0001063761 false 0001063761 2023-10-30 2023-10-30 0001063761 us-gaap:CommonStockMember 2023-10-30 2023-10-30 0001063761 spg:SeriesJPreferredStockMember 2023-10-30 2023-10-30 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): October 30, 2023

 

SIMON PROPERTY GROUP, INC.

 

(Exact name of registrant as specified in its charter)

 

Delaware 001-14469 04-6268599
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)

 

 

225 WEST WASHINGTON STREET

INDIANAPOLIS, Indiana
46204
  (Address of principal executive offices) (Zip Code)

 

Registrant’s telephone number, including area code: 317.636.1600

 

Not Applicable

 

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

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.  ¨

 

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

 

Title of each class   Trading Symbols   Name of each exchange on which registered
Common stock, $0.0001 par value   SPG   New York Stock Exchange
8⅜% Series J Cumulative Redeemable Preferred Stock, $0.0001 par value   SPGJ   New York Stock Exchange

 

 

 

 

 

 

Item 2.02.Results of Operations and Financial Condition

 

On October 30, 2023, Simon Property Group, Inc. issued a press release containing information on earnings for the quarter ended September 30, 2023 and other matters. A copy of the press release is furnished with this report as Exhibit 99.1 and is incorporated by reference into this report.

 

Item 7.01.Regulation FD Disclosure

 

Exhibit 99.1 also includes supplemental financial and operating information for the quarter ended September 30, 2023.

 

Item 9.01. Financial Statements and Exhibits

 

Financial Statements:

 

None

 

Exhibits:

 

Exhibit No.   Description
     
99.1   Earnings Release dated October 30, 2023 and supplemental information
104   The cover page from this Current Report on Form 8-K formatted in Inline XBRL (included as Exhibit 101)

 

The exhibit filed with this report contains measures of financial or operating performance that are not specifically defined by generally accepted accounting principles (“GAAP”) in the United States, including funds from operations (“FFO”) and FFO per share, funds available for distribution, net operating income (“NOI”), domestic property NOI and portfolio NOI. FFO and NOI are performance measures that are standard in the REIT business. We believe FFO and NOI provide investors with additional information concerning our operating performance and a basis to compare our performance with the performance 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.

 

These non-GAAP financial measures should not be considered as alternatives to net income as a measure of our operating performance or to cash flows computed in accordance with GAAP as a measure of liquidity nor are they indicative of cash flows from operating and financial activities.

 

Reconciliations of each of these non-GAAP measures to the most-directly comparable GAAP measure are included in the exhibit.

 

The information in this report and the exhibit filed herewith is being furnished, not filed, for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and pursuant to Items 2.02 and 7.01 of Form 8-K, will not be incorporated by reference into any filing under the Securities Act of 1933, as amended.

 

Page 2

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

Dated: October 30, 2023

   
  SIMON PROPERTY GROUP, INC.
   
  By: /s/ BRIAN J. MCDADE
    Brian J. McDade,
    Executive Vice President and Chief Financial Officer

 

Page 3

 

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TABLE OF CONTENTS
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 SIMON PROPERTY GROUP
EARNINGS RELEASE &
SUPPLEMENTAL INFORMATION
UNAUDITED THIRD QUARTER

TABLE OF CONTENTS
 
TABLE OF CONTENTS
EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION
FOR THE QUARTER ENDED SEPTEMBER 30, 2023
PAGE
Earnings Release(1)
211
12
12
13
Financial Data
14
15
16
17
17
18
19
Operational Data
20
21
22
Development Activity
23
24
Balance Sheet Information
25
25
25
26
27
28
29
Property and Debt Information
3039
Other
Non-GAAP Pro-Rata Financial Information
4043
(1)
Includes reconciliation of consolidated net income to funds from operations.
 
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Contacts:
Tom Ward
317-685-7330 Investors
Nicole Kennon
704-804-1960 Media
Simon® Reports Third Quarter 2023 Results
and Increases Full Year 2023 Guidance
INDIANAPOLIS, October 30, 2023 – 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, 2023.
“We produced an excellent quarter highlighted by strong financial and operational performance,” said David Simon, Chairman, Chief Executive Officer and President. “We continue to demonstrate our ability to grow our business.”
Results for the Quarter

Net income attributable to common stockholders was $594.1 million, or $1.82 per diluted share, as compared to $539.0 million, or $1.65 per diluted share in 2022.
 – 
Net income for the third quarter of 2023 includes 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”). The Company now owns 33% of SPARC (reduced from 50%).

Funds From Operations (“FFO”) was $1.201 billion, or $3.20 per diluted share, inclusive of the gains referenced above, as compared to $1.099 billion, or $2.93 per diluted share in the prior year.

Domestic property Net Operating Income (“NOI”) increased 4.2% and portfolio NOI increased 4.3%, in each case, compared to the prior year period.
Results for the Nine Months

Net income attributable to common stockholders was $1.532 billion, or $4.68 per diluted share, as compared to $1.462 billion, or $4.46 per diluted share in 2022.
 – 
Net income for the nine months ended 2023 includes 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 (“ABG”).

FFO was $3.304 billion, or $8.82 per diluted share as compared to $3.207 billion, or $8.54 per diluted share in the prior year.

Domestic property NOI increased 3.8% and portfolio NOI increased 4.0%, in each case, compared to the prior year period.
 
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U.S. Malls and Premium Outlets Operating Statistics

Occupancy was 95.2% at September 30, 2023, compared to 94.5% at September 30, 2022, an increase of 70 basis points.

Base minimum rent per square foot was $56.41 at September 30, 2023, compared to $54.80 at September 30, 2022, an increase of 2.9%.

Reported retailer sales per square foot was $744 for the trailing 12 months ended September 30, 2023, a decrease of 0.7% compared to the prior year period.
Development Activity
During the quarter, construction started on Jakarta Premium Outlets®, the first Premium Outlet® Center in Indonesia. The 300,000 square foot upscale outlet is projected to open in February 2025. Simon owns 50% of this project.
Construction continues on redevelopment and expansion projects at properties in North America and Asia.
Capital Markets and Balance Sheet Liquidity
The Company was active in the credit markets through the first nine months of the year.
During the first nine months, the Company completed eleven non-recourse mortgage loans totaling approximately $962 million (U.S. dollar equivalent), of which Simon’s share was $540 million. The weighted average interest rate on these loans was 6.03%.
During the quarter ended September 30, 2023, the Company repurchased 1,267,995 shares of its common stock.
As of September 30, 2023, Simon had approximately $8.8 billion of liquidity consisting of  $1.4 billion of cash on hand, including its share of joint venture cash, and $7.4 billion of available capacity under its revolving credit facilities.
Dividends
Today, Simon’s Board of Directors declared a quarterly common stock dividend of  $1.90 for the fourth quarter of 2023. This is an increase of  $0.10, or 5.6% year-over-year. The dividend will be payable on December 29, 2023 to shareholders of record on December 8, 2023.
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 29, 2023 to shareholders of record on December 15, 2023.
2023 Guidance
The Company currently estimates net income to be within a range of  $6.67 to $6.77 per diluted share and FFO to be within a range of  $12.15 to $12.25 per diluted share for the year ending December 31, 2023. The FFO per diluted share range is an increase from the $11.85 to $11.95 per diluted share range provided on August 2, 2023, or an increase of  $0.30 per diluted share at the mid-point.
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:
 
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EARNINGS RELEASE
For the year ending December 31, 2023
Low
End
High
End
Estimated net income attributable to common stockholders per diluted share * $ 6.67 $ 6.77
Depreciation and amortization including Simon’s share of unconsolidated entities 5.45 5.45
Loss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
0.03 0.03
Estimated FFO per diluted share * $ 12.15 $ 12.25
*
Includes year-to-date unrealized gains of  $0.05 from mark-to-market of publicly traded equity instruments
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 Time, Monday, October 30, 2023. 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 6, 2023. To access the audio replay, dial 1-844-512-2921 (international +1-412-317-6671) passcode 13741427.
Supplemental Materials and Website
Supplemental information on our third quarter 2023 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 and portfolio NOI 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 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
 
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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 potential loss of anchor stores or major tenants; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; 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; the increased focus on ESG metrics and reporting; 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.
 
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EARNINGS RELEASE
Simon Property Group, Inc.
Unaudited Consolidated Statements of Operations
(Dollars in thousands, except per share amounts)
For the Three Months
Ended September 30,
For the Nine Months
Ended 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, net
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
 
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EARNINGS RELEASE
Simon Property Group, Inc.
Unaudited Consolidated Balance Sheets
(Dollars in thousands, except share amounts)
September 30,
2023
December 31,
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 ( total shares authorized, $0.0001 par value, 238,000,000 shares of excess common stock, 850,000,000 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
41,188
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
 
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EARNINGS RELEASE
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,
2023
2022
2023
2022
REVENUE:
Lease income
$
743,388
$ 710,084
$
2,212,197
$ 2,142,068
Other income
129,021
72,355
357,261
258,446
Total revenue
872,409
782,439
2,569,458
2,400,514
OPERATING EXPENSES:
Property operating
165,406
153,002
475,364
445,214
Depreciation and amortization
159,560
169,453
483,361
504,926
Real estate taxes
63,607
59,008
192,550
187,697
Repairs and maintenance
19,034
17,632
55,452
58,322
Advertising and promotion
19,188
17,153
58,702
52,718
Other
63,696
48,866
180,213
146,595
Total operating expenses
490,491
465,114
1,445,642
1,395,472
OPERATING INCOME BEFORE OTHER ITEMS
381,918
317,325
1,123,816
1,005,042
Interest expense
(172,523)
(147,539)
(508,230)
(438,559)
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net
19,395
4,522
20,529
4,522
NET INCOME
$
228,790
$ 174,308
$
636,115
$ 571,005
Third-Party Investors’ Share of Net Income
$
124,272
$ 83,222
$
329,338
$ 280,919
Our Share of Net Income
104,518
91,086
306,777
290,086
Amortization of Excess Investment (A)
(14,933)
(14,928)
(44,781)
(45,153)
Our Share of Gain on Sale or Disposal of, or Recovery on, Assets and Interests in Unconsolidated Entities, net
(2,532)
(454)
(2,532)
Income from Unconsolidated Entities (B)
$
89,585
$ 73,626
$
261,542
$ 242,401
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.
 
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EARNINGS RELEASE
Simon Property Group, Inc.
Unaudited Joint Venture Combined Balance Sheets
(Dollars in thousands)
September 30,
2023
December 31,
2022
Assets:
Investment properties, at cost
$
19,085,972
$ 19,256,108
Less – accumulated depreciation
8,673,301
8,490,990
10,412,671
10,765,118
Cash and cash equivalents
1,413,812
1,445,353
Tenant receivables and accrued revenue, net
470,337
546,025
Right-of-use assets, net
123,149
143,526
Deferred costs and other assets
544,390
482,375
Total assets
$
12,964,359
$ 13,382,397
Liabilities and Partners’ Deficit:
Mortgages
$
14,324,171
$ 14,569,921
Accounts payable, accrued expenses, intangibles, and deferred revenue
990,731
961,984
Lease liabilities
113,047
133,096
Other liabilities
380,490
446,064
Total liabilities
15,808,439
16,111,065
Preferred units
67,450
67,450
Partners’ deficit
(2,911,530)
(2,796,118)
Total liabilities and partners’ deficit
$
12,964,359
$ 13,382,397
Our Share of:
Partners’ deficit
$
(1,277,109)
$ (1,232,086)
Add: Excess Investment (A)
1,184,743
1,219,117
Our net Investment in unconsolidated entities, at equity
$
(92,366)
$ (12,969)
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.
 
