,997
|
|
Lease
liabilities
|
493,193
|
497,953
|
|
Other
liabilities
|
511,400
|
535,736
|
|
Total liabilities
|
29,291,766
|
29,187,383
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
Limited partners'
preferred interest in the Operating Partnership and
noncontrolling
redeemable
interests
|
|
|
|
226,659
|
212,239
|
|
|
|
|
EQUITY:
|
|
|
|
Stockholders'
Equity
|
|
|
|
Capital stock
(850,000,000 total shares authorized, $ 0.0001 par value,
238,000,000
shares of excess
common stock, 100,000,000 authorized shares of preferred
stock):
|
|
|
|
|
|
|
|
|
Series J 8 3/8%
cumulative redeemable preferred stock, 1,000,000 shares
authorized,
796,948 issued and
outstanding with a liquidation value of $39,847
|
|
|
|
41,270
|
41,435
|
|
|
|
|
Common stock, $ 0.0001
par value, 511,990,000 shares authorized, 342,900,671
and
342,905,419 issued and
outstanding, respectively
|
|
|
|
34
|
34
|
|
|
|
|
Class B common stock,
$0.0001 par value, 10,000 shares authorized, 8,000
issued and
outstanding
|
|
|
|
-
|
-
|
|
|
|
|
Capital in excess of
par value
|
11,211,425
|
11,232,881
|
|
Accumulated
deficit
|
(6,189,540)
|
(5,926,974)
|
|
Accumulated other
comprehensive loss
|
(175,967)
|
(164,873)
|
|
Common stock held in
treasury, at cost, 15,709,631 and 15,959,628 shares,
respectively
|
(2,015,585)
|
(2,043,979)
|
|
Total stockholders'
equity
|
2,871,637
|
3,138,524
|
|
Noncontrolling
interests
|
428,934
|
473,128
|
|
Total equity
|
3,300,571
|
3,611,652
|
|
Total liabilities and equity
|
$
32,818,996
|
$ 33,011,274
|
|
Simon Property Group, Inc.
|
|
Unaudited Joint Venture Combined Statements of
Operations
|
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June
30,
|
|
For the Six Months Ended June
30,
|
|
2023
|
2022
|
|
2023
|
2022
|
|
|
|
|
|
|
|
REVENUE:
|
|
|
|
|
|
|
Lease
income
|
$
733,761
|
$ 714,215
|
|
$
1,468,809
|
$ 1,431,985
|
|
Other
income
|
138,193
|
73,506
|
|
228,239
|
186,090
|
|
Total
revenue
|
871,954
|
787,721
|
|
1,697,048
|
1,618,075
|
|
|
|
|
|
|
|
OPERATING EXPENSES:
|
|
|
|
|
|
|
Property
operating
|
155,036
|
142,697
|
|
309,958
|
292,212
|
|
Depreciation and
amortization
|
159,329
|
164,913
|
|
323,802
|
335,474
|
|
Real estate
taxes
|
64,939
|
63,365
|
|
128,943
|
128,689
|
|
Repairs and
maintenance
|
17,643
|
19,209
|
|
36,418
|
40,690
|
|
Advertising and
promotion
|
18,804
|
16,247
|
|
39,514
|
35,565
|
|
Other
|
63,208
|
47,867
|
|
116,516
|
96,710
|
|
Total operating
expenses
|
478,959
|
454,298
|
|
955,151
|
929,340
|
|
|
|
|
|
|
|
OPERATING INCOME BEFORE OTHER
ITEMS
|
392,995
|
333,423
|
|
741,897
|
688,735
|
|
|
|
|
|
|
|
Interest
expense
|
(167,498)
|
(147,587)
|
|
(335,706)
|
(292,038)
|
|
Gain on sale or
disposal of, or recovery on, assets and interests in unconsolidated
entities, net
|
1,134
|
-
|
|
1,134
|
-
|
|
NET INCOME
|
$
226,631
|
$ 185,836
|
|
$
407,325
|
$ 396,697
|
|
|
|
|
|
|
|
Third-Party Investors' Share of Net
Income
|
$
114,808
|
$ 93,041
|
|
$
205,067
|
$ 197,697
|
|
|
|
|
|
|
|
Our Share of Net Income
|
111,823
|
92,795
|
|
202,258
|
199,000
|
|
Amortization of Excess Investment
(A)
|
(14,928)
|
(15,086)
|
|
(29,848)
|
(30,225)
|
|
Our Share of Gain on Sale or Disposal of, or Recovery
on, Assets
|
|
|
|
|
|
|
and Interests in Unconsolidated Entities,
net
|
(454)
|
-
|
|
(454)
|
-
|
|
|
|
|
|
|
|
Income from Unconsolidated Entities
(B)
|
$
96,441
|
$ 77,709
|
|
$
171,956
|
$ 168,775
|
|
|
|
|
|
|
|
Note: The above
financial presentation does not include any information related to
our investments in Klépierre S.A.
|
|
("Klépierre"), The Taubman Realty Group ("TRG") and other platform
investments. For additional information, see footnote B.
|
|
Simon Property Group, Inc.
