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Table of Contents

J

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

SIMON PROPERTY GROUP, INC.

SIMON PROPERTY GROUP, L.P.

(Exact name of registrant as specified in its charter)

Delaware
(Simon Property Group, Inc.)
Delaware
(Simon Property Group, L.P.)
(State of incorporation
or organization)

001-14469
(Simon Property Group, Inc.)
001-36110
(Simon Property Group, L.P.)
(Commission File No.)

04-6268599
(Simon Property Group, Inc.)
34-1755769
(Simon Property Group, L.P.)
(I.R.S. Employer
Identification No.)

225 West Washington Street
Indianapolis, Indiana 46204
(Address of principal executive offices)

(317636-1600
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

   

Title of each class

    

Trading Symbols

    

Name of each exchange on which registered

Simon Property Group, Inc.

Common stock, $0.0001 par value

SPG

New York Stock Exchange

Simon Property Group, Inc.

83/8% Series J Cumulative Redeemable Preferred Stock, $0.0001 par value

SPGJ

New York Stock Exchange

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Simon Property Group, Inc. Yes  No

Simon Property Group, L.P. Yes  No

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).

Simon Property Group, Inc. Yes No

Simon Property Group, L.P. Yes No

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Simon Property Group, Inc.:

Large accelerated filer 

Accelerated filer 

Non-accelerated filer 

Smaller reporting company 

Emerging growth company

Simon Property Group, L.P.:

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Simon Property Group, Inc.

Simon Property Group, L.P.

Indicate by check mark whether Registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). 

Simon Property Group, Inc. Yes  No

Simon Property Group, L.P. Yes  No

As of September 30, 2023, Simon Property Group, Inc. had 326,239,413 shares of common stock, par value $0.0001 per share, and 8,000 shares of Class B common stock, par value $0.0001 per share, outstanding. Simon Property Group, L.P. has no common stock outstanding.

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EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the quarterly period ended September 30, 2023 of Simon Property Group, Inc., a Delaware corporation, and Simon Property Group, L.P., a Delaware limited partnership. Unless stated otherwise or the context otherwise requires, references to “Simon” mean Simon Property Group, Inc. and references to the “Operating Partnership” mean Simon Property Group, L.P. References to “we,” “us” and “our” mean collectively Simon, the Operating Partnership and those entities/subsidiaries owned or controlled by Simon and/or the Operating Partnership.

Simon is a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. We are structured as an umbrella partnership REIT under which substantially all of our business is conducted through the Operating Partnership, Simon’s majority-owned partnership subsidiary, for which Simon is the general partner. As of September 30, 2023, Simon owned an approximate 87.0% ownership interest in the Operating Partnership, with the remaining 13.0% ownership interest owned by limited partners. As the sole general partner of the Operating Partnership, Simon has exclusive control of the Operating Partnership’s day-to-day management.

We operate Simon and the Operating Partnership as one business. The management of Simon consists of the same members as the management of the Operating Partnership. As general partner with control of the Operating Partnership, Simon consolidates the Operating Partnership for financial reporting purposes, and Simon has no material assets or liabilities other than its investment in the Operating Partnership. Therefore, the assets and liabilities of Simon and the Operating Partnership are the same on their respective financial statements.

We believe that combining the quarterly reports on Form 10-Q of Simon and the Operating Partnership into this single report provides the following benefits:

enhances investors’ understanding of Simon and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;
eliminates duplicative disclosure and provides a more streamlined presentation since substantially all of the disclosure in this report applies to both Simon and the Operating Partnership; and
creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.

We believe it is important for investors to understand the few differences between Simon and the Operating Partnership in the context of how we operate as a consolidated company. The primary difference is that Simon itself does not conduct business, other than acting as the general partner of the Operating Partnership and issuing equity or equity-related instruments from time to time. In addition, Simon itself does not incur any indebtedness, as all debt is incurred by the Operating Partnership or entities/subsidiaries owned or controlled by the Operating Partnership.

The Operating Partnership holds, directly or indirectly, substantially all of our assets, including our ownership interests in our joint ventures. The Operating Partnership conducts substantially all of our business and is structured as a partnership with no publicly traded equity. Except for the net proceeds from equity issuances by Simon, which are contributed to the capital of the Operating Partnership in exchange for, in the case of common stock issuances by Simon, common units of partnership interest in the Operating Partnership, or units, or, in the case of preferred stock issuances by Simon, preferred units of partnership interest in the Operating Partnership, or preferred units, the Operating Partnership, directly or indirectly, generates the capital required by our business through its operations, the incurrence of indebtedness, proceeds received from the disposition of certain properties and joint ventures and the issuance of units or preferred units to third parties.