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EARNINGS RELEASE
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
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2023
2022
2023
2022
Consolidated Net Income (D)
$
680,762
$ 621,847
$
1,757,522
$ 1,679,637
Adjustments to Arrive at FFO:
Depreciation and amortization from consolidated properties
313,053
299,202
933,669
903,137
Our share of depreciation and amortization from unconsolidated entities, including Klépierre, TRG and other corporate investments
207,607
204,428
622,258
645,130
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)
Net loss (income) attributable to noncontrolling interest holders in properties
1,149
(3,616)
751
(2,498)
Noncontrolling interests portion of depreciation and amortization, gain on consolidation of properties, and loss (gain) on disposal
of properties
(6,045)
(4,396)
(16,255)
(13,640)
Preferred distributions and dividends
(1,313)
(1,313)
(3,939)
(3,939)
FFO of the Operating Partnership
$
1,200,754
$ 1,098,890
$
3,303,903
$ 3,206,948
Diluted net income per share to diluted FFO per share reconciliation:
Diluted net income per share
$
1.82
$ 1.65
$
4.68
$ 4.46
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
1.33
4.11
4.08
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
(0.05)
0.03
Diluted FFO per share
$
3.20
$ 2.93
$
8.82
$ 8.54
Details for per share calculations:
FFO of the Operating Partnership
$
1,200,754
$ 1,098,890
$
3,303,903
$ 3,206,948
Diluted FFO allocable to unitholders
(152,599)
(138,760)
(418,135)
(404,008)
Diluted FFO allocable to common stockholders
$
1,048,155
$ 960,130
$
2,885,768
$ 2,802,940
Basic and Diluted weighted average shares outstanding
327,159
327,286
327,101
328,107
Weighted average limited partnership units outstanding
47,658
47,304
47,396
47,293
Basic and Diluted weighted average shares and units outstanding
374,817
374,590
374,497
375,400
Basic and Diluted FFO per Share
$
3.20
$ 2.93
$
8.82
$ 8.54
Percent Change
9.2%
3.3%
 
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EARNINGS RELEASE
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 and 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  $3.2 million and $9.6 million for the three months ended September 30, 2023 and 2022, respectively, and $7.8 million and $15.6 million for the nine months ended September 30, 2023 and 2022, respectively.
 – 
Straight-line adjustments increased (decreased) income by $1.4 million and ($6.8) million for the three months ended September 30, 2023 and 2022, respectively, and ($10.4) million and ($22.9) million for the nine months ended September 30, 2023 and 2022, respectively.
 – 
Amortization of fair market value of leases increased (decreased) income by $0.0 million and $0.0 million for the three months ended September 30, 2023 and 2022, respectively, and $0.2 million and ($0.3) million for the nine months ended September 30, 2023 and 2022, respectively.
 
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OVERVIEW
THE COMPANY
Simon Property Group, Inc. (NYSE:SPG) is a self-administered and self-managed real estate investment trust (“REIT”). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc., the Operating Partnership, and its subsidiaries. We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets®, The Mills®, and International Properties. At September 30, 2023, we owned or had an interest in 230 properties comprising 183 million square feet in North America, Asia and Europe. We also owned an 84% interest in The Taubman Realty Group, or TRG, which owns 24 regional, super-regional, and outlet malls in the U.S. and Asia. Additionally, at September 30, 2023, we had a 22.4% ownership interest in Klépierre, a publicly traded, Paris-based real estate company, which owns shopping centers in 14 European countries.
This package was prepared to provide operational and balance sheet information as of September 30, 2023 for the Company and the Operating Partnership.
Certain statements made in this Supplemental Package may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained, and it is possible that our 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 potential loss of anchor stores or major tenants; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; 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; the increased focus on ESG metrics and reporting; 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. We discuss these and other risks and uncertainties under the heading “Risk Factors” in our annual and quarterly periodic reports filed with the SEC. We may update that discussion in subsequent other periodic reports, but, except as required by law, we undertake no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.
Any questions, comments or suggestions regarding this Supplemental Information should be directed to Tom Ward, Senior Vice President of Investor Relations (tom.ward@simon.com or 317.685.7330).
 
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OVERVIEW
STOCK INFORMATION
The Company’s common stock and one series of preferred stock are traded on the New York Stock Exchange under the following symbols:
Common Stock SPG
8.375% Series J Cumulative
Redeemable Preferred
   
SPGPrJ
CREDIT RATINGS
Standard & Poor’s
Corporate A- (Stable Outlook)
Senior Unsecured A- (Stable Outlook)
Commercial Paper A2 (Stable Outlook)
Preferred Stock BBB (Stable Outlook)
Moody’s
Senior Unsecured A3 (Stable Outlook)
Commercial Paper P2 (Stable Outlook)
Preferred Stock Baa1 (Stable Outlook)
SENIOR UNSECURED DEBT COVENANTS (1)
Required
Actual
Compliance
Total Debt to Total Assets (1)
≤65%
42%
Yes
Total Secured Debt to Total Assets (1)
≤50%
18%
Yes
Fixed Charge Coverage Ratio
>1.5X
4.5X
Yes
Total Unencumbered Assets to Unsecured Debt
≥125%
264%
Yes
(1)
Covenants for indentures dated June 7, 2005 and later. Total Assets are calculated in accordance with the indenture and essentially represent net operating income (NOI) divided by a 7.0% capitalization rate plus the value of other assets at cost.
 
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SELECTED FINANCIAL AND EQUITY INFORMATION
(In thousands, except as noted)
THREE MONTHS ENDED
SEPTEMBER 30,
NINE MONTHS ENDED
SEPTEMBER 30,
2023
2022
2023
2022
Financial Highlights
Total Revenue – Consolidated Properties $ 1,410,948 $ 1,315,786 $ 4,131,398 $ 3,891,550
Consolidated Net Income $ 680,762 $ 621,847 $ 1,757,522 $ 1,679,637
Net Income Attributable to Common Stockholders $ 594,139 $ 539,038 $ 1,532,309 $ 1,462,412
Basic and Diluted Earnings per Common Share (EPS) $ 1.82 $ 1.65 $ 4.68 $ 4.46
Funds from Operations (FFO) of the Operating Partnership $ 1,200,754 $ 1,098,890 $ 3,303,903 $ 3,206,948
Components of Basic and Diluted FFO per Share (FFOPS)
Real Estate
$ 2.91 $ 2.83 $ 8.55 $ 8.40
Gains on disposal, exchange or revalution of equity interests, net of tax
0.32 0.39
Other Platform Investments
(0.01) 0.14 (0.17) 0.31
Unrealized (losses) gains in fair value of publicly traded equity instruments, net
(0.02) (0.04) 0.05 (0.17)
Basic and Diluted FFOPS $ 3.20 $ 2.93 $ 8.82 $ 8.54
Dividends/Distributions per Share/Unit $ 1.90 $ 1.75 $ 5.55 $ 5.10
AS OF
SEPTEMBER 30,
2023
AS OF
DECEMBER 31,
2022
Stockholders’ Equity Information
Limited Partners’ Units Outstanding at end of period 48,933 47,303
Common Shares Outstanding at end of period 326,247 326,954
Total Common Shares and Limited Partnership Units Outstanding at end of period 375,180 374,257
Weighted Average Limited Partnership Units Outstanding 47,396 47,295
Weighted Average Common Shares Outstanding:
Basic and Diluted – for purposes of EPS and FFOPS
327,101 327,817
Equity Market Capitalization
Common Stock Price at end of period $ 108.03 $ 117.48
Common Equity Capitalization, including Limited Partnership Units $ 40,530,701 $ 43,967,683
Preferred Equity Capitalization, including Limited Partnership Preferred Units 70,238 73,681
Total Equity Market Capitalization $ 40,600,939 $ 44,041,364
 
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NET OPERATING INCOME (NOI) COMPOSITION(1)
For the Nine Months Ended September 30, 2023
[MISSING IMAGE: pc_netoper-pn.jpg]
(1)
Based on our beneficial interest of NOI.
(2)
Includes TRG U.S. assets.
(3)
Includes Klépierre, international Premium Outlets, international Designer Outlets and international TRG assets.
 
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Net Operating Income Overview (AT SHARE)
(In thousands)
FOR THE THREE MONTHS
ENDED SEPTEMBER 30,
% GROWTH
For the Nine Months
Ended September 30,
% GROWTH
2023
2022
2023
2022
Domestic Property NOI (1) $ 1,295,883 $ 1,243,338 4.2 % $ 3,852,439 $ 3,710,067 3.8 %
International Properties (2) 74,822 70,392 224,097 210,773
Portfolio NOI $ 1,370,705 $ 1,313,730 4.3 % $ 4,076,536 $ 3,920,840 4.0 %
NOI from Other Platform Investments (3) 46,045 87,537 41,646 229,960
NOI from Investments (4) 62,983 66,735 170,066 171,716
Corporate and Other NOI Sources (5) 69,621 31,040 194,508 132,161
Beneficial interest of Combined NOI $ 1,549,354 $ 1,499,042 3.4 % $ 4,482,756 $ 4,454,677 0.6 %
(1)
All properties in North America (including TRG’s 20 in the U.S., 4 in Canada and 2 in Mexico).
(2)
International properties outside of North America at constant currency (including TRG’s 4 international properties).
(3)
Includes investments in retail operations (J.C. Penney and SPARC Group); intellectual property and licensing venture (Authentic Brands Group, LLC, or ABG); an e-commerce company (Rue Gilt Groupe, or RGG); and a global real estate investment and management company (Jamestown).
(4)
NOI of Klépierre at constant currency and HBS.
(5)
Includes income components excluded from Domestic Property NOI and Portfolio NOI including domestic lease termination income, interest income, land sale gains, straight line lease income, above/below market lease adjustments, Simon management company revenues, foreign exchange impact, and other assets.
 
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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(In thousands, except as noted)
RECONCILIATION OF NET INCOME TO NOI
THREE MONTHS ENDED
SEPTEMBER 30,
NINE MONTHS ENDED
SEPTEMBER 30,
2023
2022
2023
2022
Reconciliation of NOI of consolidated entities:
Consolidated Net Income
$
680,762
$ 621,847
$
1,757,522
$ 1,679,637
Income and other tax expense
43,218
8,256
40,252
31,168
Gain on disposal, exchange, or revaluation of equity interests, net
(158,192)
(194,629)
Interest expense
212,210
187,878
629,725
560,353
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)
Operating Income Before Other Items
694,234
652,196
2,014,883
1,899,348
Depreciation and amortization
315,259
301,754
941,851
910,190
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 expenses
1,018
13,413
NOI of consolidated entities
$
1,066,242
$ 1,006,463
$
3,139,474
$ 2,991,352
Less: Noncontrolling interest partners share of NOI
(7,918)
(9,484)
(22,562)
(21,062)
Beneficial NOI of consolidated entities
$
1,058,324
$ 996,979
$
3,116,912
$ 2,970,290
Reconciliation of NOI of unconsolidated entities:
Net Income
$
228,790
$ 174,308
$
636,115
$ 571,005
Interest expense
172,523
147,539
508,230
438,559
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net
(19,395)
(4,522)
(20,529)
(4,522)
Operating Income Before Other Items
381,918
317,325
1,123,816
1,005,042
Depreciation and amortization
159,560
169,453
483,361
504,926
NOI of unconsolidated entities
$
541,478
$ 486,778
$
1,607,177
$ 1,509,968
Less: Joint Venture partners share of NOI
(282,640)
(255,856)
(839,316)
(788,737)
Beneficial NOI of unconsolidated entities
$
258,838
$ 230,922
$
767,861
$ 721,231
Add: Beneficial interest of NOI from TRG
123,164
121,503
359,178
347,199
Add: Beneficial interest of NOI from Other Platform Investments and Investments (1)
109,028
149,638
238,805
415,957
Beneficial interest of Combined NOI
$
1,549,354
$ 1,499,042
$
4,482,756
$ 4,454,677
(1)
See footnotes 3 and 4 on prior page.
 
