8-K

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): May 6, 2024

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
83/8% 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 May 6, 2024, Simon Property Group, Inc. issued a press release containing information on earnings for the quarter ended March 31, 2024 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 March 31, 2024.

Item 9.01. Financial Statements and Exhibits

Financial Statements:

None

Exhibits:

Exhibit No. Description

99.1	Earnings Release dated May 6, 2024 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: May 6, 2024

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

Page 3

EX-99.1

 SIMON PROPERTY GROUP

EARNINGS RELEASE &
SUPPLEMENTAL INFORMATION
UNAUDITED FIRST QUARTER

TABLE OF CONTENTS

EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION FOR THE QUARTER ENDED MARCH 31, 2024	PAGE
Earnings Release (1)	2-11
Overview	12
The Company	12
Stock Information, Credit Ratings and Senior Unsecured Debt Covenants	13
Financial Data	​
Selected Financial and Equity Information	14
Net Operating Income (NOI) Composition	15
Net Operating Income Overview (at Share)	16
Reconciliations of Non-GAAP Financial Measures	17
Consolidated Net Income to NOI	17
FFO of the Operating Partnership to Funds Available for Distribution (Our Share)	18
Lease Income, Other Income, Other Expense, Income from Unconsolidated Entities,    and Capitalized Interest	19
Operational Data	​
Operating Information	20
U.S. Malls and Premium Outlets Lease Expirations	21
U.S. Malls and Premium Outlets Top Tenants	22
Development Activity	​
Capital Expenditures	23
Development Activity Summary	24
Balance Sheet Information	​
Common and Preferred Stock Information	25
Changes in Common Share and Limited Partnership Unit Ownership	25
Preferred Stock/Units Outstanding	25
Credit Profile	26
Summary of Indebtedness	27
Total Debt Amortization and Maturities by Year (Our Share)	28
Unsecured Debt Information	29
Property and Debt Information	30–39
Other	​
Non-GAAP Pro-Rata Financial Information	40–42

(1)

Includes reconciliation of consolidated net income to funds from operations.

 1Q 2024 SUPPLEMENTAL 1 

EARNINGS RELEASE

Contacts:

Tom Ward

317-685-7330 Investors

Nicole Kennon

704-804-1960 Media

Simon® Reports First Quarter 2024 Results, Increases Full Year 2024
Guidance and Raises Quarterly Dividend

INDIANAPOLIS, May 6, 2024 – 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 March 31, 2024.

“We delivered strong results to start the year,” said David Simon, Chairman, Chief Executive Officer and President. “Leasing momentum and cash flow growth continued. We successfully sold our remaining investment in Authentic Brands Group, generating total gross proceeds of  $1.45 billion, including the sale of a portion of our interest in the fourth quarter of 2023. Today, we raised our quarterly dividend and are increasing the mid-point of our full-year 2024 guidance.”

Results for the Quarter

•

Net income attributable to common stockholders was $731.7 million, or $2.25 per diluted share, as compared to $451.8 million, or $1.38 per diluted share in 2023.

 – 

Net income for the first quarter of 2024 includes after-tax net gains of  $303.9 million, or $0.81 per diluted share, primarily resulting from the sale of the Company’s remaining ownership interest in Authentic Brands Group.

•

Funds From Operations (“FFO”) was $1.334 billion, or $3.56 per diluted share as compared to $1.026 billion, or $2.74 per diluted share in the prior year, including the gains referenced above.

•

Domestic property Net Operating Income (“NOI”) increased 3.7% and portfolio NOI increased 3.9% compared to the prior year period.

U.S. Malls and Premium Outlets Operating Statistics

•

Occupancy at March 31, 2024 was 95.5%, a 1.1% increase compared to 94.4% at March 31, 2023.

•

Base minimum rent per square foot was $57.53 at March 31, 2024, compared to $55.84 at March 31, 2023, an increase of 3.0%.

•

Reported retailer sales per square foot was $745 for the trailing 12 months ended March 31, 2024.

 1Q 2024 SUPPLEMENTAL 2 

EARNINGS RELEASE

Balance Sheet Liquidity

As of March 31, 2024, Simon had approximately $11.2 billion of liquidity consisting of  $3.1 billion of cash on hand, including its share of joint venture cash, and $8.1 billion of available capacity under its revolving credit facilities.

Dividends

Today, Simon’s Board of Directors declared a quarterly common stock dividend of  $2.00 for the second quarter of 2024. This is an increase of  $0.15, or 8.1% year-over-year. The dividend will be payable on June 28, 2024 to shareholders of record on June 7, 2024.

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 June 28, 2024 to shareholders of record on June 14, 2024.

2024 Guidance

The Company currently estimates net income to be within a range of  $7.38 to $7.53 per diluted share and FFO to be within a range of  $12.75 to $12.90 per diluted share for the year ending December 31, 2024.

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:

For the year ending December 31, 2024

​	Low End			High End
Estimated net income attributable to common stockholders per diluted share	​	$	7.38	​	$	7.53
Depreciation and amortization including Simon’s share of unconsolidated entities	​	​	5.40	​	​	5.40
Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interest in unconsolidated entities and impairment, net	​	​	(0.03)	​	​	(0.03)
Estimated FFO per diluted share	​	$	12.75	​	$	12.90

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, May 6, 2024. 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 May 13, 2024. To access the audio replay, dial 1-844-512-2921 (international +1-412-317-6671) passcode 13745980.

Supplemental Materials and Website

Supplemental information on our first quarter 2024 performance is available at investors.simon.com. This information has also been furnished to the SEC in a current report on Form 8-K.

 1Q 2024 SUPPLEMENTAL 3 

EARNINGS RELEASE

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 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 inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; the potential loss of anchor stores or major tenants; 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; reducing emissions of greenhouse gases; 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.

 1Q 2024 SUPPLEMENTAL 4 

EARNINGS RELEASE

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.

 1Q 2024 SUPPLEMENTAL 5 

EARNINGS RELEASE

Simon Property Group, Inc.

Unaudited Consolidated Statements of Operations
(Dollars in thousands, except per share amounts)

​	For the Three Months Ended March 31,
​	2024			2023
REVENUE:	​			​
Lease income	​	$	1,302,671	​	$	1,248,185
Management fees and other revenues	​		29,455	​	​	28,949
Other income	​		110,464	​	​	73,715
Total revenue	​		1,442,590	​	​	1,350,849
EXPENSES:	​	​	​	​	​	​
Property operating	​		126,114	​	​	111,748
Depreciation and amortization	​		307,369	​	​	307,059
Real estate taxes	​		109,210	​	​	111,159
Repairs and maintenance	​		25,728	​	​	22,174
Advertising and promotion	​		28,081	​	​	24,159
Home and regional office costs	​		60,723	​	​	56,820
General and administrative	​		9,132	​	​	9,107
Other	​		41,053	​	​	45,900
Total operating expenses	​		707,410	​	​	688,126
OPERATING INCOME BEFORE OTHER ITEMS	​		735,180	​	​	662,723
Interest expense	​		(230,623)	​	​	(199,429)
Gain on disposal, exchange, or revaluation of equity interests, net	​		414,769	​	​	—
Income and other tax (expense) benefit	​		(47,603)	​	​	13,453
(Loss) income from unconsolidated entities	​		(34,342)	​	​	21,900
Unrealized (losses) gains in fair value of publicly traded equity instruments and derivative instrument, net	​		(7,192)	​	​	20,608
Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	​		10,966	​	​	—
CONSOLIDATED NET INCOME	​		841,155	​	​	519,255
Net income attributable to noncontrolling interests	​		108,619	​	​	66,594
Preferred dividends	​		834	​	​	834
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	​	$	731,702	​	$	451,827
BASIC AND DILUTED EARNINGS PER COMMON SHARE:	​	​	​	​	​	​
Net income attributable to common stockholders	​	$	2.25	​	$	1.38

 1Q 2024 SUPPLEMENTAL 6 

EARNINGS RELEASE

Simon Property Group, Inc.

Unaudited Consolidated Balance Sheets
(Dollars in thousands, except share amounts)

​	March 31, 2024			December 31, 2023
ASSETS:	​	​	​	​	​	​
Investment properties, at cost	​	$	39,494,402	​	$	39,285,138
Less – accumulated depreciation	​		18,014,303	​	​	17,716,788
​	​		21,480,099	​	​	21,568,350
Cash and cash equivalents	​		1,251,105	​	​	1,168,991
Short-term investments	​		1,300,000	​	​	1,000,000
Tenant receivables and accrued revenue, net	​		793,437	​	​	826,126
Investment in TRG, at equity	​		3,004,129	​	​	3,049,719
Investment in Klépierre, at equity	​		1,447,515	​	​	1,527,872
Investment in other unconsolidated entities, at equity	​		2,770,652	​	​	3,540,648
Right-of-use assets, net	​		524,920	​	​	484,073
Deferred costs and other assets	​		1,124,834	​	​	1,117,716
Total assets	​	$	33,696,691	​	$	34,283,496
LIABILITIES:	​			​
Mortgages and unsecured indebtedness	​	$	25,519,340	​	$	26,033,423
Accounts payable, accrued expenses, intangibles, and deferred revenues	​		1,527,859	​	​	1,693,248
Cash distributions and losses in unconsolidated entities, at equity	​		1,724,494	​	​	1,760,922
Dividend payable	​		1,412	​	​	1,842
Lease liabilities	​		525,681	​	​	484,861
Other liabilities	​		635,781	​	​	621,601
Total liabilities	​		29,934,567	​	​	30,595,897
Commitments and contingencies	​	​	​	​	​	​
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests	​		177,528	​	​	195,949
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	​		41,024	​	​	41,106
Common stock, $0.0001 par value, 511,990,000 shares authorized, 342,895,886 and 342,895,886 issued and outstanding, respectively	​		33	​	​	33
Class B common stock, $0.0001 par value, 10,000 shares authorized, 8,000 issued and outstanding	​		—	​	​	—
Capital in excess of par value	​		11,370,740	​	​	11,406,236
Accumulated deficit	​		(5,987,514)	​	​	(6,095,576)
Accumulated other comprehensive loss	​		(165,796)	​	​	(172,787)
Common stock held in treasury, at cost, 16,960,060 and 16,983,364 shares, respectively	​		(2,152,382)	​	​	(2,156,178)
Total stockholders’ equity	​		3,106,105	​	​	3,022,834
Noncontrolling interests	​		478,491	​	​	468,815
Total equity	​		3,584,596	​	​	3,491,649
Total liabilities and equity	​	$	33,696,691	​	$	34,283,495

 1Q 2024 SUPPLEMENTAL 7 

EARNINGS RELEASE

Simon Property Group, Inc.