Unaudited Joint Venture Combined Balance Sheets
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
June 30,
|
December 31,
|
|
|
2023
|
2022
|
|
|
Assets:
|
|
|
|
|
Investment properties,
at cost
|
$
19,293,420
|
$ 19,256,108
|
|
|
Less - accumulated
depreciation
|
8,693,057
|
8,490,990
|
|
|
10,600,363
|
10,765,118
|
|
|
Cash and cash
equivalents
|
1,294,306
|
1,445,353
|
|
|
Tenant receivables and
accrued revenue, net
|
485,163
|
546,025
|
|
|
Right-of-use assets,
net
|
129,451
|
143,526
|
|
|
Deferred costs and
other assets
|
586,802
|
482,375
|
|
|
Total
assets
|
$
13,096,085
|
$ 13,382,397
|
|
|
|
|
|
|
Liabilities and Partners'
Deficit:
|
|
|
|
|
Mortgages
|
$
14,527,052
|
$ 14,569,921
|
|
|
Accounts payable,
accrued expenses, intangibles, and deferred revenue
|
922,028
|
961,984
|
|
|
Lease
liabilities
|
118,914
|
133,096
|
|
|
Other
liabilities
|
397,007
|
446,064
|
|
|
Total
liabilities
|
15,965,001
|
16,111,065
|
|
|
|
|
|
|
Preferred
units
|
67,450
|
67,450
|
|
|
Partners'
deficit
|
(2,936,366)
|
(2,796,118)
|
|
|
Total liabilities and
partners' deficit
|
$
13,096,085
|
$ 13,382,397
|
|
|
|
|
|
|
Our Share of:
|
|
|
|
|
Partners'
deficit
|
$
(1,283,776)
|
$
(1,232,086)
|
|
|
Add: Excess Investment
(A)
|
1,198,669
|
1,219,117
|
|
|
Our net Investment in
unconsolidated entities, at equity
|
$
(85,107)
|
$ (12,969)
|
|
|
|
|
|
|
Note: The above
financial presentation does not include any information related to
our investments in Klépierre,
|
|
|
TRG and other platform investments. For additional information, see
footnote B.
|
|
|
Simon Property Group, Inc.
Unaudited
Reconciliation of Non-GAAP Financial Measures (C)
(Amounts
in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Consolidated Net Income to
FFO
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
For the Six Months Ended
|
|
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Net Income (D)
|
|
$
557,505
|
|
$
569,480
|
|
$
1,076,760
|
|
$ 1,057,790
|
|
Adjustments to Arrive at FFO:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization from consolidated
properties
|
|
|
|
|
|
|
|
|
316,382
|
|
296,022
|
|
620,615
|
|
603,935
|
|
Our share of
depreciation and amortization from
unconsolidated entities,
including Klépierre, TRG and other corporate investments
|
|
|
|
|
|
|
|
|
205,321
|
|
215,616
|
|
414,651
|
|
440,702
|
|
Loss on acquisition of
controlling interest, sale or disposal of, or recovery
on,
assets and interests
in unconsolidated entities and impairment, net
|
|
|
|
|
|
|
|
|
4,356
|
|
17,875
|
|
4,356
|
|
16,384
|
|
Net loss (income)
attributable to noncontrolling interest holders in
properties
|
|
|
|
|
|
|
|
|
364
|
|
121
|
|
(398)
|
|
1,118
|
|
Noncontrolling
interests portion of depreciation and amortization, gain on
consolidation of properties,
and loss (gain) on
disposal of properties
|
|
|
|
|
|
|
|
|
(5,435)
|
|
(4,855)
|
|
(10,209)
|
|
(9,245)
|
|
Preferred distributions
and dividends
|
(1,313)
|
|
(1,313)
|
|
(2,626)
|
|
(2,626)
|
|
FFO of the Operating
Partnership
|
$
1,077,180
|
|
$
1,092,946
|
|
$
2,103,149
|
|
$ 2,108,058
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income per share to diluted FFO per share
reconciliation:
|
|
|
|
|
|
|
|
|
Diluted net income per share
|
|
$
1.49
|
|
$
1.51
|
|
$
2.87
|
|
$
2.81
|
|
Depreciation and
amortization from consolidated properties
and our share of
depreciation and amortization from unconsolidated
entities, including
Klépierre, TRG and other corporate investments, net of
noncontrolling
interests portion of
depreciation and amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.38
|
|
1.35
|
|
2.74
|
|
2.76
|
|
Loss on acquisition of
controlling interest, sale or disposal of, or recovery
on,
assets and interests
in unconsolidated entities and impairment, net
|
|
|
|
|
|
|
|
|
0.01
|
|
0.05
|
|
0.01
|
|
0.04
|
|
Diluted FFO per share
|
|
$
2.88
|
|
$
2.91
|
|
$
5.62
|
|
$
5.61
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Details for per share
calculations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO of the Operating
Partnership
|
|
$
1,077,180
|
|
$
1,092,946
|
|
$
2,103,149
|
|
$ 2,108,058
|
|
Diluted FFO allocable
to unitholders
|
|
(135,890)
|
|
(137,603)
|
|
(265,536)
|
|
(265,248)
|
|
Diluted FFO allocable
to common stockholders
|
$
941,290
|
|
$
955,343
|
|
$
1,837,613
|
|
$ 1,842,810
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted
weighted average shares outstanding
|
327,190
|
|