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Reconciliations of Non-GAAP FInancial Measures
(In thousands, except as noted)
RECONCILIATION OF FFO OF THE OPERATING PARTNERSHIP TO FUNDS AVAILABLE FOR DISTRIBUTION (OUR SHARE)
THREE
MONTHS ENDED
SEPTEMBER 30, 2023
NINE
MONTHS ENDED
SEPTEMBER 30, 2023
FFO of the Operating Partnership
$ 1,200,754 $ 3,303,903
Non-cash impacts to FFO (1) (95,048) (101,322)
FFO of the Operating Partnership excluding non-cash impacts
1,105,706 3,202,581
Tenant allowances (72,005) (208,044)
Operational capital expenditures (46,025) (99,209)
Funds available for distribution $ 987,676 $ 2,895,328
(1)
Non-cash impacts to FFO of the Operating Partnership include:
THREE
MONTHS ENDED
SEPTEMBER 30, 2023
NINE
MONTHS ENDED
SEPTEMBER 30, 2023
Deductions:
Fair value of debt amortization
(254) (806)
Gain on disposal, exchange or revaluation of equity interests, net of tax
(118,138) (145,466)
Fair market value of lease amortization
(42) (198)
Additions:
Straight-line lease (income) loss
(1,417) 10,428
Stock based compensation expense
9,876 29,071
Unrealized losses (gains) in fair value of publicly traded equity instruments, net
6,175 (20,049)
Mortgage, financing fee and terminated swap amortization expense
8,752 25,698
$ (95,048) $ (101,322)
This report contains measures of financial or operating performance that are not specifically defined by generally accepted accounting principles (GAAP) in the United States, including FFO, FFO per share, funds available for distribution, net operating income (NOI), domestic portfolio NOI and portfolio NOI. FFO and NOI are performance measures that are standard in the REIT business. We believe FFO and NOI provide investors with additional information concerning our operating performance and a basis to compare our performance with the performance 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.
The non-GAAP financial measures used in this report should not be considered as alternatives to net income as a measure of our operating performance or to cash flows computed in accordance with GAAP as a measure of liquidity nor are they indicative of cash flows from operating and financial activities. Reconciliations of other non-GAAP measures used in this report to the most-directly comparable GAAP measure are included in the tables on Reconciliations of Non-GAAP Financial Measures and in the Earnings Release for the latest period.
 
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Lease Income, Other Income, Other Expense, Income From
unconsolidated Entities, and Capitalized Interest
(In thousands)
THREE MONTHS ENDED
SEPTEMBER 30,
NINE MONTHS ENDED
SEPTEMBER 30,
Consolidated Properties
2023
2022
2023
2022
Lease Income
Fixed lease income (1) $ 1,041,999 $ 952,615 $ 3,078,043 $ 2,874,484
Variable lease income (2) 256,738 262,855 723,837 743,551
Total Lease Income $ 1,298,737 $ 1,215,470 $ 3,801,880 $ 3,618,035
Other Income
Interest, dividend and distribution income (3) $ 15,126 $ 6,727 $ 48,111 $ 11,754
Lease settlement income 981 1,480 9,074 28,356
Gains on land sales 3,215 10,792 5,862 16,046
Mixed-use and franchise operations income 25,701 13,299 68,696 29,849
Other (4) 37,133 39,364 105,264 102,459
Total Other Income $ 82,156 $ 71,662 $ 237,007 $ 188,464
Other Expense
Ground leases $ 11,357 $ 11,541 $ 35,133 $ 35,103
Mixed-use and franchise operations expense 23,334 12,796 66,903 26,483
Professional fees and other 6,549 6,473 30,333 45,063
Total Other Expense $ 41,240 $ 30,810 $ 132,369 $ 106,649
Income from Unconsolidated Entities
Share of Joint Ventures (5) $ 89,585 $ 73,626 $ 261,541 $ 242,401
Share of Klépierre net income, net of amortization of excess investment 22,122 27,573 52,745 55,329
Share of Other Platform Investments net income (loss), net of amortization of excess investment, pre-tax
11,194 77,840 (39,314) 181,187
Share of TRG net loss including amortization of excess investment (27,421) (15,953) (67,137) (44,574)
Total Income from Unconsolidated Entities $ 95,480 $ 163,086 $ 207,835 $ 434,343
Capitalized Interest
Our Share of Consolidated Properties $ 14,222 $ 13,544 $ 32,859 $ 28,219
Our Share of Joint Venture Properties $ 382 $ 99 $ 818 $ 281
(1)
Fixed lease income under our operating leases includes fixed minimum lease consideration and fixed CAM reimbursements recorded on a straight-line basis.
(2)
Variable lease income primarily includes consideration based on sales, as well as reimbursements for real estate taxes, utilities, and marketing.
(3)
Includes distributions from other international investments and preferred unit distributions from TRG.
(4)
Includes ancillary property revenues, marketing, media, parking and sponsorship revenues, gains on sale of non-retail real estate investments, non-real estate investments, insurance proceeds from business interruption and other miscellaneous income items.
(5)
Includes U.S. joint venture operations and international outlet joint ventures.
 
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OPERATING INFORMATION
AS OF SEPTEMBER 30,
2023
2022
U.S. Malls and Premium Outlets
Total Number of Properties
162
163
Total Square Footage of Properties (in millions)
136.6
137.3
Ending Occupancy (1):
Consolidated Assets
95.2% 94.5%
Unconsolidated Assets
95.2% 94.5%
Total Portfolio
95.2%
94.5%
Base Minimum Rent PSF (2):
Consolidated Assets
$ 55.17 $ 53.58
Unconsolidated Assets
$ 59.86 $ 58.12
Total Portfolio
$
56.41
$ 54.80
U.S. TRG
Total Number of Properties
20
20
Total Square Footage of Properties (in millions)
20.4
20.4
Ending Occupancy (1)
93.4%
94.5%
Base Minimum Rent PSF (2)
$
61.83
$ 61.11
AS OF SEPTEMBER 30,
2023
2022
The Mills
Total Number of Properties
14
14
Total Square Footage of Properties (in millions)
21.3
21.3
Ending Occupancy (3)
97.4%
97.8%
Base Minimum Rent PSF (2)
$
35.94
$ 34.69
International Properties (4)
Premium Outlets
Total Number of Properties
23
22
Total Square Footage of Properties (in millions)
8.7
8.4
Designer Outlets
Total Number of Properties
12
11
Total Square Footage of Properties (in millions)
3.0
2.8
TRG
Total Number of Properties
4
4
Total Square Footage of Properties (in millions)
4.7
4.7
(1)
Ending Occupancy is the percentage of total owned square footage (GLA) which is leased as of the last day of the reporting period. We include all company owned space except for mall anchors, mall majors, mall freestanding and mall outlots in the calculation.
(2)
Base Minimum Rent PSF is the average base minimum rent charge in effect for the reporting period for all tenants that would qualify to be included in Ending Occupancy as defined above.
(3)
See footnote 1 for definition, except Ending Occupancy is calculated on all company owned space.
(4)
Includes all international properties.
 
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U.S. MALLS AND PREMIUM OUTLETS LEASE EXPIRATIONS (1)(2)
Year
Number of
Leases
Expiring
Square Feet
Avg. Base
Minimum
Rent PSF
at Expiration (3)
Percentage of
Gross Annual
Rental
Revenues (4)
Inline Stores and Freestanding
Month to Month Leases 1,409 5,150,545 $ 59.47 5.7 %
2023 (10/1/23 – 12/31/23) 389 970,755 $ 69.39 1.3 %
2024 3,200 12,052,855 $ 54.64 12.4 %
2025 2,517 9,453,417 $ 61.23 10.8 %
2026 2,075 8,647,664 $ 59.63 8.4 %
2027 1,629 6,565,050 $ 65.59 8.0 %
2028 1,284 5,909,819 $ 68.21 7.4 %
2029 915 4,051,329 $ 73.44 5.3 %
2030 567 2,693,419 $ 82.54 4.0 %
2031 330 1,793,586 $ 72.76 2.3 %
2032 453 1,671,605 $ 93.15 2.9 %
2033 391 1,531,384 $ 84.24 2.4 %
2034 and Thereafter 604 2,649,815 $ 57.48 2.9 %
Specialty Leasing Agreements w/ terms in excess of 12 months 2,354 6,168,484 $ 16.62 1.9 %
Anchors
Month to Month Leases 2 263,650 $ 2.52 0.0 %
2023 (10/1/23 – 12/31/23)
2024 7 842,303 $ 5.63 0.1 %
2025 17 1,641,383 $ 6.49 0.2 %
2026 17 1,765,292 $ 5.52 0.2 %
2027 13 1,765,268 $ 5.32 0.2 %
2028 16 1,986,210 $ 5.73 0.2 %
2029 12 1,021,244 $ 8.10 0.2 %
2030 9 865,476 $ 11.00 0.1 %
2031 5 427,004 $ 14.53 0.0 %
2032 4 282,245 $ 25.21 0.1 %
2033 6 984,879 $ 7.56 0.1 %
2034 and Thereafter 30 2,664,800 $ 17.18 0.7 %
(1)
Does not include TRG portfolio lease expirations.
(2)
Does not consider the impact of renewal options that may be contained in leases.
(3)
Average Base Minimum Rent psf reflects base minimum rent in the respective year of expiration.
(4)
Annual rental revenues represent 2022 consolidated and joint venture combined base rental revenue.
 
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U.S. MALLS AND PREMIUM OUTLETS TOP TENANTS(1)
Top Inline Store Tenants (sorted by percentage of total base minimum rent for U.S. properties)
Tenant
Number
of
Stores
Square
Feet
(000’s)
Percent of
Total Sq. Ft. in
U.S. Properties
Percent of Total
Base Minimum Rent
for U.S. Properties
The Gap 284 3,051 1.8 % 2.9 %
Tapestry 222 941 0.5 % 1.6 %
Signet Jewelers 349 495 0.3 % 1.6 %
Victoria’s Secret & Co. 138 1,164 0.7 % 1.6 %
Capri Holdings 139 549 0.3 % 1.4 %
American Eagle Outfitters 218 1,375 0.8 % 1.4 %
PVH Corporation 147 1,106 0.6 % 1.4 %
VF Corporation 203 877 0.5 % 1.3 %
Luxottica Group 352 637 0.4 % 1.2 %
LVMH Fashion 108 405 0.2 % 1.2 %
Top Anchors (sorted by percentage of total square footage in U.S. properties) (2)
Tenant
Number
of
Stores
Square
Feet
(000’s)
Percent of
Total Sq. Ft. in
U.S. Properties
Percent of Total
Base Minimum Rent
for U.S. Properties
Macy’s 97 18,845 11.0 % 0.3 %
J.C. Penney 53 8,668 5.0 % 0.3 %
Dillard’s 35 6,377 3.7 % *
Nordstrom 24 4,103 2.4 % 0.1 %
Dick’s Sporting Goods 35 2,651 1.5 % 0.6 %
Neiman Marcus 12 1,458 0.8 % 0.1 %
Belk 7 1,194 0.7 % *
Target 7 968 0.6 % 0.1 %
Hudson’s Bay 8 943 0.5 % 0.1 %
Von Maur 7 892 0.5 % *
(1)
Does not include TRG portfolio top tenants.
(2)
Includes space leased and owned by anchors in U.S. Malls; does not include Bloomingdale’s The Outlet Store, Neiman Marcus Last Call, Nordstrom Rack, and Saks Fifth Avenue Off 5th.
*
Less than one-tenth of one percent.
 
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CAPITAL EXPENDITURES(1)
(In thousands)
UNCONSOLIDATED
PROPERTIES
CONSOLIDATED
PROPERTIES
TOTAL
OUR
SHARE
New development projects $ 138,038 $ 23,364 $ 7,101
Redevelopment projects with incremental square footage and/or anchor replacement 290,851 101,892 50,424
Redevelopment projects with no incremental square footage 20,013 35,608 18,056
Subtotal new development and redevelopment projects
448,902 160,864 75,581
Tenant allowances 169,900 78,348 38,144
Operational capital expenditures (CAM and non-CAM) 71,297 61,316 27,912
Totals $ 690,099 $ 300,528 $ 141,637
Conversion from accrual to cash basis (75,105) 4,034 1,901
Capital Expenditures for the Nine Months Ended 9/30/23 (2) $ 614,994 $ 304,562 $ 143,538
Capital Expenditures for the Nine Months Ended 9/30/22 (2)
$
465,387
$
257,449
$
116,453
(1)
Does not include TRG portfolio capital expenditures.
(2)
Agrees with the line item “Capital expenditures” on the Combined Statements of Cash Flows for the consolidated properties. No statement of cash flows is prepared for the joint venture properties; however, the above reconciliation was completed in the same manner as the reconciliation for the consolidated properties.
 