Unaudited Joint Venture Combined Statements of Operations
(Dollars in thousands)

​	For the Three Months Ended March 31,
​	2024			2023
REVENUE:	​	​	​	​	​	​
Lease income	​	$	752,030	​	$	735,048
Other income	​		90,992	​	​	90,046
Total revenue	​		843,022	​	​	825,094
OPERATING EXPENSES:	​	​	​	​	​	​
Property operating	​		161,044	​	​	154,922
Depreciation and amortization	​		159,815	​	​	164,473
Real estate taxes	​		63,180	​	​	64,004
Repairs and maintenance	​		19,492	​	​	18,774
Advertising and promotion	​		21,663	​	​	20,710
Other	​		54,881	​	​	53,310
Total operating expenses	​		480,075	​	​	476,193
OPERATING INCOME BEFORE OTHER ITEMS	​	​	362,947	​		348,901
Interest expense	​		(176,751)	​	​	(168,206)
NET INCOME	​	$	186,196	​	$	180,695
Third-Party Investors’ Share of Net Income	​	$	94,370	​	$	90,259
Our Share of Net Income	​		91,826	​	​	90,436
Amortization of Excess Investment (A)	​		(14,697)	​	​	(14,921)
Income from Unconsolidated Entities (B)	​	$	77,129	​	$	75,515

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.

 1Q 2024 SUPPLEMENTAL 8 

EARNINGS RELEASE

Simon Property Group, Inc.

Unaudited Joint Venture Combined Balance Sheets
(Dollars in thousands)

​	March 31, 2024			December 31, 2023
Assets:	​			​
Investment properties, at cost	​	$	19,151,115	​	$	19,315,578
Less – accumulated depreciation	​		8,859,314	​	​	8,874,745
​	​		10,291,801	​	​	10,440,833
Cash and cash equivalents	​		1,331,870	​	​	1,372,377
Tenant receivables and accrued revenue, net	​		458,425	​	​	505,933
Right-of-use assets, net	​		117,569	​	​	126,539
Deferred costs and other assets	​		568,838	​	​	537,943
Total assets	​	$	12,768,503	​	$	12,983,625
Liabilities and Partners’ Deficit:	​			​
Mortgages	​	$	14,056,723	​	$	14,282,839
Accounts payable, accrued expenses, intangibles, and deferred revenue	​		956,184	​	​	1,032,217
Lease liabilities	​		107,873	​	​	116,535
Other liabilities	​		363,647	​	​	368,582
Total liabilities	​		15,484,427	​	​	15,800,173
Preferred units	​		67,450	​	​	67,450
Partners’ deficit	​		(2,783,374)	​	​	(2,883,998)
Total liabilities and partners’ deficit	​	$	12,768,503	​	$	12,983,625
Our Share of:	​			​
Partners’ deficit	​	$	(1,195,321)	​	$	(1,258,809)
Add: Excess Investment (A)	​		1,140,083	​	​	1,173,852
Our net Investment in unconsolidated entities, at equity	​	$	(55,238)	​	$	(84,957)

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.

 1Q 2024 SUPPLEMENTAL 9 

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 March 31,
​	2024			2023
Consolidated Net Income (D)	​	$	841,155	​	$	519,255
Adjustments to Arrive at FFO:	​	​	​	​	​	​
Depreciation and amortization from consolidated properties	​		303,672	​	​	304,234
Our share of depreciation and amortization from unconsolidated entities, including Klépierre, TRG and other corporate investments	​		204,979	​	​	209,330
Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	​		(10,966)	​	​	—
Net loss (income) attributable to noncontrolling interest holders in properties	​		1,470	​	​	(762)
Noncontrolling interests portion of depreciation and amortization, gain on consolidation of properties, and loss (gain) on disposal of properties	​		(5,510)	​	​	(4,775)
Preferred distributions and dividends	​		(1,266)	​	​	(1,313)
FFO of the Operating Partnership	​	$	1,333,534	​	$	1,025,969
Diluted net income per share to diluted FFO per share reconciliation:	​			​
Diluted net income per share	​	$	2.25	​	$	1.38
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	​		1.34	​	​	1.36
Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	​		(0.03)	​	​	—
Diluted FFO per share	​	$	3.56	​	$	2.74

Details for per share calculations:	​		​
FFO of the Operating Partnership	$	1,333,534	$	1,025,969
Diluted FFO allocable to unitholders		(173,804)	​	(129,646)
Diluted FFO allocable to common stockholders	$	1,159,730	$	896,323
Basic and Diluted weighted average shares outstanding		325,912	​	326,954
Weighted average limited partnership units outstanding		48,843	​	47,291
Basic and Diluted weighted average shares and units outstanding		374,755	​	374,245
Basic and Diluted FFO per Share	$	3.56	$	2.74
Percent Change		29.9%	​	​

 1Q 2024 SUPPLEMENTAL 10 

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  $7.5 million and $4.5 million for the three months ended March 31, 2024 and 2023, respectively.

 – 

Straight-line adjustments decreased income by ($4.6) million and ($7.7) million for the three months ended March 31, 2024 and 2023, respectively.

 – 

Amortization of fair market value of leases increased income by $0.2 million and $0.1 million for the three months ended March 31, 2024 and 2023, respectively.

 1Q 2024 SUPPLEMENTAL 11 

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 March 31, 2024, 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 23 regional, super-regional, and outlet malls in the U.S. and Asia. Additionally, at March 31, 2024, 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 March 31, 2024 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 inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; the potential loss of anchor stores or major tenants; 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; reducing emissions of greenhouse gases; 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).

 1Q 2024 SUPPLEMENTAL 12 

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%	40%	Yes
Total Secured Debt to Total Assets (1)	≤50%	17%	Yes
Fixed Charge Coverage Ratio	>1.5X	4.3X	Yes
Total Unencumbered Assets to Unsecured Debt	≥125%	273%	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.

 1Q 2024 SUPPLEMENTAL 13 

SELECTED FINANCIAL AND EQUITY INFORMATION
(In thousands, except as noted)

​	THREE MONTHS ENDED MARCH 31,
​	2024			2023
Financial Highlights	​			​
Total Revenue – Consolidated Properties	​	$	1,442,590	​	$	1,350,849
Consolidated Net Income	​	$	841,155	​	$	519,255
Net Income Attributable to Common Stockholders	​	$	731,702	​	$	451,827
Basic and Diluted Earnings per Common Share (EPS)	​	$	2.25	​	$	1.38
Funds from Operations (FFO) of the Operating Partnership	​	$	1,333,534	​	$	1,025,969
Components of Basic and Diluted FFO per Share (FFOPS)	​			​
Real Estate	​	$	2.91	​	$	2.82
Gains on disposal, exchange or revalution of equity interests, net of tax	​	​	0.83	​	​	—
Other Platform Investments	​	​	(0.16)	​	​	(0.14)
Unrealized (losses) gains in fair value of publicly traded equity instruments and derivative instrument, net	​	​	(0.02)	​	​	0.06
Basic and Diluted FFOPS	​	$	3.56	​	$	2.74
Dividends/Distributions per Share/Unit	​	$	1.95	​	$	1.80

​	AS OF MARCH 31, 2024			AS OF DECEMBER 31, 2023
Stockholders’ Equity Information	​			​
Limited Partners’ Units Outstanding at end of period	​	​	48,844	​	​	48,914
Common Shares Outstanding at end of period	​	​	325,944	​	​	325,920
Total Common Shares and Limited Partnership Units Outstanding at end of period	​	​	374,788	​	​	374,834
Weighted Average Limited Partnership Units Outstanding	​	​	48,843	​	​	47,782
Weighted Average Common Shares Outstanding:	​	​	​	​	​	​
Basic and Diluted – for purposes of EPS and FFOPS	​	​	325,912	​	​	326,808
Equity Market Capitalization	​			​
Common Stock Price at end of period	​	$	156.49	​	$	142.64
Common Equity Capitalization, including Limited Partnership Units	​	$	58,650,571	​	$	53,466,356
Preferred Equity Capitalization, including Limited Partnership Preferred Units	​	​	71,595	​	​	70,296
Total Equity Market Capitalization	​	$	58,722,166	​	$	53,536,652

 1Q 2024 SUPPLEMENTAL 14 

Net Operating Income (NOI) Composition (1)
For the Three Months Ended March 31, 2024

(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.

 1Q 2024 SUPPLEMENTAL 15 

Net Operating Income Overview (AT SHARE)
(In thousands)

​	FOR THE THREE MONTHS ENDED MARCH 31,						% GROWTH
​	2024			2023
Domestic Property NOI (1)	​	$	1,330,418	​	$	1,282,742	​	3.7	%
International Properties (2)	​	​	76,429	​	​	70,870	​	​	​
Portfolio NOI	​	$	1,406,847	​	$	1,353,612	​	3.9	%
NOI from Other Platform Investments (3)	​	​	(83,005)	​	​	(27,459)	​	​	​
NOI from Investments (4)	​		50,837	​		47,966	​	​	​
Corporate and Other NOI Sources (5)	​	​	80,344	​	​	39,826	​	​	​
Beneficial interest of Combined NOI	​	$	1,455,023	​	$	1,413,945	​	​	​

(1)

All properties in North America (including TRG’s 18 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). For the three months ended March 31, 2024, includes charges of  $18.9 million related to SPARC Group and $14.3 million related to J.C. Penney. For the three months ended March 31, 2023, includes our share of a bargain purchase gain of  $27.1 million related to Reebok.

(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.

 1Q 2024 SUPPLEMENTAL 16 

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(In thousands, except as noted)

RECONCILIATION OF NET INCOME TO NOI

​	THREE MONTHS ENDED MARCH 31,
​	2024			2023
Reconciliation of NOI of consolidated entities:	​	​	​	​	​	​
Consolidated Net Income	​	$	841,155	​	$	519,255
Income and other tax expense (benefit)	​		47,603	​	​	(13,453)
Gain on disposal, exchange, or revaluation of equity interests, net	​		(414,769)	​	​	—
Interest expense	​		230,623	​	​	199,429
Loss (income) from unconsolidated entities	​		34,342	​	​	(21,900)
Unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net	​		7,192	​	​	(20,608)
(Gain) loss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	​		(10,966)	​	​	—
Operating Income Before Other Items	​		735,180	​	​	662,723
Depreciation and amortization	​		307,369	​	​	307,059
Home and regional office costs	​		60,723	​	​	56,820
General and administrative	​		9,132	​	​	9,107
NOI of consolidated entities	​	$	1,112,404	​	$	1,035,709
Less: Noncontrolling interest partners share of NOI	​		(7,471)	​	​	(7,522)
Beneficial NOI of consolidated entities	​	$	1,104,933	​	$	1,028,187
Reconciliation of NOI of unconsolidated entities:	​	​	​	​	​	​
Net Income	​	$	186,196	​	$	180,695
Interest expense	​		176,751	​	​	168,206
Operating Income Before Other Items	​		362,947	​	​	348,901
Depreciation and amortization	​		159,815	​	​	164,473
NOI of unconsolidated entities	​	$	522,762	​	$	513,374
Less: Joint Venture partners share of NOI	​		(273,939)	​	​	(267,901)
Beneficial NOI of unconsolidated entities	​	$	248,823	​	$	245,473
Add: Beneficial interest of NOI from TRG	​		130,478	​	​	119,699
Add: Beneficial interest of NOI from Other Platform Investments and Investments (1)	​		(29,211)	​	​	20,586
Beneficial interest of Combined NOI	​	$	1,455,023	​	$	1,413,945

(1)

See footnotes 3 and 4 on prior page.

