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Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
REVENUE:        
Lease income $ 1,215,470 $ 1,207,923 $ 3,618,035 $ 3,511,806
Management fees and other revenues 28,654 27,024 85,051 78,381
Other income 71,662 61,607 188,464 200,465
Total revenue 1,315,786 1,296,554 3,891,550 3,790,652
EXPENSES:        
Property operating 120,858 108,556 336,929 291,248
Depreciation and amortization 301,754 311,381 910,190 942,851
Real estate taxes 109,932 117,094 333,611 347,800
Repairs and maintenance 21,639 21,735 63,993 62,126
Advertising and promotion 27,102 38,635 72,429 87,685
Home and regional office costs 43,711 48,667 143,424 132,365
General and administrative 7,784 6,909 24,977 20,739
Other 30,810 31,253 106,649 84,180
Total operating expenses 663,590 684,230 1,992,202 1,968,994
OPERATING INCOME BEFORE OTHER ITEMS 652,196 612,324 1,899,348 1,821,658
Interest expense (187,878) (199,772) (560,353) (602,207)
Loss on extinguishment of debt   (28,593)   (31,552)
Gain on sale or exchange of equity interests (Note 6)   159,828   159,828
Income and other tax expense (8,256) (67,262) (31,168) (108,367)
Income from unconsolidated entities 163,086 198,524 434,343 562,138
Unrealized losses in fair value of equity instruments (14,563) (4,944) (63,412) (8,121)
Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net 17,262 108,543 879 201,600
CONSOLIDATED NET INCOME 621,847 778,648 1,679,637 1,994,977
Net income (loss) attributable to noncontrolling interests 81,975 97,878 214,722 249,421
Preferred dividends 834 834 2,503 2,503
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 539,038 $ 679,936 $ 1,462,412 $ 1,743,053
BASIC AND DILUTED EARNINGS PER COMMON SHARE:        
Net income attributable to common stockholders - basic (in dollars per share) $ 1.65 $ 2.07 $ 4.46 $ 5.30
Net income attributable to common stockholders - diluted (in dollars per share) $ 1.65 $ 2.07 $ 4.46 $ 5.30
Consolidated Net Income $ 621,847 $ 778,648 $ 1,679,637 $ 1,994,977
Unrealized gain on derivative hedge agreements 35,470 8,280 80,327 45,366
Net gain reclassified from accumulated other comprehensive loss into earnings (403) (404) (1,191) (7,022)
Currency translation adjustments (26,143) (11,199) (49,482) (40,968)
Changes in available-for-sale securities and other (546) (71) (1,619) (304)
Comprehensive income 630,225 775,254 1,707,672 1,992,049
Comprehensive income attributable to noncontrolling interests 83,007 97,451 218,119 249,091
Comprehensive income attributable to common stockholders 547,218 677,803 1,489,553 1,742,958
Simon Property Group, L.P.        
REVENUE:        
Lease income 1,215,470 1,207,923 3,618,035 3,511,806
Management fees and other revenues 28,654 27,024 85,051 78,381
Other income 71,662 61,607 188,464 200,465
Total revenue 1,315,786 1,296,554 3,891,550 3,790,652
EXPENSES:        
Property operating 120,858 108,556 336,929 291,248
Depreciation and amortization 301,754 311,381 910,190 942,851
Real estate taxes 109,932 117,094 333,611 347,800
Repairs and maintenance 21,639 21,735 63,993 62,126
Advertising and promotion 27,102 38,635 72,429 87,685
Home and regional office costs 43,711 48,667 143,424 132,365
General and administrative 7,784 6,909 24,977 20,739
Other 30,810 31,253 106,649 84,180
Total operating expenses 663,590 684,230 1,992,202 1,968,994
OPERATING INCOME BEFORE OTHER ITEMS 652,196 612,324 1,899,348 1,821,658
Interest expense (187,878) (199,772) (560,353) (602,207)
Loss on extinguishment of debt   (28,593)   (31,552)
Gain on sale or exchange of equity interests (Note 6)   159,828   159,828
Income and other tax expense (8,256) (67,262) (31,168) (108,367)
Income from unconsolidated entities 163,086 198,524 434,343 562,138
Unrealized losses in fair value of equity instruments (14,563) (4,944) (63,412) (8,121)
Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net 17,262 108,543 879 201,600
CONSOLIDATED NET INCOME 621,847 778,648 1,679,637 1,994,977
Net income (loss) attributable to noncontrolling interests 3,616 (405) 2,498 (2,875)
Preferred dividends 1,313 1,313 3,939 3,939
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS 616,918 777,740 1,673,200 1,993,913
NET INCOME ATTRIBUTABLE TO UNITHOLDERS ATTRIBUTABLE TO:        
General Partner 539,038 679,936 1,462,412 1,743,053
Limited Partners $ 77,880 $ 97,804 $ 210,788 $ 250,860
BASIC AND DILUTED EARNINGS PER COMMON SHARE:        
Net income attributable to common stockholders - basic (in dollars per share) $ 1.65 $ 2.07 $ 4.46 $ 5.30
Net income attributable to common stockholders - diluted (in dollars per share) $ 1.65 $ 2.07 $ 4.46 $ 5.30
Consolidated Net Income $ 621,847 $ 778,648 $ 1,679,637 $ 1,994,977
Unrealized gain on derivative hedge agreements 35,470 8,280 80,327 45,366
Net gain reclassified from accumulated other comprehensive loss into earnings (403) (404) (1,191) (7,022)
Currency translation adjustments (26,143) (11,199) (49,482) (40,968)
Changes in available-for-sale securities and other (546) (71) (1,619) (304)
Comprehensive income 630,225 775,254 1,707,672 1,992,049
Comprehensive income attributable to noncontrolling interests 1,366 336 1,381 (215)
Comprehensive income attributable to common stockholders $ 628,859 $ 774,918 $ 1,706,291 $ 1,992,264