The presentation of stockholders’ equity, partners’ equity and noncontrolling interests are the main areas of difference between the consolidated financial statements of Simon and those of the Operating Partnership. The differences between stockholders’ equity and partners’ equity result from differences in the equity issued at the Simon and Operating Partnership levels. The units held by limited partners in the Operating Partnership are accounted for as partners’ equity in the Operating Partnership’s financial statements and as noncontrolling interests in Simon’s financial statements. The noncontrolling interests in the Operating Partnership’s financial statements include the interests of unaffiliated partners in various consolidated partnerships. The noncontrolling interests in Simon’s financial statements include the same noncontrolling interests at the Operating Partnership level and, as previously stated, the units held by limited partners of the Operating Partnership. Although classified differently, total equity of Simon and the Operating Partnership is the same.

To help investors understand the differences between Simon and the Operating Partnership, this report provides:

separate consolidated financial statements for Simon and the Operating Partnership;
a single set of condensed notes to such consolidated financial statements that includes separate discussions of noncontrolling interests and stockholders’ equity or partners’ equity, accumulated other comprehensive income (loss) and per share and per unit data, as applicable;

2

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a combined Management’s Discussion and Analysis of Financial Condition and Results of Operations section that also includes discrete information related to each entity; and
separate Part II, Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities sections related to each entity.

This report also includes separate Part I, Item 4. Controls and Procedures sections and separate Exhibits 31 and 32 certifications for each of Simon and the Operating Partnership in order to establish that the requisite certifications have been made and that Simon and the Operating Partnership are each compliant with Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934 and 18 U.S.C. §1350. The separate discussions of Simon and the Operating Partnership in this report should be read in conjunction with each other to understand our results on a consolidated basis and how management operates our business.

In order to highlight the differences between Simon and the Operating Partnership, the separate sections in this report for Simon and the Operating Partnership specifically refer to Simon and the Operating Partnership. In the sections that combine disclosure of Simon and the Operating Partnership, this report refers to actions or holdings of Simon and the Operating Partnership as being “our” actions or holdings. Although the Operating Partnership is generally the entity that directly or indirectly enters into contracts and joint ventures, holds assets and incurs debt, we believe that references to “we,” “us” or “our” in this context is appropriate because the business is one enterprise and we operate substantially all of our business through the Operating Partnership.

3

Table of Contents

Simon Property Group, Inc.

Simon Property Group, L.P.

Form 10-Q

INDEX

    

Page

Part I — Financial Information

Item 1.

Consolidated Financial Statements of Simon Property Group, Inc. (Unaudited)

Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022

5

Consolidated Statements of Operations and Comprehensive Income for the three and nine months ended September 30, 2023 and 2022

6

Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022

7

Consolidated Statements of Equity at September 30, 2023 and 2022

8

Consolidated Financial Statements of Simon Property Group, L.P. (Unaudited)

Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022

10

Consolidated Statements of Operations and Comprehensive Income for the three and nine months ended September 30, 2023 and 2022

11

Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022

12

Consolidated Statements of Equity at September 30, 2023 and 2022

13

Condensed Notes to Consolidated Financial Statements

15

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

35

Item 3.

Qualitative and Quantitative Disclosures About Market Risk

49

Item 4.

Controls and Procedures

49

Part II — Other Information

Item 1.

Legal Proceedings

51

Item 1A.

Risk Factors

51

Item 2.

Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

51

Item 3.

Defaults Upon Senior Securities

51

Item 4.

Mine Safety Disclosures

51

Item 5.

Other Information

51

Item 6.

Exhibits

52

Signatures

53

4

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Simon Property Group, Inc.

Unaudited Consolidated Balance Sheets

(Dollars in thousands, except share amounts)

    

September 30, 

    

December 31, 

   

2023

   

2022

ASSETS:

Investment properties, at cost

$

38,951,669

$

38,326,912

Less - accumulated depreciation

 

17,410,320

 

16,563,749

 

21,541,349

 

21,763,163

Cash and cash equivalents

 

769,031

 

621,628

Tenant receivables and accrued revenue, net

 

757,612

 

823,540

Investment in TRG, at equity

 

3,106,062

 

3,074,345

Investment in Klépierre, at equity

 

1,456,649

 

1,561,112

Investment in other unconsolidated entities, at equity

3,617,515

3,511,263

Right-of-use assets, net

489,989

496,930

Deferred costs and other assets

 

1,226,395

 

1,159,293

Total assets

$

32,964,602

$

33,011,274

LIABILITIES:

Mortgages and unsecured indebtedness

$

24,916,760

$

24,960,286

Accounts payable, accrued expenses, intangibles, and deferred revenues

 

1,626,333

 

1,491,583

Cash distributions and losses in unconsolidated entities, at equity

 

1,758,175

 