 1Q 2024 SUPPLEMENTAL 17 

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 MARCH 31, 2024
FFO of the Operating Partnership	​	$	1,333,534
Non-cash impacts to FFO (1)	​	​	29,240
FFO of the Operating Partnership excluding non-cash impacts	​	​	1,362,774
Tenant allowances	​	​	(51,608)
Operational capital expenditures	​	​	(31,366)
Funds available for distribution	​	$	1,279,800

(1)

Non-cash impacts to FFO of the Operating Partnership include:

​	THREE MONTHS ENDED MARCH 31, 2024
Deductions:	​	​	​
Fair value of debt amortization	​	​	(265)
Fair market value of lease amortization	​	​	(176)
Additions:	​	​	​
Straight-line lease loss	​	​	4,606
Stock based compensation expense	​	​	9,834
Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net	​	​	7,192
Mortgage, financing fee, accretion interest, and terminated swap amortization expense	​	​	8,049
​	​	$	29,240

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.

 1Q 2024 SUPPLEMENTAL 18 

LEASE INCOME, OTHER INCOME, OTHER EXPENSE, INCOME FROM
UNCONSOLIDATED ENTITIES, AND CAPITALIZED INTEREST
(In thousands)

​	THREE MONTHS ENDED MARCH 31,
Consolidated Properties	2024			2023
Lease Income	​	​	​	​	​	​
Fixed lease income (1)	​	$	1,068,405	​	$	1,013,164
Variable lease income (2)	​	​	234,266	​	​	235,021
Total Lease Income	​	$	1,302,671	​	$	1,248,185
Other Income	​	​	​	​	​	​
Interest, dividend and distribution income (3)	​	$	38,531	​	$	14,947
Lease settlement income	​	​	5,334	​	​	3,483
Gains on land sales	​	​	7,479	​	​	2,647
Mixed-use and franchise operations income	​	​	21,218	​	​	19,420
Other (4)	​	​	37,902	​	​	33,218
Total Other Income	​	$	110,464	​	$	73,715
Other Expense	​	​	​	​	​	​
Ground leases	​	$	12,255	​	$	12,273
Mixed-use and franchise operations expense	​	​	18,947	​	​	20,622
Professional fees and other	​	​	9,851	​	​	13,005
Total Other Expense	​	$	41,053	​	$	45,900
Income from Unconsolidated Entities	​	​	​	​	​	​
Share of Joint Ventures (5)	​	$	77,129	​	$	75,515
Share of Klépierre net income, net of amortization of excess investment	​	​	15,637	​	​	14,605
Share of Other Platform Investments net income (loss), net of amortization of excess investment, pre-tax	​	​	(115,768)	​	​	(55,678)
Share of TRG net loss including amortization of excess investment	​	​	(11,340)	​	​	(12,542)
Total Income from Unconsolidated Entities	​	$	(34,342)	​	$	21,900
Capitalized Interest	​	​	​	​	​	​
Our Share of Consolidated Properties	​	$	9,061	​	$	13,338
Our Share of Joint Venture Properties	​	$	68	​	$	152

(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.

 1Q 2024 SUPPLEMENTAL 19 

OPERATING INFORMATION

​	AS OF MARCH 31,
​	2024			2023
U.S. Malls and Premium Outlets	​	​	​	​	​	​
Total Number of Properties	​		162	​	​	162
Total Square Footage of Properties (in millions)	​		136.6	​	​	136.7
Ending Occupancy (1):	​	​	​	​	​	​
Consolidated Assets	​	​	95.4%	​	​	94.6%
Unconsolidated Assets	​	​	95.8%	​	​	93.9%
Total Portfolio	​		95.5%	​	​	94.4%
Base Minimum Rent PSF (2):	​	​	​	​	​	​
Consolidated Assets	​	$	56.15	​	$	54.52
Unconsolidated Assets	​	$	61.38	​	$	59.54
Total Portfolio	​	$	57.53	​	$	55.84
U.S. TRG	​	​	​	​	​	​
Total Number of Properties	​		18	​	​	20
Total Square Footage of Properties (in millions)	​		17.9	​	​	20.4
Ending Occupancy (1)	​		95.3%	​	​	93.3%
Base Minimum Rent PSF (2)	​	$	65.92	​	$	62.29

​	AS OF MARCH 31,
​	2024			2023
The Mills	​	​	​	​	​	​
Total Number of Properties	​		14	​	​	14
Total Square Footage of Properties (in millions)	​		21.4	​	​	21.3
Ending Occupancy (3)	​		97.7%	​	​	97.3%
Base Minimum Rent PSF (2)	​	$	36.97	​	$	35.63
International Properties (4)	​	​	​	​	​	​
Premium Outlets	​	​	​	​	​	​
Total Number of Properties	​		23	​	​	23
Total Square Footage of Properties (in millions)	​		8.7	​	​	8.7
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.

 1Q 2024 SUPPLEMENTAL 20 

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	​	2,181	​	8,168,022	​	$	57.43	​	8.4	%
2024 (4/1/24 – 12/31/24)	​	1,324	​	4,122,148	​	$	61.25	​	4.5	%
2025	​	2,706	​	10,145,869	​	$	59.92	​	10.8	%
2026	​	2,424	​	9,912,738	​	$	56.56	​	8.9	%
2027	​	1,807	​	7,286,505	​	$	64.72	​	8.4	%
2028	​	1,508	​	6,859,078	​	$	67.98	​	8.2	%
2029	​	1,103	​	5,041,122	​	$	69.34	​	6.0	%
2030	​	629	​	2,877,425	​	$	81.01	​	4.0	%
2031	​	366	​	1,922,251	​	$	73.74	​	2.5	%
2032	​	451	​	1,682,827	​	$	95.79	​	2.9	%
2033	​	554	​	2,153,531	​	$	95.40	​	3.6	%
2034	​	149	​	723,648	​	$	81.29	​	1.1	%
2035 and Thereafter	​	649	​	2,744,046	​	$	55.57	​	2.3	%
Specialty Leasing Agreements w/ terms in excess of 12 months	​	2,290	​	6,111,324	​	$	17.03	​	1.9	%
Anchors	​		​		​			​
Month to Month Leases	​	3	​	367,982	​	$	4.64	​	0.0	%
2024 (4/1/24 – 12/31/24)	​	3	​	426,692	​	$	4.48	​	0.0	%
2025	​	15	​	1,536,966	​	$	6.19	​	0.1	%
2026	​	17	​	1,795,117	​	$	5.23	​	0.2	%
2027	​	13	​	1,765,268	​	$	5.32	​	0.2	%
2028	​	16	​	1,986,210	​	$	5.73	​	0.2	%
2029	​	14	​	1,302,698	​	$	7.59	​	0.2	%
2030	​	11	​	969,893	​	$	9.60	​	0.1	%
2031	​	6	​	427,004	​	$	9.71	​	0.1	%
2032	​	4	​	282,245	​	$	25.21	​	0.1	%
2033	​	7	​	1,028,383	​	$	8.48	​	0.2	%
2034	​	5	​	462,206	​	$	13.70	​	0.1	%
2035 and Thereafter	​	24	​	2,216,739	​	$	16.82	​	0.6	%

(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 2023 consolidated and joint venture combined base rental revenue.

 1Q 2024 SUPPLEMENTAL 21 

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	​	282	​	3,039	​	1.8	%	​	2.9	%
Knitwell Group	​	440	​	1,998	​	1.2	%	​	1.8	%
Tapestry	​	224	​	943	​	0.5	%	​	1.7	%
Signet Jewelers	​	348	​	494	​	0.3	%	​	1.6	%
Victoria’s Secret & Co.	​	133	​	1,121	​	0.7	%	​	1.5	%
Capri Holdings	​	138	​	551	​	0.3	%	​	1.4	%
American Eagle Outfitters	​	219	​	1,379	​	0.8	%	​	1.4	%
PVH Corporation	​	146	​	1,100	​	0.6	%	​	1.3	%
Luxottica Group	​	371	​	657	​	0.4	%	​	1.3	%
VF Corporation	​	202	​	875	​	0.5	%	​	1.3	%

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	​	36	​	2,801	​	1.6	%	​	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.

 1Q 2024 SUPPLEMENTAL 22 

CAPITAL EXPENDITURES (1)
(In thousands)

​	​	​	​	UNCONSOLIDATED PROPERTIES
​	CONSOLIDATED PROPERTIES			TOTAL			OUR SHARE
New development projects	​	$	18,427	​	$	6,925	​	$	3,463
Redevelopment projects with incremental square footage and/or anchor replacement	​	​	53,355	​	​	47,372	​	​	23,631
Redevelopment projects with no incremental square footage	​	​	1,174	​	​	5,339	​	​	2,902
Subtotal new development and redevelopment projects	​	​	72,956	​	​	59,636	​	​	29,996
Tenant allowances	​	​	40,999	​	​	21,976	​	​	10,609
Operational capital expenditures (CAM and non-CAM)	​	​	19,973	​	​	26,207	​	​	11,393
Totals	​	$	133,928	​	$	107,819	​	$	51,998
Conversion from accrual to cash basis	​	​	29,046	​	​	9,796	​	​	4,724
Capital Expenditures for the Three Months Ended 3/31/24 (2)	​	$	162,974	​	$	117,615	​	$	56,722
Capital Expenditures for the Three Months Ended 3/31/23 (2)	​	$	166,070	​	$	81,707	​	$	39,331

(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.

