Press Release

Simon® Reports Second Quarter 2022 Results and Increases Full Year 2022 Guidance and Raises Quarterly Dividend

INDIANAPOLIS, Aug. 1, 2022 /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 June 30, 2022.

"We are very pleased with our financial and operational performance in the second quarter and once again raised our quarterly dividend and full-year 2022 guidance," said David Simon, Chairman, Chief Executive Officer and President. 

Results for the Quarter

  • Net income attributable to common stockholders was $496.7 million, or $1.51 per diluted share, as compared to $617.3 million, or $1.88 per diluted share in 2021.  Results for the second quarter of 2022 include a non-cash unrealized loss of $17.8 million, or $0.05 per diluted share, from a mark-to-market in fair value of equity instruments.  The prior year period included a non-cash gain of $118.4 million, or $0.32 per diluted share, from the reversal of a deferred tax liability within an international investment. 
  • Funds From Operations ("FFO") was $1.093 billion, or $2.91 per diluted share as compared to $1.217 billion, or $3.24 per diluted share in the prior year.  FFO in the second quarter of 2022 includes the aforementioned non-cash unrealized loss from mark-to-market in fair value of equity instruments of $0.05 per diluted share and FFO in the second quarter of 2021 includes the aforementioned non-cash gain related to the deferred tax liability reversal of $0.32 per diluted share. 
  • Comparable FFO was $1.111 billion, or $2.96 per diluted share as compared to $1.098 billion, or $2.92 per diluted share in the prior year period, growth of 1.4%.  Please see the accompanying reconciliation of consolidated net income to FFO and Comparable FFO.
  • Domestic property Net Operating Income ("NOI") increased 3.6% and portfolio NOI increased 4.6%, compared to the prior year period. 

Results for the Six Months

  • Net income attributable to common stockholders was $923.4 million, or $2.81 per diluted share, as compared to $1.063 billion, or $3.24 per diluted share in 2021.  Results for the six months ended 2022 include a non-cash unrealized loss of $48.9 million, or $0.13 per diluted share, from a mark-to-market in fair value of equity instruments.  The prior year period results included the aforementioned non-cash gain of $0.32 per diluted share related to the deferred tax liability reversal and gains, primarily related to disposition activity, of $93.1 million, or $0.25 per diluted share.
  • FFO was $2.108 billion, or $5.61 per diluted share as compared to $2.151 billion, or $5.72 per diluted share in the prior year.  FFO for the six months ended 2022 includes the aforementioned non-cash unrealized loss from mark-to-market in fair value of equity instruments of $0.13 per diluted share and FFO for the six months ended 2021 included the aforementioned non-cash gain related to the deferred tax liability reversal of $0.32 per diluted share.
  • Comparable FFO was $2.157 billion, or $5.74 per diluted share as compared to $2.032 billion, or $5.40 per diluted share in the prior year period, growth of 6.3%. 
  • Domestic property NOI increased 5.6% and portfolio NOI increased 6.7%, compared to the prior year period.

U.S. Malls and Premium Outlets Operating Statistics

  • Occupancy was 93.9% at June 30, 2022, compared to 91.8% at June 30, 2021.
  • Base minimum rent per square foot was $54.58 at June 30, 2022

Development Activity

Construction continues on two new international development projects including:

Progress continues on the transformative mixed-use redevelopment of Phipps Plaza (Atlanta, GA). The additions of Nobu Hotel and Nobu Restaurant, Life Time Athletic and Work, Citizens Food Hall, and a 13-story Class A office tower will further elevate this premier destination, which will open in Fall 2022.

Construction also continues on other redevelopment projects, including The Falls (Miami, FL), Northgate Station (Seattle, WA), Roosevelt Field (Garden City, NY), Stanford Shopping Center (Palo Alto, CA) and Towne East Square (Wichita, KS).

Capital Markets and Balance Sheet Liquidity

The Company was active in the credit markets through the first six months of the year. 

During the first six months, the Company completed 14 non-recourse mortgage loans totaling approximately $1.6 billion (U.S. dollar equivalent), of which Simon's share was $958 million.  The weighted average interest rate on these loans was 3.75%.

As of June 30, 2022, Simon had approximately $8.5 billion of liquidity consisting of $1.2 billion of cash on hand, including its share of joint venture cash, and $7.3 billion of available capacity under its revolving credit facilities.

Dividends

Simon's Board of Directors declared a quarterly common stock dividend of $1.75 on August 1, 2022, for the third quarter of 2022.  This is an increase of $0.25, or 16.7% year-over-year and an increase of $0.05, or 2.9%, from the previous quarter.  The dividend will be payable on September 30, 2022 to shareholders of record on September 9, 2022

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 September 30, 2022 to shareholders of record on September 16, 2022

Common Stock Repurchase Program

During the quarter ended June 30, 2022, the Company repurchased 1,424,096 shares of its common stock.