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DEVELOPMENT ACTIVITY SUMMARY(1)
As of September 30, 2023
(in thousands, except percent)
   
PLATFORM
   PROJECT TYPE
OUR SHARE
OF NET
INVESTMENT
EXPECTED
STABILIZED
RATE OF
RETURN
Actual 2023
Investment
thru Q3 2023
Forecasted
Investment
Q4 2023
Forecasted
Investment
FY 2023
Forecasted
Investment
FY 2024
Forecasted
Total Investment
2023 - 2024
Malls
Redevelopments
$ 859,736 7 % $ 122,291 $ 98,018 $ 220,309 $ 222,743 $ 443,052
Premium Outlets
New Developments
$ 331,928 8 % $ 74,470 $ 32,643 $ 107,113 $ 108,340 $ 215,453
Redevelopments
$ 95,794 10 % $ 17,897 $ 13,020 $ 30,917 $ 42,326 $ 73,243
The Mills
Redevelopments
$ 27,891 14 % $ 13,911 $ 6,975 $ 20,886 $ 2,074 $ 22,960
Total Investment (1) $ 1,315,349 7 % $ 228,569 $ 150,656 $ 379,225 $ 375,483 $ 754,708
Less funding from: Construction Loans, International JV Cash on hand, etc.
$ (312,261) $ (77,622) $ (26,201) $ (103,823) $ (116,044) $ (219,867)
Total Net Cash Investment $ 1,003,088 $ 150,947 $ 124,455 $ 275,402 $ 259,439 $ 534,841
Notes:
(1)
Does not include TRG
 
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COMMON AND PREFERRED STOCK INFORMATION
CHANGES IN COMMON SHARE AND LIMITED PARTNERSHIP UNIT OWNERSHIP
For the Period December 31, 2022 through September 30, 2023
COMMON
SHARES (1)
LIMITED
PARTNERSHIP
UNITS (2)
Number Outstanding at December 31, 2022 326,953,791 47,302,958
Activity During the First Six Months of 2023
Redemption of Limited Partnership Units for Cash (94,072)
Restricted Stock/Restricted Stock Unit Awards and Long-Term Incentive Performance (LTIP) Units Earned (3) 295,907
Treasury Shares Acquired Related to Stock Grant Recipients’ Tax Obligations and Other (50,658)
Number Outstanding at June 30, 2023 327,199,040 47,208,886
Third Quarter Activity
Redemption of Limited Partnership Units for Cash (1,250)
Issuance of Limited Partnership Units 1,725,000
Repurchase of Simon Property Group Common Stock in open market (6) (951,627)
Number Outstanding at September 30, 2023 326,247,413 48,932,636
Number of Limited Partnership Units and Common Shares at September 30, 2023 375,180,049
PREFERRED STOCK/UNITS OUTSTANDING AS OF SEPTEMBER 30, 2023
($ in 000's, except per share amounts)
ISSUER
DESCRIPTION
NUMBER OF
SHARES/UNITS
PER SHARE
LIQUIDATION
PREFERENCE
AGGREGATE
LIQUIDATION
PREFERENCE
TICKER
SYMBOL
Preferred Stock:
Simon Property Group, Inc.
Series J 8.375% Cumulative Redeemable (4)
796,948 $ 50.00 $ 39,847
SPGPrJ
Preferred Units:
Simon Property Group, L.P. 7.50% Cumulative Redeemable (5) 255,373 $ 100.00 $ 25,537
N/A
(1)
Excludes Limited Partnership preferred units relating to preferred stock outstanding.
(2)
Excludes units owned by the Company (shown here as Common Shares) and Limited Partnership Units not exchangeable for common shares.
(3)
Represents restricted stock/restricted stock unit awards and earned LTIP units issued pursuant to the Operating Partnership’s 2019 Stock Incentive Plan, net of forfeitures.
(4)
Each share is redeemable on or after October 15, 2027. The shares are traded on the New York Stock Exchange. The closing price on September 30, 2023 was $56.09 per share.
(5)
Each preferred unit is redeemable upon the occurrence of certain tax triggering events.
(6)
During the nine months ended September 30, 2023, Simon acquired 1,267,995 shares, of which 951,627 shares were settled on or before September 30, 2023.
 
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CREDIT PROFILE(1)
[MISSING IMAGE: bc_creditprofile-pn.jpg]
(1)
As of year end, unless otherwise indicated.
(2)
Non-recourse mortgage net debt includes our pro-rata share of consolidated non-recourse mortgage debt and our pro-rata share of joint venture non-recourse mortgage debt.
(3)
Includes TRG secured, corporate and other debt.
 
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SUMMARY OF INDEBTEDNESS(1)
As of September 30, 2023
(In thousands)
TOTAL
INDEBTEDNESS
OUR
SHARE OF
INDEBTEDNESS
WEIGHTED
AVERAGE
END OF PERIOD
INTEREST RATE
WEIGHTED
AVERAGE
YEARS TO
MATURITY
Consolidated Indebtedness
Mortgage Debt
Fixed Rate
$ 4,664,196 $ 4,504,415 3.83 % 3.3
Floating Rate Debt (Swapped to Fixed)
135,353 121,818 4.25 % 3.5
Floating Rate Debt (Hedged) (2)
171,929 142,831 4.84 % 1.0
Variable Rate Debt
129,573 117,023 7.37 % 2.6
Total Mortgage Debt
5,101,051 4,886,087 3.95 % 3.2
Unsecured Debt
Fixed Rate
18,821,800 18,821,800 3.19 % 9.4
Revolving Credit
Facility – USD Currency
305,000 305,000 6.14 % 4.8
Supplemental Credit
Facility – EUR Currency
793,080 793,080 3.81 % 3.3
Total Revolving Credit Facilities
1,098,080 1,098,080 4.45 % 3.7
Total Unsecured Debt
19,919,880 19,919,880 3.26 % 9.0
Premium
15,466 15,466
Discount
(58,667) (58,667)
Debt Issuance Costs
(123,025) (122,034)
Other Debt Obligations
62,055 62,055
Consolidated Mortgages and
Unsecured Indebtedness (2)
$ 24,916,760 $ 24,702,787 3.40 % 7.9
Joint Venture Indebtedness
Mortgage Debt
Fixed Rate
$ 11,431,429 $ 5,437,419 4.13 % 3.4
Floating Rate Debt (Swapped to Fixed)
749,065 327,207 4.81 % 4.0
Floating Rate Debt (Hedged) (2)
1,082,800 507,276 6.60 % 3.0
Variable Rate Debt
761,035 320,064 6.27 % 2.3
TMLP Debt (3)
332,001 137,193
Total Mortgage Debt
14,356,330 6,729,159 4.46 % 3.3
Debt Issuance Costs
(32,159) (15,142)
Joint Venture Mortgages and
Other Indebtedness (2)
$ 14,324,171 $ 6,714,017 4.46 % 3.3
Our Share of Total Indebtedness
$ 31,416,804 3.61 % 6.9
TOTAL
INDEBTEDNESS
OUR
SHARE OF
INDEBTEDNESS
WEIGHTED
AVERAGE
END OF PERIOD
INTEREST RATE
WEIGHTED
AVERAGE
YEARS TO
MATURITY
Summary of Our Share of Fixed
and Variable Rate Debt
Consolidated
Fixed
97.9 % $ 24,172,623 3.34 % 8.0
Variable
2.1 % 530,164 6.06 % 3.6
100.0 % 24,702,787 3.40 % 7.9
Joint Venture
Fixed
87.8 % $ 5,892,098 4.17 % 3.4
Variable
12.2 % 821,919 6.47 % 2.7
100.0 % 6,714,017 4.46 % 3.3
Total Debt
$ 31,416,804
Total Fixed Debt
95.7 % $ 30,064,721 3.51 % 7.1
Total Variable Debt
4.3 % $ 1,352,083 6.30 % 3.1
Total Variable Debt Inclusive of In-the Money-Caps
2.2 %
(1)
Does not include TRG secured and corporate debt.
(2)
Amounts give effect to outstanding derivative instruments as footnoted in the Property and Debt Information.
(3)
See footnote 10 on the Property and Debt Information.
 
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TOTAL DEBT AMORTIZATION AND MATURITIES BY YEAR (OUR SHARE)(1)
As of September 30, 2023
(In thousands)
UNSECURED CONSOLIDATED DEBT
SECURED CONSOLIDATED DEBT
UNCONSOLIDATED JOINT VENTURE DEBT
TOTAL
Year
OUR SHARE
OF DEBT
WEIGHTED
AVERAGE
RATE
OUR SHARE
OF DEBT
WEIGHTED
AVERAGE
RATE
OUR SHARE
OF DEBT
WEIGHTED
AVERAGE
RATE
OUR SHARE
OF DEBT
WEIGHTED
AVERAGE
RATE
2023 $ $ 117,338 3.85 % $ 117,779 5.00 % $ 235,117 4.42 %
2024 2,500,000 2.92 % 322,426 4.45 % 1,317,657 4.24 % 4,140,083 3.50 %
2025 1,628,720 2.77 % 1,188,704 3.65 % 1,180,351 4.11 % 3,997,775 3.41 %
2026 1,550,000 3.28 % 2,035,668 3.99 % 1,282,560 4.53 % 4,868,228 3.90 %
2027 2,843,080 3.11 % 379,381 4.48 % 1,116,781 4.64 % 4,339,242 3.63 %
2028 1,105,000 2.96 % 48,808 3.85 % 803,892 4.34 % 1,957,700 3.55 %
2029 1,250,000 2.45 % 445,170 3.15 % 19,962 0.37 % 1,715,132 2.61 %
2030 750,000 2.65 % 232,240 3.12 % 982,240 2.91 %
2031 700,000 2.20 % 226,824 3.21 % 49,359 5.35 % 976,183 2.57 %
2032 1,400,000 2.45 % 370,287 5.25 % 1,770,287 3.07 %
2033 1,443,080 3.10 % 121,768 6.46 % 226,677 6.05 % 1,791,525 3.74 %
Thereafter 4,750,000 4.51 % 11,614 4.46 % 4,761,614 4.51 %
Face Amounts of Indebtedness $ 19,919,880 3.26 % $ 4,886,087 3.95 % $ 6,729,159 4.46 % $ 31,535,126 3.61 %
Premiums (Discounts) on Indebtedness, Net (45,292) 2,091 (43,201)
Debt Issuance Costs (107,771) (14,263) (15,142) (137,176)
Other Debt Obligations 62,055 62,055
Our Share of Total Indebtedness $ 19,766,817 $ 4,935,970 $ 6,714,017 $ 31,416,804
(1)
Does not include TRG.
 