 1Q 2024 SUPPLEMENTAL 23 

DEVELOPMENT ACTIVITY SUMMARY (1)

As of March 31, 2024
(in thousands, except percent)

PLATFORM    PROJECT TYPE	OUR SHARE OF NET INVESTMENT			EXPECTED STABILIZED RATE OF RETURN			ACTUAL 2024 INVESTMENT THRU Q1 2024			FORECASTED INVESTMENT Q2 - Q4 2024			FORECASTED INVESTMENT FY 2024			FORECASTED INVESTMENT FY 2025			FORECASTED TOTAL INVESTMENT FY 2024 - 2025
Malls	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Redevelopments	​	$	671,813	​	8	%	​	$	47,503	​	$	244,007	​	$	291,510	​	$	174,823	​	$	466,333
Premium Outlets	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
New Developments	​	$	185,791	​	8	%	​	$	16,576	​	$	66,844	​	$	83,420	​	$	34,718	​	$	118,138
Redevelopments	​	$	62,648	​	10	%	​	$	511	​	$	41,403	​	$	41,914	​	$	2,005	​	$	43,919
The Mills	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Redevelopments	​	$	11,105	​	13	%	​	$	223	​	$	6,203	​	$	6,426	​	$	4,404	​	$	10,830
Total Investment (1)	​	$	931,357	​	8	%	​	$	64,813	​	$	358,457	​	$	423,270	​	$	215,950	​	$	639,220
Less funding from: Construction Loans, International JV Cash on hand, etc.	​	$	(169,084)	​	​	​	​	$	(8,346)	​	$	(63,522)	​	$	(71,868)	​	$	(19,461)	​	$	(91,329)
Total Net Cash Investment	​	$	762,273	​	​	​	​	$	56,467	​	$	294,935	​	$	351,402	​	$	196,489	​	$	547,891

Notes:

(1)

Does not include TRG

 1Q 2024 SUPPLEMENTAL 24 

COMMON AND PREFERRED STOCK INFORMATION

CHANGES IN COMMON SHARE AND LIMITED PARTNERSHIP UNIT OWNERSHIP
For the Period December 31, 2023 through March 31, 2024

​	COMMON SHARES (1)		LIMITED PARTNERSHIP UNITS (2)
Number Outstanding at December 31, 2023	​	325,920,522	​	48,913,717
First Quarter Activity	​	​	​	​
Redemption of Limited Partnership Units for Cash	​	—	​	(279,350)
Restricted Stock/Restricted Stock Unit Awards and Long-Term Incentive Performance (LTIP) Units Earned (3)	​	54,075	​	209,784
Treasury Shares Acquired Related to Stock Grant Recipients’ Tax Obligations and Other	​	(30,771)	​	​
Number Outstanding at March 31, 2024	​	325,943,826	​	48,844,151
Number of Limited Partnership Units and Common Shares at March 31, 2024	​	374,787,977	​	​

PREFERRED STOCK/UNITS OUTSTANDING AS OF MARCH 31, 2024
($ 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)	​	230,373	​	$	100.00	​	$	23,037	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 March 28, 2024 was $60.93 per share.

(5)

Each preferred unit is redeemable upon the occurrence of certain tax triggering events.

 1Q 2024 SUPPLEMENTAL 25 

CREDIT PROFILE (1)

(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.

 1Q 2024 SUPPLEMENTAL 26 

SUMMARY OF INDEBTEDNESS (1)

As of March 31, 2024
(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	​	$	4,832,819	​	$	4,663,223	​	3.92	%	​	2.8
Floating Rate Debt (Swapped to Fixed)	​	​	206,039	​	​	188,151	​	4.64	%	​	3.6
Floating Rate Debt (Hedged) (2)	​	​	124,345	​	​	97,389	​	5.82	%	​	0.8
Variable Rate Debt	​	​	137,225	​	​	120,534	​	7.20	%	​	2.2
Total Mortgage Debt	​	​	5,300,428	​	​	5,069,297	​	4.06	%	​	2.8
Unsecured Debt	​	​	​	​	​	​	​	​	​	​	​
Fixed Rate	​	​	20,058,602	​	​	20,058,602	​	3.34	%	​	9.4
Revolving Credit Facility – USD Currency	​	​	305,000	​	​	305,000	​	5.22	%	​	4.2
Total Revolving Credit Facilities	​	​	305,000	​	​	305,000	​	5.22	%	​	4.2
Total Unsecured Debt	​	​	20,363,602	​	​	20,363,602	​	3.37	%	​	9.3
Premium	​	​	11,798	​	​	11,798	​	​	​	​	​
Discount	​	​	(82,945)	​	​	(82,945)	​	​	​	​	​
Debt Issuance Costs	​	​	(134,138)	​	​	(132,919)	​	​	​	​	​
Other Debt Obligations	​	​	60,595	​	​	60,595	​	​	​	​	​
Consolidated Mortgages and Unsecured Indebtedness (2)	​	$	25,519,340	​	$	25,289,428	​	3.51	%	​	8.0
Joint Venture Indebtedness	​	​	​	​	​	​	​	​	​	​	​
Mortgage Debt	​	​	​	​	​	​	​	​	​	​	​
Fixed Rate	​	$	11,161,604	​	$	5,301,664	​	4.33	%	​	3.6
Floating Rate Debt (Swapped to Fixed)	​	​	760,512	​	​	331,857	​	4.81	%	​	3.4
Floating Rate Debt (Hedged) (2)	​	​	1,082,550	​	​	507,151	​	6.01	%	​	2.5
Variable Rate Debt	​	​	754,713	​	​	318,639	​	6.46	%	​	2.2
TMLP Debt (3)	​	​	325,011	​	​	6,966	​	—	​	​	—
Total Mortgage Debt	​	​	14,084,390	​	​	6,466,277	​	4.59	%	​	3.5
Debt Issuance Costs	​	​	(27,667)	​	​	(13,372)	​	​	​	​	​
Joint Venture Mortgages and Other Indebtedness (2)	​	$	14,056,723	​	$	6,452,905	​	4.59	%	​	3.5
Our Share of Total Indebtedness	​	​	​	​	$	31,742,333	​	3.73	%	​	7.1

​	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	​	99.2	%	​	$	25,075,339	​	3.49	%	​	8.1
Variable	​	0.8	%	​	​	214,089	​	6.58	%	​	1.6
​	​	100.0	%	​	​	25,289,428	​	3.51	%	​	8.0
Joint Venture	​	​	​	​	​	​	​	​	​	​	​
Fixed	​	87.3	%	​	$	5,630,804	​	4.36	%	​	3.6
Variable	​	12.7	%	​	​	822,101	​	6.18	%	​	2.4
​	​	100.0	%	​	​	6,452,905	​	4.59	%	​	3.5
Total Debt	​	​	​	​	$	31,742,333	​	​	​	​	​
Total Fixed Debt	​	96.7	%	​	$	30,706,143	​	3.65	%	​	7.3
Total Variable Debt	​	3.3	%	​	$	1,036,190	​	6.27	%	​	2.2
Total Variable Debt Inclusive of In-the Money-Caps	​	1.4	%	​	​	​	​	​	​	​	​

(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.

 1Q 2024 SUPPLEMENTAL 27 

TOTAL DEBT AMORTIZATION AND MATURITIES BY YEAR (OUR SHARE) (1)

As of March 31, 2024
(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
2024	​	$	1,900,000	​	2.65	%	​	$	373,393	​	4.44	%	​	$	693,566	​	4.29	%	​	$	2,966,959	​	3.24	%
2025	​	​	1,639,650	​	2.76	%	​	​	920,230	​	3.70	%	​	​	1,237,549	​	4.23	%	​	​	3,797,429	​	3.46	%
2026	​	​	2,359,476	​	3.35	%	​	​	2,477,358	​	4.15	%	​	​	1,340,949	​	4.50	%	​	​	6,177,783	​	3.92	%
2027	​	​	2,050,000	​	2.84	%	​	​	384,157	​	4.48	%	​	​	1,127,128	​	4.41	%	​	​	3,561,285	​	3.52	%
2028	​	​	1,105,000	​	2.71	%	​	​	48,808	​	3.85	%	​	​	808,582	​	4.31	%	​	​	1,962,390	​	3.40	%
2029	​	​	1,250,000	​	2.45	%	​	​	516,759	​	3.43	%	​	​	35,724	​	0.37	%	​	​	1,802,483	​	2.72	%
2030	​	​	750,000	​	2.65	%	​	​	—	​	—	​	​	​	232,324	​	3.12	%	​	​	982,324	​	2.91	%
2031	​	​	700,000	​	2.20	%	​	​	226,824	​	3.21	%	​	​	48,528	​	4.17	%	​	​	975,352	​	2.52	%
2032	​	​	1,400,000	​	2.45	%	​	​	—	​	—	​	​	​	343,040	​	5.25	%	​	​	1,743,040	​	3.07	%
2033	​	​	1,459,476	​	3.07	%	​	​	121,768	​	6.46	%	​	​	587,196	​	6.80	%	​	​	2,168,440	​	4.30	%
2034	​	​	500,000	​	6.25	%	​	​	—	​	—	​	​	​	839	​	9.25	%	​	​	500,839	​	6.25	%
Thereafter	​	​	5,250,000	​	4.71	%	​	​	—	​	—	​	​	​	10,852	​	4.46	%	​	​	5,260,852	​	4.71	%
Face Amounts of Indebtedness	​	$	20,363,602	​	3.37	%	​	$	5,069,297	​	4.06	%	​	$	6,466,277	​	4.59	%	​	$	31,899,176	​	3.73	%
Premiums (Discounts) on Indebtedness, Net	​	​	(73,010)	​	​	​	​	​	1,863	​	​	​	​	​	—	​	​	​	​	​	(71,147)	​	​	​
Debt Issuance Costs	​	​	(106,766)	​	​	​	​	​	(26,153)	​	​	​	​	​	(13,372)	​	​	​	​	​	(146,291)	​	​	​
Other Debt Obligations	​	​	—	​	​	​	​	​	60,595	​	​	​	​	​	—	​	​	​	​	​	60,595	​	​	​
Our Share of Total Indebtedness	​	$	20,183,826	​	​	​	​	$	5,105,602	​	​	​	​	$	6,452,905	​	​	​	​	$	31,742,333	​	​	​

(1)

Does not include TRG.

 1Q 2024 SUPPLEMENTAL 28 

Unsecured Debt Information
As of March 31, 2024

​	DEBT INFORMATION
​	MATURITY DATE			INTEREST RATE			TYPE	INDEBTEDNESS TOTAL ($ IN 000’S)
Unsecured Indebtedness:	​	​	​	​	​	​	​	​	​	​
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	​	​	539,650(1)
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 (Exchangable Euro Sr. Bonds)	​	11/14/2026	(2)	​	3.50	%	Fixed	​	​	809,476(3)
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
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)(5)	​	5.22	%	Fixed	​	​	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	​	​	809,476(3)
Simon Property Group, LP (Sr. Notes)	​	1/15/2034	​	​	6.25	%	Fixed	​	​	500,000
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
Simon Property Group, LP (Sr. Notes)	​	1/15/2054	​	​	6.65	%	Fixed	​	​	500,000
Total Unsecured Indebtedness at Face Value	​	​	​	​	​	​	​	​	$	20,363,602(6)

(1)

Amount shown in USD equivalent; EUR equivalent is 500.0 million.

(2)

Notes exchangable into ordinary shares of Klépierre S.A., at a common stock price of €27.2092.

(3)

Amount shown in USD equivalent; EUR equivalent is 750.0 million.

(4)

Through an interest rate swap agreement which matures on December 31, 2025, interest is essentially fixed at the all-in-rate presented.

(5)

Includes applicable extensions available at our option.

(6)

Also represents our share of Total Unsecured Indebtedness.