2022 Guidance

The Company currently estimates net income to be within a range of $5.93 to $6.00 per diluted share and Comparable FFO will be within a range of $11.70 to $11.77 per diluted share for the year ending December 31, 2022.  The Comparable FFO range is an increase of $0.06 per diluted share at the mid-point compared to the range provided on May 9, 2022.

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 estimated FFO per diluted share and Comparable FFO per diluted share:

For the year ending December 31, 2022




Low

End

High

End




Estimated net income attributable to common stockholders



     per diluted share                                                                   

$5.93

$6.00

Depreciation and amortization including Simon's share



     of unconsolidated entities                                    

5.60

5.60

Loss on acquisition of controlling interest, sale or



 disposal of, or recovery on, assets and interest in



     unconsolidated entities and impairment, net                

0.04

0.04

Estimated FFO per diluted share                                        

$11.57

$11.64




First Half 2022 actual unrealized losses in fair value of



     publicly traded equity instruments of non-retail real estate    

0.13

0.13




Estimated Comparable FFO per diluted share                    

$11.70

$11.77

 

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 1, 2022.  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 August 8, 2022.  To access the audio replay, dial 1-844-512-2921 (international 1-412-317-6671) passcode 13730864. 

Supplemental Materials and Website

Supplemental information on our second quarter 2022 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, Comparable FFO, Comparable FFO per share and portfolio Net Operating Income growth which are financial performance measures not defined by generally accepted accounting principles in the United States ("GAAP"). 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 Net Operating Income 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: uncertainties regarding the impact of the COVID-19 pandemic and governmental restrictions intended to prevent its spread on our business, financial condition, results of operations, cash flow and liquidity and our ability to access the capital markets, satisfy our debt service obligations and make distributions to our stockholders; changes in economic and market conditions that may adversely affect the general retail environment; the potential loss of anchor stores or major tenants; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; the intensely competitive market environment in the retail industry, including e-commerce; an increase in vacant space at our properties; the inability to lease newly developed properties and renew leases and relet space at existing properties on favorable terms; 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; risks associated with the acquisition, development, redevelopment, expansion, leasing and management of properties; general risks related to real estate investments, including the illiquidity of real estate investments; 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; changes in market rates of interest; the transition of LIBOR to an alternative reference rate; our continued ability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; risks relating to our joint venture properties, including guarantees of certain joint venture indebtedness; environmental liabilities; the conflict in Ukraine; natural disasters; the availability of comprehensive insurance coverage; the potential for terrorist activities;  security breaches that could compromise our information technology or infrastructure; and the loss of key management personnel. 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 Six Months


Ended June 30,


Ended June 30,


2022

2021


2022

2021







REVENUE:






Lease income

$ 1,194,700

$ 1,158,825


$ 2,402,566

$ 2,303,883

Management fees and other revenues

28,811

26,061


56,398

51,358

Other income

56,331

69,260


116,799

138,856

Total revenue

1,279,842

1,254,146


2,575,763

2,494,097







EXPENSES:






Property operating

112,408

96,073


216,071

182,692

Depreciation and amortization

298,273

315,732


608,436

631,470

Real estate taxes

111,989

114,695


223,680

230,706

Repairs and maintenance

20,050

19,036


42,354

40,391

Advertising and promotion

20,064

19,565


45,327

49,050

Home and regional office costs

47,516

47,699


99,713

83,698

General and administrative

9,360

7,254


17,194

13,830

Other

33,421

29,369


75,836

52,926

Total operating expenses

653,081

649,423


1,328,611

1,284,763







OPERATING INCOME BEFORE OTHER ITEMS

626,761

604,723


1,247,152

1,209,334







Interest expense

(187,316)

(200,419)


(372,473)

(402,435)

Loss on extinguishment of debt

-

-


-

(2,959)

Income and other tax expense

(24,346)

(47,003)


(22,912)

(41,105)

Income from unconsolidated entities

190,073

348,545


271,257

363,614

Unrealized (losses) gains in fair value of equity instruments

(17,817)

23


(48,850)

(3,177)

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






assets and interests in unconsolidated entities and impairment, net

(17,875)

-


(16,384)

93,057







CONSOLIDATED NET INCOME

569,480

705,869


1,057,790

1,216,329







Net income attributable to noncontrolling interests 

71,903

87,778


132,747

151,543

Preferred dividends

834

834


1,669

1,669







NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS

$ 496,743

$ 617,257


$ 923,374

$ 1,063,117













BASIC AND DILUTED EARNINGS PER COMMON SHARE:






Net income attributable to common stockholders

$ 1.51

$ 1.88


$ 2.81

$ 3.24

 

 

Simon Property Group, Inc.

