EX-99.12tm2426341d2_ex99-1.htmEXHIBIT 99.1 tm2426341-2_nonfiling - none - 38.5001641s
TABLE OF CONTENTS
SIMON PROPERTY GROUP
EARNINGS RELEASE &
SUPPLEMENTAL INFORMATION
UNAUDITED THIRD QUARTER
TABLE OF CONTENTS
TABLE OF CONTENTS
EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION
FOR THE QUARTER ENDED SEPTEMBER 30, 2024
PAGE
Earnings Release(1)
2−12
Overview
13
The Company
13
Stock Information, Credit Ratings and Senior Unsecured Debt Covenants
14
Financial Data
Selected Financial and Equity Information
15
Net Operating Income (NOI) Composition
16
Net Operating Income Overview (at Share)
17
Reconciliations of Non-GAAP Financial Measures
18
Consolidated Net Income to NOI
18
FFO of the Operating Partnership to Funds Available for Distribution (Our Share)
19
Lease Income, Other Income, Other Expense, Income from Unconsolidated Entities, and Capitalized Interest
20
Operational Data
Operating Information
21
U.S. Malls and Premium Outlets Lease Expirations
22
U.S. Malls and Premium Outlets Top Tenants
23
Development Activity
Capital Expenditures
24
Development Activity Summary
25
Balance Sheet Information
Common and Preferred Stock Information
26
Changes in Common Share and Limited Partnership Unit Ownership
26
Preferred Stock/Units Outstanding
26
Credit Profile
27
Summary of Indebtedness
28
Total Debt Amortization and Maturities by Year (Our Share)
29
Unsecured Debt Information
30
Property and Debt Information
31–40
Other
Non-GAAP Pro-Rata Financial Information
41–44
(1)
Includes reconciliation of consolidated net income to funds from operations.
3Q 2024 SUPPLEMENTAL
1
TABLE OF CONTENTS
EARNINGS RELEASE
Contacts:
Tom Ward
317-685-7330 Investors
Nicole Kennon
704-804-1960 Media
Simon® Reports Third Quarter 2024 Results, Affirms Full Year 2024
Guidance and Raises Quarterly Dividend
INDIANAPOLIS, November 1, 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 September 30, 2024.
“We are pleased with our quarterly results highlighted by strong financial and operational performance, the very successful openings of Tulsa Premium Outlets and the expansion of Busan Premium Outlets,” said David Simon, Chairman, Chief Executive Officer and President. “Today we are pleased to raise our dividend for the fourth consecutive quarter, to $2.10 per share, a year-over-year increase of 10.5%.”
Results for the Quarter
•
Net income attributable to common stockholders was $475.2 million, or $1.46 per diluted share, as compared to $594.1 million, or $1.82 per diluted share in 2023.
–
Net income for the third quarter of 2024 includes a non-cash net loss of $49.3 million, or $0.13 per diluted share, due to a mark-to-market in fair value adjustment of the Klépierre exchangeable bonds the Company issued in November 2023.
–
Net income for the third quarter of 2023 included non-cash after-tax gains of $118.1 million, or $0.32 per diluted share primarily due to the partial sale of the Company’s ownership interest in its SPARC Group joint venture (“SPARC”).
•
Real Estate Funds From Operations (“Real Estate FFO”) was $1.144 billion, or $3.05 per diluted share as compared to $1.091 billion, or $2.91 per diluted share in the prior year, an increase of 4.8% year-over-year.
•
Funds From Operations (“FFO”) was $1.067 billion, or $2.84 per diluted share as compared to $1.201 billion, or $3.20 per diluted share in the prior year, inclusive of the $0.13 per diluted share loss in the current period and the $0.32 per diluted share gains in the prior year period mentioned above.
•
Domestic property Net Operating Income (“NOI”) increased 5.4% and portfolio NOI increased 5.0% compared to the prior year period.
Results for the Nine Months
•
Net income attributable to common stockholders was $1.700 billion, or $5.22 per diluted share, as compared to $1.532 billion, or $4.68 per diluted share in 2023.
3Q 2024 SUPPLEMENTAL
2
TABLE OF CONTENTS
EARNINGS RELEASE
–
Net income for the nine months of 2024 includes an after-tax gain of $311.1 million, or $0.83 per diluted share from the sale of the Company’s remaining ownership interest in Authentic Brands Group in the first quarter and a non-cash net loss of $54.1 million, or $0.14 per diluted share due to a mark-to-market in fair value adjustments of the Klépierre exchangeable bonds.
–
Net income for the nine months of 2023 included non-cash after-tax gains of $145.5 million or $0.39 per diluted share due to the gain in SPARC referenced above and a dilution of our ownership interest in Authentic Brands Group.
•
Real Estate FFO was $3.335 billion, or $8.90 per diluted share as compared to $3.201 billion, or $8.55 per diluted share in the prior year, an increase of 4.1% year-over-year.
•
FFO was $3.488 billion, or $9.30 per diluted share as compared to $3.304 billion, or $8.82 per diluted share in the prior year, inclusive of the items referenced above.
•
Domestic property NOI increased 4.8% and portfolio NOI increased 4.6% compared to the prior year period.
U.S. Malls and Premium Outlets Operating Statistics
•
Occupancy at September 30, 2024 was 96.2%, a 1.0% increase compared to 95.2% at September 30, 2023.
•
Base minimum rent per square foot was $57.71 at September 30, 2024, compared to $56.41 at September 30, 2023, an increase of 2.3%.
•
Reported retailer sales per square foot was $737 for the trailing 12 months ended September 30, 2024.
Development Activity
On August 15th, Tulsa Premium Outlets (Jenks, Oklahoma) opened with 338,000 square feet featuring a dynamic mix of merchandise, amenities and experiences. Simon owns 100% of this center.
On September 12th, the 184,000 square-foot, phase two expansion of Busan Premium Outlets (Busan, South Korea) opened featuring new fashion and sports brands, in vogue food and beverage brands and ample gathering and green spaces. Simon owns 50% of this center.
Capital Markets and Balance Sheet Liquidity
During the quarter, the Company completed a senior notes offering totaling $1.0 billion with a term of 10 years and 4.75% coupon.
The Company also amended and extended its $3.5 billion unsecured multi-currency revolving credit facility. The facility will initially mature on January 31, 2029 and at our sole option, can be extended for an additional year to January 31, 2030. Based upon the Company’s current credit ratings, the interest on the new revolver for U.S. Dollar borrowings is unchanged at SOFR plus 82.5 basis points (inclusive of a 10 basis point SOFR spread adjustment).
During the first nine months, the Company completed 14 non-recourse mortgage loans totaling approximately $1.3 billion (U.S. dollar equivalent), of which Simon’s share was $651 million. The weighted average interest rate on these loans was 6.13%.
As of September 30, 2024, Simon had approximately $11.1 billion of liquidity consisting of $3.0 billion of cash on hand, including its share of joint venture cash, and $8.1 billion of available capacity under its revolving credit facilities.
3Q 2024 SUPPLEMENTAL
3
TABLE OF CONTENTS
EARNINGS RELEASE
Dividends
Today, Simon’s Board of Directors declared a quarterly common stock dividend of $2.10 for the fourth quarter of 2024. This is an increase of $0.20, or 10.5% year-over-year. The dividend will be payable on December 30, 2024 to shareholders of record on December 9, 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 December 30, 2024 to shareholders of record on December 16, 2024.
2024 Guidance
G1The Company currently estimates net income to be within a range of $7.18 to $7.28 per diluted share and G2FFO to be within a range of $12.80 to $12.90 per diluted share, excluding the $0.14 per diluted share of unrealized losses in fair value adjustments of the Klépierre exchangeable bonds and publicly traded equity instruments, net 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
$
7.18
$
7.28
Depreciation and amortization including Simon’s share of unconsolidated entities
5.50
5.50
Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interest in unconsolidated entities and impairment, net
(0.02)
(0.02)
Estimated FFO per diluted share
$
12.66
$
12.76
Unrealized losses in fair value adjustments of the Klépierre exchangeable bonds and publicly traded equity instruments, net
0.14
0.14
Estimated FFO per diluted share, excluding unrealized losses in fair value adjustments
of the Klépierre exchangeable bonds and publicly traded equity instruments, net
$
12.80
$
12.90
Conference Call
Simon will hold a conference call to discuss the quarterly financial results today from 10:00 a.m. to 11:00 a.m. Eastern Time, Friday, November 1, 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 November 8, 2024. To access the audio replay, dial 1-844-512-2921 (international +1-412-317-6671) passcode 13749300.
Supplemental Materials and Website
Supplemental information on our third 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.
3Q 2024 SUPPLEMENTAL
4
TABLE OF CONTENTS
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, Real Estate FFO, Real Estate FFO per share and portfolio NOI growth which are financial performance measures not defined by generally accepted accounting principles in the United States (“GAAP”). Real estate FFO is FFO of the operating partnership less other platform investments and gain on disposal, exchange, or revaluation of equity interests, in each case, net of tax; and unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net. 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.
3Q 2024 SUPPLEMENTAL
5
TABLE OF CONTENTS
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.
3Q 2024 SUPPLEMENTAL
6
TABLE OF CONTENTS
EARNINGS RELEASE
Simon Property Group, Inc.
Unaudited Consolidated Statements of Operations
(Dollars in thousands, except per share amounts)
For the Three Months
Ended September 30,
For the Nine Months
Ended September 30,
2024
2023
2024
2023
REVENUE:
Lease income
$
1,339,824
$
1,298,737
$
3,958,236
$
3,801,880
Management fees and other revenues
33,461
30,055
96,103
92,511
Other income
107,425
82,156
327,227
237,007
Total revenue
1,480,710
1,410,948
4,381,566
4,131,398
EXPENSES:
Property operating
141,114
136,541
398,520
366,553
Depreciation and amortization
320,365
315,259
937,749
941,851
Real estate taxes
93,999
115,456
299,848
338,452
Repairs and maintenance
23,019
22,660
73,272
67,837
Advertising and promotion
34,138
28,809
101,046
86,713
Home and regional office costs
53,351
47,679
164,556
154,505
General and administrative
9,171
9,070
29,141
28,235
Other
37,784
41,240
120,384
132,369
Total operating expenses
712,941
716,714
2,124,516
2,116,515
OPERATING INCOME BEFORE OTHER ITEMS
767,769
694,234
2,257,050
2,014,883
Interest expense
(226,424)
(212,210)
(678,382)
(629,725)
Gain on disposal, exchange, or revaluation of equity interests, net
—
158,192
414,769
194,629
Income and other tax expense
(2,605)
(43,218)
(55,170)
(40,252)
Income from unconsolidated entities
58,504
95,480
66,375
207,835
Unrealized (losses) gains in fair value of publicly traded equity instruments and derivative instrument, net
(49,345)
(6,175)
(54,132)
20,049
(Loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and
interests in unconsolidated entities and impairment, net
(1,228)
(5,541)
6,752
(9,897)
CONSOLIDATED NET INCOME
546,671
680,762
1,957,262
1,757,522
Net income attributable to noncontrolling interests
70,676
85,789
254,431
222,710
Preferred dividends
834
834
2,503
2,503
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
$
475,161
$
594,139
$
1,700,328
$
1,532,309
BASIC AND DILUTED EARNINGS PER COMMON SHARE:
Net income attributable to common stockholders
$
1.46
$
1.82
$
5.22
$
4.68
3Q 2024 SUPPLEMENTAL
7
TABLE OF CONTENTS
EARNINGS RELEASE
Simon Property Group, Inc.