1,699,828

Dividend payable

3,347

1,997

Lease liabilities

490,825

497,953

Other liabilities

 

556,289

 

535,736

Total liabilities

 

29,351,729

 

29,187,383

Commitments and contingencies

Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests

 

202,465

 

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 83/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding with a liquidation value of $39,847

 

41,188

 

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

 

11,392,636

 

11,232,881

Accumulated deficit

 

(6,218,936)

 

(5,926,974)

Accumulated other comprehensive loss

 

(140,987)

 

(164,873)

Common stock held in treasury, at cost, 16,661,258 and 15,959,628 shares, respectively

 

(2,121,201)

 

(2,043,979)

Total stockholders’ equity

 

2,952,734

 

3,138,524

Noncontrolling interests

 

457,674

 

473,128

Total equity

 

3,410,408

 

3,611,652

Total liabilities and equity

$

32,964,602

$

33,011,274

The accompanying notes are an integral part of these statements.

5

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Simon Property Group, Inc.

Unaudited Consolidated Statements of Operations and Comprehensive Income

(Dollars in thousands, except per share amounts)

For the Three Months Ended

For the Nine Months Ended

September 30, 

September 30, 

    

2023

    

2022

    

2023

    

2022

 

REVENUE:

Lease income

$

1,298,737

$

1,215,470

$

3,801,880

$

3,618,035

Management fees and other revenues

 

30,055

 

28,654

 

92,511

 

85,051

Other income

 

82,156

 

71,662

 

237,007

 

188,464

Total revenue

 

1,410,948

 

1,315,786

 

4,131,398

 

3,891,550

EXPENSES:

Property operating

 

136,541

 

120,858

 

366,553

 

336,929

Depreciation and amortization

 

315,259

 

301,754

 

941,851

 

910,190

Real estate taxes

 

115,456

 

109,932

 

338,452

 

333,611

Repairs and maintenance

 

22,660

 

21,639

 

67,837

 

63,993

Advertising and promotion

 

28,809

 

27,102

 

86,713

 

72,429

Home and regional office costs

 

47,679

 

43,711

 

154,505

 

143,424

General and administrative

 

9,070

 

7,784

 

28,235

 

24,977

Other

 

41,240

 

30,810

 

132,369

 

106,649

Total operating expenses

 

716,714

 

663,590

 

2,116,515

 

1,992,202

OPERATING INCOME BEFORE OTHER ITEMS

 

694,234

 

652,196

 

2,014,883

 

1,899,348

Interest expense

 

(212,210)

 

(187,878)

 

(629,725)

 

(560,353)

Gain on disposal, exchange, or revaluation of equity interests (Note 6)

158,192

194,629

Income and other tax expense

 

(43,218)

 

(8,256)

 

(40,252)

 

(31,168)

Income from unconsolidated entities

 

95,480

 

163,086

 

207,835

 

434,343

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

(6,175)

(14,563)

20,049

(63,412)

(Loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net

 

(5,541)

 

17,262

 

(9,897)

 

879

CONSOLIDATED NET INCOME

680,762

621,847

1,757,522

1,679,637

Net income attributable to noncontrolling interests

 

85,789

 

81,975

 

222,710

 

214,722

Preferred dividends

 

834

 

834

 

2,503

 

2,503

NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS

$

594,139

$

539,038

$

1,532,309

$

1,462,412

BASIC AND DILUTED EARNINGS PER COMMON SHARE:

Net income attributable to common stockholders

$

1.82

$

1.65

$

4.68

$

4.46

Consolidated Net Income

$

680,762

$

621,847

$

1,757,522

$

1,679,637

Unrealized gain on derivative hedge agreements

 

41,314

 

35,470

 

62,305

 

80,327

Net gain reclassified from accumulated other comprehensive loss into earnings

 

(671)

 

(403)

 

(1,869)

 

(1,191)

Currency translation adjustments

 

(1,059)

 

(26,143)

 

(34,746)

 

(49,482)

Changes in available-for-sale securities and other

 

(361)

 

(546)

 

903

 

(1,619)

Comprehensive income

 

719,985

 

630,225

 

1,784,115

 

1,707,672

Comprehensive income attributable to noncontrolling interests

 

90,031

 

83,007

 

225,417

 

218,119

Comprehensive income attributable to common stockholders

$

629,954

$

547,218

$

1,558,698

$

1,489,553

The accompanying notes are an integral part of these statements.

6

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Simon Property Group, Inc.

