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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

SIMON PROPERTY GROUP, INC.

SIMON PROPERTY GROUP, L.P.

(Exact name of registrant as specified in its charter)

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

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

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

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

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

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

Title of each class

Trading Symbols

Name of each exchange on which registered

Simon Property Group, Inc.

Common stock, $0.0001 par value

SPG

New York Stock Exchange

Simon Property Group, Inc.

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

SPGJ

New York Stock Exchange

Simon Property Group, L.P.

2.375% Senior Unsecured Notes due 2020

SPG/20

New York Stock Exchange

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

Simon Property Group, Inc. Yes  No

Simon Property Group, L.P. Yes  No

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

Simon Property Group, Inc. Yes No

Simon Property Group, L.P. Yes No

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

Simon Property Group, Inc.:

Large accelerated filer 

Accelerated filer 

Non-accelerated filer 

Smaller reporting company 

Emerging growth company

Simon Property Group, L.P.:

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

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

Simon Property Group, Inc.

Simon Property Group, L.P.

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

Simon Property Group, Inc. Yes  No

Simon Property Group, L.P. Yes  No

As of June 30, 2020, Simon Property Group, Inc. had 305,887,220 shares of common stock, par value $0.0001 per share, and 8,000 shares of Class B common stock, par value $0.0001 per share, outstanding. Simon Property Group, L.P. has no common stock outstanding.

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EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the quarterly period ended June 30, 2020 of Simon Property Group, Inc., a Delaware corporation, and Simon Property Group, L.P., a Delaware limited partnership. Unless stated otherwise or the context otherwise requires, references to “Simon” mean Simon Property Group, Inc. and references to the “Operating Partnership” mean Simon Property Group, L.P. References to “we,” “us” and “our” mean collectively Simon, the Operating Partnership and those entities/subsidiaries owned or controlled by Simon and/or the Operating Partnership.

Simon is a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. We are structured as an umbrella partnership REIT under which substantially all of our business is conducted through the Operating Partnership, Simon’s majority-owned partnership subsidiary, for which Simon is the general partner. As of June 30, 2020, Simon owned an approximate 86.8% ownership interest in the Operating Partnership, with the remaining 13.2% ownership interest owned by limited partners. As the sole general partner of the Operating Partnership, Simon has exclusive control of the Operating Partnership’s day-to-day management.

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

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

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

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

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

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

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

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

2

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

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

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

3

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Simon Property Group, Inc.

Simon Property Group, L.P.

Form 10-Q

INDEX

    

Page

Part I — Financial Information

Item 1.

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

Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019

5

Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2020 and 2019

6

Consolidated Statements of Cash Flows for the six months ended June 30, 2020 and 2019

7

Consolidated Statements of Equity at June 30, 2020 and 2019

8

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

Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019

10

Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2020 and 2019

11

Consolidated Statements of Cash Flows for the six months ended June 30, 2020 and 2019

12

Consolidated Statements of Equity at June 30, 2020 and 2019

13

Condensed Notes to Consolidated Financial Statements

15

Item 2.

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

36

Item 3.

Qualitative and Quantitative Disclosures About Market Risk

51

Item 4.

Controls and Procedures

51

Part II — Other Information

Item 1.

Legal Proceedings

52

Item 1A.

Risk Factors

52

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

55

Item 3.

Defaults Upon Senior Securities

56

Item 4.

Mine Safety Disclosures

56

Item 5.

Other Information

56

Item 6.

Exhibits

57

Signatures

58

4

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Simon Property Group, Inc.

Unaudited Consolidated Balance Sheets

(Dollars in thousands, except share amounts)

    

June 30, 

    

December 31, 

 

2020

2019

 

ASSETS:

Investment properties, at cost

$

37,972,093

$

37,804,495

Less - accumulated depreciation

 

14,389,809

 

13,905,776

 

23,582,284

 

23,898,719

Cash and cash equivalents

 

3,306,100

 

669,373

Tenant receivables and accrued revenue, net

 

1,457,695

 

832,151

Investment in unconsolidated entities, at equity

 

2,385,946

 

2,371,053

Investment in Klépierre, at equity

 

1,644,020

 

1,731,649

Right-of-use assets, net

517,061

514,660

Deferred costs and other assets

 

1,133,064

 

1,214,025

Total assets

$

34,026,170

$

31,231,630

LIABILITIES:

Mortgages and unsecured indebtedness

$

27,268,883

$

24,163,230

Accounts payable, accrued expenses, intangibles, and deferred revenues

 

1,216,831

 

1,390,682

Cash distributions and losses in unconsolidated entities, at equity

 

1,576,679

 

1,566,294

Dividend payable

458,150

Lease liabilities

519,416

516,809

Other liabilities

 

463,380

 

464,304

Total liabilities

 

31,503,339

 

