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    Simon® Reports Third Quarter 2024 Results, Affirms Full Year 2024 Guidance and Raises Quarterly Dividend

    11/1/24 8:00:00 AM ET
    $SPG
    Real Estate Investment Trusts
    Real Estate
    Get the next $SPG alert in real time by email

    INDIANAPOLIS, Nov. 1, 2024 /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 September 30, 2024.

    Simon (PRNewsfoto/Simon)

    "We are pleased with our quarterly results highlighted by strong financial and operational performance, the very successful openings of Tulsa Premium Outlets and the expansion of Busan Premium Outlets," said David Simon, Chairman, Chief Executive Officer and President.  "Today we are pleased to raise our dividend for the fourth consecutive quarter, to $2.10 per share, a year-over-year increase of 10.5%."  

    Results for the Quarter

    • Net income attributable to common stockholders was $475.2 million, or $1.46 per diluted share, as compared to $594.1 million, or $1.82 per diluted share in 2023.
      • Net income for the third quarter of 2024 includes a non-cash net loss of $49.3 million, or $0.13 per diluted share, due to a mark-to-market in fair value adjustment of the Klépierre exchangeable bonds the Company issued in November 2023.
      • Net income for the third quarter of 2023 included non-cash after-tax gains of $118.1 million, or $0.32 per diluted share primarily due to the partial sale of the Company's ownership interest in its SPARC Group joint venture ("SPARC"). 
    • Real Estate Funds From Operations ("Real Estate FFO") was $1.144 billion, or $3.05 per diluted share as compared to $1.091 billion, or $2.91 per diluted share in the prior year, an increase of 4.8% year-over-year.
    • Funds From Operations ("FFO") was $1.067 billion, or $2.84 per diluted share as compared to $1.201 billion, or $3.20 per diluted share in the prior year, inclusive of the $0.13 per diluted share loss in the current period and the $0.32 per diluted share gains in the prior year period mentioned above. 
    • Domestic property Net Operating Income ("NOI") increased 5.4% and portfolio NOI increased 5.0% compared to the prior year period. 

    Results for the Nine Months

    • Net income attributable to common stockholders was $1.700 billion, or $5.22 per diluted share, as compared to $1.532 billion, or $4.68 per diluted share in 2023.
      • Net income for the nine months of 2024 includes an after-tax gain of $311.1 million, or $0.83 per diluted share from the sale of the Company's remaining ownership interest in Authentic Brands Group in the first quarter and a non-cash net loss of $54.1 million, or $0.14 per diluted share due to a mark-to-market in fair value adjustments of the Klépierre exchangeable bonds. 
      • Net income for the nine months of 2023 included non-cash after-tax gains of $145.5 million or $0.39 per diluted share due to the gain in SPARC referenced above and a dilution of our ownership interest in Authentic Brands Group.
    • Real Estate FFO was $3.335 billion, or $8.90 per diluted share as compared to $3.201 billion, or $8.55 per diluted share in the prior year, an increase of 4.1% year-over-year.
    • FFO was $3.488 billion, or $9.30 per diluted share as compared to $3.304 billion, or $8.82 per diluted share in the prior year, inclusive of the items referenced above. 
    • Domestic property NOI increased 4.8% and portfolio NOI increased 4.6% compared to the prior year period. 

    U.S. Malls and Premium Outlets Operating Statistics

    • Occupancy at September 30, 2024 was 96.2%, a 1.0% increase compared to 95.2% at September 30, 2023.
    • Base minimum rent per square foot was $57.71 at September 30, 2024, compared to $56.41 at September 30, 2023, an increase of 2.3%. 
    • Reported retailer sales per square foot was $737 for the trailing 12 months ended September 30, 2024.

    Development Activity

    On August 15th, Tulsa Premium Outlets (Jenks, Oklahoma) opened with 338,000 square feet featuring a dynamic mix of merchandise, amenities and experiences.  Simon owns 100% of this center.

    On September 12th, the 184,000 square-foot, phase two expansion of Busan Premium Outlets (Busan, South Korea) opened featuring new fashion and sports brands, in vogue food and beverage brands and ample gathering and green spaces.  Simon owns 50% of this center.