 1Q 2024 SUPPLEMENTAL 29 

PROPERTY AND DEBT INFORMATION
As of March 31, 2024

​

​

​

​

​

​

​

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%

​

2,128,570

07/01/28

​

4.12%

Fixed

1,750,000

583,333

4.

Barton Creek Square

TX

Austin

100.0%

​

1,450,481

(2)

​

​

​

​

​

5.

Battlefield Mall

MO

Springfield

100.0%

​

1,202,992

(2)

​

​

​

​

​

6.

Bay Park Square

WI

Green Bay

100.0%

​

690,367

(2)

​

​

​

​

​

7.

Brea Mall

CA

Brea (Los Angeles)

100.0%

​

1,317,962

(2)

​

​

​

​

​

8.

Briarwood Mall

MI

Ann Arbor

50.0%

​

869,614

09/01/26

​

3.29%

Fixed

165,000

82,500

9.

Brickell City Centre (3)

FL

Miami

25.0%

​

474,958

(2)

​

​

​

​

​

10.

Broadway Square

TX

Tyler

100.0%

​

613,338

(2)

​

​

​

​

​

11.

Burlington Mall

MA

Burlington (Boston)

100.0%

​

1,257,235

(2)

​

​

​

​

​

12.

Cape Cod Mall

MA

Hyannis

56.4%

​

712,314

07/30/26

(5)

7.63%

Variable

52,000

29,313

13.

Castleton Square

IN

Indianapolis

100.0%

​

1,378,543

(2)

​

​

​

​

​

14.

Cielo Vista Mall

TX

El Paso

100.0%

​

1,244,860

(2)

​

​

​

​

​

15.

Coconut Point

FL

Estero

50.0%

​

1,122,669

10/01/26

​

3.95%

Fixed

170,641

85,321

16.

College Mall

IN

Bloomington

100.0%

​

610,243

(2)

​

​

​

​

​

17.

Columbia Center

WA

Kennewick

100.0%

​

763,264

(2)

​

​

​

​

​

18.

Copley Place

MA

Boston

94.4%

(4)

1,258,713

(2)

​

​

​

​

​

19.

Coral Square

FL

Coral Springs (Miami)

97.2%

​

944,746

(2)

​

​

​

​

​

20.

Cordova Mall

FL

Pensacola

100.0%

​

932,807

(2)

​

​

​

​

​

21.

Dadeland Mall

FL

Miami

50.0%

​

1,510,820

01/05/27

​

3.11%

Fixed

367,586

183,793

22.

Del Amo Fashion Center

CA

Torrance (Los Angeles)

50.0%

​

2,506,760

06/01/27

​

3.66%

Fixed

585,000

292,500

23.

Domain, The

TX

Austin

100.0%

​

1,235,964

07/01/31

​

3.09%

Fixed

210,000

210,000

24.

Empire Mall

SD

Sioux Falls

100.0%

​

1,168,297

12/01/25

​

4.31%

Fixed

172,402

172,402

25.

Falls, The

FL

Miami

50.0%

​

708,042

09/01/26

​

3.45%

Fixed

150,000

75,000

26.

Fashion Centre at Pentagon City, The

VA

Arlington (Washington, DC)

42.5%

​

1,035,971

05/09/26

(5)(31)

6.94%

Variable

455,000

193,376

27.

Fashion Mall at Keystone, The

IN

Indianapolis

100.0%

​

710,161

(2)

​

​

​

​

​

28.

Fashion Valley

CA

San Diego

50.0%

​

1,730,083

06/01/33

​

5.73%

Fixed

450,000

225,000

29.

Firewheel Town Center

TX

Garland (Dallas)

100.0%

​

996,092

(2)

​

​

​

​

​

30.

Florida Mall, The

FL

Orlando

50.0%

​

1,726,572

02/09/27

(5)(32)

5.30%

Variable

600,000

300,000

31.

Forum Shops at Caesars Palace, The

NV

Las Vegas

100.0%

​

676,594

(2)

​

​

​

​

​

32.

Galleria, The

TX

Houston

50.4%

​

2,006,748

03/01/25

​

3.55%

Fixed

1,200,000

604,440

33.

Greenwood Park Mall

IN

Greenwood (Indianapolis)

100.0%

​

1,286,563

(2)

​

​

​

​

​

34.

Haywood Mall

SC

Greenville

100.0%

​

1,251,801

(2)

​

​

​

​

​

35.

King of Prussia

PA

King of Prussia (Philadelphia)

100.0%

​

2,671,334

(2)

​

​

​

​

​

36.

La Plaza Mall

TX

McAllen

100.0%

​

1,323,587

(2)

​

​

​

​

​

37.

Lakeline Mall

TX

Cedar Park (Austin)

100.0%

​

1,098,830

(2)

​

​

​

​

​

38.

Lehigh Valley Mall

PA

Whitehall

50.0%

​

1,191,858

11/01/27

​

4.06%

Fixed

176,100

88,050

39.

Lenox Square

GA

Atlanta

100.0%

​

1,535,937

(2)

​

​

​

​

​

 1Q 2024 SUPPLEMENTAL 30 

PROPERTY AND DEBT INFORMATION

As of March 31, 2024

​

​

​

​

​

​

​

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%

​

1,848,780

(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%

​

789,435

(2)

​

​

​

​

​

44.

Meadowood Mall

NV

Reno

50.0%

​

927,433

12/01/26

​

5.75%

Fixed

103,207

51,604

45.

Menlo Park Mall

NJ

Edison (New York)

100.0%

​

1,262,478

(2)

​

​

​

​

​

46.

Miami International Mall

FL

Miami

95.0%

​

1,080,617

02/06/26

(5)

6.92%

Fixed

158,000

150,094

47.

Midland Park Mall

TX

Midland

100.0%

​

644,974

(2)

​

​

​

​

​

48.

Miller Hill Mall

MN

Duluth

100.0%

​

827,726

(2)

​

​

​

​

​

49.

North East Mall

TX

Hurst (Dallas)

100.0%

​

1,644,991

(2)

​

​

​

​

​

50.

Northshore Mall

MA

Peabody (Boston)

56.4%

​

1,584,018

07/05/25

​

8.02%

Fixed

189,078

106,584

51.

Ocean County Mall

NJ

Toms River (New York)

100.0%

​

889,661

(2)

​

​

​

​

​

52.

Orland Square

IL

Orland Park (Chicago)

100.0%

​

1,230,541

(2)

​

​

​

​

​

53.

Penn Square Mall

OK

Oklahoma City

94.5%

​

1,083,376

01/01/26

​

3.84%

Fixed

310,000

292,938

54.

Pheasant Lane Mall

NH

Nashua

(6)

​

978,797

(2)

​

​

​

​

​

55.

Phipps Plaza

GA

Atlanta

100.0%

​

942,023

(2)

​

​

​

​

​

56.

Plaza Carolina

PR

Carolina (San Juan)

100.0%

​

1,156,273

(2)

​

​

​

​

​

57.

Prien Lake Mall

LA

Lake Charles

100.0%

​

717,962

(2)

​

​

​

​

​

58.

Quaker Bridge Mall

NJ

Lawrenceville

50.0%

​

1,081,238

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%

​

2,349,768

(2)

​

​

​

​

​

61.

Ross Park Mall

PA

Pittsburgh

100.0%

​

1,232,928

(2)

​

​

​

​

​

62.

Santa Rosa Plaza

CA

Santa Rosa

100.0%

​

698,089

(2)

​

​

​

​

​

63.

Shops at Chestnut Hill, The

MA

Chestnut Hill (Boston)

94.4%

​

470,201

08/31/33

​

6.66%

Fixed

94,236

88,996

64.

Shops at Clearfork, The

TX

Fort Worth

45.0%

​

556,734

03/11/30

(25)

2.81%

Fixed

145,000

65,250

65.

Shops at Crystals, The

NV

Las Vegas

50.0%

​

273,171

07/01/26

​

3.74%

Fixed

550,000

275,000

66.

Shops at Mission Viejo, The

CA

Mission Viejo (Los Angeles)

51.0%

​

1,261,080

02/01/25

​

3.61%

Fixed

289,240

147,512

67.

Shops at Nanuet, The

NY

Nanuet

100.0%

​

757,640

(2)

​

​

​

​

​

68.

Shops at Riverside, The

NJ

Hackensack (New York)

100.0%

​

726,249

(2)

​

​

​

​

​

69.

Smith Haven Mall

NY

Lake Grove (New York)

25.0%

(7)

1,249,201

04/30/24

​

8.43%

Variable

171,750

42,938

70.

South Hills Village

PA

Pittsburgh

100.0%

​

1,123,907

(2)

​

​

​

​

​

71.

South Shore Plaza

MA

Braintree (Boston)

100.0%

​

1,587,733

(2)

​

​

​

​

​

72.

Southdale Center

MN

Edina (Minneapolis)

100.0%

​

1,149,997

(2)

​

​

​

​

​

73.

SouthPark

NC

Charlotte

100.0%

​

1,683,167

(2)

​

​

​

​

​

74.

Springfield Mall (3)

PA

Springfield (Philadelphia)

50.0%

​

610,342

10/06/25

​

4.45%

Fixed

54,971

27,486

75.

St. Charles Towne Center

MD

Waldorf  (Washington, DC)

100.0%

​

980,164

(2)

​

​

​

​

​

76.

St. Johns Town Center

FL

Jacksonville

50.0%

​

1,442,709

09/11/24

​

3.82%

Fixed

350,000

175,000

77.

Stanford Shopping Center

CA

Palo Alto (San Jose)

94.4%

(4)

1,291,886

(2)

​

​

​

​

​

78.

Stoneridge Shopping Center

CA

Pleasanton (San Francisco)

49.9%

​

1,299,774

09/05/26

​

3.50%

Fixed

330,000

164,670

79.