328,445
|
|
327,073
|
|
328,525
|
|
Weighted average
limited partnership units outstanding
|
47,233
|
|
47,310
|
|
47,262
|
|
47,287
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted
weighted average shares and units outstanding
|
374,423
|
|
375,755
|
|
374,335
|
|
375,812
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted FFO
per Share
|
|
$
2.88
|
|
$
2.91
|
|
$
5.62
|
|
$
5.61
|
|
Percent
Change
|
|
|
-1.0 %
|
|
|
|
0.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Simon Property Group,
Inc.
|
|
Footnotes to Unaudited
Financial Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A)
|
Excess investment
represents the unamortized difference of our investment over equity
in the underlying net assets of the related partnerships and joint
ventures shown therein. The Company generally amortizes
excess investment over the life of the related assets.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(B)
|
The Unaudited Joint
Venture Combined Statements of Operations do not include any
operations or our share of net income or excess investment
amortization related to our investments in Klépierre, TRG and other
platform investments. Amounts included in Footnote D below
exclude our share of related activity for our investments in
Klépierre, TRG and other platform investments. For further
information on Klépierre, reference should be made to financial
information in Klépierre's public filings and additional discussion
and analysis in our Form 10-K.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(C)
|
This report contains
measures of financial or operating performance that are not
specifically defined by GAAP, including FFO and FFO per
share. FFO is a performance measure that is standard in the
REIT business. We believe FFO provides investors with
additional information concerning our operating performance and a
basis to compare our performance with those of other REITs.
We also use these measures internally to monitor the operating
performance of our portfolio. Our computation of these non-GAAP
measures may not be the same as similar measures reported by other
REITs.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
We determine FFO based
upon the definition set forth by the National Association of Real
Estate Investment Trusts ("NAREIT") Funds From Operations White
Paper - 2018 Restatement. Our main business includes acquiring,
owning, operating, developing, and redeveloping real estate in
conjunction with the rental of retail real estate. Gains and
losses of assets incidental to our main business are included in
FFO. We determine FFO to be our share of consolidated net
income computed in accordance with GAAP, excluding real estate
related depreciation and amortization, excluding gains and losses
from extraordinary items, excluding gains and losses from the sale,
disposal or property insurance recoveries of, or any impairment
related to, depreciable retail operating properties, plus the
allocable portion of FFO of unconsolidated joint ventures based
upon economic ownership interest, and all determined on a
consistent basis in accordance with GAAP. However, you should
understand that FFO does not represent cash flow from operations as
defined by GAAP, should not be considered as an alternative to net
income determined in accordance with GAAP as a measure of operating
performance, and is not an alternative to cash flows as a measure
of liquidity.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(D)
|
Includes our share
of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
Gain on land sales of
$0.1 million and $6.1 million for the three months ended June 30,
2023 and 2022, respectively, and $4.6 million and $6.0 million for
the six months ended June 30, 2023 and 2022,
respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
Straight-line
adjustments decreased income by ($4.1) million and ($5.8) million
for the three months ended June 30, 2023 and 2022, respectively,
and ($11.8) million and ($16.1) million for the six months ended
June 30, 2023 and 2022, respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
Amortization of fair
market value of leases increased (decreased) income by $0.1 million
and ($0.2) million for the three months ended June 30, 2023 and
2022, respectively, and $0.2 million and ($0.3) million for the six
months ended June 30, 2023 and 2022, respectively.
|
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SOURCE Simon