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Unsecured Debt Information
As of September 30, 2023
DEBT INFORMATION
MATURITY
DATE
INTEREST
RATE (1)
TYPE
INDEBTEDNESS
TOTAL
($ IN 000’S)
Unsecured Indebtedness:
Simon Property Group, LP (Sr. Notes) 2/1/2024 3.75 % Fixed 600,000
Simon Property Group, LP (Sr. Notes) 9/13/2024 2.00 % Fixed 1,000,000
Simon Property Group, LP (Sr. Notes) 10/1/2024 3.38 % Fixed 900,000
Simon Property Group, LP (Euro Sr. Notes) 5/13/2025 1.25 % Fixed 528,720(3)
Simon Property Group, LP (Sr. Notes) 9/1/2025 3.50 % Fixed 1,100,000
Simon Property Group, LP (Sr. Notes) 1/15/2026 3.30 % Fixed 800,000
Simon Property Group, LP (Sr. Notes) 11/30/2026 3.25 % Fixed 750,000
Simon Property Group, LP (Sr. Notes) 1/15/2027 1.38 % Fixed 550,000
Supplemental Credit Facility – Euro Currency 1/31/2027
(4)(6)
3.81 % Fixed 793,080(2)
Simon Property Group, LP (Sr. Notes) 6/15/2027 3.38 % Fixed 750,000
Simon Property Group, LP (Sr. Notes) 12/1/2027 3.38 % Fixed 750,000
Simon Property Group, LP (Sr. Notes) 2/1/2028 1.75 % Fixed 800,000
Revolving Credit Facility – USD Currency 6/30/2028
(4)
6.14 %
Variable
305,000
Simon Property Group, LP (Sr. Notes) 9/13/2029 2.45 % Fixed 1,250,000
Simon Property Group, LP (Sr. Notes) 7/15/2030 2.65 % Fixed 750,000
Simon Property Group, LP (Sr. Notes) 2/1/2031 2.20 % Fixed 700,000
Simon Property Group, LP (Sr. Notes) 1/15/2032 2.25 % Fixed 700,000
Simon Property Group, LP (Sr. Notes) 2/1/2032 2.65 % Fixed 700,000
Simon Property Group, LP (Sr. Notes) 3/8/2033 5.50 % Fixed 650,000
Simon Property Group, LP (Euro Sr. Notes) 3/19/2033 1.13 % Fixed 793,080(2)
Simon Property Group, LP (Sr. Notes) 2/1/2040 6.75 % Fixed 600,000
Simon Property Group, LP (Sr. Notes) 3/15/2042 4.75 % Fixed 550,000
Simon Property Group, LP (Sr. Notes) 10/1/2044 4.25 % Fixed 400,000
Simon Property Group, LP (Sr. Notes) 11/30/2046 4.25 % Fixed 550,000
Simon Property Group, LP (Sr. Notes) 9/13/2049 3.25 % Fixed 1,250,000
Simon Property Group, LP (Sr. Notes) 7/15/2050 3.80 % Fixed 750,000
Simon Property Group, LP (Sr. Notes) 3/8/2053 5.85 % Fixed 650,000
Total Unsecured Indebtedness at Face Value $ 19,919,880(5)
(1)
Variable rate debt interest rates are based on the following base rates as of September 30, 2023: 1M LIBOR at 5.4335%; Overnight SOFR 5.31%; CME Term SOFR 5.3190%; 30 Day Average SOFR 5.3166%; 1M EURIBOR at 3.847%; 3M EURIBOR at 3.952%; 6M EURIBOR at 4.125%; 3M GBP LIBOR at 5.4091%; 1M YEN TIBOR at 0.0564%; 6M YEN TIBOR at 0.149%; 1M CDOR at 5.385%; Overnight SONIA 5.1867% and Cost of Funds Rate at 2.82%.
(2)
Amount shown in USD equivalent; EUR equivalent is 750.0 million.
(3)
Amount shown in USD equivalent; EUR equivalent is 500.0 million.
(4)
Includes applicable extensions available at our option.
(5)
Also represents our share of Total Unsecured Indebtedness.
(6)
Through an interest rate swap agreement which matures on January 17, 2024, interest is essentially fixed at the all-in-rate presented.
 
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PROPERTY AND DEBT INFORMATION
As of September 30, 2023
DEBT INFORMATION
PROPERTY NAME
STATE
CITY (CBSA)
LEGAL
OWNERSHIP
TOTAL
SQUARE FEET
MATURITY
DATE
INTEREST
RATE(1)
TYPE
INDEBTEDNESS ($ in 000’s)
TOTAL
OUR SHARE
Malls
1. Apple Blossom Mall VA Winchester
49.1%
473,909
(2)
2. Auburn Mall MA Auburn
56.4%
498,585
(2)
3. Aventura Mall (3) FL Miami Beach (Miami)
33.3%
2,125,013
07/01/28
4.12%
Fixed
1,750,000
583,333
4. Barton Creek Square TX Austin
100.0%
1,450,713
(2)
5. Battlefield Mall MO Springfield
100.0%
1,202,894
(2)
6. Bay Park Square WI Green Bay
100.0%
690,367
(2)
7. Brea Mall CA Brea (Los Angeles)
100.0%
1,312,202
(2)
8. Briarwood Mall MI Ann Arbor
50.0%
978,544
09/01/26
3.29%
Fixed
165,000
82,500
9. Brickell City Centre (3) FL Miami
25.0%
477,715
(2)
10. Broadway Square TX Tyler
100.0%
612,733
(2)
11. Burlington Mall MA Burlington (Boston)
100.0%
1,257,404
(2)
12. Cape Cod Mall MA Hyannis
56.4%
712,316
07/30/26
(5)
7.62%
Variable
52,000
29,313
13. Castleton Square IN Indianapolis
100.0%
1,378,448
(2)
14. Cielo Vista Mall TX El Paso
100.0%
1,244,921
(2)
15. Coconut Point FL Estero
50.0%
1,124,274
10/01/26
3.95%
Fixed
172,607
86,304
16. College Mall IN Bloomington
100.0%
610,194
(2)
17. Columbia Center WA Kennewick
100.0%
763,262
(2)
18. Copley Place MA Boston
94.4%
(4)
1,258,499
(2)
19. Coral Square FL Coral Springs (Miami)
97.2%
944,930
(2)
20. Cordova Mall FL Pensacola
100.0%
932,823
(2)
21. Dadeland Mall FL Miami
50.0%
1,512,283
01/05/27
3.11%
Fixed
371,709
185,855
22. Del Amo Fashion Center CA Torrance (Los Angeles)
50.0%
2,505,510
06/01/27
3.66%
Fixed
585,000
292,500
23. Domain, The TX Austin
100.0%
1,235,866
07/01/31
3.09%
Fixed
210,000
210,000
24. Empire Mall SD Sioux Falls
100.0%
1,168,451
12/01/25
4.31%
Fixed
174,269
174,269
25. Falls, The FL Miami
50.0%
708,039
09/01/26
3.45%
Fixed
150,000
75,000
26.
Fashion Centre at Pentagon City, The
VA Arlington (Washington, DC)
42.5%
1,035,830
05/09/26
(5)(28)
6.94%
Variable
455,000
193,376
27. Fashion Mall at Keystone, The IN Indianapolis
100.0%
710,406
(2)
28. Fashion Valley CA San Diego
50.0%
1,728,955
06/01/33
5.73%
Fixed
450,000
225,000
29. Firewheel Town Center TX Garland (Dallas)
100.0%
996,102
(2)
30. Florida Mall, The FL Orlando
50.0%
1,726,424
02/09/27
(5)(28)
6.30%
Variable
600,000
300,000
31. Forum Shops at Caesars Palace, The NV Las Vegas
100.0%
673,408
(2)
32. Galleria, The TX Houston
50.4%
2,007,917
03/01/25
3.55%
Fixed
1,200,000
604,440
33. Greenwood Park Mall IN Greenwood (Indianapolis)
100.0%
1,285,587
(2)
34. Haywood Mall SC Greenville
100.0%
1,251,801
(2)
35. King of Prussia PA King of Prussia (Philadelphia)
100.0%
2,669,033
(2)
36. La Plaza Mall TX McAllen
100.0%
1,323,366
(2)
37. Lakeline Mall TX Cedar Park (Austin)
100.0%
1,098,830
(2)
38. Lehigh Valley Mall PA Whitehall
50.0%
1,197,642
11/01/27
4.06%
Fixed
178,231
89,116
39. Lenox Square GA Atlanta
100.0%
1,561,148
(2)
 
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PROPERTY AND DEBT INFORMATION
As of September 30, 2023
DEBT INFORMATION
PROPERTY NAME
STATE
CITY (CBSA)
LEGAL
OWNERSHIP
TOTAL
SQUARE FEET
MATURITY
DATE
INTEREST
RATE(1)
TYPE
INDEBTEDNESS ($ in 000’s)
TOTAL
OUR SHARE
40. Mall at Rockingham Park, The NH Salem (Boston)
28.2%
1,063,692
06/01/26
4.04%
Fixed
262,000
73,845
41. Mall of Georgia GA Buford (Atlanta)
100.0%
1,839,345
(2)
42. Mall of New Hampshire, The NH Manchester
56.4%
803,161
07/01/25
4.11%
Fixed
150,000
84,555
43. McCain Mall AR N. Little Rock
100.0%
789,303
(2)
44. Meadowood Mall NV Reno
50.0%
927,445
12/01/26
5.74%
Fixed
104,323
52,162
45. Menlo Park Mall NJ Edison (New York)
100.0%
1,304,991
(2)
46. Miami International Mall FL Miami
47.8%
1,080,615
02/06/24
4.42%
Fixed
160,000
76,442
47. Midland Park Mall TX Midland
100.0%
644,974
(2)
48. Miller Hill Mall MN Duluth
100.0%
833,418
(2)
49. North East Mall TX Hurst (Dallas)
100.0%
1,644,996
(2)
50. Northshore Mall MA Peabody (Boston)
56.4%
1,581,506
07/05/25
8.02%
Fixed
191,068
107,706
51. Ocean County Mall NJ Toms River (New York)
100.0%
889,661
(2)
52. Orland Square IL Orland Park (Chicago)
100.0%
1,230,405
(2)
53. Penn Square Mall OK Oklahoma City
94.5%
1,083,362
01/01/26
3.84%
Fixed
310,000
292,938
54. Pheasant Lane Mall NH Nashua
(6)
978,747
(2)
55. Phipps Plaza GA Atlanta
100.0%
942,082
(2)
56. Plaza Carolina PR Carolina (San Juan)
100.0%
1,156,417
(2)
57. Prien Lake Mall LA Lake Charles
100.0%
719,289
(2)
58. Quaker Bridge Mall NJ Lawrenceville
50.0%
1,080,938
05/01/26
4.20%
Fixed
180,000
90,000
59. Rockaway Townsquare NJ Rockaway (New York)
100.0%
1,243,804
(2)
60. Roosevelt Field NY Garden City (New York)
100.0%
2,337,783
(2)
61. Ross Park Mall PA Pittsburgh
100.0%
1,233,079
(2)
62. Santa Rosa Plaza CA Santa Rosa
100.0%
698,074
(2)
63. Shops at Chestnut Hill, The MA Chestnut Hill (Boston)
94.4%
470,062
08/31/33
6.66%
Fixed
95,000
89,718
64. Shops at Clearfork, The TX Fort Worth
45.0%
556,703
03/11/30
(25)
2.81%
Fixed
145,000
65,250
65. Shops at Crystals, The NV Las Vegas
50.0%
273,157
07/01/26
3.74%
Fixed
550,000
275,000
66. Shops at Mission Viejo, The CA Mission Viejo (Los Angeles)
51.0%
1,260,952
02/01/25
(5)
3.61%
Fixed
291,906
148,872
67. Shops at Nanuet, The NY Nanuet
100.0%
757,652
(2)
68. Shops at Riverside, The NJ Hackensack (New York)
100.0%
726,132
(2)
69. Smith Haven Mall NY Lake Grove (New York)
25.0%
(7)
1,249,209
03/31/24
8.42%
Variable
171,750
42,938
70. South Hills Village PA Pittsburgh
100.0%
1,124,045
(2)
71. South Shore Plaza MA Braintree (Boston)
100.0%
1,591,028
(2)
72. Southdale Center MN Edina (Minneapolis)
100.0%
1,140,315
(2)
73. SouthPark NC Charlotte
100.0%
1,685,365
(2)
74. Springfield Mall (3) PA Springfield (Philadelphia)
50.0%
610,116
10/06/25
4.45%
Fixed
55,675
27,838
75. St. Charles Towne Center MD Waldorf  (Washington, DC)
100.0%
980,164
(2)
76. St. Johns Town Center FL Jacksonville
50.0%
1,444,638
09/11/24
3.82%
Fixed
350,000
175,000
77. Stanford Shopping Center CA Palo Alto (San Jose)
94.4%
(4)
1,291,787
(2)
78. Stoneridge Shopping Center CA Pleasanton (San Francisco)
49.9%
1,299,721
09/05/26
3.50%
Fixed
330,000
164,670
79. Summit Mall OH Akron
100.0%
770,347
10/01/26
3.31%
Fixed
85,000
85,000
 
