Simon庐 Reports Second Quarter 2025 Results, Increases Full Year 2025 AG真人官方 Estate FFO Per Share Guidance and Raises Quarterly Dividend
Simon (NYSE:SPG), a premier retail REIT, reported strong Q2 2025 results with notable improvements across key metrics. Net income reached $556.1 million ($1.70 per share), up from $493.5 million in 2024. AG真人官方 Estate FFO increased to $3.05 per diluted share, a 4.1% improvement year-over-year.
The company demonstrated robust operational performance with domestic property NOI growing 4.2% and portfolio NOI up 4.7%. Occupancy improved to 96.0%, while base minimum rent increased to $58.70 per square foot. Following these results, Simon raised its quarterly dividend by 4.9% to $2.15 and increased its 2025 AG真人官方 Estate FFO guidance to $12.45-$12.65 per diluted share.
Notable developments include the acquisition of Brickell City Centre's retail and parking facilities in Miami, making Simon the sole owner. The company maintains strong liquidity of $9.2 billion, including $1.8 billion in cash.
Simon (NYSE:SPG), un importante REIT retail, ha riportato risultati solidi nel secondo trimestre 2025 con miglioramenti significativi nei principali indicatori. L'utile netto ha raggiunto 556,1 milioni di dollari (1,70 dollari per azione), in aumento rispetto ai 493,5 milioni del 2024. Il AG真人官方 Estate FFO 猫 salito a 3,05 dollari per azione diluita, con un miglioramento del 4,1% su base annua.
L'azienda ha mostrato una robusta performance operativa con un NOI delle propriet脿 nazionali in crescita del 4,2% e un NOI del portafoglio in aumento del 4,7%. L'occupazione 猫 migliorata al 96,0%, mentre l'affitto minimo base 猫 salito a 58,70 dollari per piede quadrato. A seguito di questi risultati, Simon ha aumentato il dividendo trimestrale del 4,9% a 2,15 dollari e ha rivisto al rialzo la guidance del AG真人官方 Estate FFO 2025 a 12,45-12,65 dollari per azione diluita.
Tra gli sviluppi rilevanti, l'acquisizione delle strutture retail e parcheggio del Brickell City Centre a Miami, che ha reso Simon l'unico proprietario. L'azienda mantiene una forte liquidit脿 di 9,2 miliardi di dollari, di cui 1,8 miliardi in contanti.
Simon (NYSE:SPG), un destacado REIT minorista, report贸 s贸lidos resultados en el segundo trimestre de 2025 con mejoras notables en m茅tricas clave. El ingreso neto alcanz贸 556,1 millones de d贸lares (1,70 d贸lares por acci贸n), frente a 493,5 millones en 2024. El FFO inmobiliario aument贸 a 3,05 d贸lares por acci贸n diluida, un 4,1% m谩s interanual.
La compa帽铆a mostr贸 un desempe帽o operativo robusto con un NOI de propiedades nacionales creciendo un 4,2% y el NOI de la cartera subiendo un 4,7%. La ocupaci贸n mejor贸 al 96,0%, mientras que la renta base m铆nima aument贸 a 58,70 d贸lares por pie cuadrado. Tras estos resultados, Simon increment贸 su dividendo trimestral un 4,9% a 2,15 d贸lares y elev贸 su gu铆a de FFO inmobiliario para 2025 a 12,45-12,65 d贸lares por acci贸n diluida.
Entre los desarrollos destacados est谩 la adquisici贸n de las instalaciones comerciales y de estacionamiento de Brickell City Centre en Miami, convirtiendo a Simon en propietario 煤nico. La empresa mantiene una s贸lida liquidez de 9,2 mil millones de d贸lares, incluidos 1,8 mil millones en efectivo.
Simon (NYSE:SPG), 靹犽弰鞝侅澑 毽厡鞚� REIT電� 2025雲� 2攵勱赴鞐� 欤检殧 歆�響� 鞝勲皹鞐愳劀 雸堨棎 霛勲姅 臧滌劆鞚� 氤挫澊氅� 臧曤牓頃� 鞁れ爜鞚� 氚滍憸頄堨姷雼堧嫟. 靾滌澊鞚奠潃 5鞏� 5610毵� 雼煬(欤茧嫻 1.70雼煬)搿� 2024雲� 4鞏� 9350毵� 雼煬鞐愳劀 歃濌皜頄堨姷雼堧嫟. 攵�霃欖偘 FFO電� 頋劃 欤茧嫻 3.05雼煬搿� 鞝勲厔 雽�牍� 4.1% 靸侅姽頄堨姷雼堧嫟.