Summit Mall

OH

Akron

100.0%

​

774,341

10/01/26

​

3.31%

Fixed

85,000

85,000

 1Q 2024 SUPPLEMENTAL 31 

PROPERTY AND DEBT INFORMATION

As of March 31, 2024

​	​	​	​	​	​	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%	1,261,039	(2)	​	​	​	​	​
81.	Tippecanoe Mall	IN	Lafayette	100.0%	864,759	(2)	​	​	​	​	​
82.	Town Center at Boca Raton	FL	Boca Raton (Miami)	100.0%	1,779,257	(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%	960,452	(2)	​	​	​	​	​
86.	University Park Mall	IN	Mishawaka	100.0%	917,772	(2)	​	​	​	​	​
87.	Walt Whitman Shops	NY	Huntington Station (New York)	100.0%	1,083,139	(2)	​	​	​	​	​
88.	West Town Mall	TN	Knoxville	50.0%	1,281,340	(2)	​	​	​	​	​
89.	Westchester, The	NY	White Plains (New York)	40.0%	805,161	02/01/30	​	3.25%	Fixed	400,000	160,000
90.	White Oaks Mall	IL	Springfield	88.6%	925,552	06/01/24	(28)	7.75%	Variable	38,000	33,684
​	​	​	​	​	​	06/01/24	​	8.32%	Variable	375	332
91.	Wolfchase Galleria	TN	Memphis	94.5%	1,151,393	11/01/26	​	4.15%	Fixed	155,152	146,612
92.	Woodfield Mall	IL	Schaumburg (Chicago)	50.0%	2,151,815	12/01/33	​	6.71%	Fixed	294,000	147,000
93.	Woodland Hills Mall	OK	Tulsa	94.5%	1,237,510	(2)	​	​	​	​	​
​	Total Mall Square Footage	​	​	​	106,089,671	​	​	​	​	​	​
​	Lifestyle Centers	​	​			​	​		​
1.	ABQ Uptown	NM	Albuquerque	100.0%	228,752	(2)	​	​	​	​	​
2.	Hamilton Town Center	IN	Noblesville (Indianapolis)	50.0%	675,606	02/24/27	(5)	7.68%	Variable	78,800	39,400
3.	Liberty Tree Mall	MA	Danvers	49.1%	861,456	05/03/28	(25)	6.18%	Fixed	28,230	13,872
4.	Northgate Station	WA	Seattle	100.0%	416,953	(2)	​	​	​	​	​
5.	Pier Park	FL	Panama City Beach	65.6%	946,951	(2)	​	​	​	​	​
6.	University Park Village	TX	Fort Worth	100.0%	170,740	05/01/28	​	3.85%	Fixed	50,973	50,973
​	Total Lifestyle Centers Square Footage	​	​	​	3,300,458	​	​	​	​	​	​

 1Q 2024 SUPPLEMENTAL 32 

PROPERTY AND DEBT INFORMATION

As of March 31, 2024

​	​	​	​	​	​	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%	305,148	(2)	​	​	​	​	​
2.	Allen Premium Outlets	TX	Allen (Dallas)	100.0%	548,455	(2)	​	​	​	​	​
3.	Aurora Farms Premium Outlets	OH	Aurora (Cleveland)	100.0%	265,874	(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%	691,571	(2)	​	​	​	​	​
6.	Carlsbad Premium Outlets	CA	Carlsbad (San Diego)	100.0%	288,871	(2)	​	​	​	​	​
7.	Carolina Premium Outlets	NC	Smithfield (Raleigh)	100.0%	438,789	(2)	​	​	​	​	​
8.	Charlotte Premium Outlets	NC	Charlotte	50.0%	398,366	07/01/28	​	4.27%	Fixed	98,888	49,444
9.	Chicago Premium Outlets	IL	Aurora (Chicago)	100.0%	687,048	(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	156,673	103,404
12.	Clinton Premium Outlets	CT	Clinton	100.0%	276,162	(2)	​	​	​	​	​
13.	Denver Premium Outlets	CO	Thornton (Denver)	100.0%	328,109	(2)	​	​	​	​	​
14.	Desert Hills Premium Outlets	CA	Cabazon (Palm Springs)	100.0%	656,002	(2)	​	​	​	​	​
15.	Ellenton Premium Outlets	FL	Ellenton (Tampa)	100.0%	477,158	12/01/25	​	4.30%	Fixed	178,000	178,000
16.	Finger Lakes Premium Outlets	NY	Waterloo	100.0%	422,403	(2)	​	​	​	​	​
17.	Folsom Premium Outlets	CA	Folsom (Sacramento)	100.0%	298,738	(2)	​	​	​	​	​
18.	Gilroy Premium Outlets	CA	Gilroy (San Jose)	100.0%	578,309	(2)	​	​	​	​	​
19.	Gloucester Premium Outlets	NJ	Blackwood (Philadelphia)	66.0%	378,518	03/01/33	​	6.12%	Fixed	75,000	50,003
20.	Grand Prairie Premium Outlets	TX	Grand Prairie (Dallas)	100.0%	423,465	(2)	​	​	​	​	​
21.	Grove City Premium Outlets	PA	Grove City (Pittsburgh)	100.0%	531,277	12/01/25	​	4.31%	Fixed	140,000	140,000
22.	Gulfport Premium Outlets	MS	Gulfport	100.0%	300,215	12/01/25	​	4.35%	Fixed	50,000	50,000
23.	Hagerstown Premium Outlets	MD	Hagerstown (Baltimore/Washington, DC)	100.0%	485,654	02/06/26	​	4.26%	Fixed	69,532	69,532
24.	Houston Premium Outlets	TX	Cypress (Houston)	100.0%	548,472	(2)	​	​	​	​	​
25.	Indiana Premium Outlets	IN	Edinburgh (Indianapolis)	100.0%	378,254	(2)	​	​	​	​	​
26.	Jackson Premium Outlets	NJ	Jackson (New York)	100.0%	285,595	(2)	​	​	​	​	​
27.	Jersey Shore Premium Outlets	NJ	Tinton Falls (New York)	100.0%	434,707	(2)	​	​	​	​	​
28.	Johnson Creek Premium Outlets	WI	Johnson Creek	100.0%	277,663	(2)	​	​	​	​	​
29.	Kittery Premium Outlets	ME	Kittery	100.0%	259,963	(2)	​	​	​	​	​
30.	Las Americas Premium Outlets	CA	San Diego	100.0%	689,227	(2)	​	​	​	​	​
31.	Las Vegas North Premium Outlets	NV	Las Vegas	100.0%	675,809	(2)	​	​	​	​	​
32.	Las Vegas South Premium Outlets	NV	Las Vegas	100.0%	535,744	(2)	​	​	​	​	​
33.	Lee Premium Outlets	MA	Lee	100.0%	224,719	06/01/26	(8)	4.17%	Fixed	46,005	46,005
34.	Leesburg Premium Outlets	VA	Leesburg (Washington, DC)	100.0%	478,218	(2)	​	​	​	​	​
35.	Lighthouse Place Premium Outlets	IN	Michigan City (Chicago, IL)	100.0%	454,819	(2)	​	​	​	​	​
36.	Merrimack Premium Outlets	NH	Merrimack	100.0%	408,869	(2)	​	​	​	​	​
37.	Napa Premium Outlets	CA	Napa	100.0%	178,914	(2)	​	​	​	​	​
38.	Norfolk Premium Outlets	VA	Norfolk	65.0%	332,288	04/01/32	​	4.50%	Fixed	75,000	48,750
39.	North Bend Premium Outlets	WA	North Bend (Seattle)	100.0%	189,132	(2)	​	​	​	​	​

 1Q 2024 SUPPLEMENTAL 33 

PROPERTY AND DEBT INFORMATION

As of March 31, 2024

​	​	​	​	​	​	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.	North Georgia Premium Outlets	GA	Dawsonville (Atlanta)	100.0%	541,124	(2)	​	​	​	​	​
41.	Orlando International Premium Outlets	FL	Orlando	100.0%	774,285	(2)	​	​	​	​	​
42.	Orlando Vineland Premium Outlets	FL	Orlando	100.0%	657,452	(2)	​	​	​	​	​
43.	Petaluma Village Premium Outlets	CA	Petaluma (San Francisco)	100.0%	201,656	(2)	​	​	​	​	​
44.	Philadelphia Premium Outlets	PA	Limerick (Philadelphia)	100.0%	549,062	(2)	​	​	​	​	​
45.	Phoenix Premium Outlets	AZ	Chandler (Phoenix)	100.0%	356,519	(2)	​	​	​	​	​
46.	Pismo Beach Premium Outlets	CA	Pismo Beach	100.0%	147,603	09/06/26	(9)	3.33%	Fixed	31,017	31,017
47.	Pleasant Prairie Premium Outlets	WI	Pleasant Prairie (Chicago, IL/	100.0%	402,524	09/01/27	​	4.00%	Fixed	145,000	145,000
​	​	​	Milwaukee)	​	​	​	​	​	​	​	​
48.	Pocono Premium Outlets	PA	Tannersville	100.0%	411,885	(2)	​	​	​	​	​
49.	Puerto Rico Premium Outlets	PR	Barceloneta	100.0%	353,166	(2)	​	​	​	​	​
50.	Queenstown Premium Outlets	MD	Queenstown (Baltimore)	100.0%	289,748	09/06/26	(9)	3.33%	Fixed	54,489	54,489
51.	Rio Grande Valley Premium Outlets	TX	Mercedes (McAllen)	100.0%	603,987	(2)	​	​	​	​	​
52.	Round Rock Premium Outlets	TX	Round Rock (Austin)	100.0%	498,420	(2)	​	​	​	​	​
53.	San Francisco Premium Outlets	CA	Livermore (San Francisco)	100.0%	697,191	(2)	​	​	​	​	​
54.	San Marcos Premium Outlets	TX	San Marcos (Austin/	100.0%	737,760	(2)	​	​	​	​	​
​	​	​	San Antonio)	​	​	​	​	​	​	​	​
55.	Seattle Premium Outlets	WA	Tulalip (Seattle)	100.0%	554,522	(2)	​	​	​	​	​
56.	Silver Sands Premium Outlets	FL	Destin	50.0%	448,406	03/01/32	​	3.96%	Fixed	140,000	70,000
57.	St. Augustine Premium Outlets	FL	St. Augustine (Jacksonville)	100.0%	328,069	(2)	​	​	​	​	​
58.	St. Louis Premium Outlets	MO	St. Louis (Chesterfield)	60.0%	351,167	10/06/24	​	4.06%	Fixed	87,416	52,450
59.	Tampa Premium Outlets	FL	Lutz (Tampa)	100.0%	460,387	(2)	​	​	​	​	​
60.	Tanger Outlets – Columbus (3)	OH	Sunbury (Columbus)	50.0%	355,279	10/01/32	​	6.25%	Fixed	71,000	35,500
61.	Tanger Outlets – Galveston/Houston (3)	TX	Texas City	50.0%	352,706	06/16/28	(5)	8.33%	Variable	29,000	14,500
​	​	​	​	​	​	06/16/28	(5)(29)	7.44%	Fixed	29,000	14,500
62.	Tucson Premium Outlets	AZ	Marana (Tucson)	100.0%	367,191	(2)	​	​	​	​	​
63.	Twin Cities Premium Outlets	MN	Eagan	35.0%	409,125	11/06/24	​	4.32%	Fixed	115,000	40,250
64.	Vacaville Premium Outlets	CA	Vacaville	100.0%	447,247	(2)	​	​	​	​	​
65.	Waikele Premium Outlets	HI	Waipahu (Honolulu)	100.0%	219,374	(2)	​	​	​	​	​
66.	Williamsburg Premium Outlets	VA	Williamsburg	100.0%	519,196	02/06/26	​	4.23%	Fixed	185,000	185,000
67.	Woodburn Premium Outlets	OR	Woodburn (Portland)	100.0%	389,402	(2)	​	​	​	​	​
68.	Woodbury Common Premium Outlets	NY	Central Valley (New York)	100.0%	915,716	(2)	​	​	​	​	​
69.	Wrentham Village Premium Outlets	MA	Wrentham (Boston)	100.0%	672,935	(2)	​	​	​	​	​
​	Total U.S. Premium Outlet Square Footage		​	​	30,527,914	​	​	​	​	​	​

 1Q 2024 SUPPLEMENTAL 34 

PROPERTY AND DEBT INFORMATION

As of March 31, 2024

​

​

​

​

​

​

​

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%

​

1,221,195

09/01/26

​

3.80%

Fixed

95,441

95,441

2.