28,101,319

Commitments and contingencies

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

 

187,392

 

219,061

EQUITY:

Stockholders’ Equity

Capital stock (850,000,000 total shares authorized, $0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock):

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

 

42,256

 

42,420

Common stock, $0.0001 par value, 511,990,000 shares authorized, 320,555,104 and 320,435,256 issued and outstanding, respectively

 

32

 

32

Class B common stock, $0.0001 par value, 10,000 shares authorized, 8,000 issued and outstanding

 

 

Capital in excess of par value

 

9,763,059

 

9,756,073

Accumulated deficit

 

(5,703,183)

 

(5,379,952)

Accumulated other comprehensive loss

 

(155,126)

 

(118,604)

Common stock held in treasury, at cost, 14,667,884 and 13,574,296 shares, respectively

 

(1,917,698)

 

(1,773,571)

Total stockholders’ equity

 

2,029,340

 

2,526,398

Noncontrolling interests

 

306,099

 

384,852

Total equity

 

2,335,439

 

2,911,250

Total liabilities and equity

$

34,026,170

$

31,231,630

The accompanying notes are an integral part of these statements.

5

Table of Contents

Simon Property Group, Inc.

Unaudited Consolidated Statements of Operations and Comprehensive Income

(Dollars in thousands, except per share amounts)

For the Three Months Ended

For the Six Months Ended

June 30, 

June 30, 

    

2020

    

2019

    

2020

    

2019

 

REVENUE:

Lease income

$

1,013,510

$

1,298,567

$

2,275,742

$

2,578,623

Management fees and other revenues

 

21,035

 

28,248

 

50,201

 

55,792

Other income

 

27,496

 

70,371

 

89,458

 

215,604

Total revenue

 

1,062,041

 

1,397,186

 

2,415,401

 

2,850,019

EXPENSES:

Property operating

 

70,620

 

106,119

 

176,243

 

217,669

Depreciation and amortization

 

324,140

 

352,606

 

652,402

 

681,249

Real estate taxes

 

117,221

 

115,914

 

234,764

 

231,372

Repairs and maintenance

 

14,080

 

21,850

 

38,511

 

49,772

Advertising and promotion

 

12,689

 

35,420

 

46,216

 

72,545

Home and regional office costs

 

36,090

 

46,467

 

90,460

 

99,027

General and administrative

 

7,296

 

10,359

 

14,190

 

19,496

Other

 

29,037

 

27,820

 

56,878

 

53,236

Total operating expenses

 

611,173

 

716,555

 

1,309,664

 

1,424,366

OPERATING INCOME BEFORE OTHER ITEMS

 

450,868

 

680,631

 

1,105,737

 

1,425,653

Interest expense

 

(197,061)

 

(198,425)

 

(384,688)

 

(397,160)

Income and other tax benefit (expense)

 

62

 

(7,010)

 

5,845

 

(17,112)

Income from unconsolidated entities

 

44,322

 

106,542

 

94,787

 

196,986

Unrealized gains (losses) in fair value of equity instruments

202

(12,317)

(18,846)

(7,000)

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

 

(7,845)

 

2,681

 

(6,883)

 

2,681

CONSOLIDATED NET INCOME

290,548

572,102

795,952

1,204,048

Net income attributable to noncontrolling interests

 

35,501

 

75,944

 

102,465

 

158,580

Preferred dividends

 

834

 

834

 

1,669

 

1,669

NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS

$

254,213

$

495,324

$

691,818

$

1,043,799

BASIC AND DILUTED EARNINGS PER COMMON SHARE:

Net income attributable to common stockholders

$

0.83

$

1.60

$

2.26

$

3.38

Consolidated Net Income

$

290,548

$

572,102

$

795,952

$

1,204,048

Unrealized (loss) gain on derivative hedge agreements

 

(24,332)

 

(7,022)

 

(1,859)

 

2,320

Net (gain) loss reclassified from accumulated other comprehensive loss into earnings

 

(478)

 

1,086

 

(958)

 

2,174

Currency translation adjustments

 

(15,904)

 

(3,623)

 

(39,508)

 

(8,368)

Changes in available-for-sale securities and other

 

(552)

 

539

 

272

 

683

Comprehensive income

 

249,282

 

563,082

 

753,899

 

1,200,857

Comprehensive income attributable to noncontrolling interests

 

30,060

 

74,704

 

96,935

 

158,116

Comprehensive income attributable to common stockholders

$

219,222

$

488,378

$

656,964

$

1,042,741

The accompanying notes are an integral part of these statements.

6

Table of Contents

Simon Property Group, Inc.