Unaudited Consolidated Statements of Cash Flows

(Dollars in thousands)

For the Nine Months Ended

September 30, 

    

2023

    

2022

 

CASH FLOWS FROM OPERATING ACTIVITIES:

Consolidated Net Income

$

1,757,522

$

1,679,637

Adjustments to reconcile consolidated net income to net cash provided by operating activities

Depreciation and amortization

 

994,806

 

955,767

Loss (gain) upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net

 

9,897

 

(879)

Gain on disposal, exchange, or revaluation of equity interests

(194,629)

Unrealized (gains) losses in fair value of equity instruments

(20,049)

63,412

Straight-line lease loss

 

8,648

 

21,451

Equity in income of unconsolidated entities

 

(207,835)

 

(434,343)

Distributions of income from unconsolidated entities

 

349,054

 

459,366

Changes in assets and liabilities

Tenant receivables and accrued revenue, net

 

67,937

 

77,842

Deferred costs and other assets

 

(9,992)

 

(77,339)

Accounts payable, accrued expenses, intangibles, deferred revenues and other

 

138,680

 

89,548

Net cash provided by operating activities

 

2,894,039

 

2,834,462

CASH FLOWS FROM INVESTING ACTIVITIES:

Acquisitions

 

(27,712)

 

(29,988)

Funding of loans to related parties

 

(15,250)

 

(132,857)

Repayments of loans to related parties

 

8,144

 

79,631

Capital expenditures, net

 

(614,994)

 

(465,387)

Cash impact from the consolidation of properties

 

 

20,988

Net proceeds from sale of assets

 

 

59,511

Investments in unconsolidated entities

 

(44,158)

 

(235,510)

Purchase of equity instruments

 

(18,992)

 

(63,653)

Proceeds from sales of equity instruments

 

2,566

 

26,086

Insurance proceeds for property restoration

7,427

Distributions of capital from unconsolidated entities and other

 

210,364

 

377,089

Net cash used in investing activities

 

(492,605)

 

(364,090)

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from sales of common stock and other, net of transaction costs

 

(246)

 

(246)

Purchase of shares related to stock grant recipients' tax withholdings

(5,795)

(6,788)

Redemption of limited partner units

 

(10,876)

 

(1,758)

Purchase of treasury stock

(105,615)

(180,387)

Distributions to noncontrolling interest holders in properties

 

(30,002)

 

(14,544)

Contributions from noncontrolling interest holders in properties

 

8,064

 

29,681

Preferred distributions of the Operating Partnership

 

(1,436)

 

(1,436)

Distributions to stockholders and preferred dividends

 

(1,819,156)

 

(1,675,618)

Distributions to limited partners

 

(262,432)

 

(241,348)

Proceeds from issuance of debt, net of transaction costs

 

1,774,628

 

2,540,779

Repayments of debt

 

(1,801,165)

 

(2,851,123)

Net cash used in financing activities

 

(2,254,031)

 

(2,402,788)

INCREASE IN CASH AND CASH EQUIVALENTS

 

147,403

 

67,584

CASH AND CASH EQUIVALENTS, beginning of period

 

621,628

 

533,936

CASH AND CASH EQUIVALENTS, end of period

$

769,031

$

601,520

The accompanying notes are an integral part of these statements.

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Simon Property Group, Inc.

Unaudited Consolidated Statements of Equity

(Dollars in thousands)

   

   

   

Accumulated

   

   

   

Common

   

   

 

Other

Capital in

Stock

 

Preferred

Common

Comprehensive

Excess of

Accumulated

Held in

Noncontrolling

Total

 

    

Stock

    

Stock

    

Income (Loss)

    

Par Value

    

Deficit

    

Treasury

    

interests

    

Equity

 

December 31, 2022

$

41,435

$

34

$

(164,873)

$

11,232,881

$

(5,926,974)

$

(2,043,979)

$

473,128

$

3,611,652

Series J preferred stock premium amortization

(83)

(83)

Stock incentive program (65,017 common shares)

(7,880)

7,880

Redemption of limited partner units (22,442 units)

(2,645)

(213)

(2,858)

Amortization of stock incentive

5,379

5,379

Long-term incentive performance units

3,382

3,382

Issuance of unit equivalents and other (22,338 common shares repurchased)

(5,020)

(2,624)

 

189

 

(7,455)

Unrealized gain on hedging activities

4,959

713

5,672

Currency translation adjustments

(671)

(80)

(751)

Changes in available-for-sale securities and other

169

25

194

Net gain reclassified from accumulated other comprehensive loss into earnings

(438)

(63)

(501)

Other comprehensive income (loss)

4,019

595

4,614

Adjustment to limited partners’ interest from change in ownership in the Operating Partnership

 

3,736

 

(3,736)

 

Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests

 

(590,434)

 

(85,163)

 

(675,597)

Distributions to other noncontrolling interest partners

 

(4,366)

(4,366)

Net income, excluding $479 attributable to preferred interests in the Operating Partnership and $572 attributable to noncontrolling redeemable interests in properties

 

 

452,661