    Capital Markets and Balance Sheet Liquidity

    During the quarter, the Company completed a senior notes offering totaling $1.0 billion  with a term of 10 years and 4.75% coupon.   

    The Company also amended and extended its $3.5 billion unsecured multi-currency revolving credit facility.  The facility will initially mature on January 31, 2029 and at our sole option, can be extended for an additional year to January 31, 2030.  Based upon the Company's current credit ratings, the interest on the new revolver for U.S. Dollar borrowings is unchanged at SOFR plus 82.5 basis points (inclusive of a 10 basis point SOFR spread adjustment). 

    During the first nine months, the Company completed 14 non-recourse mortgage loans totaling approximately $1.3 billion (U.S. dollar equivalent), of which Simon's share was $651 million.  The weighted average interest rate on these loans was 6.13%.

    As of September 30, 2024, Simon had approximately $11.1 billion of liquidity consisting of $3.0 billion of cash on hand, including its share of joint venture cash, and $8.1 billion of available capacity under its revolving credit facilities.

    Dividends

    Today, Simon's Board of Directors declared a quarterly common stock dividend of $2.10 for the fourth quarter of 2024.  This is an increase of $0.20, or 10.5% year-over-year.  The dividend will be payable on December 30, 2024 to shareholders of record on December 9, 2024. 

    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 December 30, 2024 to shareholders of record on December 16, 2024. 

    2024 Guidance

    The Company currently estimates net income to be within a range of $7.18 to $7.28 per diluted share and FFO to be within a range of $12.80 to $12.90 per diluted share, excluding the $0.14 per diluted share of unrealized losses in fair value adjustments of the Klépierre exchangeable bonds and publicly traded equity instruments, net for the year ending December 31, 2024.    

    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, 2024

















    Low



    High







    End



    End

    Estimated net income attributable to common stockholders









    per diluted share





    $7.18



    $7.28

    Depreciation and amortization including Simon's share











    of unconsolidated entities





    5.50



    5.50

    Gain on acquisition of controlling interest, sale or











    disposal of, or recovery on, assets and interest in











    unconsolidated entities and impairment, net





    (0.02)



    (0.02)

    Estimated FFO per diluted share





    $12.66



    $12.76

    Unrealized losses in fair value adjustments











    of the Klépierre exchangeable bonds and











    publicly traded equity instruments, net





    0.14



    0.14













    Estimated FFO per diluted share, excluding unrealized











    losses in fair value adjustments of the











    Klépierre exchangeable bonds and











    publicly traded equity instruments, net





    $12.80



    $12.90

     

    Conference Call

    Simon will hold a conference call to discuss the quarterly financial results today from 10:00 a.m. to 11:00 a.m. Eastern Time, Friday, November 1, 2024.  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 November 8, 2024.  To access the audio replay, dial 1-844-512-2921 (international +1-412-317-6671) passcode 13749300. 

    Supplemental Materials and Website

    Supplemental information on our third quarter 2024 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, Real Estate FFO, Real Estate FFO per share and portfolio NOI growth which are financial performance measures not defined by generally accepted accounting principles in the United States ("GAAP"). Real estate FFO is FFO of the operating partnership less other platform investments and gain on disposal, exchange, or revaluation of equity interests, in each case, net of tax; and unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net.  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, escalating geopolitical tensions as a result of the war in Ukraine and the conflicts in the Middle East, and supply chain disruptions; 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 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; reducing emissions of greenhouse gases; 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 Nine Months



    Ended September 30,



    Ended September 30,



    2024

    2023



    2024

    2023













    REVENUE:











    Lease income

    $ 1,339,824

    $ 1,298,737



    $ 3,958,236

    $ 3,801,880

    Management fees and other revenues

    33,461

    30,055



    96,103

    92,511

    Other income

    107,425

    82,156



    327,227

    237,007

    Total revenue

    1,480,710

    1,410,948



    4,381,566

    4,131,398













    EXPENSES:











    Property operating

    141,114

    136,541



    398,520

    366,553

    Depreciation and amortization

    320,365

    315,259



    937,749

    941,851

    Real estate taxes

    93,999

    115,456



    299,848

    338,452

    Repairs and maintenance

    23,019

    22,660



    73,272

    67,837

    Advertising and promotion

    34,138

    28,809



    101,046

    86,713

    Home and regional office costs

    53,351

    47,679



    164,556

    154,505

    General and administrative

    9,171

    9,070



    29,141

    28,235

    Other

    37,784

    41,240



    120,384

    132,369

    Total operating expenses

    712,941

    716,714



    2,124,516

    2,116,515













    OPERATING INCOME BEFORE OTHER ITEMS

    767,769

    694,234



    2,257,050

    2,014,883













    Interest expense

    (226,424)

    (212,210)



    (678,382)

    (629,725)

    Gain on disposal, exchange, or revaluation of equity interests, net

    -

    158,192



    414,769

    194,629

    Income and other tax expense

    (2,605)

    (43,218)



    (55,170)

    (40,252)

    Income from unconsolidated entities

    58,504

    95,480



    66,375

    207,835

    Unrealized (losses) gains in fair value of publicly traded equity instruments and











    derivative instrument, net

    (49,345)

    (6,175)



    (54,132)

    20,049

    (Loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on, 











    assets and interests in unconsolidated entities and impairment, net

    (1,228)

    (5,541)



    6,752

    (9,897)













    CONSOLIDATED NET INCOME

    546,671

    680,762



    1,957,262

    1,757,522













    Net income attributable to noncontrolling interests 

    70,676

    85,789



    254,431

    222,710

    Preferred dividends

    834

    834



    2,503

    2,503













    NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS

    $ 475,161

    $ 594,139



    $ 1,700,328

    $ 1,532,309

























    BASIC AND DILUTED EARNINGS PER COMMON SHARE:











    Net income attributable to common stockholders

    $ 1.46

    $ 1.82



    $ 5.22

    $ 4.68













     

    Simon Property Group, Inc.

    Unaudited Consolidated Balance Sheets

    (Dollars in thousands, except share amounts)





    September 30,

    December 31,



    2024

    2023

    ASSETS:





    Investment properties, at cost

    $ 39,939,215

    $ 39,285,138

    Less - accumulated depreciation

    18,625,523

    17,716,788



    21,313,692

    21,568,350

    Cash and cash equivalents

    2,170,102

    1,168,991

    Short-term investments

    300,000

    1,000,000

    Tenant receivables and accrued revenue, net

    767,756

    826,126

    Investment in TRG, at equity

    2,870,048

    3,049,719

    Investment in Klépierre, at equity

    1,463,679

    1,527,872

    Investment in other unconsolidated entities, at equity

    2,628,159

    3,540,648

    Right-of-use assets, net

    521,386

    484,073

    Deferred costs and other assets

    1,241,096

    1,117,716

    Total assets

    $ 33,275,918

    $ 34,283,495







    LIABILITIES:





    Mortgages and unsecured indebtedness

    $ 25,417,558

    $ 26,033,423

    Accounts payable, accrued expenses, intangibles, and deferred revenues

    1,619,747

    1,693,248

    Cash distributions and losses in unconsolidated entities, at equity

    1,733,935

    1,760,922

    Dividend payable

    2,069

    1,842

    Lease liabilities

    522,091

    484,861

    Other liabilities

    658,282

    621,601

    Total liabilities

    29,953,682

    30,595,897







    Commitments and contingencies





    Limited partners' preferred interest in the Operating Partnership and noncontrolling





    redeemable interests

    182,879

    195,949







    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

    40,860

    41,106







    Common stock, $0.0001 par value, 511,990,000 shares authorized, 342,945,839 and





    342,895,886 issued and outstanding, respectively

    33

    33







    Class B common stock, $0.0001 par value, 10,000 shares authorized, 8,000





    issued and outstanding

    -

    -







    Capital in excess of par value

    11,343,428

    11,406,236

    Accumulated deficit

    (6,358,449)

    (6,095,576)

    Accumulated other comprehensive loss

    (206,340)

    (172,787)

    Common stock held in treasury, at cost, 16,675,701 and 16,983,364 shares, respectively

    (2,106,396)

    (2,156,178)

    Total stockholders' equity

    2,713,136

    3,022,834

    Noncontrolling interests

    426,221

    468,815

    Total equity

    3,139,357

    3,491,649

    Total liabilities and equity

    $ 33,275,918

    $ 34,283,495

     

    Simon Property Group, Inc.