须岇偓电� 甑偞 攵�霃欖偘 NOI臧� 4.2% 歃濌皜頃橁碃 韽姼韽措Μ鞓� NOI臧� 4.7% 靸侅姽頃橂姅 霌� 瓴碃頃� 鞖挫榿 靹标臣毳� 氤挫榾鞀惦媹雼�. 鞝愳湢鞙潃 96.0%搿� 臧滌劆霅橃棃鞙茧┌, 旮半掣 斓滌唽 鞛勲寑耄岆姅 韽夒癌頂柬姼雼� 58.70雼煬搿� 靸侅姽頄堨姷雼堧嫟. 鞚措煬頃� 靹标臣鞐� 霐半澕 Simon鞚� 攵勱赴 氚半嫻旮堨潉 4.9% 鞚胳儊頃橃棳 2.15雼煬搿� 臁办爼頃橁碃 2025雲� 攵�霃欖偘 FFO 臧�鞚措崢鞀るゼ 頋劃 欤茧嫻 12.45~12.65雼煬搿� 靸來枼 臁办爼頄堨姷雼堧嫟.
欤检殧 臧滊皽 靷暛鞙茧電� 毵堨澊鞎犽鞚� Brickell City Centre 靻岆Г 氚� 欤检皑 鞁滌劋 鞚胳垬毳� 韱淀暣 Simon鞚� 雼弲 靻岇湢欤缄皜 霅� 鞝愳澊 鞛堨姷雼堧嫟. 须岇偓电� 順勱笀 18鞏� 雼煬毳� 韽暔頃� 92鞏� 雼煬鞚� 臧曤牓頃� 鞙犽彊靹膘潉 鞙犾頃橁碃 鞛堨姷雼堧嫟.
Simon (NYSE:SPG), un REIT de premier plan dans le secteur du commerce de d茅tail, a publi茅 de solides r茅sultats pour le deuxi猫me trimestre 2025 avec des am茅liorations notables sur les indicateurs cl茅s. Le b茅n茅fice net a atteint 556,1 millions de dollars (1,70 dollar par action), en hausse par rapport 脿 493,5 millions en 2024. Le FFO immobilier a augment茅 pour atteindre 3,05 dollars par action dilu茅e, soit une am茅lioration de 4,1 % en glissement annuel.
L'entreprise a d茅montr茅 une performance op茅rationnelle robuste avec une croissance de 4,2 % du NOI des propri茅t茅s nationales et une hausse de 4,7 % du NOI du portefeuille. Le taux d'occupation s'est am茅lior茅 脿 96,0 %, tandis que le loyer minimum de base a augment茅 脿 58,70 dollars par pied carr茅. Suite 脿 ces r茅sultats, Simon a augment茅 son dividende trimestriel de 4,9 % pour atteindre 2,15 dollars et a relev茅 ses pr茅visions de FFO immobilier 2025 脿 12,45-12,65 dollars par action dilu茅e.
Parmi les d茅veloppements notables figure l'acquisition des installations commerciales et de stationnement de Brickell City Centre 脿 Miami, faisant de Simon le propri茅taire unique. L'entreprise maintient une forte liquidit茅 de 9,2 milliards de dollars, dont 1,8 milliard en liquidit茅s.
Simon (NYSE:SPG), ein f眉hrender Einzelhandels-REIT, meldete starke Ergebnisse f眉r das zweite Quartal 2025 mit deutlichen Verbesserungen bei den wichtigsten Kennzahlen. Der Nettogewinn erreichte 556,1 Millionen US-Dollar (1,70 US-Dollar pro Aktie), gegen眉ber 493,5 Millionen im Jahr 2024. Der AG真人官方 Estate FFO stieg auf 3,05 US-Dollar je verw盲sserter Aktie, eine Steigerung von 4,1 % im Jahresvergleich.