Unaudited Consolidated Balance Sheets
(Dollars in thousands, except share amounts)
September 30,
2024
December 31,
2023
ASSETS:
Investment properties, at cost
$
39,939,215
$
39,285,138
Less – accumulated depreciation
18,625,523
17,716,788
21,313,692
21,568,350
Cash and cash equivalents
2,170,102
1,168,991
Short-term investments
300,000
1,000,000
Tenant receivables and accrued revenue, net
767,756
826,126
Investment in TRG, at equity
2,870,048
3,049,719
Investment in Klépierre, at equity
1,463,679
1,527,872
Investment in other unconsolidated entities, at equity
2,628,159
3,540,648
Right-of-use assets, net
521,386
484,073
Deferred costs and other assets
1,241,096
1,117,716
Total assets
$
33,275,918
$
34,283,495
LIABILITIES:
Mortgages and unsecured indebtedness
$
25,417,558
$
26,033,423
Accounts payable, accrued expenses, intangibles, and deferred revenues
1,619,747
1,693,248
Cash distributions and losses in unconsolidated entities, at equity
1,733,935
1,760,922
Dividend payable
2,069
1,842
Lease liabilities
522,091
484,861
Other liabilities
658,282
621,601
Total liabilities
29,953,682
30,595,897
Commitments and contingencies
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests
182,879
195,949
EQUITY:
Stockholders’ Equity
Capital stock (850,000,000 total shares authorized, $0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of
preferred stock):
Series J 8 3/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding with a liquidation value of $39,847
40,860
41,106
Common stock, $0.0001 par value, 511,990,000 shares authorized, 342,945,839 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
11,343,428
11,406,236
Accumulated deficit
(6,358,449)
(6,095,576)
Accumulated other comprehensive loss
(206,340)
(172,787)
Common stock held in treasury, at cost, 16,675,701 and 16,983,364 shares, respectively
(2,106,396)
(2,156,178)
Total stockholders’ equity
2,713,136
3,022,834
Noncontrolling interests
426,221
468,815
Total equity
3,139,357
3,491,649
Total liabilities and equity
$
33,275,918
$
34,283,495
3Q 2024 SUPPLEMENTAL
8
TABLE OF CONTENTS
EARNINGS RELEASE
Simon Property Group, Inc.
Unaudited Joint Venture Combined Statements of Operations
(Dollars in thousands)
For the Three Months
Ended September 30,
For the Nine Months
Ended September 30,
2024
2023
2024
2023
REVENUE:
Lease income
$
763,185
$
743,388
$
2,257,101
$
2,212,197
Other income
92,151
129,021
277,915
357,261
Total revenue
855,336
872,409
2,535,016
2,569,458
OPERATING EXPENSES:
Property operating
171,027
165,406
494,210
475,364
Depreciation and amortization
155,472
159,560
473,394
483,361
Real estate taxes
56,683
63,607
180,967
192,550
Repairs and maintenance
17,382
19,034
55,016
55,452
Advertising and promotion
20,098
19,188
63,292
58,702
Other
53,225
63,696
161,735
180,213
Total operating expenses
473,887
490,491
1,428,614
1,445,642
OPERATING INCOME BEFORE OTHER ITEMS
381,449
381,918
1,106,402
1,123,816
Interest expense
(176,583)
(172,523)
(532,692)
(508,230)
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net
—
19,395
—
20,529
NET INCOME
$
204,866
$
228,790
$
573,710
$
636,115
Third-Party Investors’ Share of Net Income
$
104,298
$
124,272
$
291,517
$
329,338
Our Share of Net Income
100,568
104,518
282,193
306,777
Amortization of Excess Investment (A)
(14,404)
(14,933)
(43,564)
(44,781)
Our Share of Gain on Sale or Disposal of, or Recovery on, Assets and Interests in Unconsolidated Entities, net
—
—
—
(454)
Income from Unconsolidated Entities (B)
$
86,164
$
89,585
$
238,629
$
261,542
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.
3Q 2024 SUPPLEMENTAL
9
TABLE OF CONTENTS
EARNINGS RELEASE
Simon Property Group, Inc.
Unaudited Joint Venture Combined Balance Sheets
(Dollars in thousands)
September 30,
2024
December 31,
2023
Assets:
Investment properties, at cost
$
19,550,692
$
19,315,578
Less – accumulated depreciation
9,183,068
8,874,745
10,367,624
10,440,833
Cash and cash equivalents
1,260,075
1,372,377
Tenant receivables and accrued revenue, net
503,076
505,933
Right-of-use assets, net
117,035
126,539
Deferred costs and other assets
566,932
537,943
Total assets
$
12,814,742
$
12,983,625
Liabilities and Partners’ Deficit:
Mortgages
$
14,104,896
$
14,282,839
Accounts payable, accrued expenses, intangibles, and deferred revenue
974,080
1,032,217
Lease liabilities
107,418
116,535
Other liabilities
380,694
368,582
Total liabilities
15,567,088
15,800,173
Preferred units
67,450
67,450
Partners’ deficit
(2,819,796)
(2,883,998)
Total liabilities and partners’ deficit
$
12,814,742
$
12,983,625
Our Share of:
Partners’ deficit
$
(1,194,144)
$
(1,258,809)
Add: Excess Investment (A)
1,109,624
1,173,852
Our net Investment in unconsolidated entities, at equity
$
(84,520)
$
(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.
3Q 2024 SUPPLEMENTAL
10
TABLE OF CONTENTS
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 and Real Estate FFO
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2024
2023
2024
2023
Consolidated Net Income (D)
$
546,671
$
680,762
$
1,957,262
$
1,757,522
Adjustments to Arrive at FFO:
Depreciation and amortization from consolidated properties
316,593
313,053
926,582
933,669
Our share of depreciation and amortization from unconsolidated entities, including Klépierre, TRG and other corporate investments
209,225
207,607
630,460
622,258
Loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
1,228
5,541
(6,752)
9,897
Net loss attributable to noncontrolling interest holders in properties
1,047
1,149
1,733
751
Noncontrolling interests portion of depreciation and amortization, gain on consolidation of properties, and loss (gain) on disposal of properties
(6,820)
(6,045)
(17,416)
(16,255)
Preferred distributions and dividends
(1,239)
(1,313)
(3,772)
(3,939)
FFO of the Operating Partnership
$
1,066,705
$
1,200,754
$
3,488,097
$
3,303,903
FFO of the Operating Partnership
$
1,066,705
$
1,200,754
$
3,488,097
$
3,303,903
Gain on disposal, exchange, or revaluation of equity interests, net of tax
—
(118,138)
(311,077)
(145,466)
Other platform investments, net of tax
28,306
1,969
104,089
62,647
Unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net
49,345
6,175
54,132
(20,049)
Real Estate FFO
$
1,144,356
$
1,090,760
$
3,335,241
$
3,201,035
Diluted net income per share to diluted FFO per share reconciliation:
Diluted net income per share
$
1.46
$
1.82
$
5.22
$
4.68
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
1.37
1.37
4.10
4.11
Loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
0.01
0.01
(0.02)
0.03
Diluted FFO per share
$
2.84
$
3.20
$
9.30
$
8.82
Gain on disposal, exchange, or revaluation of equity interests, net of tax
—
(0.32)
(0.83)
(0.39)
Other platform investments, net of tax
0.08
0.01
0.29
0.17
Unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net
0.13
0.02
0.14
(0.05)
Real Estate FFO per share
$
3.05
$
2.91
$
8.90
$
8.55
4.8%
4.1%
Details for per share calculations:
FFO of the Operating Partnership
$
1,066,705
$
1,200,754
$
3,488,097
$
3,303,903
Diluted FFO allocable to unitholders
(139,191)
(152,599)
(454,729)
(418,135)
Diluted FFO allocable to common stockholders
$
927,514
$
1,048,155
$
3,033,368
$
2,885,768
Basic and Diluted weighted average shares outstanding
326,158
327,159
326,036
327,101
Weighted average limited partnership units outstanding
48,939
47,658
48,876
47,396
Basic and Diluted weighted average shares and units outstanding
375,097
374,817
374,912
374,497
Basic and Diluted FFO per Share
$
2.84
$
3.20
$
9.30
$
8.82
Percent Change
-11.3%
5.4%
3Q 2024 SUPPLEMENTAL
11
TABLE OF CONTENTS
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, FFO per share, Real Estate FFO and Real Estate 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 $7.8 million and $3.2 million for the three months ended September 30, 2024 and 2023, respectively, and $15.3 million and $7.8 million for the nine months ended September 30, 2024 and 2023, respectively.
–
Straight-line adjustments increased (decreased) income by $3.7 million and $1.4 million for the three months ended September 30, 2024 and 2023, respectively, and ($5.1) million and ($10.4) million for the nine months ended September 30, 2024 and 2023, respectively.
–
Amortization of fair market value of leases increased income by $0.1 million and $0.0 million for the three months ended September 30, 2024 and 2023, respectively, and $0.4 million and $0.2 million for the nine months ended September 30, 2024 and 2023, respectively.
3Q 2024 SUPPLEMENTAL
12
TABLE OF CONTENTS
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 September 30, 2024, we owned or had an interest in 231 properties comprising 184 million square feet in North America, Asia and Europe.