Unaudited Consolidated Statements of Cash Flows

(Dollars in thousands)

For the Six Months Ended

June 30, 

    

2020

    

2019

 

CASH FLOWS FROM OPERATING ACTIVITIES:

Consolidated Net Income

$

795,952

$

1,204,048

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

Depreciation and amortization

 

677,676

 

711,748

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

 

6,883

 

(2,681)

Unrealized losses in fair value of equity instruments

18,846

7,000

Straight-line lease income

 

(3,525)

 

(32,359)

Equity in income of unconsolidated entities

 

(94,787)

 

(196,986)

Distributions of income from unconsolidated entities

 

120,643

 

222,565

Changes in assets and liabilities

Tenant receivables and accrued revenue, net

 

(623,761)

 

47,967

Deferred costs and other assets

 

594

 

33,805

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

 

(84,209)

 

(107,540)

Net cash provided by operating activities

 

814,312

 

1,887,567

CASH FLOWS FROM INVESTING ACTIVITIES:

Acquisitions

 

(107,797)

 

Funding of loans to related parties

 

(6,393)

 

Capital expenditures, net

 

(337,467)

 

(403,346)

Investments in unconsolidated entities

 

(63,480)

 

(23,949)

Purchase of equity instruments

 

(24,923)

 

(20,850)

Proceeds from sales of equity instruments

 

30,000

 

Insurance proceeds for property restoration

1,058

2,938

Distributions of capital from unconsolidated entities and other

 

160,444

 

143,482

Net cash used in investing activities

 

(348,558)

 

(301,725)

CASH FLOWS FROM FINANCING ACTIVITIES:

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

 

(164)

 

(164)

Purchase of shares related to stock grant recipients' tax withholdings

(854)

(2,955)

Redemption of limited partner units

 

(16,067)

 

(135)

Purchase of treasury stock

(152,589)

(181,258)

Distributions to noncontrolling interest holders in properties

 

(4,108)

 

(3,839)

Contributions from noncontrolling interest holders in properties

 

28

 

70

Preferred distributions of the Operating Partnership

 

(957)

 

(957)

Distributions to stockholders and preferred dividends

 

(646,094)

 

(1,267,908)

Distributions to limited partners

 

(98,123)

 

(191,987)

Proceeds from issuance of debt, net of transaction costs

 

7,954,893

 

5,022,602

Repayments of debt

 

(4,864,992)

 

(4,993,870)

Net cash provided by (used in) financing activities

 

2,170,973

 

(1,620,401)

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

2,636,727

 

(34,559)

CASH AND CASH EQUIVALENTS, beginning of period

 

669,373

 

514,335

CASH AND CASH EQUIVALENTS, end of period

$

3,306,100

$

479,776

The accompanying notes are an integral part of these statements.

7

Table of Contents

Simon Property Group, Inc.

Unaudited Consolidated Statements of Equity

(Dollars in thousands)

   

   

   

Accumulated

   

   

   

Common

   

   

Other

Capital in

Stock

Preferred

Common

Comprehensive

Excess of

Accumulated

Held in

Noncontrolling

Total

    

Stock

Stock

Income (Loss)

Par Value

Deficit

Treasury

    

interests

    

Equity

January 1, 2020

$

42,420

$

32

$

(118,604)

$

9,756,073

$

(5,379,952)

$

(1,773,571)

$

384,852

$

2,911,250

Exchange of limited partner units (132,946 common shares, note 8)

 

1,076

 

(1,076)

 

Series J preferred stock premium amortization

(82)

(82)

Stock incentive program (1,081 common shares forfeited)

Redemption of limited partner units (116,072 units)

(15,127)

(940)

(16,067)

Amortization of stock incentive

1,891

1,891

Treasury stock purchase (1,245,654 shares)

(152,589)

(152,589)

Long-term incentive performance units

4,987

4,987

Issuance of unit equivalents and other

29

3,287

 

26

 

3,342

Unrealized gain on hedging activities

19,510

2,963

22,473

Currency translation adjustments

(20,505)

(3,099)

(23,604)

Changes in available-for-sale securities and other

715

109

824

Net gain reclassified from accumulated other comprehensive loss into earnings

(417)

(63)

(480)

Other comprehensive income

(697)

(90)

(787)

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

 

24,233

 

(24,233)

 

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

 

(645,259)

 

(98,099)

 

(743,358)

Distributions to other noncontrolling interest partners

 

(3,167)

(3,167)

Net income, excluding $479 attributable to preferred interests in the Operating Partnership and a $608 loss attributable to noncontrolling redeemable interests in properties

 

 

438,439

 

67,094

 

505,533

March 31, 2020

$

42,338

$

32

$

(119,301)

$

9,768,175

$

(5,583,485)

$

(1,926,160)

$

329,354

$

2,510,953

Series J preferred stock premium amortization

(82)

(82)

Stock incentive program (155,610 common shares, net)

(9,317)

9,317

Amortization of stock incentive

4,969

4,969

Long-term incentive performance units