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Unaudited Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 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 (Notes 3 and 6)   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 - basic (in dollars per share) $ 1.46 $ 1.82 $ 5.22 $ 4.68
Net income attributable to common stockholders - diluted (in dollars per share) $ 1.46 $ 1.82 $ 5.22 $ 4.68
Consolidated Net Income $ 546,671 $ 680,762 $ 1,957,262 $ 1,757,522
Unrealized (loss) gain on derivative hedge agreements (54,297) 41,314 (10,281) 62,305
Net gain reclassified from accumulated other comprehensive loss into earnings (1,289) (671) (4,168) (1,869)
Currency translation adjustments 7,946 (1,059) (25,668) (34,746)
Changes in available-for-sale securities and other 2,096 (361) 1,385 903
Comprehensive income 501,127 719,985 1,918,530 1,784,115
Comprehensive income (loss) attributable to noncontrolling interests 64,567 90,031 249,251 225,417
Comprehensive income attributable to common stockholders 436,560 629,954 1,669,279 1,558,698
Simon Property Group, L.P.        
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 (Notes 3 and 6)   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 (1,047) (1,149) (1,733) (751)
Preferred dividends 1,239 1,313 3,772 3,939
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS 546,479 680,598 1,955,223 1,754,334
NET INCOME ATTRIBUTABLE TO UNITHOLDERS ATTRIBUTABLE TO:        
General Partner 475,161 594,139 1,700,328 1,532,309
Limited Partners $ 71,318 $ 86,459 $ 254,895 $ 222,025
BASIC AND DILUTED EARNINGS PER COMMON SHARE:        
Net income attributable to common stockholders - basic (in dollars per share) $ 1.46 $ 1.82 $ 5.22 $ 4.68
Net income attributable to common stockholders - diluted (in dollars per share) $ 1.46 $ 1.82 $ 5.22 $ 4.68
Consolidated Net Income $ 546,671 $ 680,762 $ 1,957,262 $ 1,757,522
Unrealized (loss) gain on derivative hedge agreements (54,297) 41,314 (10,281) 62,305
Net gain reclassified from accumulated other comprehensive loss into earnings (1,289) (671) (4,168) (1,869)
Currency translation adjustments 7,946 (1,059) (25,668) (34,746)
Changes in available-for-sale securities and other 2,096 (361) 1,385 903
Comprehensive income 501,127 719,985 1,918,530 1,784,115
Comprehensive income (loss) attributable to noncontrolling interests 438 (129) 1,005 319
Comprehensive income attributable to common stockholders $ 500,689 $ 720,114 $ 1,917,525 $ 1,783,796