We also owned an 84% interest in The Taubman Realty Group, or TRG, which owns 22 regional, super-regional, and outlet malls in the U.S. and Asia. Additionally, at September 30, 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 September 30, 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 potential loss of anchor stores or major tenants; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; 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).
3Q 2024 SUPPLEMENTAL
13
TABLE OF CONTENTS
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%
39%
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%
290%
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.
3Q 2024 SUPPLEMENTAL
14
TABLE OF CONTENTS
SELECTED FINANCIAL AND EQUITY INFORMATION
(In thousands, except as noted)
THREE MONTHS ENDED
SEPTEMBER 30,
NINE MONTHS ENDED
SEPTEMBER 30,
2024
2023
2024
2023
Financial Highlights
Total Revenue – Consolidated Properties
$
1,480,710
$
1,410,948
$
4,381,566
$
4,131,398
Consolidated Net Income
$
546,671
$
680,762
$
1,957,262
$
1,757,522
Net Income Attributable to Common Stockholders
$
475,161
$
594,139
$
1,700,328
$
1,532,309
Basic and Diluted Earnings per Common Share (EPS)
$
1.46
$
1.82
$
5.22
$
4.68
Real Estate Funds from Operations (Real Estate FFO) of the Operating Partnership
$
1,144,356
$
1,090,760
$
3,335,241
$
3,201,035
Basic and Diluted Real Estate FFO per Share
$
3.05
$
2.91
$
8.90
$
8.55
Funds from Operations (FFO) of the Operating Partnership
$
1,066,705
$
1,200,754
$
3,488,097
$
3,303,903
Basic and Diluted FFO per Share (FFOPS)
$
2.84
$
3.20
$
9.30
$
8.82
Dividends/Distributions per Share/Unit
$
2.05
$
1.90
$
6.00
$
5.55
AS OF
SEPTEMBER 30,
2024
AS OF
DECEMBER 31,
2023
Stockholders’ Equity Information
Limited Partners’ Units Outstanding at end of period
49,195
48,914
Common Shares Outstanding at end of period
326,278
325,920
Total Common Shares and Limited Partnership Units Outstanding at end of period
375,473
374,834
Weighted Average Limited Partnership Units Outstanding
48,876
47,782
Weighted Average Common Shares Outstanding:
Basic and Diluted – for purposes of EPS, Real Estate FFO per Share and FFOPS
326,036
326,808
Equity Market Capitalization
Common Stock Price at end of period
$
169.02
$
142.64
Common Equity Capitalization, including Limited Partnership Units
$
63,462,491
$
53,466,356
Preferred Equity Capitalization, including Limited Partnership Preferred Units
66,542
70,296
Total Equity Market Capitalization
$
63,529,033
$
53,536,652
3Q 2024 SUPPLEMENTAL
15
TABLE OF CONTENTS
Net Operating Income (NOI) Composition (1)
For the Nine Months Ended September 30, 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.
3Q 2024 SUPPLEMENTAL
16
TABLE OF CONTENTS
NET OPERATING INCOME OVERVIEW (AT SHARE)
(In thousands)
For the Three Months
Ended September 30,
% Growth
For the Nine Months
Ended September 30,
% Growth
2024
2023
2024
2023
Domestic Property NOI (1)
$
1,366,842
$
1,297,293
5.4
%
$
4,031,773
$
3,848,681
4.8
%
International Properties (2)
79,325
80,013
230,775
226,603
Portfolio NOI
$
1,446,167
$
1,377,306
5.0
%
$
4,262,548
$
4,075,284
4.6
%
NOI from Other Platform Investments (3)
(7,568)
14,774
(84,089)
14,145
NOI from Investments (4)
64,093
63,559
172,555
169,948
Corporate and Other NOI Sources (5)
79,832
93,715
235,258
223,379
Beneficial interest of Combined NOI
$
1,582,524
$
1,549,354
$
4,586,272
$
4,482,756
(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); an e-commerce company (Rue Gilt Groupe, or RGG); and a global real estate investment and management company (Jamestown). For the nine months ended September 30, 2024, includes charges of $18.9 million related to SPARC Group and $14.3 million related to J.C. Penney. For the nine months ended September 30, 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.
3Q 2024 SUPPLEMENTAL
17
TABLE OF CONTENTS
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(In thousands, except as noted)
RECONCILIATION OF NET INCOME TO NOI
THREE MONTHS ENDED
SEPTEMBER 30,
NINE MONTHS ENDED
SEPTEMBER 30,
2024
2023
2024
2023
Reconciliation of NOI of consolidated entities:
Consolidated Net Income
$
546,671
$
680,762
$
1,957,262
$
1,757,522
Income and other tax expense
2,605
43,218
55,170
40,252
Gain on disposal, exchange, or revaluation of equity interests, net
—
(158,192)
(414,769)
(194,629)
Interest expense
226,424
212,210
678,382
629,725
Income from unconsolidated entities
(58,504)
(95,480)
(66,375)
(207,835)
Unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net
49,345
6,175
54,132
(20,049)
Loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
1,228
5,541
(6,752)
9,897
Operating Income Before Other Items
767,769
694,234
2,257,050
2,014,883
Depreciation and amortization
320,365
315,259
937,749
941,851
Home and regional office costs
53,351
47,679
164,556
154,505
General and administrative
9,171
9,070
29,141
28,235
Other expenses
—
—
21
—
NOI of consolidated entities
$
1,150,656
$
1,066,242
$
3,388,517
$
3,139,474
Less: Noncontrolling interest partners share of NOI
(8,292)
(7,918)
(24,144)
(22,562)
Beneficial NOI of consolidated entities
$
1,142,364
$
1,058,324
$
3,364,373
$
3,116,912
Reconciliation of NOI of unconsolidated entities:
Net Income
$
204,866
$
228,790
$
573,710
$
636,115
Interest expense
176,583
172,523
532,692
508,230
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net
—
(19,395)
—
(20,529)
Operating Income Before Other Items
381,449
381,918
1,106,402
1,123,816
Depreciation and amortization
155,472
159,560
473,394
483,361
Other expenses
6
—
6
—
NOI of unconsolidated entities
$
536,927
$
541,478
$
1,579,802
$
1,607,177
Less: Joint Venture partners share of NOI
(282,105)
(282,640)
(829,548)
(839,316)
Beneficial NOI of unconsolidated entities
$
254,822
$
258,838
$
750,254
$
767,861
Add: Beneficial interest of NOI from TRG
128,813
123,164
380,222
359,178
Add: Beneficial interest of NOI from Other Platform Investments and Investments (1)
56,525
109,028
91,423
238,805
Beneficial interest of Combined NOI
$
1,582,524
$
1,549,354
$
4,586,272
$
4,482,756
(1)
See footnotes 3 and 4 on prior page.
3Q 2024 SUPPLEMENTAL
18
TABLE OF CONTENTS
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
SEPTEMBER 30, 2024
NINE
MONTHS ENDED
SEPTEMBER 30, 2024
FFO of the Operating Partnership
$
1,066,705
$
3,488,097
Non-cash impacts to FFO (1)
63,079
112,317
FFO of the Operating Partnership excluding non-cash impacts
1,129,784
3,600,414
Tenant allowances
(54,126)
(176,711)
Operational capital expenditures
(70,630)
(147,838)
Funds available for distribution
$
1,005,028
$
3,275,865
(1)
Non-cash impacts to FFO of the Operating Partnership include:
THREE
MONTHS ENDED
SEPTEMBER 30, 2024
NINE
MONTHS ENDED
SEPTEMBER 30, 2024
Deductions:
Fair value of debt amortization
(263)
(801)
Fair market value of lease amortization
(131)
(437)
Additions:
Straight-line lease (income) loss
(3,713)
5,080
Stock based compensation expense
9,794
29,592
Unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net
49,345
54,132
Write-off of pre-development costs
3
24
Mortgage, financing fee, accretion interest, and terminated swap amortization expense
8,044
24,727
$
63,079
$
112,317
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, Real Estate FFO, Real Estate 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.
3Q 2024 SUPPLEMENTAL
19
TABLE OF CONTENTS
LEASE INCOME, OTHER INCOME, OTHER EXPENSE, INCOME FROM
UNCONSOLIDATED ENTITIES, AND CAPITALIZED INTEREST
(In thousands)
THREE MONTHS ENDED
SEPTEMBER 30,
NINE MONTHS ENDED
SEPTEMBER 30,
Consolidated Properties
2024
2023
2024
2023
Lease Income
Fixed lease income (1)
$
1,093,064
$
1,041,999
$
3,234,501
$
3,078,043
Variable lease income (2)
246,760
256,738
723,735
723,837
Total Lease Income
$
1,339,824
$
1,298,737
$
3,958,236
$
3,801,880
Other Income
Interest, dividend and distribution income (3)
$
42,536
$
15,126
$
125,669
$
48,111
Lease settlement income
1,422
981
9,719
9,074
Gains on land sales
7,826
3,215
15,304
5,862
Mixed-use and franchise operations income
17,211
25,701
59,888
68,696
Other (4)
38,430
37,133
116,647
105,264
Total Other Income
$
107,425
$
82,156
$
327,227
$
237,007
Other Expense
Ground leases
$
11,678
$
11,357
$
36,971
$
35,133
Mixed-use and franchise operations expense
15,328
23,334
52,986
66,903
Professional fees and other
10,778
6,549
30,427
30,333
Total Other Expense
$
37,784
$
41,240
$
120,384
$
132,369
Income from Unconsolidated Entities
Share of Joint Ventures (5)
$
86,164
$
89,585
$
238,629
$
261,542
Share of Klépierre net income, net of amortization of excess investment
13,331
22,122
50,341
52,745
Share of Other Platform Investments net income (loss), net of amortization of excess investment, pre-tax
(28,009)
11,194
(161,857)
(39,315)
Share of TRG net loss including amortization of excess investment
(12,982)
(27,421)
(60,738)
(67,137)
Total Income from Unconsolidated Entities
$
58,504
$
95,480
$
66,375
$
207,835
Capitalized Interest
Our Share of Consolidated Properties
$
9,013
$
14,222
$
27,773
$
32,859
Our Share of Joint Venture Properties
$
142
$
382
$
314
$
818
(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.