3Q 2023 SUPPLEMENTAL
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31

TABLE OF CONTENTS
 
PROPERTY AND DEBT INFORMATION
As of September 30, 2023
DEBT INFORMATION
PROPERTY NAME
STATE
CITY (CBSA)
LEGAL
OWNERSHIP
TOTAL
SQUARE FEET
MATURITY
DATE
INTEREST
RATE(1)
TYPE
INDEBTEDNESS ($ in 000’s)
TOTAL
OUR SHARE
80. Tacoma Mall WA Tacoma (Seattle)
100.0%
1,247,391
(2)
81. Tippecanoe Mall IN Lafayette
100.0%
864,755
(2)
82. Town Center at Boca Raton FL Boca Raton (Miami)
100.0%
1,777,521
(2)
83. Towne East Square KS Wichita
100.0%
1,157,209
(2)
84. Treasure Coast Square FL Jensen Beach
100.0%
875,028
(2)
85. Tyrone Square FL St. Petersburg (Tampa)
100.0%
960,399
(2)
86. University Park Mall IN Mishawaka
100.0%
917,352
(2)
87. Walt Whitman Shops NY Huntington Station (New York)
100.0%
1,083,139
(2)
88. West Town Mall TN Knoxville
50.0%
1,281,179
(2)
89. Westchester, The NY White Plains (New York)
40.0%
804,894
02/01/30
3.25%
Fixed
400,000
160,000
90. White Oaks Mall IL Springfield
88.6%
925,366
06/01/24
(28)
7.75%
Variable
38,000
33,684
06/01/24
8.31%
Variable
1,107
981
91. Wolfchase Galleria TN Memphis
94.5%
1,151,424
11/01/26
4.15%
Fixed
155,152
146,612
92. Woodfield Mall IL Schaumburg (Chicago)
50.0%
2,151,138
03/05/24
4.50%
Fixed
374,401
187,201
93. Woodland Hills Mall OK Tulsa
94.5%
1,235,911
(2)
Total Mall Square Footage
106,217,530
Lifestyle Centers
1. ABQ Uptown NM Albuquerque
100.0%
228,751
(2)
2. Hamilton Town Center IN Noblesville (Indianapolis)
50.0%
675,590
02/24/27
(5)
7.67%
Variable
79,354
39,677
3. Liberty Tree Mall MA Danvers
49.1%
861,456
05/03/28
(25)
6.18%
Fixed
28,390
13,950
4. Northgate Station WA Seattle
100.0%
416,508
(2)
5. Pier Park FL Panama City Beach
65.6%
946,931
(2)
6. University Park Village TX Fort Worth
100.0%
170,740
05/01/28
3.85%
Fixed
51,532
51,532
Total Lifestyle Centers Square
Footage
3,299,976
 
3Q 2023 SUPPLEMENTAL
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32

TABLE OF CONTENTS
 
PROPERTY AND DEBT INFORMATION
As of September 30, 2023
DEBT INFORMATION
PROPERTY NAME
STATE
CITY (CBSA)
LEGAL
OWNERSHIP
TOTAL
SQUARE FEET
MATURITY
DATE
INTEREST
RATE(1)
TYPE
INDEBTEDNESS ($ in 000’s)
TOTAL
OUR SHARE
Premium Outlets
1. Albertville Premium Outlets MN Albertville (Minneapolis)
100.0%
315,099
(2)
2. Allen Premium Outlets TX Allen (Dallas)
100.0%
548,455
(2)
3. Aurora Farms Premium Outlets OH Aurora (Cleveland)
100.0%
271,249
(2)
4. Birch Run Premium Outlets MI Birch Run (Detroit)
100.0%
593,316
02/06/26
4.21%
Fixed
123,000
123,000
5. Camarillo Premium Outlets CA Camarillo (Los Angeles)
100.0%
691,550
(2)
6. Carlsbad Premium Outlets CA Carlsbad (San Diego)
100.0%
288,926
(2)
7. Carolina Premium Outlets NC Smithfield (Raleigh)
100.0%
438,713
(2)
8. Charlotte Premium Outlets NC Charlotte
50.0%
398,656
07/01/28
4.27%
Fixed
99,725
49,863
9. Chicago Premium Outlets IL Aurora (Chicago)
100.0%
687,158
(2)
10. Cincinnati Premium Outlets OH Monroe (Cincinnati)
100.0%
398,986
(2)
11. Clarksburg Premium Outlets MD Clarksburg (Washington, DC)
66.0%
389,983
01/01/28
3.95%
Fixed
158,118
104,358
12. Clinton Premium Outlets CT Clinton
100.0%
276,225
(2)
13. Denver Premium Outlets CO Thornton (Denver)
100.0%
328,101
(2)
14. Desert Hills Premium Outlets CA Cabazon (Palm Springs)
100.0%
653,252
(2)
15. Ellenton Premium Outlets FL Ellenton (Tampa)
100.0%
477,158
12/01/25
4.30%
Fixed
178,000
178,000
16. Folsom Premium Outlets CA Folsom (Sacramento)
100.0%
298,818
(2)
17. Gilroy Premium Outlets CA Gilroy (San Jose)
100.0%
578,478
(2)
18. Gloucester Premium Outlets NJ Blackwood (Philadelphia)
66.0%
378,518
03/01/33
6.12%
Fixed
75,000
50,003
19. Grand Prairie Premium Outlets TX Grand Prairie (Dallas)
100.0%
423,465
(2)
20. Grove City Premium Outlets PA Grove City (Pittsburgh)
100.0%
531,154
12/01/25
4.31%
Fixed
140,000
140,000
21. Gulfport Premium Outlets MS Gulfport
100.0%
300,179
12/01/25
4.35%
Fixed
50,000
50,000
22. Hagerstown Premium Outlets MD Hagerstown (Baltimore/
100.0%
485,646
02/06/26
4.26%
Fixed
69,532
69,532
Washington, DC)
23. Houston Premium Outlets TX Cypress (Houston)
100.0%
548,311
(2)
24. Indiana Premium Outlets IN Edinburgh (Indianapolis)
100.0%
378,015
(2)
25. Jackson Premium Outlets NJ Jackson (New York)
100.0%
285,595
(2)
26. Jersey Shore Premium Outlets NJ Tinton Falls (New York)
100.0%
434,644
(2)
27. Johnson Creek Premium Outlets WI Johnson Creek
100.0%
277,663
(2)
28. Kittery Premium Outlets ME Kittery
100.0%
259,448
(2)
29. Las Americas Premium Outlets CA San Diego
100.0%
554,371
(2)
30. Las Vegas North Premium Outlets NV Las Vegas
100.0%
675,814
(2)
31. Las Vegas South Premium Outlets NV Las Vegas
100.0%
535,667
(2)
32. Lee Premium Outlets MA Lee
100.0%
224,751
06/01/26
(8)
4.17%
Fixed
46,606
46,606
33. Leesburg Premium Outlets VA Leesburg (Washington, DC)
100.0%
478,218
(2)
34. Lighthouse Place Premium Outlets IN Michigan City (Chicago, IL)
100.0%
454,790
(2)
35. Merrimack Premium Outlets NH Merrimack
100.0%
408,889
(2)
36. Napa Premium Outlets CA Napa
100.0%
178,899
(2)
37. Norfolk Premium Outlets VA Norfolk
65.0%
332,284
04/01/32
4.50%
Fixed
75,000
48,750
38. North Bend Premium Outlets WA North Bend (Seattle)
100.0%
189,132
(2)
 
3Q 2023 SUPPLEMENTAL
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33

TABLE OF CONTENTS
 
PROPERTY AND DEBT INFORMATION
As of September 30, 2023
DEBT INFORMATION
PROPERTY NAME
STATE
CITY (CBSA)
LEGAL
OWNERSHIP
TOTAL
SQUARE FEET
MATURITY
DATE
INTEREST
RATE(1)
TYPE
INDEBTEDNESS ($ in 000’s)
TOTAL
OUR SHARE
39. North Georgia Premium Outlets GA Dawsonville (Atlanta)
100.0%
540,672
(2)
40.
Orlando International Premium Outlets
FL Orlando
100.0%
774,234
(2)
41. Orlando Vineland Premium Outlets FL Orlando
100.0%
657,454
(2)
42. Petaluma Village Premium Outlets CA Petaluma (San Francisco)
100.0%
201,656
(2)
43. Philadelphia Premium Outlets PA Limerick (Philadelphia)
100.0%
549,092
(2)
44. Phoenix Premium Outlets AZ Chandler (Phoenix)
100.0%
356,511
(2)
45. Pismo Beach Premium Outlets CA Pismo Beach
100.0%
147,603
09/06/26
(9)
3.33%
Fixed
31,466
31,466
46. Pleasant Prairie Premium Outlets WI Pleasant Prairie (Chicago, IL/
100.0%
402,408
09/01/27
4.00%
Fixed
145,000
145,000
Milwaukee)
47. Pocono Premium Outlets PA Tannersville
100.0%
411,893
(2)
48. Puerto Rico Premium Outlets PR Barceloneta
100.0%
353,163
(2)
49. Queenstown Premium Outlets MD Queenstown (Baltimore)
100.0%
289,748
09/06/26
(9)
3.33%
Fixed
55,278
55,278
50. Rio Grande Valley Premium Outlets TX Mercedes (McAllen)
100.0%
603,987
(2)
51. Round Rock Premium Outlets TX Round Rock (Austin)
100.0%
498,431
(2)
52. San Francisco Premium Outlets CA Livermore (San Francisco)
100.0%
697,184
(2)
53. San Marcos Premium Outlets TX San Marcos (Austin/
100.0%
738,469
(2)
San Antonio)
54. Seattle Premium Outlets WA Tulalip (Seattle)
100.0%
552,723
(2)
55. Silver Sands Premium Outlets FL Destin
50.0%
448,412
03/01/32
3.96%
Fixed
140,000
70,000
56. St. Augustine Premium Outlets FL St. Augustine (Jacksonville)
100.0%
327,772
(2)
57. St. Louis Premium Outlets MO St. Louis (Chesterfield)
60.0%
351,174
10/06/24
4.06%
Fixed
88,351
53,011
58. Tampa Premium Outlets FL Lutz (Tampa)
100.0%
460,387
(2)
59. Tanger Outlets – Columbus (3) OH Sunbury (Columbus)
50.0%
355,252
10/01/32
(5)
6.25%
Fixed
71,000
35,500
60.
Tanger Outlets – Galveston/Houston (3)
TX Texas City
50.0%
352,706
06/16/28
(5)
8.32%
Variable
29,000
14,500
06/16/28
(5)(25)
7.44%
Fixed
29,000
14,500
61. Tucson Premium Outlets AZ Marana (Tucson)
100.0%
367,200
(2)
62. Twin Cities Premium Outlets MN Eagan
35.0%
409,125
11/06/24
4.32%
Fixed
115,000
40,250
63. Vacaville Premium Outlets CA Vacaville
100.0%
447,309
(2)
64. Waikele Premium Outlets HI Waipahu (Honolulu)
100.0%
219,375
(2)
65. Waterloo Premium Outlets NY Waterloo
100.0%
422,403
(2)
66. Williamsburg Premium Outlets VA Williamsburg
100.0%
518,971
02/06/26
4.23%
Fixed
185,000
185,000
67. Woodburn Premium Outlets OR Woodburn (Portland)
100.0%
389,414
(2)
68.
Woodbury Common Premium Outlets
NY Central Valley (New York)
100.0%
915,522
(2)
69. Wrentham Village Premium Outlets MA Wrentham (Boston)
100.0%
672,873
(2)
Total U.S. Premium Outlet Square Footage
30,402,699
 
3Q 2023 SUPPLEMENTAL
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34

TABLE OF CONTENTS
 
PROPERTY AND DEBT INFORMATION
As of September 30, 2023
DEBT INFORMATION
PROPERTY NAME
STATE
CITY (CBSA)
LEGAL
OWNERSHIP
TOTAL
SQUARE FEET
MATURITY
DATE
INTEREST
RATE(1)
TYPE
INDEBTEDNESS ($ in 000’s)
TOTAL
OUR SHARE
The Mills
1. Arizona Mills AZ Tempe (Phoenix)
100.0%
1,221,034
09/01/26
3.80%
Fixed
96,392
96,392
2. Arundel Mills MD Hanover (Baltimore)
59.3%
1,949,895
02/06/24
4.29%
Fixed
383,500
227,224
3. Colorado Mills CO Lakewood (Denver)
37.5%
1,365,975
11/01/24
4.28%
Fixed
121,737
45,651
07/01/31
2.80%
Fixed
30,000
11,250
4. Concord Mills NC Concord (Charlotte)
59.3%
1,366,722
11/01/32
6.55%
Fixed
233,016
138,085
5. Grapevine Mills TX Grapevine (Dallas)
59.3%
1,781,167
10/01/24
3.83%
Fixed
268,000
158,817
6. Great Mall CA Milpitas (San Jose)
100.0%
1,364,644
(2)
7. Gurnee Mills IL Gurnee (Chicago)
100.0%
1,863,426
10/01/26
3.99%
Fixed
257,710
257,710
8. Katy Mills TX Katy (Houston)
62.5%
(7)
1,681,020
08/01/32
5.77%
Fixed
128,317
80,198
9. Mills at Jersey Gardens, The NJ Elizabeth
100.0%
1,304,501
(2)
10. Ontario Mills CA Ontario (Riverside)
50.0%
1,419,968
(2)
11. Opry Mills TN Nashville
100.0%
1,174,623
07/01/26
4.09%
Fixed
375,000
375,000
12. Outlets at Orange, The CA Orange (Los Angeles)
100.0%
867,118
04/01/24
4.22%
Fixed
215,000
215,000
13. Potomac Mills VA
Woodbridge (Washington, DC)
100.0%
1,553,303
11/01/26
3.46%
Fixed
416,000
416,000
14. Sawgrass Mills FL Sunrise (Miami)
100.0%
2,367,510
(2)
Total The Mills Square Footage
21,280,906
Other Properties
Calhoun Outlet Marketplace, Dover Mall, Florida Keys Outlet Marketplace,
Gaffney Outlet Marketplace, Orlando Outlet Marketplace, Osage Beach
Outlet Marketplace, Oxford Valley Mall, Philadelphia Mills, Southridge Mall,
Square One Mall, Solomon Pond Mall, Sugarloaf Mills, The Avenues
(7)(8)(10)
863,950
487,248
Total Other Properties Square
Footage
10,444,989
TOTAL U.S. SQUARE FOOTAGE (11)(12)
171,646,100
 