Das Unternehmen zeigte eine robuste operative Leistung mit einem 4,2%igen Wachstum des NOI der inl盲ndischen Immobilien und einem Anstieg des PortfolionoI um 4,7 %. Die Belegungsrate verbesserte sich auf 96,0%, w盲hrend die Mindestmiete auf 58,70 US-Dollar pro Quadratfu脽 anstieg. Nach diesen Ergebnissen erh枚hte Simon die Quartalsdividende um 4,9 % auf 2,15 US-Dollar und hob die Prognose f眉r den AG真人官方 Estate FFO 2025 auf 12,45鈥�12,65 US-Dollar je verw盲sserter Aktie an.
Zu den bemerkenswerten Entwicklungen geh枚rt der Erwerb der Einzelhandels- und Parkeinrichtungen des Brickell City Centre in Miami, wodurch Simon Alleineigent眉mer wurde. Das Unternehmen h盲lt eine starke Liquidit盲t von 9,2 Milliarden US-Dollar, darunter 1,8 Milliarden in bar.
- Net income increased to $556.1 million ($1.70 per share) from $493.5 million in 2024
- AG真人官方 Estate FFO grew 4.1% to $3.05 per diluted share
- Portfolio NOI increased 4.7% year-over-year
- Occupancy improved to 96.0%, up 0.4% from previous year
- Quarterly dividend raised by 4.9% to $2.15
- Strong liquidity position of $9.2 billion
- Full ownership acquisition of Brickell City Centre retail and parking facilities
- Increased 2025 AG真人官方 Estate FFO guidance to $12.45-$12.65 per share
- Higher interest rates on new loans with weighted average of 5.84%
- Six-month net income declined to $969.8 million from $1.225 billion in 2024
- Modest 1.3% increase in base minimum rent per square foot
Insights
Simon Property Group delivered strong Q2 results with 4.1% FFO growth, increased 2025 guidance, and raised dividends by 4.9%.
Simon Property Group's Q2 2025 results demonstrate continued momentum in the mall REIT sector. The company achieved
Occupancy metrics further reinforce the company's strong position, with U.S. mall and premium outlet occupancy reaching
The
Simon's balance sheet remains exceptionally strong with
The increased 2025 AG真人官方 Estate FFO guidance range of
"We delivered another successful quarter, driven by the quality of our portfolio and disciplined execution," said David Simon, Chairman, Chief Executive Officer and President. "Our strategic investments and A-rated balance sheet position us for sustained long-term cash flow growth.听 Today, we are raising our dividend and increasing the mid-point of our full-year 2025 AG真人官方 Estate FFO guidance." 听
Results for the Quarter
- Net income attributable to common stockholders was
$556.1 million $1.70 $493.5 million $1.51 - AG真人官方 Estate Funds From Operations ("FFO") was
$1.15 4 billion$3.05 $1.10 0 billion$2.93 4.1% . - FFO was
$1.18 9 billion$3.15 $1.08 8 billion$2.90 - Domestic property Net Operating Income ("NOI") increased
4.2% and portfolio NOI increased4.7% compared to the prior year period.听
Results for the Six Months
- Net income attributable to common stockholders was
$969.8 million $2.97 $1.22 5 billion$3.76 - AG真人官方 Estate FFO was
$2.26 8 billion$6.01 $2.19 1 billion$5.84 - FFO was
$2.19 4 billion$5.82 $2.42 1 billion$6.46 - Domestic property NOI increased
3.8% and portfolio NOI increased4.2% compared to the prior year period.听
- Occupancy at June 30, 2025 was
96.0% , a0.4% increase compared to95.6% at June 30, 2024. - Base minimum rent per square foot was
$58.70 $57.94 1.3% .听 - Reported retailer sales per square foot was
$736
Acquisition Activity
On June 27, 2025, the Company acquired its partner's interest in the retail and parking facilities at Brickell City Centre, located in
Capital Markets and Balance Sheet Liquidity
During the first six months, the Company completed 21 secured loan transactions totaling approximately
As of June 30, 2025, Simon had approximately
Dividends
Today, Simon's Board of Directors declared a quarterly common stock dividend of
Simon's Board of Directors declared the quarterly dividend on its 8 3/
2025 Guidance