3Q 2024 SUPPLEMENTAL
20
TABLE OF CONTENTS
OPERATING INFORMATION
AS OF SEPTEMBER 30,
2024
2023
U.S. Malls and Premium Outlets
Total Number of Properties
163
162
Total Square Footage of Properties (in millions)
136.9
136.6
Ending Occupancy (1):
Consolidated Assets
96.2%
95.2%
Unconsolidated Assets
96.2%
95.2%
Total Portfolio
96.2%
95.2%
Base Minimum Rent PSF (2):
Consolidated Assets
$
56.18
$
55.17
Unconsolidated Assets
$
62.04
$
59.86
Total Portfolio
$
57.71
$
56.41
U.S. TRG
Total Number of Properties
18
20
Total Square Footage of Properties (in millions)
17.9
20.4
Ending Occupancy (1)
94.2%
93.4%
Base Minimum Rent PSF (2)
$
66.74
$
61.83
AS OF SEPTEMBER 30,
2024
2023
The Mills
Total Number of Properties
14
14
Total Square Footage of Properties (in millions)
21.3
21.3
Ending Occupancy (3)
98.6%
97.4%
Base Minimum Rent PSF (2)
$
37.56
$
35.94
International Properties (4)
Premium Outlets
Total Number of Properties
23
23
Total Square Footage of Properties (in millions)
8.9
8.7
Designer Outlets
Total Number of Properties
12
12
Total Square Footage of Properties (in millions)
3.0
3.0
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.
3Q 2024 SUPPLEMENTAL
21
TABLE OF CONTENTS
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
1,493
5,502,608
$
58.55
5.8
%
2024 (10/1/24 – 12/31/24)
335
933,002
$
71.33
1.2
%
2025
2,738
10,000,853
$
60.65
10.8
%
2026
2,591
10,250,986
$
56.63
9.2
%
2027
2,231
8,557,154
$
62.07
9.4
%
2028
1,668
7,703,283
$
65.91
9.0
%
2029
1,545
6,700,805
$
64.54
7.5
%
2030
723
3,517,999
$
75.53
4.5
%
2031
439
2,219,046
$
73.30
2.9
%
2032
475
1,749,985
$
94.08
3.0
%
2033
594
2,271,828
$
98.14
3.9
%
2034
466
1,816,098
$
86.97
2.8
%
2035 and Thereafter
745
3,264,579
$
53.80
2.8
%
Specialty Leasing Agreements w/ terms in excess of 12 months
2,238
5,998,389
$
17.32
1.9
%
Anchors
Month to Month Leases
2
263,650
$
2.52
0.0
%
2025
5
390,285
$
6.34
0.0
%
2026
17
1,795,117
$
5.21
0.2
%
2027
13
1,765,268
$
5.32
0.2
%
2028
16
1,986,210
$
5.73
0.2
%
2029
16
1,609,390
$
6.67
0.2
%
2030
18
1,835,708
$
8.09
0.2
%
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
6
511,555
$
18.05
0.1
%
2035 and Thereafter
27
2,519,868
$
16.39
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.
3Q 2024 SUPPLEMENTAL
22
TABLE OF CONTENTS
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
283
3,044
1.8
%
2.8
%
Knitwell Group
444
2,015
1.2
%
1.8
%
Tapestry
220
939
0.5
%
1.7
%
Signet Jewelers
347
498
0.3
%
1.6
%
Victoria’s Secret & Co.
131
1,116
0.6
%
1.5
%
American Eagle Outfitters
220
1,386
0.8
%
1.4
%
Capri Holdings
134
542
0.3
%
1.4
%
VF Corporation
200
881
0.5
%
1.4
%
LVMH Fashion
119
457
0.3
%
1.3
%
PVH Corporation
145
1,094
0.6
%
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
2,753
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
%
Von Maur
7
892
0.5
%
*
Hudson’s Bay
7
823
0.5
%
0.1
%
(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.
3Q 2024 SUPPLEMENTAL
23
TABLE OF CONTENTS
CAPITAL EXPENDITURES (1)
(In thousands)
UNCONSOLIDATED
PROPERTIES
CONSOLIDATED
PROPERTIES
TOTAL
OUR
SHARE
New development projects
$
62,465
$
32,009
$
16,005
Redevelopment projects with incremental square footage and/or anchor replacement
217,220
156,763
77,537
Redevelopment projects with no incremental square footage
9,809
15,315
7,973
Subtotal new development and redevelopment projects
289,494
204,087
101,515
Tenant allowances
137,783
81,266
38,928
Operational capital expenditures (CAM and non-CAM)
104,956
95,977
42,882
Totals
$
532,233
$
381,330
$
183,325
Conversion from accrual to cash basis
5,481
37,966
18,252
Capital Expenditures for the Nine Months Ended 9/30/24 (2)
$
537,714
$
419,296
$
201,577
Capital Expenditures for the Nine Months Ended 9/30/23 (2)
$
614,994
$
304,562
$
143,538
(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.
3Q 2024 SUPPLEMENTAL
24
TABLE OF CONTENTS
DEVELOPMENT ACTIVITY SUMMARY (1)
As of September 30, 2024
(in thousands, except percent)
PLATFORM
PROJECT TYPE
OUR SHARE
OF NET
INVESTMENT
EXPECTED
STABILIZED
RATE OF
RETURN
ACTUAL 2024
INVESTMENT
THRU Q3 2024
FORECASTED
INVESTMENT
Q4 2024
FORECASTED
INVESTMENT
FY 2024
FORECASTED
INVESTMENT
FY 2025
FORECASTED
TOTAL INVESTMENT
FY 2024 - 2025
Malls
Redevelopments
$
997,090
8
%
$
206,117
$
129,992
$
336,109
$
345,650
$
681,759
Premium Outlets
New Developments
$
188,577
8
%
$
54,539
$
29,355
$
83,894
$
36,051
$
119,945
Redevelopments
$
64,050
10
%
$
29,392
$
13,042
$
42,434
$
2,500
$
44,934
The Mills
Redevelopments
$
17,117
13
%
$
1,688
$
5,004
$
6,692
$
9,143
$
15,835
Total Investment (1)
$
1,266,834
8
%
$
291,736
$
177,393
$
469,129
$
393,344
$
862,473
Less funding from: Construction Loans, International JV Cash on hand, etc.
$
(216,114)
$
(58,028)
$
(25,322)
$
(83,350)
$
(42,677)
$
(126,027)
Total Net Cash Investment
$
1,050,720
$
233,708
$
152,071
$
385,779
$
350,667
$
736,446
Notes:
(1)
Does not include TRG
3Q 2024 SUPPLEMENTAL
25
TABLE OF CONTENTS
COMMON AND PREFERRED STOCK INFORMATION
CHANGES IN COMMON SHARE AND LIMITED PARTNERSHIP UNIT OWNERSHIP
For the Period December 31, 2023 through September 30, 2024
COMMON
SHARES (1)
LIMITED
PARTNERSHIP
UNITS (2)
Number Outstanding at December 31, 2023
325,920,522
48,913,717
Activity During the First Six Months of 2024
Redemption of Limited Partnership Units for Cash
—
(280,350)
Restricted Stock/Restricted Stock Unit Awards and Long-Term Incentive Performance (LTIP) Units Earned (3)
192,740
209,784
Treasury Shares Acquired Related to Stock Grant Recipients’ Tax Obligations and Other
(69,879)
Number Outstanding at June 30, 2024
326,043,383
48,843,151
Third Quarter Activity
Exchange of Limited Partnership Units for Common Stock
55,000
(55,000)
Restricted Stock/Restricted Stock Unit Awards and Long-Term Incentive Performance (LTIP) Units Earned (3)
179,755
406,976
Number Outstanding at September 30, 2024
326,278,138
49,195,127
Number of Limited Partnership Units and Common Shares at September 30, 2024
375,473,265
PREFERRED STOCK/UNITS OUTSTANDING AS OF SEPTEMBER 30, 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)
155,373
$
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 September 30, 2024 was $64.00 per share.
(5)
Each preferred unit is redeemable upon the occurrence of certain tax triggering events.
3Q 2024 SUPPLEMENTAL
26
TABLE OF CONTENTS
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.
3Q 2024 SUPPLEMENTAL
27
TABLE OF CONTENTS
SUMMARY OF INDEBTEDNESS (1)
As of September 30, 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
$
4,677,024
$
4,500,055
3.92
%
2.4
Floating Rate Debt (Swapped to Fixed)
215,407
196,768
4.65
%
3.2
Floating Rate Debt (Hedged) (2)
89,289
65,877
4.80
%
0.7
Variable Rate Debt
133,201
117,701
6.66
%
1.8
Total Mortgage Debt
5,114,921
4,880,401
4.03
%
2.4
Unsecured Debt
Fixed Rate
20,132,202
20,132,202
3.48
%
9.4
Revolving Credit
Facility – USD Currency
305,000
305,000
5.22
%
3.7
Revolving Credit Facility – EUR Currency
20,089
20,089
4.24
%
3.7
Total Revolving Credit Facilities
325,089
325,089
5.16
%
3.7
Total Unsecured Debt
20,457,291
20,457,291
3.50
%
9.3
Premium
8,098
8,098
Discount
(83,777)
(83,777)
Debt Issuance Costs
(139,570)
(138,544)
Other Debt Obligations
60,595
60,595
Consolidated Mortgages and
Unsecured Indebtedness (2)
$
25,417,558
$
25,184,064
3.61
%
8.0
Joint Venture Indebtedness
Mortgage Debt
Fixed Rate
$
11,214,644
$
5,324,510
4.50
%
3.8
Floating Rate Debt (Swapped to Fixed)
780,407
339,887
4.82
%
2.9
Floating Rate Debt (Hedged)(2)
1,055,000
493,376
5.60
%
2.1
Variable Rate Debt
761,799
323,974
6.15
%
2.1
TMLP Debt (3)
324,573
13,893
—
—
Total Mortgage Debt
14,136,423
6,495,640
4.68
%
3.6
Debt Issuance Costs
(31,527)
(15,067)
Joint Venture Mortgages and
Other Indebtedness (2)
$
14,104,896
$
6,480,573
4.68
%
3.6
Our Share of Total Indebtedness
$
31,664,637
3.82
%
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
%
$
24,983,778
3.59
%
8.1
Variable
0.8
%
200,286
5.82
%
1.6
100.0
%
25,184,064
3.61
%
8.0
Joint Venture
Fixed
87.4
%
$
5,666,366
4.52
%
3.8
Variable
12.6
%
814,207
5.81
%
2.1
100.0
%
6,480,573
4.68
%
3.6
Total Debt
$
31,664,637
Total Fixed Debt
96.8
%
$
30,650,144
3.76
%
7.2
Total Variable Debt
3.2
%
$
1,014,493
5.82
%
2.0
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.