3Q 2023 SUPPLEMENTAL
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35

TABLE OF CONTENTS
 
PROPERTY AND DEBT INFORMATION
As of September 30, 2023
DEBT INFORMATION
PROPERTY NAME
STATE
CITY (CBSA)
LEGAL
OWNERSHIP
TOTAL
SQUARE FEET
MATURITY
DATE
INTEREST
RATE(1)
TYPE
INDEBTEDNESS ($ in 000’s)
TOTAL
OUR SHARE
International Properties
AUSTRIA
1.
Parndorf Designer Outlet Phases 3 & 4
Vienna
90.0%
118,000
07/04/29
(13)
2.00%
Fixed
192,662
173,396
Austria Square Footage
118,000
CANADA
2.
Premium Outlet Collection
Edmonton IA
Edmonton (Alberta)
50.0%
422,500
11/30/23
(14)
6.69%
Variable
100,499
50,250
3.
Premium Outlets Montréal
Montréal (Quebec)
50.0%
367,400
06/01/24
(14)
3.08%
Fixed
88,364
44,182
4.
Toronto Premium Outlets
Toronto (Ontario)
50.0%
504,900
(2)
5.
Vancouver Designer Outlet
Vancouver (British Columbia)
45.0%
326,000
12/01/27
(5)(14)(25)
5.51%
Fixed
60,750
27,338
12/01/27
(5)(14)(27)
5.83%
Fixed
60,750
27,338
Canada Square Footage
1,620,800
FRANCE
6.
Paris-Giverny Designer Outlet
Vernon
73.8%
228,000
06/11/25
(13)(28)
4.80%
Variable
82,824
61,108
7.
Provence Designer Outlet
Miramas
90.0%
269,000
07/27/27
(5)(13)
4.92%
Fixed
100,753
90,678
France Square Footage
497,000
GERMANY
8.
Ochtrup Designer Outlet
Ochtrup
70.5%
191,500
06/30/26
(13)
2.10%
Fixed
52,872
37,275
Germany Square Footage
191,500
ITALY
9.
La Reggia Designer Outlet
Marcianise (Naples)
90.0%
344,000
03/31/27
(13)(25)
4.25%
Fixed
135,353
121,818
03/31/27
(13)
6.45%
Variable
33,837
30,453
10.
Noventa Di Piave Designer Outlet
Venice
90.0%
353,000
07/25/25
(13)
2.00%
Fixed
293,537
264,183
Italy Square Footage
697,000
JAPAN
11.
Ami Premium Outlets
Ami (Tokyo)
40.0%
315,000
(2)
12.
Fukaya-Hanazono Premium Outlets
Fukaya City (Saitama)
40.0%
296,300
09/30/32
(15)
0.76%
Fixed
71,635
28,654
13.
Gotemba Premium Outlets
Gotemba City (Tokyo)
40.0%
659,500
04/08/27
(15)
0.16%
Variable
87,033
34,813
14.
Kobe-Sanda Premium Outlets
Kobe (Osaka)
40.0%
441,000
(2)
15.
Rinku Premium Outlets
Izumisano (Osaka)
40.0%
512,500
07/31/27
(15)
0.30%
Fixed
39,500
15,800
16.
Sano Premium Outlets
Sano (Tokyo)
40.0%
390,800
02/28/25
(15)
0.28%
Fixed
30,462
12,185
17.
Sendai-Izumi Premium Outlets
Izumi Park Town (Sendai)
40.0%
164,200
(2)
18.
Shisui Premium Outlets
Shisui (Chiba)
40.0%
434,600
11/30/23
(15)
0.37%
Variable
17,407
6,963
05/31/29
(15)
0.37%
Fixed
33,474
13,390
19.
Toki Premium Outlets
Toki (Nagoya)
40.0%
367,700
11/30/24
(15)
0.21%
Fixed
17,741
7,096
11/30/24
(15)
0.30%
Variable
2,344
938
20.
Tosu Premium Outlets
Fukuoka (Kyushu)
40.0%
328,400
10/31/26
(15)
0.20%
Variable
41,508
16,603
Japan Square Footage
3,910,000
 
3Q 2023 SUPPLEMENTAL
[MISSING IMAGE: lg_simon-w2.jpg]
36

TABLE OF CONTENTS
 
PROPERTY AND DEBT INFORMATION
As of September 30, 2023
DEBT INFORMATION
PROPERTY NAME
STATE
CITY (CBSA)
LEGAL
OWNERSHIP
TOTAL
SQUARE FEET
MATURITY
DATE
INTEREST
RATE(1)
TYPE
INDEBTEDNESS ($ in 000’s)
TOTAL
OUR SHARE
KOREA
21.
Busan Premium Outlets
Busan
50.0%
360,200
11/23/25
(16)
3.88%
Fixed
76,353
38,177
22.
Jeju Premium Outlets
Jeju Province
50.0%
92,000
(2)
23.
Paju Premium Outlets
Paju (Seoul)
50.0%
558,900
03/13/25
(16)
3.06%
Fixed
45,088
22,544
24.
Siheung Premium Outlets
Siheung (Seoul)
50.0%
444,400
03/15/24
(16)
2.51%
Fixed
110,871
55,436
25.
Yeoju Premium Outlets
Yeoju (Seoul)
50.0%
551,600
09/28/24
(16)
3.53%
Fixed
45,827
22,914
South Korea Square Footage
2,007,100
MALAYSIA
26.
Genting Highlands Premium Outlets
Pahang (Kuala Lumpur)
50.0%
277,500
(2)
27.
Johor Premium Outlets
Johor (Singapore)
50.0%
309,400
10/31/23
(17)
4.07%
Variable
4,277
2,139
Malaysia Square Footage
586,900
MEXICO
28.
Premium Outlets Punta Norte
Mexico City
50.0%
333,000
(2)
29.
Premium Outlets Querétaro
Querétaro
50.0%
274,800
06/20/28
(18)
15.25%
Variable
1,302
651
12/20/33
(18)
12.22%
Fixed
23,295
11,648
Mexico Square Footage
607,800
NETHERLANDS
30.
Roermond Designer Outlet
Phases 2, 3 & 4
Roermond
(19)
298,000
08/18/25
(13)(25)
4.55%
Fixed
177,650
83,962
05/29/29
(13)
3.90%
Fixed
296,083
266,475
31.
Roosendaal Designer Outlet
Roosendaal
94.0%
247,500
02/23/24
(13)
5.80%
Variable
10,582
9,947
02/23/24
(13)(28)
2.85%
Variable
51,105
48,039
Netherlands Square Footage
545,500
SPAIN
32.
Malaga Designer Outlet
Malaga
46.1%
191,000
05/05/28
(13)(25)
5.54%
Fixed
67,147
30,961
Spain Square Footage
191,000
THAILAND
33.
Siam Premium Outlets Bangkok
Bangkok
50.0%
264,000
06/05/31
(20)
6.28%
Fixed
61,600
30,800
Thailand Square Footage
264,000
UNITED KINGDOM
34.
Ashford Designer Outlet
Kent
45.0%
281,000
05/23/27
(21)(25)
4.29%
Fixed
101,051
45,473
05/23/27
(21)
7.34%
Variable
25,262
11,368
35.
West Midlands Designer Outlet
Staffordshire
23.2%
197,000
06/06/26
(21)(25)
7.49%
Fixed
79,327
18,435
United Kingdom Square Footage
478,000
TOTAL INTERNATIONAL SQUARE FOOTAGE (11)(22)
11,714,600
TOTAL SQUARE FOOTAGE
183,360,700
 
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TABLE OF CONTENTS
 
PROPERTY AND DEBT INFORMATION
As of September 30, 2023
DEBT INFORMATION
PROPERTY NAME
STATE    CITY (CBSA)
TRG
OWNERSHIP
TOTAL
SQUARE FEET
MATURITY
DATE
INTEREST
RATE(1)
TYPE
INDEBTEDNESS ($ in 000’s)
TOTAL
TRG SHARE
Taubman Realty Group
1. Beverly Center CA Los Angeles
100.0%
780,000
(2)
2. Cherry Creek Shopping Center CO Denver
50.0%
1,038,000
06/01/28
3.85%
Fixed
550,000
275,000
3. City Creek Center UT Salt Lake City
100.0%
623,000
04/01/24
9.37%
Fixed
68,575
68,575
4. Country Club Plaza MO Kansas City
50.0%
971,000
04/01/26
3.85%
Fixed
295,470
147,735
5. Dolphin Mall FL Miami
100.0%
1,436,000
05/09/27
(5)(25)
6.87%
Fixed
1,000,000
1,000,000
6. Fair Oaks Mall VA Fairfax
50.0%
1,560,000
11/10/23
5.32%
Fixed
239,858
119,929
7. Gardens Mall, The FL
Palm Beach Gardens
50.0%
1,383,000
07/15/25
4.39%
Fixed
190,573
99,336
8. Gardens on El Paseo, The CA Palm Desert
100.0%
237,000
(2)
9. Great Lakes Crossing Outlets MI Auburn Hills
100.0%
1,356,000
02/01/33
6.52%
Fixed
180,000
180,000
10. International Market Place HI Waikiki, Honolulu
93.5%
341,000
08/09/24
7.93%
Variable
175,000
163,625
11. International Plaza FL Tampa
50.1%
1,177,000
10/09/26
(5)
5.57%
Variable
477,000
238,977
12. Mall at Green Hills, The TN Nashville
100.0%
1,036,000
01/01/27
(5)
8.03%
Variable
150,000
150,000
13. Mall at Millenia, The FL Orlando
50.0%
1,113,000
10/15/24
3.94%
Fixed
450,000
225,000
14. Mall at Short Hills, The NJ Short Hills
100.0%
1,411,000
10/01/27
3.48%
Fixed
1,000,000
1,000,000
15. Mall at University Town Center, The FL Sarasota
50.0%
867,000
11/01/26
3.40%
Fixed
275,918
137,959
16. Mall of San Juan, The PR San Juan
95.0%
628,000
(2)
17. Sunvalley Shopping Center CA Concord
50.0%
1,324,000
09/01/25
(5)
4.44%
Fixed
147,866
73,933
18. Twelve Oaks Mall MI Novi
100.0%
1,517,000
03/06/28
4.85%
Fixed
273,807
273,807
19. Waterside Shops FL Naples
50.0%
335,000
04/15/26
3.86%
Fixed
157,871
78,935
20. Westfarms CT West Hartford
78.9%
1,268,000
09/06/28
7.80%
Fixed
242,000
191,035
21. CityOn.Xian Xi’an, China
25.0%
995,000
03/14/29
(23)
5.00%
Fixed
128,442
32,110
22. CityOn.Zhengzhou Zhengzhou, China
24.5%
919,000
03/22/32
(23)
4.95%
Fixed
136,729
33,499
23. Starfield Anseong Anseong, South Korea
49.0%
1,068,000
02/27/25
(24)
2.17%
Fixed
224,182
109,849
24. Starfield Hanam Hanam, South Korea
17.2%
1,709,000
10/26/25
(24)
2.38%
Fixed
448,363
76,894
Total Taubman Realty Group Square Footage
25,092,000
TOTAL TRG SECURED INDEBTEDNESS
$4,676,199
TRG – Corporate & Other
TRG U.S. Headquarters
100.0%
03/01/24
(25)
3.49%
Fixed
12,000
12,000
Other
50.0%
11/01/27
(5)
7.64%
Variable
24,000
12,000
TOTAL TRG CORPORATE AND OTHER INDEBTEDNESS
$24,000
 