    Unaudited Joint Venture Combined Statements of Operations

    (Dollars in thousands)





    For the Three Months Ended September 30,



    For the Nine Months Ended September 30,



    2024

    2023



    2024

    2023













    REVENUE:











    Lease income

    $ 763,185

    $ 743,388



    $ 2,257,101

    $ 2,212,197

    Other income

    92,151

    129,021



    277,915

    357,261

    Total revenue

    855,336

    872,409



    2,535,016

    2,569,458













    OPERATING EXPENSES:











    Property operating

    171,027

    165,406



    494,210

    475,364

    Depreciation and amortization

    155,472

    159,560



    473,394

    483,361

    Real estate taxes

    56,683

    63,607



    180,967

    192,550

    Repairs and maintenance

    17,382

    19,034



    55,016

    55,452

    Advertising and promotion

    20,098

    19,188



    63,292

    58,702

    Other

    53,225

    63,696



    161,735

    180,213

    Total operating expenses

    473,887

    490,491



    1,428,614

    1,445,642













    OPERATING INCOME BEFORE OTHER ITEMS

    381,449

    381,918



    1,106,402

    1,123,816













    Interest expense

    (176,583)

    (172,523)



    (532,692)

    (508,230)

    Gain on sale or disposal of, or recovery on, assets and interests in

    unconsolidated entities, net

    -

    19,395



    -

    20,529













    NET INCOME

    $ 204,866

    $ 228,790



    $ 573,710

    $ 636,115













    Third-Party Investors' Share of Net Income

    $ 104,298

    $ 124,272



    $ 291,517

    $ 329,338













    Our Share of Net Income

    100,568

    104,518



    282,193

    306,777

    Amortization of Excess Investment (A)

    (14,404)

    (14,933)



    (43,564)

    (44,781)

    Our Share of Gain on Sale or Disposal of, or Recovery on, Assets

    and Interests in Unconsolidated Entities, net











    -

    -



    -

    (454)













    Income from Unconsolidated Entities (B)

    $ 86,164

    $ 89,585



    $ 238,629

    $ 261,542













    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)







    September 30,

    December 31,





    2024

    2023



    Assets:







    Investment properties, at cost

    $ 19,550,692

    $ 19,315,578



    Less - accumulated depreciation

    9,183,068

    8,874,745





    10,367,624

    10,440,833



    Cash and cash equivalents

    1,260,075

    1,372,377



    Tenant receivables and accrued revenue, net

    503,076

    505,933



    Right-of-use assets, net

    117,035

    126,539



    Deferred costs and other assets

    566,932

    537,943



    Total assets

    $ 12,814,742

    $ 12,983,625











    Liabilities and Partners' Deficit:







    Mortgages

    $ 14,104,896

    $ 14,282,839



    Accounts payable, accrued expenses, intangibles, and deferred revenue

    974,080

    1,032,217



    Lease liabilities

    107,418

    116,535



    Other liabilities

    380,694

    368,582



    Total liabilities

    15,567,088

    15,800,173











    Preferred units

    67,450

    67,450



    Partners' deficit

    (2,819,796)

    (2,883,998)



    Total liabilities and partners' deficit

    $ 12,814,742

    $ 12,983,625











    Our Share of:







    Partners' deficit

    $ (1,194,144)

    $ (1,258,809)



    Add: Excess Investment (A)

    1,109,624

    1,173,852



    Our net Investment in unconsolidated entities, at equity

    $ (84,520)

    $ (84,957)





    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 and Real Estate FFO



























    For the Three Months Ended



    For the Nine Months Ended











    September 30,



    September 30,











    2024



    2023



    2024



    2023

























    Consolidated Net Income (D)



    $     546,671



    $     680,762



    $   1,957,262



    $   1,757,522

    Adjustments to Arrive at FFO:











































