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Unaudited Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 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 (Note 6) 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 (loss) 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 - basic (in dollars per share) $ 1.82 $ 1.65 $ 4.68 $ 4.46
Net income attributable to common stockholders - diluted (in dollars per share) $ 1.82 $ 1.65 $ 4.68 $ 4.46
Consolidated Net Income $ 680,762 $ 621,847 $ 1,757,522 $ 1,679,637
Unrealized gain on derivative hedge agreements 41,314 35,470 62,305 80,327
Net gain reclassified from accumulated other comprehensive loss into earnings (671) (403) (1,869) (1,191)
Currency translation adjustments (1,059) (26,143) (34,746) (49,482)
Changes in available-for-sale securities and other (361) (546) 903 (1,619)
Comprehensive income 719,985 630,225 1,784,115 1,707,672
Comprehensive (loss) income attributable to noncontrolling interests 90,031 83,007 225,417 218,119
Comprehensive income attributable to common stockholders 629,954 547,218 1,558,698 1,489,553
Simon Property Group, L.P.        
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 (Note 6) 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 (loss) income attributable to noncontrolling interests (1,149) 3,616 (751) 2,498
Preferred dividends 1,313 1,313 3,939 3,939
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS 680,598 616,918 1,754,334 1,673,200
NET INCOME ATTRIBUTABLE TO UNITHOLDERS ATTRIBUTABLE TO:        
General Partner 594,139 539,038 1,532,309 1,462,412
Limited Partners $ 86,459 $ 77,880 $ 222,025 $ 210,788
BASIC AND DILUTED EARNINGS PER COMMON SHARE:        
Net income attributable to common stockholders - basic (in dollars per share) $ 1.82 $ 1.65 $ 4.68 $ 4.46
Net income attributable to common stockholders - diluted (in dollars per share) $ 1.82 $ 1.65 $ 4.68 $ 4.46
Consolidated Net Income $ 680,762 $ 621,847 $ 1,757,522 $ 1,679,637
Unrealized gain on derivative hedge agreements 41,314 35,470 62,305 80,327
Net gain reclassified from accumulated other comprehensive loss into earnings (671) (403) (1,869) (1,191)
Currency translation adjustments (1,059) (26,143) (34,746) (49,482)
Changes in available-for-sale securities and other (361) (546) 903 (1,619)
Comprehensive income 719,985 630,225 1,784,115 1,707,672
Comprehensive (loss) income attributable to noncontrolling interests (129) 1,366 319 1,381
Comprehensive income attributable to common stockholders $ 720,114 $ 628,859 $ 1,783,796 $ 1,706,291