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PROPERTY AND DEBT INFORMATION
As of September 30, 2023
FOOTNOTES:
(1)
Variable rate debt interest rates are based on the following base rates as of September 30, 2023: 1M LIBOR at 5.4335%; Overnight SOFR 5.31%; CME Term SOFR 5.3190%; 30 Day Average SOFR 5.3166%; 1M EURIBOR at 3.847%; 3M EURIBOR at 3.952%; 6M EURIBOR at 4.125%; 3M GBP LIBOR at 5.4091%; 1M YEN TIBOR at 0.0564%; 6M YEN TIBOR at 0.149%; 1M CDOR at 5.385%; Overnight SONIA 5.1867% and Cost of Funds Rate at 2.82%.
(2)
Unencumbered asset.
(3)
This property is managed by a third party. Reported amounts may be provided in arrears.
(4)
The Operating Partnership receives substantially all the economic benefit of the property due to a preference or advance.
(5)
Includes applicable extensions available at our option.
(6)
The Operating Partnership owns a mortgage note that encumbers Pheasant Lane Mall that entitles it to 100% of the economics of this property.
(7)
The Operating Partnership’s direct and indirect interests in some joint venture properties are subject to preferences on distributions and/or capital allocation in favor of other partners or the Operating Partnership.
(8)
Three properties (Lee Premium Outlets, Calhoun Outlet Marketplace and Gaffney Outlet Marketplace) are secured by cross-collateralized and cross-defaulted mortgages.
(9)
These two properties are secured by cross-collateralized and cross-defaulted mortgages.
(10)
Consists of 10 encumbered properties with interest rates ranging from 3.60% to 7.32% and maturities between 2023 and 2027, of which two properties are held within TMLP.
(11)
Does not include any other spaces in joint ventures which are not listed above.
(12)
GLA includes office space.
(13)
Amount shown in USD equivalent; EUR equivalent is 1.4 billion.
(14)
Amount shown in USD equivalent; CAD equivalent is 421.5 million.
(15)
Amounts shown in USD equivalent; JPY equivalent is 51.0 billion.
(16)
Amounts shown in USD equivalent; KRW equivalent is 376.3 billion.
(17)
Amounts shown in USD equivalent; MYR equivalent is 20.1 million.
(18)
Amounts shown in USD equivalent; MXN equivalent is 428.4 million.
(19)
The Company owns a 90.0% interest in Phases 2 & 3 and a 47.3% interest in Phase 4.
(20)
Amounts shown in USD equivalent; THB equivalent is 2.3 billion.
(21)
Amount shown in USD equivalent; GBP equivalent is 168.5 million.
(22)
Does not include Klépierre.
(23)
Amounts shown in USD equivalent; CNY equivalent is 1.9 billion.
(24)
Amounts shown in USD equivalent; KRW equivalent is 909.9 billion.
(25)
Through an interest rate swap agreement, interest is essentially fixed at the all-in-rate presented.
(26)
Through an interest rate cap agreement which expires October 15, 2023, interest is essentially capped at the all-in-rate presented.
(27)
Through interest rate swap agreements, the interest is essentially fixed at the all-in rate presented until December 1, 2025.
(28)
Through an interest rate cap agreement, interest is essentially capped at the all-in-rate presented.
 
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NON-GAAP PRO-RATA FINANCIAL INFORMATION
The following pro-rata financial information is not, and is not intended to be, a presentation in accordance with GAAP. The non-GAAP pro-rata financial information aggregates our proportionate economic ownership of each asset in our property portfolio that we do not wholly own. The amounts in the column labeled “Our Share of Joint Ventures” were derived on a property-by-property or entity-by-entity basis by applying to each line item the ownership percentage interest used to arrive at our share of the net operations for the period consistent with the application of the equity method of accounting to each of our unconsolidated joint ventures. A similar calculation was performed for the amounts in the column labeled “Noncontrolling Interests,” which represents the share of consolidated assets and net income or loss attributable to any noncontrolling interest.
We do not control the unconsolidated joint ventures and the presentations of the assets and liabilities and revenues and expenses do not represent our legal claim to such items. The operating agreements of the unconsolidated joint ventures generally provide that partners may receive cash distributions (1) to the extent there is available cash from operations, (2) upon a capital event, such as a refinancing or sale or (3) upon liquidation of the venture. The amount of cash each partner receives is based upon specific provisions of each operating agreement and varies depending on factors including the amount of capital contributed by each partner and whether any contributions are entitled to priority distributions. Upon liquidation of the joint venture and after all liabilities, priority distributions and initial equity contributions have been repaid, the partners generally would be entitled to any residual cash remaining based on their respective legal ownership percentages.
We provide pro-rata financial information because we believe it assists investors and analysts in estimating our economic interest in our unconsolidated joint ventures when read in conjunction with the Company’s reported results under GAAP. The presentation of pro-rata financial information has limitations as an analytical tool. Some of these limitations include:

The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses; and

Other companies in our industry may calculate their pro-rata interest differently than we do, limiting the usefulness as a comparative measure.
Because of these limitations, the pro-rata financial information should not be considered in isolation or as a substitute for our financial statements as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP results and using the pro-rata financial information only supplementally.
 
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TABLE OF CONTENTS
 
NON-GAAP PRO-RATA FINANCIAL INFORMATION
(In thousands)
For the Three Months Ended
September 30, 2023
For the Three Months Ended
September 30, 2022
Noncontrolling
Interests (1)
Our
Share of
Joint Ventures
Noncontrolling
Interests (1)
Our
Share of
Joint Ventures
REVENUE:
Lease income
$ (14,106) $ 344,374 $ (12,415) 330,872
Management fees and other revenues
Other income
(746) 62,625 (1,541) 35,351
Total revenue
(14,852) 406,999 (13,956) 366,223
EXPENSES:
Property operating
(2,782) 72,510 (2,303) 68,401
Depreciation and amortization
(5,531) 88,755 (4,050) 89,562
Real estate taxes
(621) 29,315 (575) 27,576
Repairs and maintenance
(358) 8,286 (327) 8,156
Advertising and promotion
(1,682) 8,923 (1,118) 7,966
Home and regional office costs
General and administrative
Other
(1,491) 29,127 (304) 23,202
Total operating expenses
(12,465) 236,916 (8,677) 224,863
OPERATING INCOME BEFORE OTHER ITEMS
(2,387) 170,083 (5,279) 141,360
Interest expense 3,830 (80,792) 2,107 (68,154)
Gain on disposal, exchange, or revaluation of equity interests, net
Income and other tax benefit
Income from unconsolidated entities (294) (89,291) (420) (73,206)
Unrealized (losses) gains in fair value of publicly traded equity instruments, net
(Loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
(24)
Consolidated income from continuing operations
1,149 (3,616)
CONSOLIDATED NET INCOME
1,149 (3,616)
Net income attributable to noncontrolling interests 1,149 (3,616)
Preferred dividends
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
$ $ $ $
(1)
Represents our venture partners’ share of operations from consolidated properties.
(2)
Our Total Share of income from unconsolidated entities excludes our share of net results related to our investment in Klépierre, TRG, RGG, SPARC, ABG, Jamestown and JCP.
(3)
Represents limited partners’ interest in the Operating Partnership.
 
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TABLE OF CONTENTS
 
NON-GAAP PRO-RATA FINANCIAL INFORMATION
(In thousands)
For the Nine Months Ended
September 30, 2023
For the Nine Months Ended
September 30, 2022
Noncontrolling
Interests (1)
Our
Share of
Joint Ventures
Noncontrolling
Interests (1)
Our
Share of
Joint Ventures
REVENUE:
Lease income
$ (41,597) $ 1,027,127 $ (34,311) 998,988
Management fees and other revenues
Other income
(1,974) 173,690 (2,398) 126,486
Total revenue
(43,571) 1,200,817 (36,709) 1,125,474
EXPENSES:
Property operating
(7,829) 209,656 (6,528) 199,038
Depreciation and amortization
(14,870) 269,393 (11,855) 276,387
Real estate taxes
(1,816) 88,807 (1,320) 85,936
Repairs and maintenance
(1,056) 24,500 (820) 27,023
Advertising and promotion
(5,122) 27,514 (3,283) 24,480
Home and regional office costs
General and administrative
Other
(5,186) 82,480 (5,752) 67,766
Total operating expenses
(35,879) 702,350 (29,558) 680,630
OPERATING INCOME BEFORE OTHER ITEMS
(7,692) 498,467 (7,151) 444,844
Interest expense 9,009 (237,492) 5,070 (203,303)
Gain on disposal, exchange, or revaluation of equity interests, net
Income and other tax benefit
Income from unconsolidated entities (566) (260,975) (860) (241,541)
Unrealized (losses) gains in fair value of publicly traded equity instruments, net
(Loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
443
Consolidated income from continuing operations
751 (2,498)
CONSOLIDATED NET INCOME
751 (2,498)
Net income attributable to noncontrolling interests 751 (2,498)
Preferred dividends
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
$ $ $ $
(1)
Represents our venture partners’ share of operations from consolidated properties.
(2)
Our Total Share of income from unconsolidated entities excludes our share of net results related to our investment in Klépierre, TRG, RGG, SPARC, ABG, Jamestown and JCP.
(3)
Represents limited partners’ interest in the Operating Partnership.
 
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TABLE OF CONTENTS
 
NON-GAAP PRO-RATA FINANCIAL INFORMATION
(In thousands)
As of September 30, 2023
As of September 30, 2022
Noncontrolling
Interests
Our
Share of
Joint Ventures
Noncontrolling
Interests
Our
Share of
Joint Ventures
ASSETS:
Investment properties, at cost
$ (545,471) $ 10,223,004 $ (526,170) $ 10,016,111
Less – accumulated depreciation
(132,723) 4,089,306 (117,202) 3,832,459
(412,748) 6,133,698 (408,968) 6,183,652
Cash and cash equivalents
(29,650) 673,773 (31,114) 650,626
Tenant receivables and accrued revenue, net
(8,704) 224,864 (8,185) 232,020
Investment in TRG, at equity
Investment in Klépierre, at equity
Investment in unconsolidated entities, at equity
(9,503) (3,608,013) (7,650) (3,108,772)
Right-of-use assets, net
(865) 55,639 (873) 59,490
Investments held in trust – special purpose acquisition company
(345,000)
Deferred costs and other assets
(37,957) 2,189,189 (33,095) 1,621,245
Total assets
$ (499,427) $ 5,669,150 $ (834,885) $ 5,638,261
LIABILITIES:
Mortgages and unsecured indebtedness
$ (213,973) $ 6,714,017 $ (189,663) $ 6,684,594
Accounts payable, accrued expenses, intangibles, and deferred revenues
(44,858) 464,943 (34,714) 405,058
Cash distributions and losses in unconsolidated entities, at equity
(1,758,175) (1,698,917)
Dividend payable
Lease liabilities
(865) 50,588 (873) 53,992
Other liabilities
(41,821) 197,777 (51,284) 193,534
Total liabilities
(301,517) 5,669,150 (276,534) 5,638,261
Commitments and contingencies
Limited partners’ preferred interest in the Operating Partnership (176,928) (533,945)
EQUITY:
Stockholders’ equity
Capital stock
Series J 8 38% cumulative redeemable preferred stock
Common stock, $.0001 par value
Class B common stock, $.0001 par value
Capital in excess of par value
Accumulated deficit
Accumulated other comprehensive loss
Common stock held in treasury at cost
Total stockholders’ equity
Noncontrolling interests
(20,982) (24,406)
Total equity
(20,982) (24,406)
Total liabilities and equity
$ (499,427) $ 5,669,150 $ (834,885) $ 5,638,261
 
3Q 2023 SUPPLEMENTAL
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