3Q 2024 SUPPLEMENTAL
28
TABLE OF CONTENTS
TOTAL DEBT AMORTIZATION AND MATURITIES BY YEAR (OUR SHARE) (1)
As of September 30, 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
$
900,000
3.38
%
$
116,410
3.85
%
$
217,580
4.26
%
$
1,233,990
3.57
%
2025
1,658,050
2.74
%
928,174
3.67
%
1,249,972
4.27
%
3,836,196
3.46
%
2026
2,387,076
3.35
%
2,479,691
4.14
%
1,399,003
4.46
%
6,265,770
3.91
%
2027
2,050,000
2.84
%
392,191
4.44
%
1,121,347
4.35
%
3,563,538
3.50
%
2028
1,125,089
2.73
%
78,946
5.02
%
828,910
4.35
%
2,032,945
3.49
%
2029
1,250,000
2.45
%
536,399
3.44
%
78,712
3.33
%
1,865,111
2.80
%
2030
750,000
2.65
%
—
—
232,054
3.12
%
982,054
2.91
%
2031
700,000
2.20
%
226,821
3.20
%
95,012
4.47
%
1,021,833
2.62
%
2032
1,400,000
2.45
%
—
—
342,847
5.23
%
1,742,847
3.07
%
2033
1,487,076
3.04
%
121,769
6.46
%
587,200
6.78
%
2,196,045
4.26
%
2034
1,500,000
5.25
%
—
—
332,147
6.12
%
1,832,147
5.41
%
Thereafter
5,250,000
4.71
%
—
—
10,856
4.46
%
5,260,856
4.71
%
Face Amounts of Indebtedness
$
20,457,291
3.50
%
$
4,880,401
4.03
%
$
6,495,640
4.68
%
$
31,833,332
3.82
%
Premiums (Discounts) on Indebtedness, Net
(77,313)
1,634
—
(75,679)
Debt Issuance Costs
(127,238)
(11,306)
(15,067)
(153,611)
Other Debt Obligations
—
60,595
—
60,595
Our Share of Total Indebtedness
$
20,252,740
$
4,931,324
$
6,480,573
$
31,664,637
(1)
Does not include TRG.
3Q 2024 SUPPLEMENTAL
29
TABLE OF CONTENTS
Unsecured Debt Information
As of September 30, 2024
DEBT INFORMATION
MATURITY
DATE
INTEREST
RATE(8)
TYPE
INDEBTEDNESS
TOTAL
($ IN 000’S)
Unsecured Indebtedness:
Simon Property Group, LP (Sr. Notes)
10/1/2024
(7)
3.38
%
Fixed
900,000
Simon Property Group, LP (Euro Sr. Notes)
5/13/2025
1.25
%
Fixed
558,050(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
837,076(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
Revolving Credit Facility – EUR Currency
6/30/2028
(5)
4.24
%
Variable
20,089
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
837,076(3)
Simon Property Group, LP (Sr. Notes)
1/15/2034
6.25
%
Fixed
500,000
Simon Property Group, LP (Sr. Notes)
9/26/2034
4.75
%
Fixed
1,000,000
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
$
20,457,291(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 €27.1552.
(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.
(7)
Notes repaid on October 1, 2024.
3Q 2024 SUPPLEMENTAL
30
TABLE OF CONTENTS
PROPERTY AND DEBT INFORMATION
As of September 30, 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%
473,912
(2)
2.
Auburn Mall
MA
Auburn
56.4%
499,285
(2)
3.
Aventura Mall (3)
FL
Miami Beach (Miami)
33.3%
2,129,560
07/01/28
4.12%
Fixed
1,750,000
583,333
4.
Barton Creek Square
TX
Austin
100.0%
1,450,117
(2)
5.
Battlefield Mall
MO
Springfield
100.0%
1,202,729
(2)
6.
Bay Park Square
WI
Green Bay
100.0%
690,365
(2)
7.
Brea Mall
CA
Brea (Los Angeles)
100.0%
1,331,842
(2)
8.
Briarwood Mall
MI
Ann Arbor
50.0%
869,774
09/01/26
3.29%
Fixed
165,000
82,500
9.
Brickell City Centre (3)
FL
Miami
25.0%
474,890
(2)
10.
Broadway Square
TX
Tyler
100.0%
613,181
(2)
11.
Burlington Mall
MA
Burlington (Boston)
100.0%
1,262,065
(2)
12.
Cape Cod Mall
MA
Hyannis
56.4%
712,378
07/30/26
(5)
7.15%
Variable
52,000
29,313
13.
Castleton Square
IN
Indianapolis
100.0%
1,378,541
(2)
14.
Cielo Vista Mall
TX
El Paso
100.0%
1,245,486
(2)
15.
Coconut Point
FL
Estero
50.0%
1,124,008
10/01/26
3.95%
Fixed
168,635
84,318
16.
College Mall
IN
Bloomington
100.0%
579,688
(2)
17.
Columbia Center
WA
Kennewick
100.0%
763,264
(2)
18.
Copley Place
MA
Boston
94.4%
(4)
1,252,841
(2)
19.
Coral Square
FL
Coral Springs (Miami)
97.2%
944,809
(2)
20.
Cordova Mall
FL
Pensacola
100.0%
936,599
(2)
21.
Dadeland Mall
FL
Miami
50.0%
1,510,856
01/05/27
3.11%
Fixed
363,399
181,700
22.
Del Amo Fashion Center
CA
Torrance (Los Angeles)
50.0%
2,513,782
06/01/27
3.66%
Fixed
585,000
292,500
23.
Domain, The
TX
Austin
100.0%
1,236,026
07/01/31
3.09%
Fixed
210,000
210,000
24.
Empire Mall
SD
Sioux Falls
100.0%
1,168,365
12/01/25
4.31%
Fixed
170,535
170,535
25.
Falls, The
FL
Miami
50.0%
709,856
09/01/26
3.45%
Fixed
150,000
75,000
26.
Fashion Centre at Pentagon City, The
VA
Arlington (Washington, DC)
42.5%
1,036,067
05/09/26
(5)(31)
6.05%
Fixed
455,000
193,376
27.
Fashion Mall at Keystone, The
IN
Indianapolis
100.0%
710,298
(2)
28.
Fashion Valley
CA
San Diego
50.0%
1,719,758
06/01/33
5.73%
Fixed
450,000
225,000
29.
Firewheel Town Center
TX
Garland (Dallas)
100.0%
994,906
(2)
30.
Florida Mall, The
FL
Orlando
50.0%
1,727,027
02/09/27
(5)(32)
5.30%
Fixed
600,000
300,000
31.
Forum Shops at Caesars Palace, The
NV
Las Vegas
100.0%
677,056
(2)
32.
Galleria, The
TX
Houston
50.4%
2,005,114
03/01/25
3.55%
Fixed
1,200,000
604,440
33.
Greenwood Park Mall
IN
Greenwood (Indianapolis)
100.0%
1,285,123
(2)
34.
Haywood Mall
SC
Greenville
100.0%
1,251,800
(2)
35.
King of Prussia
PA
King of Prussia (Philadelphia)
100.0%
2,667,780
(2)
36.
La Plaza Mall
TX
McAllen
100.0%
1,323,653
(2)
37.
Lakeline Mall
TX
Cedar Park (Austin)
100.0%
1,098,829
(2)
38.
Lehigh Valley Mall
PA
Whitehall
50.0%
1,192,472
11/01/27
4.06%
Fixed
173,965
86,983
39.
Lenox Square
GA
Atlanta
100.0%
1,545,331
(2)
3Q 2024 SUPPLEMENTAL
31
TABLE OF CONTENTS
PROPERTY AND DEBT INFORMATION
As of September 30, 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%
1,848,779
(2)
42.
Mall of New Hampshire, The
NH
Manchester
56.4%
803,160
07/01/25
4.11%
Fixed
150,000
84,555
43.
McCain Mall
AR
N. Little Rock
100.0%
789,505
(2)
44.
Meadowood Mall
NV
Reno
50.0%
929,923
12/01/26
5.76%
Fixed
102,098
51,049
45.
Menlo Park Mall
NJ
Edison (New York)
100.0%
1,262,720
(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%
645,260
(2)
48.
Miller Hill Mall
MN
Duluth
100.0%
827,929
(2)
49.
North East Mall
TX
Hurst (Dallas)
100.0%
1,645,290
(2)
50.
Northshore Mall
MA
Peabody (Boston)
56.4%
1,585,076
07/05/25
8.02%
Fixed
187,006
105,416
51.
Ocean County Mall
NJ
Toms River (New York)
100.0%
889,983
(2)
52.
Orland Square
IL
Orland Park (Chicago)
100.0%
1,230,541
(2)
53.
Penn Square Mall
OK
Oklahoma City
94.5%
1,083,181
01/01/26
3.84%
Fixed
310,000
292,938
54.
Pheasant Lane Mall
NH
Nashua
(6)
978,831
(2)
55.
Phipps Plaza
GA
Atlanta
100.0%
967,765
(2)
56.
Plaza Carolina
PR
Carolina (San Juan)
100.0%
1,156,270
(2)
57.
Prien Lake Mall
LA
Lake Charles
100.0%
718,224
(2)
58.
Quaker Bridge Mall
NJ
Lawrenceville
50.0%
1,079,430
05/01/26
4.50%
Fixed
180,000
90,000
59.
Rockaway Townsquare
NJ
Rockaway (New York)
100.0%
1,243,915
(2)
60.
Roosevelt Field
NY
Garden City (New York)
100.0%
2,349,926
(2)
61.
Ross Park Mall
PA
Pittsburgh
100.0%
1,184,547
(2)
62.
Santa Rosa Plaza
CA
Santa Rosa
100.0%
697,945
(2)
63.
Shops at Chestnut Hill, The
MA
Chestnut Hill (Boston)
94.4%
470,201
08/31/33
6.66%
Fixed
93,480
88,283
64.
Shops at Clearfork, The
TX
Fort Worth
45.0%
556,723
03/11/30
(25)
2.81%
Fixed
145,000
65,250
65.
Shops at Crystals, The
NV
Las Vegas
50.0%
279,383
07/01/26
3.74%
Fixed
550,000
275,000
66.
Shops at Mission Viejo, The
CA
Mission Viejo (Los Angeles)
51.0%
1,261,270
02/01/25
3.61%
Fixed
281,751
143,693
67.
