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Unaudited Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
REVENUE:        
Lease income $ 1,315,740 $ 1,254,958 $ 2,618,412 $ 2,503,143
Management fees and other revenues 33,186 33,507 62,642 62,457
Other income 109,340 81,136 219,802 154,850
Total revenue 1,458,266 1,369,601 2,900,856 2,720,450
EXPENSES:        
Property operating 131,292 118,263 257,406 230,012
Depreciation and amortization 310,016 319,534 617,384 626,592
Real estate taxes 96,640 111,837 205,849 222,996
Repairs and maintenance 24,524 23,002 50,253 45,176
Advertising and promotion 38,828 33,745 66,909 57,904
Home and regional office costs 50,481 50,006 111,204 106,826
General and administrative 10,839 10,058 19,970 19,164
Other 41,545 45,231 82,600 91,132
Total operating expenses 704,165 711,676 1,411,575 1,399,802
OPERATING INCOME BEFORE OTHER ITEMS 754,101 657,925 1,489,281 1,320,648
Interest expense (221,338) (218,086) (451,960) (417,515)
Gain on disposal, exchange, or revaluation of equity interests, net (Notes 3 and 6)   36,437 414,769 36,437
Income and other tax (expense) benefit (4,961) (10,487) (52,564) 2,966
Income from unconsolidated entities 42,214 90,455 7,872 112,355
Unrealized gains (losses) in fair value of publicly traded equity instruments and derivative instrument, net 2,405 5,617 (4,787) 26,225
(Loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net (2,986) (4,356) 7,980 (4,356)
CONSOLIDATED NET INCOME 569,435 557,505 1,410,591 1,076,760
Net income (loss) attributable to noncontrolling interests 75,136 70,328 183,755 136,921
Preferred dividends 834 834 1,669 1,669
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 493,465 $ 486,343 $ 1,225,167 $ 938,170
BASIC AND DILUTED EARNINGS PER COMMON SHARE:        
Net income attributable to common stockholders - basic (in dollars per share) $ 1.51 $ 1.49 $ 3.76 $ 2.87
Net income attributable to common stockholders - diluted (in dollars per share) $ 1.51 $ 1.49 $ 3.76 $ 2.87
Consolidated Net Income $ 569,435 $ 557,505 $ 1,410,591 $ 1,076,760
Unrealized gain on derivative hedge agreements 16,272 15,320 44,016 20,992
Net gain reclassified from accumulated other comprehensive loss into earnings (1,268) (697) (2,879) (1,198)
Currency translation adjustments (16,185) (32,936) (33,614) (33,687)
Changes in available-for-sale securities and other (86) 1,070 (712) 1,264
Comprehensive income 568,168 540,262 1,417,402 1,064,131
Comprehensive income attributable to noncontrolling interests 74,978 68,197 184,683 135,386
Comprehensive income attributable to common stockholders 493,190 472,065 1,232,719 928,745
Simon Property Group, L.P.        
REVENUE:        
Lease income 1,315,740 1,254,958 2,618,412 2,503,143
Management fees and other revenues 33,186 33,507 62,642 62,457
Other income 109,340 81,136 219,802 154,850
Total revenue 1,458,266 1,369,601 2,900,856 2,720,450
EXPENSES:        
Property operating 131,292 118,263 257,406 230,012
Depreciation and amortization 310,016 319,534 617,384 626,592
Real estate taxes 96,640 111,837 205,849 222,996
Repairs and maintenance 24,524 23,002 50,253 45,176
Advertising and promotion 38,828 33,745 66,909 57,904
Home and regional office costs 50,481 50,006 111,204 106,826
General and administrative 10,839 10,058 19,970 19,164
Other 41,545 45,231 82,600 91,132
Total operating expenses 704,165 711,676 1,411,575 1,399,802
OPERATING INCOME BEFORE OTHER ITEMS 754,101 657,925 1,489,281 1,320,648
Interest expense (221,338) (218,086) (451,960) (417,515)
Gain on disposal, exchange, or revaluation of equity interests, net (Notes 3 and 6)   36,437 414,769 36,437
Income and other tax (expense) benefit (4,961) (10,487) (52,564) 2,966
Income from unconsolidated entities 42,214 90,455 7,872 112,355
Unrealized gains (losses) in fair value of publicly traded equity instruments and derivative instrument, net 2,405 5,617 (4,787) 26,225
(Loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net (2,986) (4,356) 7,980 (4,356)
CONSOLIDATED NET INCOME 569,435 557,505 1,410,591 1,076,760
Net income (loss) attributable to noncontrolling interests 785 (364) (685) 398
Preferred dividends 1,266 1,313 2,532 2,626
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS 567,384 556,556 1,408,744 1,073,736
NET INCOME ATTRIBUTABLE TO UNITHOLDERS ATTRIBUTABLE TO:        
General Partner 493,465 486,343 1,225,167 938,170
Limited Partners $ 73,919 $ 70,213 $ 183,577 $ 135,566
BASIC AND DILUTED EARNINGS PER COMMON SHARE:        
Net income attributable to common stockholders - basic (in dollars per share) $ 1.51 $ 1.49 $ 3.76 $ 2.87
Net income attributable to common stockholders - diluted (in dollars per share) $ 1.51 $ 1.49 $ 3.76 $ 2.87
Consolidated Net Income $ 569,435 $ 557,505 $ 1,410,591 $ 1,076,760
Unrealized gain on derivative hedge agreements 16,272 15,320 44,016 20,992
Net gain reclassified from accumulated other comprehensive loss into earnings (1,268) (697) (2,879) (1,198)
Currency translation adjustments (16,185) (32,936) (33,614) (33,687)
Changes in available-for-sale securities and other (86) 1,070 (712) 1,264
Comprehensive income 568,168 540,262 1,417,402 1,064,131
Comprehensive income attributable to noncontrolling interests 421 258 566 448
Comprehensive income attributable to common stockholders $ 567,747 $ 540,004 $ 1,416,836 $ 1,063,683