The Company's estimates for net income attributable to common stockholders per diluted share and AG真人官方 Estate FFO per diluted share for the year ending December 31, 2025 are included in the table below and are reconciled in the Company's supplemental information.听 The Company is increasing its outlook for AG真人官方 Estate FFO to
Low | High | |
End | End | |
Estimated net income attributable to common stockholders | ||
听听听听 per diluted share 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 | ||
Estimated AG真人官方 Estate FFO per diluted share听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 听 |
Conference Call
Simon will hold a conference call to discuss the quarterly financial results today from 5:00 p.m. to 6:00 p.m. Eastern Daylight Time, Monday, August 4, 2025.听 A live webcast of the conference call will be accessible in listen-only mode at investors.simon.com.听 An audio replay of the conference call will be available until August 11, 2025.听 To access the audio replay, dial 1-844-512-2921 (international +1-412-317-6671) passcode 13754744.听
Supplemental Materials and Website
Supplemental information on our second quarter 2025 performance is available at . 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, . 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.听 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, AG真人官方 Estate FFO, AG真人官方 Estate FFO per share and domestic and portfolio NOI growth which are financial performance measures not defined by generally accepted accounting principles in
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: the intensely competitive market environment in the retail industry, including e-commerce; the inability to renew leases and relet vacant space at existing properties on favorable terms; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; the potential loss of anchor stores or major tenants; an increase in vacant space at our properties; the loss of key management personnel; changes in economic and market conditions that may adversely affect the general retail environment, including but not limited to those caused by inflation, the impact of tariffs and global trade disruptions on us to the extent impacting our tenants, recessionary pressures, wars, escalating geopolitical tensions as a result of the war in
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.听 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
庐 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
听
Simon Property Group, Inc. | |||||||
For the Three Months | For the Six Months | ||||||
Ended June 30, | Ended June 30, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
REVENUE: | |||||||
Lease income | |||||||
Management fees and other revenues | 37,931 | 33,186 | 71,723 | 62,642 | |||
Other income | 81,074 | 109,340 | 152,867 | 219,802 | |||
Total revenue | 1,498,459 | 1,458,266 | 2,971,472 | 2,900,856 | |||
EXPENSES: | |||||||
Property operating | 139,816 | 131,292 | 276,637 | 257,406 | |||
Depreciation and amortization | 339,058 | 310,016 | 667,109 | 617,384 | |||
AG真人官方 estate taxes | 105,315 | 96,640 | 212,768 | 205,849 | |||
Repairs and maintenance | 26,238 | 24,524 | 56,380 | 50,253 | |||
Advertising and promotion | 36,310 | 38,828 | 70,566 | 66,909 | |||
Home and regional office costs | 57,564 | 50,481 | 122,630 | 111,204 | |||
General and administrative | 14,298 | 10,839 | 26,927 | 19,970 | |||
Other | 35,663 | 41,545 | 66,641 | 82,600 | |||
Total operating expenses | 754,262 | 704,165 | 1,499,658 | 1,411,575 | |||
OPERATING INCOME BEFORE OTHER ITEMS | 744,197 | 754,101 | 1,471,814 | 1,489,281 | |||
Interest expense | (232,724) | (221,338) | (459,720) | (451,960) | |||
Gain due to disposal, exchange, or revaluation of equity interests, net | 104,499 | - | 80,507 | 414,769 | |||
Income and other tax expense | (35,107) | (4,961) | (27,470) | (52,564) | |||
Income from unconsolidated entities | 122,875 | 42,214 | 153,234 | 7,872 | |||
Unrealized (losses) gains in fair value of publicly traded equity instruments and | |||||||