Unaudited Consolidated Balance Sheets

(Dollars in thousands, except share amounts)







June 30,

December 31,


2022

2021

ASSETS:



Investment properties, at cost

$ 37,890,484

$ 37,932,366

Less - accumulated depreciation

15,982,792

15,621,127


21,907,692

22,311,239

Cash and cash equivalents

541,240

533,936

Tenant receivables and accrued revenue, net

828,876

919,654

Investment in TRG, at equity

3,218,986

3,305,102

Investment in Klépierre, at equity

1,446,460

1,661,943

Investment in other unconsolidated entities, at equity

3,105,378

3,075,375

Right-of-use assets, net

499,699

504,119

Investments held in trust - special purpose acquisition company

345,000

345,000

Deferred costs and other assets

1,185,705

1,121,011

Total assets

$ 33,079,036

$ 33,777,379




LIABILITIES:



Mortgages and unsecured indebtedness

$ 24,885,968

$ 25,321,022

Accounts payable, accrued expenses, intangibles, and deferred revenues

1,337,984

1,433,216

Cash distributions and losses in unconsolidated entities, at equity

1,709,379

1,573,105

Dividend payable

2,327

1,468

Lease liabilities

502,440

506,931

Other liabilities

543,936

540,912

Total liabilities

28,982,034

29,376,654




Commitments and contingencies



Limited partners' preferred interest in the Operating Partnership and noncontrolling



redeemable interests

566,080

547,740




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

41,599

41,763




Common stock, $0.0001 par value, 511,990,000 shares authorized, 342,905,419 and



342,907,608 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

11,218,057

11,212,990

Accumulated deficit

(6,012,757)

(5,823,708)

Accumulated other comprehensive loss

(167,895)

(185,186)

Common stock held in treasury, at cost, 15,553,702 and 14,295,983 shares, respectively

(2,007,706)

(1,884,441)

Total stockholders' equity

3,071,332

3,361,452

Noncontrolling interests

459,590

491,533

Total equity

3,530,922

3,852,985

Total liabilities and equity

$ 33,079,036

$ 33,777,379

 

 

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,


2022

2021


2022

2021







REVENUE:






Lease income

$ 714,215

$ 681,349


$ 1,431,985

$ 1,334,103

Other income

73,506

64,694


186,090

137,293

Total revenue

787,721

746,043


1,618,075

1,471,396







OPERATING EXPENSES:






Property operating

142,697

136,129


292,212

269,166

Depreciation and amortization

164,913

170,443


335,474

341,597

Real estate taxes

63,365

68,123


128,689

137,021

Repairs and maintenance

19,209

16,304


40,690

35,350

Advertising and promotion

16,247

14,797


35,565

34,241

Other

47,867

37,657


96,710

69,643

Total operating expenses

454,298

443,453


929,340

887,018







OPERATING INCOME BEFORE OTHER ITEMS

333,423

302,590


688,735

584,378







Interest expense

(147,587)

(152,447)


(292,038)

(298,644)

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

-

33,371


-

33,371

NET INCOME

$ 185,836

$ 183,514


$ 396,697

$ 319,105







Third-Party Investors' Share of Net Income

$ 93,041

$ 92,745


$ 197,697

$ 160,886







Our Share of Net Income

92,795

90,769


199,000

158,219

Amortization of Excess Investment (A)

(15,086)

(15,268)


(30,225)

(34,595)

Our Share of Gain on Sale or Disposal of Assets and Interests in






Other Income in the Consolidated Financial Statements

-

(14,941)


-

(14,941)







Income from Unconsolidated Entities (B)

$ 77,709

$ 60,560


$ 168,775

$ 108,683







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)












June 30,

December 31,



2022

2021


Assets:




Investment properties, at cost

$ 19,334,244

$ 19,724,242


Less - accumulated depreciation

8,411,236

8,330,891



10,923,008

11,393,351


Cash and cash equivalents

1,345,099

1,481,287


Tenant receivables and accrued revenue, net

501,324

591,369


Right-of-use assets, net

145,506

154,561


Deferred costs and other assets

387,420

394,691


Total assets

$ 13,302,357

$ 14,015,259






Liabilities and Partners' Deficit:




Mortgages

$ 14,667,435

$ 15,223,710


Accounts payable, accrued expenses, intangibles, and deferred revenue

810,849

995,392


Lease liabilities

133,720

158,372


Other liabilities

386,035

383,018


Total liabilities

15,998,039

16,760,492






Preferred units

67,450

67,450


Partners' deficit

(2,763,132)

(2,812,683)


Total liabilities and partners' deficit

$ 13,302,357

$ 14,015,259






Our Share of:




Partners' deficit

$ (1,233,943)

$ (1,207,396)


Add: Excess Investment (A)

1,247,214

1,283,645


Our net Investment in unconsolidated entities, at equity

$ 13,271

$ 76,249






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 Comparable FFO














For the Three Months Ended


For the Six Months Ended






June 30,


June 30,






2022


2021


2022


2021













Consolidated Net Income (D)


$                569,480


$           705,869


$         1,057,790


$      1,216,329

Adjustments to Arrive at FFO:






















Depreciation and amortization from consolidated 









     properties 



296,022


313,572


603,935


627,147


Our share of depreciation and amortization from









     unconsolidated entities, including Klépierre, TRG and other corporate investments

215,616


202,515


440,702


406,752


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









assets and interests in unconsolidated entities and impairment, net

17,875


-


16,384


(93,057)


Unrealized (gains) losses excluded from FFO (E)

-


(23)


-


3,177


Net loss attributable to noncontrolling interest holders in









     properties



122


1,531


1,118


2,469


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









and loss (gain) on disposal of properties

(4,856)


(5,259)


(9,245)


(9,348)


Preferred distributions and dividends

(1,313)


(1,313)


(2,626)


(2,626)

FFO of the Operating Partnership

$             1,092,946


$         1,216,892


$         2,108,058


$      2,150,843


Unrealized (gains) losses excluded from FFO (E)

17,817


-


48,850


-


Non-cash gain related to the reversal of a deferred tax liability within an international investment

-


(118,428)


-


(118,428)

Comparable FFO of the Operating Partnership

$             1,110,763


$         1,098,464


$         2,156,908


$      2,032,415

























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








Diluted net income per share


$                      1.51


$                 1.88


$                  2.81


$               3.24


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

1.35


1.36


2.76


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

0.05


-


0.04


(0.25)


Unrealized (gains) losses excluded from FFO (E)

-


-


-


0.01

Diluted FFO per share 


$                      2.91


$                 3.24


$                  5.61


$               5.72


Unrealized (gains) losses included in FFO (E)

0.05


-


0.13


-


Non-cash gain related to the reversal of a deferred tax liability within an international investment

-


(0.32)


-


(0.32)

Comparable FFO per share


$                      2.96


$                 2.92


$                  5.74


$               5.40













Details for per share calculations:





















FFO of the Operating Partnership


$             1,092,946


$         1,216,892


$         2,108,058


$      2,150,843

Diluted FFO allocable to unitholders


(137,603)


(153,089)


(265,248)


(270,684)

Diluted FFO allocable to common stockholders

$                955,343


$         1,063,803


$         1,842,810


$      1,880,159













Basic and Diluted weighted average shares outstanding

328,445


328,594


328,525


328,555

Weighted average limited partnership units outstanding

47,310


47,281


47,287


47,301













Basic and Diluted weighted average shares and units outstanding

375,755


375,875


375,812


375,856













Basic and Diluted FFO per Share


$                      2.91


$                 3.24


$                  5.61


$               5.72

    Percent Change



-10.2 %




-1.9 %















Comparable FFO per share


$                      2.96


$                 2.92


$                  5.74


$               5.40

    Percent Change



1.4 %




6.3 %



























 

 

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, Comparable FFO and Comparable 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 $6.1 million and $0.9 million for the three months ended June 30, 2022 and 2021, respectively, and $6.0 million and $1.6 million for the six months ended June 30, 2022 and 2021, respectively.














-

Straight-line adjustments decreased income by ($5.8) million and ($5.9) million for the three months ended June 30, 2022 and 2021, respectively, and ($16.1) million and ($15.0) million for the six months ended June 30, 2022 and 2021, respectively.














-

Amortization of fair market value of leases decreased income by ($0.2) million and ($0.2) million for the three months ended June 30, 2022 and 2021, respectively, and ($0.3) million and ($0.4) million for the six months ended June 30, 2022 and 2021, respectively.














(E)

Unrealized (gains) losses excluded from FFO relate to mark-to-market fair value adjustments of publicly traded equity instruments of retail real estate.















Unrealized (gains) losses included in FFO relate to mark-to-market fair value adjustments of publicly traded equity instruments of non-retail real estate.

 

 

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SOURCE Simon

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