Arundel Mills

MD

Hanover (Baltimore)

59.3%

​

1,950,796

11/01/33

​

7.70%

Fixed

360,000

213,301

3.

Colorado Mills

CO

Lakewood (Denver)

37.5%

​

1,365,034

11/01/24

​

4.28%

Fixed

120,331

45,124

​

​

​

​

​

​

​

07/01/31

​

2.80%

Fixed

30,000

11,250

4.

Concord Mills

NC

Concord (Charlotte)

59.3%

​

1,367,028

11/01/32

​

6.55%

Fixed

231,756

137,339

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%

​

1,365,123

(2)

​

​

​

​

​

7.

Gurnee Mills

IL

Gurnee (Chicago)

100.0%

​

1,929,429

10/01/26

​

3.99%

Fixed

257,710

257,710

8.

Katy Mills

TX

Katy (Houston)

62.5%

(7)

1,681,011

08/01/32

​

5.77%

Fixed

127,489

79,681

9.

Mills at Jersey Gardens, The

NJ

Elizabeth

100.0%

​

1,305,398

(2)

​

​

​

​

​

10.

Ontario Mills

CA

Ontario (Riverside)

50.0%

​

1,429,406

(2)

​

​

​

​

​

11.

Opry Mills

TN

Nashville

100.0%

​

1,174,616

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

(36)

4.22%

Fixed

215,000

215,000

13.

Potomac Mills

VA

Woodbridge (Washington, DC)

100.0%

​

1,565,876

11/01/26

​

3.46%

Fixed

416,000

416,000

14.

Sawgrass Mills

FL

Sunrise (Miami)

100.0%

​

2,368,352

(2)

​

​

​

​

​

​

Total The Mills Square Footage

​

​

​

​

21,371,549

​

​

​

​

​

​

​

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)

​

​

854,586

355,316

​

Total Other Properties Square Footage

​

​

​

10,436,959

​

​

​

​

​

​

​

TOTAL U.S. SQUARE FOOTAGE (11)(12)

​

​

​

171,726,551

​

​

​

​

​

​

 1Q 2024 SUPPLEMENTAL 35 

PROPERTY AND DEBT INFORMATION

As of March 31, 2024

​	​	​	​	​	​	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	195,178	175,660
​	Austria Square Footage	​		​	118,000	​	​	​	​	​	​
​	CANADA	​	​	​	​	​	​	​	​	​	​
2.	Premium Outlet Collection Edmonton IA	Edmonton (Alberta)		50.0%	422,500	11/30/25	(14)	6.59%	Variable	100,779	50,390
3.	Premium Outlets Montréal	Montréal (Quebec)		50.0%	367,400	06/01/24	(14)	3.08%	Fixed	88,610	44,305
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	60,920	27,414
​	​	​		​	​	12/01/27	(5)(14)(27)	5.83%	Fixed	60,920	27,414
​	Canada Square Footage	​		​	1,620,800	​	​	​	​	​	​
​	FRANCE	​		​	​	​	​	​	​	​	​
6.	Paris-Giverny Designer Outlet	Vernon		73.8%	228,000	06/11/25	(13)	7.69%	Variable	18,265	13,476
​	​	​		​	​	06/11/25	(13)(28)	4.80%	Variable	86,345	63,705
7.	Provence Designer Outlet	Miramas		90.0%	269,000	07/27/27	(5)(13)	4.92%	Fixed	102,318	92,086
​	France Square Footage	​		​	497,000	​	​	​	​	​	​
​	GERMANY	​		​	​	​	​	​	​	​	​
8.	Ochtrup Designer Outlet	Ochtrup		70.5%	191,500	06/30/26	(13)	2.10%	Fixed	53,965	38,045
​	Germany Square Footage	​		​	191,500	​	​	​	​	​	​
​	ITALY	​		​	​	​	​	​	​	​	​
9.	La Reggia Designer Outlet	Marcianise (Naples)		90.0%	344,000	03/31/27	(13)	6.39%	Variable	34,538	31,084
​	​	​		​	​	03/31/27	(13)(25)	4.25%	Fixed	138,150	124,335
10.	Noventa Di Piave Designer Outlet	Venice		90.0%	353,000	07/25/25	(13)	2.00%	Fixed	299,606	269,645
​	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	70,702	28,281
13.	Gotemba Premium Outlets	Gotemba City (Tokyo)		40.0%	659,500	04/08/27	(15)	0.31%	Variable	85,901	34,360
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	38,986	15,594
16.	Sano Premium Outlets	Sano (Tokyo)		40.0%	390,800	02/28/25	(15)	0.28%	Fixed	30,065	12,026
17.	Sendai-Izumi Premium Outlets	Izumi Park Town (Sendai)		40.0%	164,200	(2)	​	​	​	​	​
18.	Shisui Premium Outlets	Shisui (Chiba)		40.0%	434,600	05/31/29	(15)	0.37%	Fixed	33,038	13,215
​	​	​		​	​	11/30/28	(15)	1.03%	Fixed	17,180	6,872
19.	Toki Premium Outlets	Toki (Nagoya)		40.0%	367,700	11/30/24	(15)	0.21%	Fixed	17,510	7,004
​	​	​		​	​	11/30/24	(15)	0.39%	Variable	2,313	925
20.	Tosu Premium Outlets	Fukuoka (Kyushu)		40.0%	328,400	10/31/26	(15)	0.36%	Variable	40,968	16,387
​	Japan Square Footage	​		​	3,910,000	​	​	​	​	​	​

 1Q 2024 SUPPLEMENTAL 36 

PROPERTY AND DEBT INFORMATION

As of March 31, 2024

​	​	​	​	​	​	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)	4.44%	Fixed	91,204	45,602
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	45,306	22,653
24.	Siheung Premium Outlets	Siheung (Seoul)		50.0%	444,400	03/15/26	(16)	4.38%	Fixed	103,979	51,990
25.	Yeoju Premium Outlets	Yeoju (Seoul)		50.0%	551,600	03/06/26	(16)	3.26%	Fixed	42,334	21,167
​	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	07/31/24	(17)	5.06%	Variable	2,125	1,063
​	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)	14.40%	Variable	1,028	514
​	​	​		​	​	12/20/33	(18)	12.14%	Fixed	23,948	11,974
​	Mexico Square Footage	​		​	607,800	​	​	​	​	​	​
​	NETHERLANDS	​		​	​	​	​	​	​	​	​
30.	Roermond Designer Outlet Phases 2, 3 & 4	Roermond		(19)	298,000	06/06/29	(13)	3.90%	Fixed	302,204	271,984
​	​	​		​	​	08/18/25	(13)(25)	4.55%	Fixed	181,322	85,698
31.	Roosendaal Designer Outlet	Roosendaal		94.0%	247,500	02/28/29	(13)(26)	5.40%	Fixed	67,889	63,816
​	Netherlands Square Footage	​		​	545,500	​	​	​	​	​	​
​	SPAIN	​		​	​	​	​	​	​	​	​
32.	Malaga Designer Outlet	Malaga		46.1%	191,000	05/05/28	(13)(30)	5.54%	Fixed	68,535	31,601
​	Spain Square Footage	​		​	191,000	​	​	​	​	​	​
​	THAILAND	​		​	​	​	​	​	​	​	​
33.	Siam Premium Outlets Bangkok	Bangkok		50.0%	264,000	06/05/31	(20)	4.69%	Fixed	59,770	29,885
​	Thailand Square Footage	​		​	264,000	​	​	​	​	​	​
​	UNITED KINGDOM	​		​	​	​	​	​	​	​	​
34.	Ashford Designer Outlet	Kent		45.0%	281,000	05/23/27	(21)	7.34%	Variable	26,132	11,759
​	​	​		​	​	05/23/27	(21)(25)	4.29%	Fixed	104,528	47,038
35.	West Midlands Designer Outlet	Staffordshire		23.2%	197,000	06/06/26	(21)(25)	7.49%	Fixed	82,057	19,070
​	United Kingdom Square Footage	​	​	​	478,000	​	​	​	​	​	​
​	TOTAL INTERNATIONAL SQUARE FOOTAGE (11)(22)		​	​	11,714,600	​	​	​	​	​	​
​	TOTAL SQUARE FOOTAGE	​	​	​	183,441,151	​	​	​	​	​	​

 1Q 2024 SUPPLEMENTAL 37 

PROPERTY AND DEBT INFORMATION

As of March 31, 2024

​	​	​	​	​	​	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	67,293	67,293
4.	Country Club Plaza	MO	Kansas City	50.0%	971,000	04/01/26	​	3.85%	Fixed	295,470	0
5.	Dolphin Mall	FL	Miami	100.0%	1,436,000	05/09/27	(5)(34)	6.87%	Fixed	1,000,000	1,000,000
6.	Gardens Mall, The	FL	Palm Beach Gardens	50.0%	1,383,000	07/15/25	​	4.40%	Fixed	189,458	97,722
7.	Gardens on El Paseo, The	CA	Palm Desert	100.0%	237,000	(2)	​	​	​	​	​
8.	Great Lakes Crossing Outlets	MI	Auburn Hills	100.0%	1,356,000	02/01/33	​	6.52%	Fixed	180,000	180,000
9.	International Market Place	HI	Waikiki, Honolulu	93.5%	341,000	(2)	​	​	​	​	​
10.	International Plaza	FL	Tampa	50.1%	1,177,000	10/09/26	(5)(33)	6.07%	Variable	477,000	238,977
11.	Mall at Green Hills, The	TN	Nashville	100.0%	1,036,000	01/01/27	(5)(35)	6.76%	Fixed	150,000	150,000
12.	Mall at Millenia, The	FL	Orlando	50.0%	1,113,000	10/15/24	​	3.94%	Fixed	450,000	225,000
13.	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
14.	Mall at University Town Center, The	FL	Sarasota	50.0%	867,000	11/01/26	​	3.40%	Fixed	273,139	136,569
15.	Mall of San Juan, The	PR	San Juan	95.0%	628,000	(2)	​	​	​	​	​
16.	Sunvalley Shopping Center	CA	Concord	50.0%	1,324,000	09/01/25	(5)	4.44%	Fixed	144,181	72,091
17.	Twelve Oaks Mall	MI	Novi	100.0%	1,517,000	03/06/28	​	4.85%	Fixed	271,067	271,067
18.	Waterside Shops	FL	Naples	50.0%	335,000	04/15/26	​	3.86%	Fixed	156,258	78,129
19.	Westfarms	CT	West Hartford	78.9%	1,268,000	09/06/28	​	7.80%	Fixed	242,000	191,035
20.	CityOn.Xian	Xi’an, China		25.0%	995,000	03/14/29	(23)	5.00%	Fixed	116,646	29,161
21.	CityOn.Zhengzhou	Zhengzhou, China		24.5%	919,000	03/22/32	(23)	4.95%	Fixed	133,611	32,735
22.	Starfield Anseong	Anseong, South Korea		49.0%	1,068,000	02/27/25	(24)	2.17%	Fixed	224,299	109,907
23.	Starfield Hanam	Hanam, South Korea		17.2%	1,709,000	10/26/25	(24)	2.38%	Fixed	448,598	76,935
​	Total Taubman Realty Group Square Footage			​	23,532,000	​	​	​	​	​	​
​	TOTAL TRG SECURED INDEBTEDNESS					​	​		​		$4,231,620
​	TRG – Corporate & Other	​		​	​	​	​	​	​	​	​
​	TRG – $650M Revolving Credit Facility	​		100.0%	​	03/31/27	(5)	6.63%	Variable	85,000	85,000
​	TRG – $65M Revolving Credit Facility	​		100.0%	​	04/20/24	​	6.75%	Variable	27,100	27,100
​	Other	​		50.0%	​	11/01/27	(5)	7.60%	Variable	24,000	12,000
​	TOTAL TRG CORPORATE AND OTHER INDEBTEDNESS					​	​		​		$124,100