Shops at Nanuet, The
NY
Nanuet
100.0%
757,640
(2)
68.
Shops at Riverside, The
NJ
Hackensack (New York)
100.0%
726,812
(2)
69.
Smith Haven Mall
NY
Lake Grove (New York)
25.0%
(7)
1,249,050
03/31/27
8.10%
Variable
160,750
40,188
70.
South Hills Village
PA
Pittsburgh
100.0%
1,126,902
(2)
71.
South Shore Plaza
MA
Braintree (Boston)
100.0%
1,587,669
(2)
72.
Southdale Center
MN
Edina (Minneapolis)
100.0%
1,162,050
(2)
73.
SouthPark
NC
Charlotte
100.0%
1,706,199
(2)
74.
Springfield Mall (3)
PA
Springfield (Philadelphia)
50.0%
610,314
10/06/25
4.45%
Fixed
54,236
27,118
75.
St. Charles Towne Center
MD
Waldorf (Washington, DC)
100.0%
980,164
(2)
76.
St. Johns Town Center
FL
Jacksonville
50.0%
1,444,398
06/01/34
5.95%
Fixed
360,000
180,001
77.
Stanford Shopping Center
CA
Palo Alto (San Jose)
94.4%
(4)
1,291,056
(2)
78.
Stoneridge Shopping Center
CA
Pleasanton (San Francisco)
49.9%
1,299,777
09/05/26
3.50%
Fixed
330,000
164,670
79.
Summit Mall
OH
Akron
100.0%
774,830
10/01/26
3.31%
Fixed
85,000
85,000
3Q 2024 SUPPLEMENTAL
32
TABLE OF CONTENTS
PROPERTY AND DEBT INFORMATION
As of September 30, 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%
1,262,453
(2)
81.
Tippecanoe Mall
IN
Lafayette
100.0%
864,871
(2)
82.
Town Center at Boca Raton
FL
Boca Raton (Miami)
100.0%
1,779,455
(2)
83.
Towne East Square
KS
Wichita
100.0%
1,157,209
(2)
84.
Treasure Coast Square
FL
Jensen Beach
100.0%
875,178
(2)
85.
Tyrone Square
FL
St. Petersburg (Tampa)
100.0%
960,363
(2)
86.
University Park Mall
IN
Mishawaka
100.0%
917,876
(2)
87.
Walt Whitman Shops
NY
Huntington Station (New York)
100.0%
1,083,139
(2)
88.
West Town Mall
TN
Knoxville
50.0%
1,282,080
(2)
89.
Westchester, The
NY
White Plains (New York)
40.0%
804,731
02/01/30
3.25%
Fixed
400,000
160,000
90.
White Oaks Mall
IL
Springfield
88.6%
926,060
06/15/27
6.98%
Fixed
34,000
30,138
91.
Wolfchase Galleria
TN
Memphis
94.5%
1,149,773
11/01/26
4.15%
Fixed
155,152
146,612
92.
Woodfield Mall
IL
Schaumburg (Chicago)
50.0%
2,152,096
12/01/33
6.71%
Fixed
294,000
147,000
93.
Woodland Hills Mall
OK
Tulsa
94.5%
1,238,831
(2)
Total Mall Square Footage
106,110,495
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)
7.20%
Variable
78,246
39,123
3.
Liberty Tree Mall
MA
Danvers
49.1%
861,398
05/03/28
(25)
6.18%
Fixed
28,075
13,795
4.
Northgate Station
WA
Seattle
100.0%
416,953
(2)
5.
Pier Park
FL
Panama City Beach
65.6%
947,462
(2)
6.
University Park Village
TX
Fort Worth
100.0%
170,302
05/01/28
3.85%
Fixed
50,402
50,402
Total Lifestyle Centers Square
Footage
3,300,473
3Q 2024 SUPPLEMENTAL
33
TABLE OF CONTENTS
PROPERTY AND DEBT INFORMATION
As of September 30, 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%
301,148
(2)
2.
Allen Premium Outlets
TX
Allen (Dallas)
100.0%
548,455
(2)
3.
Aurora Farms Premium Outlets
OH
Aurora (Cleveland)
100.0%
266,032
(2)
4.
Birch Run Premium Outlets
MI
Birch Run (Detroit)
100.0%
593,452
02/06/26
4.21%
Fixed
123,000
123,000
5.
Camarillo Premium Outlets
CA
Camarillo (Los Angeles)
100.0%
691,626
(2)
6.
Carlsbad Premium Outlets
CA
Carlsbad (San Diego)
100.0%
288,552
(2)
7.
Carolina Premium Outlets
NC
Smithfield (Raleigh)
100.0%
438,782
(2)
8.
Charlotte Premium Outlets
NC
Charlotte
50.0%
398,382
07/01/28
4.27%
Fixed
98,033
49,017
9.
Chicago Premium Outlets
IL
Aurora (Chicago)
100.0%
687,005
(2)
10.
Cincinnati Premium Outlets
OH
Monroe (Cincinnati)
100.0%
398,951
(2)
11.
Clarksburg Premium Outlets
MD
Clarksburg (Washington, DC)
66.0%
389,983
01/01/28
3.95%
Fixed
155,200
102,432
12.
Clinton Premium Outlets
CT
Clinton
100.0%
276,287
(2)
13.
Denver Premium Outlets
CO
Thornton (Denver)
100.0%
328,109
(2)
14.
Desert Hills Premium Outlets
CA
Cabazon (Palm Springs)
100.0%
656,135
(2)
15.
Ellenton Premium Outlets
FL
Ellenton (Tampa)
100.0%
477,198
12/01/25
4.30%
Fixed
178,000
178,000
16.
Finger Lakes Premium Outlets
NY
Waterloo
100.0%
422,382
(2)
17.
Folsom Premium Outlets
CA
Folsom (Sacramento)
100.0%
298,744
(2)
18.
Gilroy Premium Outlets
CA
Gilroy (San Jose)
100.0%
545,513
(2)
19.
Gloucester Premium Outlets
NJ
Blackwood (Philadelphia)
66.0%
378,514
03/01/33
6.12%
Fixed
75,000
50,003
20.
Grand Prairie Premium Outlets
TX
Grand Prairie (Dallas)
100.0%
423,364
(2)
21.
Grove City Premium Outlets
PA
Grove City (Pittsburgh)
100.0%
530,905
12/01/25
4.31%
Fixed
140,000
140,000
22.
Gulfport Premium Outlets
MS
Gulfport
100.0%
300,193
12/01/25
4.35%
Fixed
50,000
50,000
23.
Hagerstown Premium Outlets
MD
Hagerstown (Baltimore/Washington, DC)
100.0%
485,714
02/06/26
4.26%
Fixed
69,532
69,532
24.
Houston Premium Outlets
TX
Cypress (Houston)
100.0%
548,378
(2)
25.
Indiana Premium Outlets
IN
Edinburgh (Indianapolis)
100.0%
378,309
(2)
26.
Jackson Premium Outlets
NJ
Jackson (New York)
100.0%
285,603
(2)
27.
Jersey Shore Premium Outlets
NJ
Tinton Falls (New York)
100.0%
434,716
(2)
28.
Johnson Creek Premium Outlets
WI
Johnson Creek
100.0%
275,063
(2)
29.
Kittery Premium Outlets
ME
Kittery
100.0%
259,507
(2)
30.
Las Americas Premium Outlets
CA
San Diego
100.0%
689,231
(2)
31.
Las Vegas North Premium Outlets
NV
Las Vegas
100.0%
675,732
(2)
32.
Las Vegas South Premium Outlets
NV
Las Vegas
100.0%
535,718
(2)
33.
Lee Premium Outlets
MA
Lee
100.0%
224,718
06/01/26
(8)
4.17%
Fixed
45,401
45,401
34.
Leesburg Premium Outlets
VA
Leesburg (Washington, DC)
100.0%
478,415
(2)
35.
Lighthouse Place Premium Outlets
IN
Michigan City (Chicago, IL)
100.0%
454,816
(2)
36.
Merrimack Premium Outlets
NH
Merrimack
100.0%
408,843
(2)
37.
Napa Premium Outlets
CA
Napa
100.0%
178,908
(2)
38.
Norfolk Premium Outlets
VA
Norfolk
65.0%
332,288
04/01/32
4.50%
Fixed
74,531
48,445
39.
North Bend Premium Outlets
WA
North Bend (Seattle)
100.0%
189,132
(2)
3Q 2024 SUPPLEMENTAL
34
TABLE OF CONTENTS
PROPERTY AND DEBT INFORMATION
As of September 30, 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%
541,168
(2)
41.
Orlando International Premium Outlets
FL
Orlando
100.0%
774,225
(2)
42.
Orlando Vineland Premium Outlets
FL
Orlando
100.0%
657,544
(2)
43.
Petaluma Village Premium Outlets
CA
Petaluma (San Francisco)
100.0%
201,574
(2)
44.
Philadelphia Premium Outlets
PA
Limerick (Philadelphia)
100.0%
549,066
(2)
45.
Phoenix Premium Outlets
AZ
Chandler (Phoenix)
100.0%
356,521
(2)
46.
Pismo Beach Premium Outlets
CA
Pismo Beach
100.0%
147,603
09/06/26
(9)
3.33%
Fixed
30,566
30,566
47.
Pleasant Prairie Premium Outlets
WI
Pleasant Prairie (Chicago, IL/
100.0%
400,124
09/01/27
4.00%
Fixed
145,000
145,000
Milwaukee)
48.
Pocono Premium Outlets
PA
Tannersville
100.0%
411,849
(2)
49.
Puerto Rico Premium Outlets
PR
Barceloneta
100.0%
353,229
(2)
50.
Queenstown Premium Outlets
MD
Queenstown (Baltimore)
100.0%
289,500
09/06/26
(9)
3.33%
Fixed
53,696
53,696
51.
Rio Grande Valley Premium Outlets
TX
Mercedes (McAllen)
100.0%
602,906
(2)
52.
Round Rock Premium Outlets
TX
Round Rock (Austin)
100.0%
498,509
(2)
53.
San Francisco Premium Outlets
CA
Livermore (San Francisco)
100.0%
696,918
(2)
54.
San Marcos Premium Outlets
TX
San Marcos (Austin/
100.0%
738,092
(2)
San Antonio)
55.
Seattle Premium Outlets
WA
Tulalip (Seattle)
100.0%
554,532
(2)
56.
Silver Sands Premium Outlets
FL
Destin
50.0%
448,460
03/01/32
3.96%
Fixed
140,000
70,000
57.