derivative instrument, net | (50,455) | 2,405 | (87,220) | (4,787) | |||
(Loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on, | |||||||
assets and interests in unconsolidated entities and impairment, net | (9,604) | (2,986) | (9,604) | 7,980 | |||
CONSOLIDATED NET INCOME | 643,681 | 569,435 | 1,121,541 | 1,410,591 | |||
Net income attributable to noncontrolling interests | 86,714 | 75,136 | 150,040 | 183,755 | |||
Preferred dividends | 834 | 834 | 1,669 | 1,669 | |||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | |||||||
BASIC AND DILUTED EARNINGS PER COMMON SHARE: | |||||||
Net income attributable to common stockholders | |||||||
听
Simon Property Group, Inc. Unaudited Consolidated Balance Sheets (Dollars in thousands, except share amounts) | ||||
June 30, | December 31, | |||
2025 | 2024 | |||
ASSETS: | ||||
Investment properties, at cost | ||||
Less - accumulated depreciation | 20,017,666 | 19,047,078 | ||
22,335,739 | 21,195,314 | |||
Cash and cash equivalents | 1,231,437 | 1,400,345 | ||
Tenant receivables and accrued revenue, net | 777,538 | 796,513 | ||
Investment in TRG, at equity | 2,952,066 | 3,069,297 | ||
Investment in Kl茅pierre, at equity | 1,534,383 | 1,384,267 | ||
Investment in other unconsolidated entities, at equity | 2,613,543 | 2,670,739 | ||
Right-of-use assets, net | 515,455 | 519,607 | ||
Deferred costs and other assets | 1,335,441 | 1,369,609 | ||
Total assets | ||||
LIABILITIES: | ||||
Mortgages and unsecured indebtedness | ||||
Accounts payable, accrued expenses, intangibles, and deferred revenues | 1,630,964 | 1,712,465 | ||
Cash distributions and losses in unconsolidated entities, at equity | 1,746,426 | 1,680,431 | ||
Dividend payable | 2,057 | 2,410 | ||
Lease liabilities | 516,065 | 520,283 | ||
Other liabilities | 907,770 | 626,155 | ||
Total liabilities | 30,204,532 | 28,806,239 | ||
Commitments and contingencies | ||||
Limited partners' preferred interest in the Operating Partnership and noncontrolling | ||||
redeemable interests | 243,504 | 184,729 | ||
EQUITY: | ||||
Stockholders' Equity | ||||
Capital stock (850,000,000 total shares authorized, | ||||
shares of excess common stock, 100,000,000 authorized shares of preferred stock): | ||||
Series J 8 3/ | ||||
796,948 issued and outstanding with a liquidation value of | 40,614 | 40,778 | ||
Common stock, | ||||
342,945,839 issued and outstanding, respectively | 33 | 33 | ||
Class B common stock, | ||||
issued and outstanding | - | - | ||
Capital in excess of par value | 11,593,787 | 11,583,051 | ||
Accumulated deficit | (6,837,606) | (6,382,515) | ||
Accumulated other comprehensive loss | (256,308) | (193,026) | ||
Common stock held in treasury, at cost, 16,575,924 and 16,675,701 shares, respectively | (2,089,012) | (2,106,396) | ||
Total stockholders' equity | 2,451,508 | 2,941,925 | ||
Noncontrolling interests | 396,058 | 472,798 | ||
Total equity | 2,847,566 | 3,414,723 | ||
Total liabilities and equity | ||||
听
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, | ||||
2025 | 2024 | 2025 | 2024 | ||
REVENUE: | |||||
Lease income | |||||
Other income | 112,941 | 94,773 | 207,008 | 185,764 | |
Total revenue | 870,829 | 836,660 | 1,714,703 | 1,679,681 | |
OPERATING EXPENSES: | |||||
Property operating | 165,960 | 162,138 | 332,607 | 323,183 | |
Depreciation and amortization | 159,675 | 158,107 | 318,687 | 317,921 | |
AG真人官方 estate taxes | 58,606 | 61,104 | 117,398 | 124,284 | |
Repairs and maintenance | 18,204 | 18,142 | 38,967 | 37,634 | |
Advertising and promotion | 22,474 | 21,532 | 44,623 | 43,195 | |
Other | 61,308 | 53,630 | 118,155 | 108,510 | |
Total operating expenses | 486,227 | 474,653 | 970,437 | 954,727 | |
OPERATING INCOME BEFORE OTHER ITEMS | 384,602 | 362,007 | 744,266 | 724,954 | |
Interest expense | (174,995) | (179,359) | (345,363) | (356,110) | |
NET INCOME | |||||
Third-Party Investors' Share of Net Income | |||||