 1Q 2024 SUPPLEMENTAL 38 

PROPERTY AND DEBT INFORMATION

As of March 31, 2024

FOOTNOTES:

(1)

Variable rate debt interest rates are based on the following base rates as of March 31, 2024: Overnight SOFR 5.34%; CME Term SOFR 5.3287%; 30 Day Average SOFR 5.3224%; 1M EURIBOR at 3.855%; 3M EURIBOR at 3.892%; 6M EURIBOR at 3.851%; 3M GBP LIBOR at 5.3037%; 1M YEN TIBOR at 0.1927%; 6M YEN TIBOR at 0.2427%; 1M CDOR at 5.29%; Overnight SONIA 5.1899% and Cost of Funds Rate at 3.807%.

(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 2024 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 50.9 billion.

(16)

Amounts shown in USD equivalent; KRW equivalent is 380.8 billion.

(17)

Amounts shown in USD equivalent; MYR equivalent is 10.0 million.

(18)

Amounts shown in USD equivalent; MXN equivalent is 413.7 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 2.2 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 1.8 billion.

(24)

Amounts shown in USD equivalent; KRW equivalent is 906.0 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, interest is essentially capped at the all-in-rate presented until February 26, 2027.

(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.

(29)

Through interest rate swap agreements, the interest is essentially fixed at the all-in rate presented until December 21, 2025.

(30)

Through interest rate swap agreements, the interest is essentially fixed at the all-in rate presented until May 5, 2025.

(31)

Through an interest rate cap agreement, interest is essentially capped at the all-in-rate presented until May 9, 2024 .

(32)

Through an interest rate cap agreement, interest is essentially capped at the all-in-rate presented until February 15, 2025 .

(33)

Through an interest rate cap agreement, interest is essentially capped at the all-in-rate presented until October 15, 2024.

(34)

Through interest rate swap agreements, the interest is essentially fixed at the all-in rate presented until March 15, 2025.

(35)

Through interest rate swap agreements, the interest is essentially fixed at the all-in rate presented until April 1, 2026.

(36)

Mortgage was paid in full subsequent to March 31, 2024.

 1Q 2024 SUPPLEMENTAL 39 

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.

 1Q 2024 SUPPLEMENTAL 40 

NON-GAAP PRO-RATA FINANCIAL INFORMATION
(In thousands)

​

For the Three Months Ended March 31, 2024

For the Three Months Ended March 31, 2023

​

Noncontrolling Interests(1)

Our Share of Joint Ventures

Noncontrolling Interests (1)

Our Share of Joint Ventures

REVENUE:

​

​

​

​

Lease income

​

$

(15,434)

​

$

348,345

​

$

(13,360)

​

$

341,236

Management fees and other revenues

​

​

—

​

​

—

​

​

—

​

​

—

Other income

​

​

(806)

​

​

43,380

​

​

(577)

​

​

43,936

Total revenue

​

​

(16,240)

​

​

391,725

​

​

(13,937)

​

​

385,172

EXPENSES:

​

​

​

​

Property operating

​

​

(3,144)

​

​

70,676

​

​

(2,333)

​

​

68,380

Depreciation and amortization

​

​

(4,949)

​

​

89,142

​

​

(4,393)

​

​

91,425

Real estate taxes

​

​

(607)

​

​

28,886

​

​

(610)

​

​

29,210

Repairs and maintenance

​

​

(426)

​

​

8,740

​

​

(324)

​

​

8,434

Advertising and promotion

​

​

(2,157)

​

​

10,077

​

​

(1,243)

​

​

9,704

Home and regional office costs

​

​

—

​

​

—

​

​

—

​

​

—

General and administrative

​

​

—

​

​

—

​

​

—

​

​

—

Other

​

​

(2,435)

​

​

24,523

​

​

(1,905)

​

​

23,971

Total operating expenses

​

​

(13,718)

​

​

232,044

​

​

(10,808)

​

​

231,124

OPERATING INCOME BEFORE OTHER ITEMS

​

​

(2,522)

​

​

159,681

​

​

(3,129)

​

​

154,048

Interest expense

​

​

3,823

​

​

(82,383)

​

​

2,393

​

​

(78,559)

Loss on extinguishment of debt

​

​

—

​

​

—

​

​

—

​

​

—

Gain on disposal, exchange, or revaluation of equity interests, net

​

​

—

​

​

—

​

​

—

​

​

—

Income and other tax (expense) benefit

​

​

—

​

​

—

​

​

—

​

​

—

(Loss) income from unconsolidated entities

​

​

169

​

​

(77,298)(2)

​

​

(26)

​

​

(75,489)(2)

Unrealized (losses) gains in fair value of publicly traded equity instruments and derivative instrument, net

​

​

—

​

​

—

​

​

—

​

​

—

Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net

​

​

—

​

​

—

​

​

—

​

​

—

Consolidated income from continuing operations

​

​

1,470

​

​

—

​

​

(762)

​

​

—

CONSOLIDATED NET INCOME

​

​

1,470

​

​

—

​

​

(762)

​

​

—

Net income attributable to noncontrolling interests

​

​

1,470

​

​

—(3)

​

​

(762)

​

​

—(3)

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, Jamestown, RGG, SPARC and JCP.

(3)

Represents limited partners’ interest in the Operating Partnership.

 1Q 2024 SUPPLEMENTAL 41 

NON-GAAP PRO-RATA FINANCIAL INFORMATION

(In thousands)

​

As of March 31, 2024

As of March 31, 2023

​

Noncontrolling Interests

Our Share of Joint Ventures

Noncontrolling Interests

Our Share of Joint Ventures

ASSETS:

​

​

​

​

Investment properties, at cost

​

$

(554,527)

​

$

10,022,455

​

$

(533,908)

​

$

10,233,190

Less – accumulated depreciation

​

​

(147,353)

​

​

4,096,960

​

​

(125,056)

​

​

3,993,247

​

​

​

(407,174)

​

​

5,925,495

​

​

(408,852)

​

​

6,239,943

Cash and cash equivalents

​

​

(22,891)

​

​

619,816

​

​

(27,485)

​

​

674,783

Short-term investments

​

​

—

​

​

—

​

​

—

​

​

—

Tenant receivables and accrued revenue, net

​

​

(9,267)

​

​

219,597

​

​

(7,223)

​

​

238,347

Investment in TRG, at equity

​

​

—

​

​

—

​

​

—

​

​

—

Investment in Klépierre, at equity

​

​

—

​

​

—

​

​

—

​

​

—

Investment in unconsolidated entities, at equity

​

​

(8,082)

​

​

(2,762,570)

​

​

(8,161)

​

​

(3,432,371)

Right-of-use assets, net

​

​

(861)

​

​

53,266

​

​

(869)

​

​

62,036

Deferred costs and other assets

​

​

(29,450)

​

​

1,348,389

​

​

(36,602)

​

​

1,952,934

Total assets

​

$

(477,725)

​

$

5,403,993

​

$

(489,192)

​

$

5,735,672

LIABILITIES:

​

​

​

​

Mortgages and unsecured indebtedness

​

$

(229,912)

​

$

6,452,905

​

$

(209,388)

​

$

6,758,849

Accounts payable, accrued expenses, intangibles, and deferred revenues

​

​

(31,394)

​

​

444,712

​

​

(25,365)

​

​

411,190

Cash distributions and losses in unconsolidated entities, at equity

​

​

—

​

​

(1,724,494)

​

​

—

​

​

(1,703,448)

Dividend payable

​

​

—

​

​

—

​

​

—

​

​

—

Lease liabilities

​

​

(861)

​

​

48,417

​

​

(869)

​

​

56,851

Other liabilities

​

​

(41,892)

​

​

182,453

​

​

(33,628)

​

​

212,230

Total liabilities

​

​

(304,059)

​

​

5,403,993

​

​

(269,250)

​

​

5,735,672

Commitments and contingencies

​

​

​

​

​

​

​

​

​

​

​

​

Limited partners’ preferred interest in the Operating Partnership

​

​

(154,491)

​

​

—

​

​

(198,882)

​

​

—

EQUITY:

​

​

​

​

​

​

​

​

​

​

​

​

Stockholders’ equity

​

​

​

​

​

​

​

​

​

​

​

​

Capital stock

​

​

​

​

​

​

​

​

​

​

​

​

Series J 8 3/8% 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

​

​

(19,175)

​

​

—

​

​

(21,060)

​

​

—

Total equity

​

​

(19,175)

​

​

—

​

​

(21,060)

​

​

—

Total liabilities and equity

​

$

(477,725)

​

$

5,403,993

​

$

(489,192)

​

$

5,735,672

 1Q 2024 SUPPLEMENTAL 42 

XML

Cover	May 06, 2024
Document Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	May 06, 2024
Entity File Number	001-14469
Entity Registrant Name	SIMON PROPERTY GROUP, INC.
Entity Central Index Key	0001063761
Entity Tax Identification Number	04-6268599
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	225 West Washington Street
Entity Address, City or Town	Indianapolis
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	46204
City Area Code	317
Local Phone Number	636.1600
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common stock, $0.0001 par value
Trading Symbol	SPG
Security Exchange Name	NYSE
Series J Preferred Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	83/8% Series J Cumulative Redeemable Preferred Stock, $0.0001 par value
Trading Symbol	SPGJ
Security Exchange Name	NYSE