St. Augustine Premium Outlets
FL
St. Augustine (Jacksonville)
100.0%
328,078
(2)
58.
St. Louis Premium Outlets
MO
St. Louis (Chesterfield)
60.0%
351,169
10/06/24
4.06%
Fixed
86,481
51,889
59.
Tampa Premium Outlets
FL
Lutz (Tampa)
100.0%
460,391
(2)
60.
Tanger Outlets — Columbus (3)
OH
Sunbury (Columbus)
50.0%
354,779
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)
7.85%
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%
367,201
(2)
63.
Tulsa Premium Outlets
OK
Jenks (Tulsa)
100.0%
338,472
(2)
64.
Twin Cities Premium Outlets
MN
Eagan
35.0%
405,942
11/06/24
4.32%
Fixed
115,000
40,250
65.
Vacaville Premium Outlets
CA
Vacaville
100.0%
444,960
(2)
66.
Waikele Premium Outlets
HI
Waipahu (Honolulu)
100.0%
219,374
(2)
67.
Williamsburg Premium Outlets
VA
Williamsburg
100.0%
519,177
02/06/26
4.23%
Fixed
185,000
185,000
68.
Woodburn Premium Outlets
OR
Woodburn (Portland)
100.0%
389,189
(2)
69.
Woodbury Common Premium Outlets
NY
Central Valley (New York)
100.0%
915,658
(2)
70.
Wrentham Village Premium Outlets
MA
Wrentham (Boston)
100.0%
672,966
(2)
Total U.S. Premium Outlet Square Footage
30,816,685
3Q 2024 SUPPLEMENTAL
35
TABLE OF CONTENTS
PROPERTY AND DEBT INFORMATION
As of September 30, 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%
1,221,201
09/01/26
3.80%
Fixed
94,492
94,492
2.
Arundel Mills
MD
Hanover (Baltimore)
59.3%
1,955,362
11/01/33
7.70%
Fixed
360,000
213,301
3.
Colorado Mills
CO
Lakewood (Denver)
37.5%
1,351,643
11/01/24
4.28%
Fixed
118,922
44,596
07/01/31
2.80%
Fixed
30,000
11,250
4.
Concord Mills
NC
Concord (Charlotte)
59.3%
1,368,203
11/01/32
6.55%
Fixed
230,539
136,617
5.
Grapevine Mills
TX
Grapevine (Dallas)
59.3%
1,781,581
07/01/34
6.26%
Fixed
250,000
148,150
6.
Great Mall
CA
Milpitas (San Jose)
100.0%
1,365,428
(2)
7.
Gurnee Mills
IL
Gurnee (Chicago)
100.0%
1,867,472
10/01/26
3.99%
Fixed
257,710
257,710
8.
Katy Mills
TX
Katy (Houston)
62.5%
(7)
1,681,086
08/01/32
5.77%
Fixed
126,676
79,173
9.
Mills at Jersey Gardens, The
NJ
Elizabeth
100.0%
1,307,501
(2)
10.
Ontario Mills
CA
Ontario (Riverside)
50.0%
1,430,482
(2)
11.
Opry Mills
TN
Nashville
100.0%
1,174,686
07/01/26
4.09%
Fixed
375,000
375,000
12.
Outlets at Orange, The
CA
Orange (Los Angeles)
100.0%
870,998
(2)
13.
Potomac Mills
VA
Woodbridge (Washington, DC)
100.0%
1,567,099
11/01/26
3.46%
Fixed
416,000
416,000
14.
Sawgrass Mills
FL
Sunrise (Miami)
100.0%
2,368,249
(2)
Total The Mills Square Footage
21,310,991
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)
852,129
360,814
Total Other Properties Square
Footage
10,439,539
TOTAL U.S. SQUARE FOOTAGE (11)(12)
171,978,183
3Q 2024 SUPPLEMENTAL
36
TABLE OF CONTENTS
PROPERTY AND DEBT INFORMATION
As of September 30, 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
201,833
181,650
Austria Square Footage
118,000
CANADA
2.
Premium Outlet Collection
Edmonton IA
Edmonton (Alberta)
50.0%
421,900
11/30/25
(14)
6.40%
Variable
100,979
50,490
3.
Premium Outlets Montréal
Montréal (Quebec)
50.0%
367,400
09/01/31
(14)
4.74%
Fixed
88,785
44,393
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
61,040
27,468
12/01/27
(5)(14)(27)
5.83%
Fixed
61,040
27,468
Canada Square Footage
1,620,200
FRANCE
6.
Paris-Giverny Designer Outlet
Vernon
73.8%
228,000
06/11/25
(13)
7.13%
Variable
13,439
9,915
06/11/25
(13)(28)
4.80%
Variable
89,289
65,877
7.
Provence Designer Outlet
Miramas
90.0%
269,000
07/27/27
(5)(13)
4.92%
Fixed
105,271
94,744
France Square Footage
497,000
GERMANY
8.
Ochtrup Designer Outlet
Ochtrup
70.5%
191,500
06/30/26
(13)
2.10%
Fixed
55,805
39,343
Germany Square Footage
191,500
ITALY
9.
La Reggia Designer Outlet
Marcianise (Naples)
90.0%
344,000
03/31/27
(13)
5.83%
Variable
35,715
32,144
03/31/27
(13)(25)
4.25%
Fixed
142,861
128,575
10.
Noventa Di Piave Designer Outlet
Venice
90.0%
353,000
07/25/25
(13)
2.00%
Fixed
309,822
278,840
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
74,903
29,961
13.
Gotemba Premium Outlets
Gotemba City (Tokyo)
40.0%
659,500
04/08/27
(15)
0.31%
Variable
91,005
36,402
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
41,302
16,521
16.
Sano Premium Outlets
Sano (Tokyo)
40.0%
390,800
02/28/25
(15)
0.28%
Fixed
31,851
12,740
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
35,002
14,001
11/30/28
(15)
1.03%
Fixed
18,201
7,280
19.
Toki Premium Outlets
Toki (Nagoya)
40.0%
367,700
11/30/24
(15)
0.21%
Fixed
18,550
7,420
11/30/24
(15)
0.58%
Variable
2,450
980
20.
Tosu Premium Outlets
Fukuoka (Kyushu)
40.0%
328,400
10/31/26
(15)
0.50%
Variable
43,402
17,361
Japan Square Footage
3,910,000
3Q 2024 SUPPLEMENTAL
37
TABLE OF CONTENTS
PROPERTY AND DEBT INFORMATION
As of September 30, 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%
544,200
11/23/25
(16)
4.57%
Fixed
125,948
62,974
22.
Jeju Premium Outlets
Jeju Province
50.0%
92,000
(2)
23.
Paju Premium Outlets
Paju (Seoul)
50.0%
558,900
07/12/26
(16)
3.69%
Fixed
46,479
23,240
24.
Siheung Premium Outlets
Siheung (Seoul)
50.0%
444,400
03/15/26
(16)
4.38%
Fixed
106,671
53,336
25.
Yeoju Premium Outlets
Yeoju (Seoul)
50.0%
551,600
05/23/26
(16)
4.06%
Fixed
43,430
21,715
South Korea Square Footage
2,191,100
MALAYSIA
26.
Genting Highlands Premium Outlets
Pahang (Kuala Lumpur)
50.0%
277,500
(2)
27.
Johor Premium Outlets
Johor (Singapore)
50.0%
309,400
10/31/24
(17)
5.06%
Variable
2,427
1,214
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
12/20/33
(18)
12.14%
Fixed
19,680
9,840
06/20/28
(18)
13.89%
Variable
578
289
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
312,508
281,257
08/18/25
(13)(25)
4.55%
Fixed
187,505
88,620
31.
Roosendaal Designer Outlet
Roosendaal
94.0%
247,500
02/28/29
(5)(13)(26)
5.40%
Fixed
72,546
68,193
Netherlands Square Footage
545,500
SPAIN
32.
Malaga Designer Outlet
Malaga
46.1%
191,000
05/05/28
(13)(30)
5.54%
Fixed
70,872
32,679
Spain Square Footage
191,000
THAILAND
33.
Siam Premium Outlets Bangkok
Bangkok
50.0%
264,000
06/05/31
(20)
4.69%
Fixed
64,492
32,246
Thailand Square Footage
264,000
UNITED KINGDOM
34.
Ashford Designer Outlet
Kent
45.0%
281,000
05/23/27
(21)
7.10%
Variable
27,713
12,471
05/23/27
(21)(25)
4.29%
Fixed
110,853
49,884
35.
West Midlands Designer Outlet
Staffordshire
23.2%
197,000
06/06/26
(21)(25)
7.49%
Fixed
87,022
20,223
United Kingdom Square Footage
478,000
TOTAL INTERNATIONAL SQUARE FOOTAGE (11)(22)
11,898,000
TOTAL SQUARE FOOTAGE
183,876,183
3Q 2024 SUPPLEMENTAL
38
TABLE OF CONTENTS
PROPERTY AND DEBT INFORMATION
As of September 30, 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
05/01/29
7.63%
Fixed
70,000
70,000
4.
Dolphin Mall
FL
Miami
100.0%
1,436,000
05/09/27
(5)(34)
6.87%
Fixed
1,000,000
1,000,000
5.
Gardens Mall, The
FL
Palm Beach Gardens
50.0%
1,383,000
07/15/25
4.44%
Fixed
188,219
96,046
6.
Gardens on El Paseo, The
CA
Palm Desert
100.0%
237,000
(2)
7.
Great Lakes Crossing Outlets
MI
Auburn Hills
100.0%
1,356,000
02/01/33
6.52%
Fixed
180,000
180,000
8.
International Market Place
HI
Waikiki, Honolulu
93.5%
341,000
(2)
9.
International Plaza
FL
Tampa
50.1%
1,177,000
10/09/26
(5)(33)
6.07%
Variable
477,000
238,977
10.
Mall at Green Hills, The
TN
Nashville
100.0%
1,036,000
01/01/27
(5)(35)
6.76%
Fixed
150,000
150,000
11.
Mall at Millenia, The
FL
Orlando
50.0%
1,113,000
10/15/24
3.94%
Fixed
450,000
225,000
12.
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
13.
Mall at University Town Center, The
FL
Sarasota
50.0%
867,000
11/01/26
3.40%
Fixed
270,312
135,156
14.
Mall of San Juan, The
PR
San Juan
95.0%
628,000
(2)
15.
