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Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
REVENUE:        
Lease income $ 1,254,958 $ 1,194,700 $ 2,503,143 $ 2,402,566
Management fees and other revenues 33,507 28,811 62,457 56,398
Other income 81,136 56,331 154,850 116,799
Total revenue 1,369,601 1,279,842 2,720,450 2,575,763
EXPENSES:        
Property operating 118,263 112,408 230,012 216,071
Depreciation and amortization 319,534 298,273 626,592 608,436
Real estate taxes 111,837 111,989 222,996 223,680
Repairs and maintenance 23,002 20,050 45,176 42,354
Advertising and promotion 33,745 20,064 57,904 45,327
Home and regional office costs 50,006 47,516 106,826 99,713
General and administrative 10,058 9,360 19,164 17,194
Other 45,231 33,421 91,132 75,836
Total operating expenses 711,676 653,081 1,399,802 1,328,611
OPERATING INCOME BEFORE OTHER ITEMS 657,925 626,761 1,320,648 1,247,152
Interest expense (218,086) (187,316) (417,515) (372,473)
Gain on disposal, exchange, or revaluation of equity interests (Note 6) 36,437   36,437  
Income and other tax (expense) benefit (10,487) (24,346) 2,966 (22,912)
Income from unconsolidated entities 90,455 190,073 112,355 271,257
Unrealized gains (losses) in fair value of publicly traded equity instruments, net 5,617 (17,817) 26,225 (48,850)
Loss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net (4,356) (17,875) (4,356) (16,384)
CONSOLIDATED NET INCOME 557,505 569,480 1,076,760 1,057,790
Net income (loss) attributable to noncontrolling interests 70,328 71,903 136,921 132,747
Preferred dividends 834 834 1,669 1,669
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 486,343 $ 496,743 $ 938,170 $ 923,374
BASIC AND DILUTED EARNINGS PER COMMON SHARE:        
Net income attributable to common stockholders - basic (in dollars per share) $ 1.49 $ 1.51 $ 2.87 $ 2.81
Net income attributable to common stockholders - diluted (in dollars per share) $ 1.49 $ 1.51 $ 2.87 $ 2.81
Consolidated Net Income $ 557,505 $ 569,480 $ 1,076,760 $ 1,057,790
Unrealized gain on derivative hedge agreements 15,320 28,024 20,992 44,858
Net gain reclassified from accumulated other comprehensive loss into earnings (697) (401) (1,198) (789)
Currency translation adjustments (32,936) (24,644) (33,687) (23,339)
Changes in available-for-sale securities and other 1,070 (552) 1,264 (1,073)
Comprehensive income 540,262 571,907 1,064,131 1,077,447
Comprehensive income attributable to noncontrolling interests 68,197 72,130 135,386 135,112
Comprehensive income attributable to common stockholders 472,065 499,777 928,745 942,335
Simon Property Group, L.P.        
REVENUE:        
Lease income 1,254,958 1,194,700 2,503,143 2,402,566
Management fees and other revenues 33,507 28,811 62,457 56,398
Other income 81,136 56,331 154,850 116,799
Total revenue 1,369,601 1,279,842 2,720,450 2,575,763
EXPENSES:        
Property operating 118,263 112,408 230,012 216,071
Depreciation and amortization 319,534 298,273 626,592 608,436
Real estate taxes 111,837 111,989 222,996 223,680
Repairs and maintenance 23,002 20,050 45,176 42,354
Advertising and promotion 33,745 20,064 57,904 45,327
Home and regional office costs 50,006 47,516 106,826 99,713
General and administrative 10,058 9,360 19,164 17,194
Other 45,231 33,421 91,132 75,836
Total operating expenses 711,676 653,081 1,399,802 1,328,611
OPERATING INCOME BEFORE OTHER ITEMS 657,925 626,761 1,320,648 1,247,152
Interest expense (218,086) (187,316) (417,515) (372,473)
Gain on disposal, exchange, or revaluation of equity interests (Note 6) 36,437   36,437  
Income and other tax (expense) benefit (10,487) (24,346) 2,966 (22,912)
Income from unconsolidated entities 90,455 190,073 112,355 271,257
Unrealized gains (losses) in fair value of publicly traded equity instruments, net 5,617 (17,817) 26,225 (48,850)
Loss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net (4,356) (17,875) (4,356) (16,384)
CONSOLIDATED NET INCOME 557,505 569,480 1,076,760 1,057,790
Net income (loss) attributable to noncontrolling interests (364) (122) 398 (1,118)
Preferred dividends 1,313 1,313 2,626 2,626
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS 556,556 568,289 1,073,736 1,056,282
NET INCOME ATTRIBUTABLE TO UNITHOLDERS ATTRIBUTABLE TO:        
General Partner 486,343 496,744 938,170 923,374
Limited Partners $ 70,213 $ 71,545 $ 135,566 $ 132,908
BASIC AND DILUTED EARNINGS PER COMMON SHARE:        
Net income attributable to common stockholders - basic (in dollars per share) $ 1.49 $ 1.51 $ 2.87 $ 2.81
Net income attributable to common stockholders - diluted (in dollars per share) $ 1.49 $ 1.51 $ 2.87 $ 2.81
Consolidated Net Income $ 557,505 $ 569,480 $ 1,076,760 $ 1,057,790
Unrealized gain on derivative hedge agreements 15,320 28,024 20,992 44,858
Net gain reclassified from accumulated other comprehensive loss into earnings (697) (401) (1,198) (789)
Currency translation adjustments (32,936) (24,644) (33,687) (23,339)
Changes in available-for-sale securities and other 1,070 (552) 1,264 (1,073)
Comprehensive income 540,262 571,907 1,064,131 1,077,447
Comprehensive income attributable to noncontrolling interests 258 (258) 448 15
Comprehensive income attributable to common stockholders $ 540,004 $ 572,165 $ 1,063,683 $ 1,077,432