    Depreciation and amortization from consolidated 

















         properties 





    316,593



    313,053



    926,582



    933,669



    Our share of depreciation and amortization from

















         unconsolidated entities, including Klépierre, TRG and other corporate investments

    209,225



    207,607



    630,460



    622,258



    Loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on,

















    assets and interests in unconsolidated entities and impairment, net

    1,228



    5,541



    (6,752)



    9,897



    Net loss attributable to noncontrolling interest holders in

















         properties





    1,047



    1,149



    1,733



    751



    Noncontrolling interests portion of depreciation and amortization, gain on consolidation of properties,

















    and loss (gain) on disposal of properties

    (6,820)



    (6,045)



    (17,416)



    (16,255)



    Preferred distributions and dividends

    (1,239)



    (1,313)



    (3,772)



    (3,939)

    FFO of the Operating Partnership

    $   1,066,705



    $   1,200,754



    $   3,488,097



    $   3,303,903









































































    FFO of the Operating Partnership

    $   1,066,705



    $   1,200,754



    $   3,488,097



    $   3,303,903



    Gain on disposal, exchange, or revaluation of equity interests, net of tax

    -



    (118,138)



    (311,077)



    (145,466)



    Other platform investments, net of tax

    28,306



    1,969



    104,089



    62,647



    Unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net

    49,345



    6,175



    54,132



    (20,049)

    Real Estate FFO





    $   1,144,356



    $   1,090,760



    $   3,335,241



    $   3,201,035

























    Diluted net income per share to diluted FFO per share reconciliation:















    Diluted net income per share



    $           1.46



    $           1.82



    $           5.22



    $           4.68



    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

    1.37



    1.37



    4.10



    4.11



    Loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on,

















    assets and interests in unconsolidated entities and impairment, net

    0.01



    0.01



    (0.02)



    0.03

    Diluted FFO per share 



    $           2.84



    $           3.20



    $           9.30



    $           8.82



    Gain on disposal, exchange, or revaluation of equity interests, net of tax

    -



    (0.32)



    (0.83)



    (0.39)



    Other platform investments, net of tax

    0.08



    0.01



    0.29



    0.17



    Unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net

    0.13



    0.02



    0.14



    (0.05)

    Real Estate FFO per share



    $           3.05



    $           2.91



    $           8.90



    $           8.55











    4.8 %







    4.1 %





























    Details for per share calculations:









































    FFO of the Operating Partnership



    $   1,066,705



    $   1,200,754



    $   3,488,097



    $   3,303,903

    Diluted FFO allocable to unitholders

    (139,191)



    (152,599)



    (454,729)



    (418,135)

    Diluted FFO allocable to common stockholders

    $     927,514



    $   1,048,155



    $   3,033,368



    $   2,885,768

























    Basic and Diluted weighted average shares outstanding

    326,158



    327,159



    326,036



    327,101

    Weighted average limited partnership units outstanding

    48,939



    47,658



    48,876



    47,396

    Basic and Diluted weighted average shares and units outstanding

    375,097



    374,817



    374,912



    374,497

























    Basic and Diluted FFO per Share



    $           2.84



    $           3.20



    $           9.30



    $           8.82

        Percent Change





    -11.3 %







    5.4 %





     

    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, FFO per share, Real Estate FFO and Real Estate 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 $7.8 million and $3.2 million for the three months ended September 30, 2024 and 2023, respectively, and $15.3 million and $7.8 million for the nine months ended September 30, 2024 and 2023, respectively.





    -

    Straight-line adjustments increased (decreased) income by $3.7 million and $1.4 million for the three months ended September 30, 2024 and 2023, respectively, and ($5.1) million and ($10.4) million for the nine months ended September 30, 2024 and 2023, respectively.





    -

    Amortization of fair market value of leases increased income by $0.1 million and $0.0 million for the three months ended September 30, 2024 and 2023, respectively, and $0.4 million and $0.2 million for the nine months ended September 30, 2024 and 2023, respectively.

     

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/simon-reports-third-quarter-2024-results-affirms-full-year-2024-guidance-and-raises-quarterly-dividend-302294011.html

    SOURCE Simon

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