Sunvalley Shopping Center
CA
Concord
50.0%
1,324,000
09/01/25
(5)
4.44%
Fixed
140,394
70,197
16.
Twelve Oaks Mall
MI
Novi
100.0%
1,517,000
03/06/28
4.85%
Fixed
268,184
268,184
17.
Waterside Shops
FL
Naples
50.0%
335,000
04/15/26
3.86%
Fixed
154,614
77,307
18.
Westfarms
CT
West Hartford
78.9%
1,268,000
09/06/28
7.80%
Fixed
242,000
191,035
19.
CityOn.Xian
Xi’an, China
25.0%
995,000
03/14/29
(23)
5.00%
Fixed
111,564
27,891
20.
CityOn.Zhengzhou
Zhengzhou, China
24.5%
919,000
03/22/32
(23)
4.95%
Fixed
122,873
30,104
21.
Starfield Anseong
Anseong, South Korea
49.0%
1,068,000
02/27/25
(24)
2.17%
Fixed
225,437
110,464
22.
Starfield Hanam
Hanam, South Korea
17.2%
1,709,000
10/26/25
(24)
2.38%
Fixed
450,874
77,325
Total Taubman Realty Group Square Footage
22,561,000
TOTAL TRG SECURED INDEBTEDNESS
$4,222,686
TRG – Corporate & Other
TRG – $650M Revolving Credit Facility
100.0%
03/31/27
(5)
6.15%
Variable
65,000
65,000
TRG – $65M Revolving Credit Facility
100.0%
04/19/25
6.25%
Variable
18,800
18,800
Other
50.0%
11/01/27
(5)
7.13%
Variable
24,000
12,000
TOTAL TRG CORPORATE AND OTHER INDEBTEDNESS
$95,800
3Q 2024 SUPPLEMENTAL
39
TABLE OF CONTENTS
PROPERTY AND DEBT INFORMATION
As of September 30, 2024
FOOTNOTES:
(1)
Variable rate debt interest rates are based on the following base rates as of September 30, 2024: Overnight SOFR 4.84%; 1 month CME Term SOFR 4.8457%; 30 Day Average SOFR 5.1633%; 1M EURIBOR at 3.365%; 3M EURIBOR at 3.326%; 6M EURIBOR at 3.152%; 1M YEN TIBOR at 0.3418%; 6M YEN TIBOR at 0.4336%; 1M CORRA at 4.3%; Overnight SONIA 5.2000% and Cost of Funds Rate at 3.8173%.
(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 8.02% and maturities between 2024 and 2029, 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 423.3 billion.
(17)
Amounts shown in USD equivalent; MYR equivalent is 10.0 million.
(18)
Amounts shown in USD equivalent; MXN equivalent is 398.5 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 2.1 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 1.7 billion.
(24)
Amounts shown in USD equivalent; KRW equivalent is 887.6 billion.
(25)
Through an interest rate swap agreement, interest is essentially fixed at the all-in-rate presented.
(26)
Through an interest rate swap agreement, interest is essentially fixed 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 15, 2025.
(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.
3Q 2024 SUPPLEMENTAL
40
TABLE OF CONTENTS
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.
3Q 2024 SUPPLEMENTAL
41
TABLE OF CONTENTS
NON-GAAP PRO-RATA FINANCIAL INFORMATION
(In thousands)
For the Three Months Ended
September 30, 2024
For the Three Months Ended
September 30, 2023
Noncontrolling
Interests (1)
Our
Share of
Joint Ventures
Noncontrolling
Interests (1)
Our
Share of
Joint Ventures
REVENUE:
Lease income
$
(16,205)
$
354,272
$
(14,106)
$
344,374
Management fees and other revenues
—
—
—
—
Other income
(916)
43,712
(746)
62,625
Total revenue
(17,121)
397,984
(14,852)
406,999
EXPENSES:
Property operating
(3,204)
75,287
(2,782)
72,510
Depreciation and amortization
(6,211)
86,633
(5,531)
88,755
Real estate taxes
(594)
26,212
(621)
29,315
Repairs and maintenance
(397)
7,701
(358)
8,286
Advertising and promotion
(2,461)
9,428
(1,682)
8,923
Home and regional office costs
—
—
—
—
General and administrative
—
—
—
—
Other
(2,173)
24,534
(1,491)
29,127
Total operating expenses
(15,040)
229,795
(12,465)
236,916
OPERATING INCOME BEFORE OTHER ITEMS
(2,081)
168,189
(2,387)
170,083
Interest expense
3,546
(82,443)
3,830
(80,792)
Loss on extinguishment of debt
—
—
—
—
Gain on disposal, exchange, or revaluation of equity interests, net
—
—
—
—
Income and other tax expense
—
—
—
—
Income from unconsolidated entities
(418)
(85,746)(2)
(294)
(89,291)(2)
Unrealized (losses) gains in fair value of publicly traded equity instruments and derivative instrument, net
—
—
—
—
(Loss) 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
1,047
—
1,149
—
CONSOLIDATED NET INCOME
1,047
—
1,149
—
Net income attributable to noncontrolling interests
1,047
—(3)
1,149
—(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, RGG, SPARC and JCP.
(3)
Represents limited partners’ interest in the Operating Partnership.
3Q 2024 SUPPLEMENTAL
42
TABLE OF CONTENTS
NON-GAAP PRO-RATA FINANCIAL INFORMATION
(In thousands)
For the Nine Months Ended
September 30, 2024
For the Nine Months Ended
September 30, 2023
Noncontrolling
Interests (1)
Our
Share of
Joint Ventures
Noncontrolling
Interests (1)
Our
Share of
Joint Ventures
REVENUE:
Lease income
$
(46,638)
$
1,046,551
$
(41,597)
$
1,027,127
Management fees and other revenues
—
—
—
—
Other income
(2,395)
132,010
(1,974)
173,690
Total revenue
(49,033)
1,178,561
(43,571)
1,200,817
EXPENSES:
Property operating
(9,309)
217,301
(7,829)
209,656
Depreciation and amortization
(15,722)
263,204
(14,870)
269,393
Real estate taxes
(1,810)
83,163
(1,816)
88,807
Repairs and maintenance
(1,251)
24,343
(1,056)
24,500
Advertising and promotion
(6,414)
29,691
(5,122)
27,514
Home and regional office costs
—
—
—
—
General and administrative
—
—
—
—
Other
(6,105)
73,809
(5,186)
82,480
Total operating expenses
(40,611)
691,511
(35,879)
702,349
OPERATING INCOME BEFORE OTHER ITEMS
(8,422)
487,050
(7,692)
498,467
Interest expense
10,238
(248,505)
9,009
(237,492)
Loss on extinguishment of debt
—
—
—
—
Gain on disposal, exchange, or revaluation of equity interests, net
—
—
—
—
Income and other tax expense
—
—
—
—
Income from unconsolidated entities
(83)
(238,545)(2)
(566)
(260,975)(2)
Unrealized (losses) gains in fair value of publicly traded equity instruments and derivative instrument, net
—
—
—
—
Loss (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
1,733
—
751
—
CONSOLIDATED NET INCOME
1,733
—
751
—
Net income attributable to noncontrolling interests
1,733
—(3)
751
—(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, RGG, SPARC and JCP.
(3)
Represents limited partners’ interest in the Operating Partnership.
3Q 2024 SUPPLEMENTAL
43
TABLE OF CONTENTS
NON-GAAP PRO-RATA FINANCIAL INFORMATION
(In thousands)
As of September 30, 2024
As of September 30, 2023
Noncontrolling
Interests
Our
Share of
Joint Ventures
Noncontrolling
Interests
Our
Share of
Joint Ventures
ASSETS:
Investment properties, at cost
$
(589,263)
$
10,194,677
$
(545,471)
$
10,223,004
Less – accumulated depreciation
(163,218)
4,250,513
(132,723)
4,089,306
(426,045)
5,944,164
(412,748)
6,133,698
Cash and cash equivalents
(26,216)
588,044
(29,650)
673,773
Short-term investments
—
—
—
—
Tenant receivables and accrued revenue, net
(7,401)
237,178
(8,704)
224,864
Investment in TRG, at equity
—
—
—
—
Investment in Klépierre, at equity
—
—
—
—
Investment in unconsolidated entities, at equity
(7,668)
(2,620,491)
(9,503)
(3,608,013)
Right-of-use assets, net
(857)
53,019
(865)
55,639
Investments held in trust – special purpose acquisition company
—
—
—
—
Deferred costs and other assets
(28,613)
1,223,906
(37,957)
2,189,189
Total assets
$
(496,800)
$
5,425,820
$
(499,427)
$
5,669,150
LIABILITIES:
Mortgages and unsecured indebtedness
$
(233,494)
$
6,480,573
$
(213,973)
$
6,714,017
Accounts payable, accrued expenses, intangibles, and deferred revenues
(27,364)
449,602
(44,858)
464,943
Cash distributions and losses in unconsolidated entities, at equity
—
(1,733,935)
—
(1,758,175)
Dividend payable
—
—
—
—
Lease liabilities
(857)
48,211
(865)
50,588
Other liabilities
(44,438)
181,369
(41,821)
197,777
Total liabilities
(306,153)
5,425,820
(301,517)
5,669,150
Commitments and contingencies
Limited partners’ preferred interest in the Operating Partnership
(167,342)
—
(176,928)
—
EQUITY:
Stockholders’ equity
Capital stock
Series J 83∕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
(23,305)
—
(20,982)
—
Total equity
(23,305)
—
(20,982)
—
Total liabilities and equity
$
(496,800)
$
5,425,820
$
(499,427)
$
5,669,150
3Q 2024 SUPPLEMENTAL
44
Mentions · how they’re counted
| Category | Underlined | Word counter | Model’s count |
|---|---|---|---|
| AI AI, artificial intelligence, generative AI, machine learning, large language model, LLM | 0 | — | — |
| Layoffs layoffs, RIF, headcount reduction, workforce optimization, restructuring | 0 | — | — |
| Recession recession, downturn, contraction, slowdown | 2 | — | — |
| Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy | 0 | — | — |
| Buybacks share repurchase, buyback program | 0 | — | — |
Underlines use the same word lists the scores use. AI, recession and tariffs follow Palanor’s word counter, so those counts match it exactly on the same text. Layoffs and buybacks use the terms the model was given. The model’s count is an estimate by meaning, not by string, so it can differ from the underlines.
Source: SEC EDGAR · public domain · Highlights by Palanor