Our Share of Net Income | 101,956 | 89,799 | 194,655 | 181,625 | |
Amortization of Excess Investment (A) | (13,871) | (14,463) | (28,336) | (29,160) | |
Income from Unconsolidated Entities (B) | |||||
Note: The above financial presentation does not include any information related to our investments in Kl茅pierre S.A. | |||||
听听听听听听听听听 ("Kl茅pierre"), The Taubman AG真人官方ty Group ("TRG") and other platform investments. For additional information, see footnote B. | |||||
听
Simon Property Group, Inc. | |||
Unaudited Joint Venture Combined Balance Sheets | |||
(Dollars in thousands) | |||
June 30, | December 31, | ||
2025 | 2024 | ||
Assets: | |||
Investment properties, at cost | |||
Less - accumulated depreciation | 8,961,791 | 8,944,188 | |
9,595,073 | 9,931,053 | ||
Cash and cash equivalents | 1,149,366 | 1,270,594 | |
Tenant receivables and accrued revenue, net | 494,651 | 533,676 | |
Right-of-use assets, net | 121,280 | 113,014 | |
Deferred costs and other assets | 559,208 | 531,059 | |
Total assets | |||
Liabilities and Partners' Deficit: | |||
Mortgages | |||
Accounts payable, accrued expenses, intangibles, and deferred revenue | 970,489 | 1,037,015 | |
Lease liabilities | 112,587 | 104,120 | |
Other liabilities | 344,860 | 363,488 | |
Total liabilities | 15,058,383 | 15,170,713 | |
Preferred units | 67,450 | 67,450 | |
Partners' deficit | (3,206,255) | (2,858,767) | |
Total liabilities and partners' deficit | |||
Our Share of: | |||
Partners' deficit | |||
Add: Excess Investment (A) | 1,008,071 | 1,077,204 | |
Our net Investment in unconsolidated entities, at equity | |||
Note: The above financial presentation does not include any information related to our investments in Kl茅pierre, | |||
听听听听听听听听听听 TRG and other platform investments. For additional information, see footnote B. | |||
听
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 and AG真人官方 Estate FFO | |||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||
June 30, | June 30, | ||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||
Consolidated Net Income (D) | $听听听听听听听听听听听听听听听听 643,681 | $听听听听听听听听听听 569,435 | $听听听听听听听听 1,121,541 | $听听听听听 1,410,591 | |||||||||
Adjustments to Arrive at FFO: | |||||||||||||
Depreciation and amortization from consolidated | |||||||||||||
听听听听 properties | 335,157 | 306,318 | 659,479 | 609,990 | |||||||||
Our share of depreciation and amortization from | |||||||||||||
听听听听 unconsolidated entities, including Kl茅pierre, TRG and other corporate investments | 207,587 | 216,257 | 416,551 | 421,235 | |||||||||
Loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on, | |||||||||||||
assets and interests in unconsolidated entities and impairment, net | 9,604 | 2,986 | 9,604 | (7,980) | |||||||||
Net (gain) loss attributable to noncontrolling interest holders in | |||||||||||||
听听听听 properties | (26) | (785) | 1,266 | 685 | |||||||||
Noncontrolling interests portion of depreciation and amortization, gain on consolidation of properties, | |||||||||||||
and loss (gain) on disposal of properties | (6,346) | (5,087) | (12,339) | (10,598) | |||||||||
Preferred distributions and dividends | (1,126) | (1,266) | (2,252) | (2,532) | |||||||||
FFO of the Operating Partnership | $听听听听听听听听听听听听听 1,188,531 | $听听听听听听听 1,087,858 | $听听听听听听听听 2,193,850 | $听听听听听 2,421,391 | |||||||||
FFO allocable to limited partners | 159,806 | 141,733 | 295,091 | 315,537 | |||||||||
FFO allocable to common stockholders | $听听听听听听听听听听听听听 1,028,725 | $听听听听听听听听听听 946,125 | $听听听听听听听听 1,898,759 | $听听听听听 2,105,854 | |||||||||
FFO of the Operating Partnership | $听听听听听听听听听听听听听 1,188,531 | $听听听听听听 听1,087,858 | $听听听听听听听听 2,193,850 | $听听听听听 2,421,391 | |||||||||
Gain due to disposal, exchange, or revaluation of equity interests, net of tax | (78,374) | - | (60,381) | (311,077) | |||||||||
Other platform investments, net of tax | (6,594) | 15,008 | 47,591 | 75,784 | |||||||||
Unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net | 50,455 | (2,405) | 87,220 | 4,787 | |||||||||
AG真人官方 Estate FFO | $听听听听听听听听听听听听听 1,154,018 | $听听听听听听听 1,100,461 | $听听听听听听听听 2,268,280 | $听听听听听 2,190,885 | |||||||||
Diluted net income per share to diluted FFO per share reconciliation: | |||||||||||||
Diluted net income per share | $听听听听听听听听听听听听听听听听听听听听听 1.70 | $听听听听听听听听听听听听听听听听 1.51 | $听听听听听听听听听听听听 听听听听听2.97 | $听听听听听听听听听听听听听听 3.76 | |||||||||
Depreciation and amortization from consolidated properties | |||||||||||||
听听听听 and our share of depreciation and amortization from unconsolidated | |||||||||||||
听听听听 entities, including Kl茅pierre, TRG and other corporate investments, net of noncontrolling | |||||||||||||
听听听听 interests portion of depreciation and amortization | 1.42 | 1.38 | 2.82 | 2.72 | |||||||||
Loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on, | |||||||||||||
assets and interests in unconsolidated entities and impairment, net | 0.03 | 0.01 | 0.03 | (0.02) | |||||||||
Diluted FFO per share | $听听听听听听听听听听听听听听听听听听听听听 3.15 | $听听听听听听听听听听听听听听听听 2.90 | $听听听听听听听听听听听听听听听听听 5.82 | $听听听听听听听听听听听听听听 6.46 | |||||||||
Gain due to disposal, exchange, or revaluation of equity interests, net of tax | (0.21) | - | (0.16) | (0.83) | |||||||||
Other platform investments, net of tax | (0.02) | 0.04 | 0.12 | 0.20 | |||||||||
Unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net | 0.13 | (0.01) | 0.23 | 0.01 | |||||||||
AG真人官方 Estate FFO per share | $听听听听听听听听听听听听听听听听听听听听听 3.05 | $听听听听听听听听听听听听听听听听 2.93 | $听听听听听听听听听听听听听听听听听 6.01 | $听听听听听听听听听听听听听听 5.84 | |||||||||
4.1听% | 2.9听% | ||||||||||||
Details for per share calculations: | |||||||||||||
FFO of the Operating Partnership | $听听听听听听听听听听听听听 1,188,531 | $听听听听听听听 1,087,858 | $听听听听听听听听 2,193,850 | $听听听听听 2,421,391 | |||||||||
Diluted FFO allocable to unitholders | (159,806) | (141,733) | (295,091) | (315,537) | |||||||||
Diluted FFO allocable to common stockholders | $听听听听听听听听听听听听听 1,028,725 | $听听听听听听听听听听 946,125 | $听听听听听听听听 1,898,759 | $听听听听听 2,105,854 | |||||||||
Basic and Diluted weighted average shares outstanding | 326,487 | 326,039 | 326,401 | 325,975 | |||||||||
Weighted average limited partnership units outstanding | 50,714 | 48,844 | 50,727 | 48,843 | |||||||||
Basic and Diluted weighted average shares and units outstanding | 377,201 | 374,883 | 377,128 | 374,818 | |||||||||
Basic and Diluted FFO per Share | $听听听听听听听听听听听听听听听听听听听听听 3.15 | $听听听听听听听听听听听听听听听听 2.90 | $听听听听听听听听听听听听听听听听听 5.82 | $听听听听听听听听听听听听听听 6.46 | |||||||||
听听听 Percent Change | 8.6听% | -9.9听% | |||||||||||
听
Simon Property Group, Inc. | ||||||||||||
Footnotes to Unaudited Financial Information | ||||||||||||
Notes:听 | ||||||||||||
(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.听 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 Kl茅pierre, TRG and other platform investments.听 Amounts included in Footnote D below exclude our share of related activity for our investments in Kl茅pierre, TRG and other platform investments.听 For further information on Kl茅pierre, reference should be made to financial information in Kl茅pierre'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, FFO per share, AG真人官方 Estate FFO and AG真人官方 Estate FFO per share.听 FFO is a performance measure that is standard in the REIT business.听 We believe FFO provides investors with additional information concerning our operating performance and a basis to compare our performance with those of other REITs.听 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 AG真人官方 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.听 Gains and losses of assets incidental to our main business are included in FFO.听 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 | |||||||||||
- | Straight-line adjustments increased (decreased) income by | |||||||||||
- | Amortization of fair market value of leases increased income by | |||||||||||
听
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