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J

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

SIMON PROPERTY GROUP, INC.

SIMON PROPERTY GROUP, L.P.

(Exact name of registrant as specified in its charter)

Delaware
(Simon Property Group, Inc.)
Delaware
(Simon Property Group, L.P.)
(State of incorporation
or organization)

001-14469
(Simon Property Group, Inc.)
001-36110
(Simon Property Group, L.P.)
(Commission File No.)

04-6268599
(Simon Property Group, Inc.)
34-1755769
(Simon Property Group, L.P.)
(I.R.S. Employer
Identification No.)

225 West Washington Street
Indianapolis, Indiana 46204
(Address of principal executive offices)

(317636-1600
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

   

Title of each class

    

Trading Symbols

    

Name of each exchange on which registered

Simon Property Group, Inc.

Common stock, $0.0001 par value

SPG

New York Stock Exchange

Simon Property Group, Inc.

83/8% Series J Cumulative Redeemable Preferred Stock, $0.0001 par value

SPGJ

New York Stock Exchange

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Simon Property Group, Inc. Yes  No

Simon Property Group, L.P. Yes  No

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).

Simon Property Group, Inc. Yes No

Simon Property Group, L.P. Yes No

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Simon Property Group, Inc.:

Large accelerated filer 

Accelerated filer 

Non-accelerated filer 

Smaller reporting company 

Emerging growth company

Simon Property Group, L.P.:

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Simon Property Group, Inc.

Simon Property Group, L.P.

Indicate by check mark whether Registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). 

Simon Property Group, Inc. Yes  No

Simon Property Group, L.P. Yes  No

As of September 30, 2022, Simon Property Group, Inc. had 326,945,791 shares of common stock, par value $0.0001 per share, and 8,000 shares of Class B common stock, par value $0.0001 per share, outstanding. Simon Property Group, L.P. has no common stock outstanding.

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the quarterly period ended September 30, 2022 of Simon Property Group, Inc., a Delaware corporation, and Simon Property Group, L.P., a Delaware limited partnership. Unless stated otherwise or the context otherwise requires, references to “Simon” mean Simon Property Group, Inc. and references to the “Operating Partnership” mean Simon Property Group, L.P. References to “we,” “us” and “our” mean collectively Simon, the Operating Partnership and those entities/subsidiaries owned or controlled by Simon and/or the Operating Partnership.

Simon is a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. We are structured as an umbrella partnership REIT under which substantially all of our business is conducted through the Operating Partnership, Simon’s majority-owned partnership subsidiary, for which Simon is the general partner. As of September 30, 2022, Simon owned an approximate 87.4% ownership interest in the Operating Partnership, with the remaining 12.6% ownership interest owned by limited partners. As the sole general partner of the Operating Partnership, Simon has exclusive control of the Operating Partnership’s day-to-day management.

We operate Simon and the Operating Partnership as one business. The management of Simon consists of the same members as the management of the Operating Partnership. As general partner with control of the Operating Partnership, Simon consolidates the Operating Partnership for financial reporting purposes, and Simon has no material assets or liabilities other than its investment in the Operating Partnership. Therefore, the assets and liabilities of Simon and the Operating Partnership are the same on their respective financial statements.

We believe that combining the quarterly reports on Form 10-Q of Simon and the Operating Partnership into this single report provides the following benefits:

enhances investors’ understanding of Simon and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;
eliminates duplicative disclosure and provides a more streamlined presentation since substantially all of the disclosure in this report applies to both Simon and the Operating Partnership; and
creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.

We believe it is important for investors to understand the few differences between Simon and the Operating Partnership in the context of how we operate as a consolidated company. The primary difference is that Simon itself does not conduct business, other than acting as the general partner of the Operating Partnership and issuing equity or equity-related instruments from time to time. In addition, Simon itself does not incur any indebtedness, as all debt is incurred by the Operating Partnership or entities/subsidiaries owned or controlled by the Operating Partnership.

The Operating Partnership holds, directly or indirectly, substantially all of our assets, including our ownership interests in our joint ventures. The Operating Partnership conducts substantially all of our business and is structured as a partnership with no publicly traded equity. Except for the net proceeds from equity issuances by Simon, which are contributed to the capital of the Operating Partnership in exchange for, in the case of common stock issuances by Simon, common units of partnership interest in the Operating Partnership, or units, or, in the case of preferred stock issuances by Simon, preferred units of partnership interest in the Operating Partnership, or preferred units, the Operating Partnership, directly or indirectly, generates the capital required by our business through its operations, the incurrence of indebtedness, proceeds received from the disposition of certain properties and joint ventures and the issuance of units or preferred units to third parties.

The presentation of stockholders’ equity, partners’ equity and noncontrolling interests are the main areas of difference between the consolidated financial statements of Simon and those of the Operating Partnership. The differences between stockholders’ equity and partners’ equity result from differences in the equity issued at the Simon and Operating Partnership levels. The units held by limited partners in the Operating Partnership are accounted for as partners’ equity in the Operating Partnership’s financial statements and as noncontrolling interests in Simon’s financial statements. The noncontrolling interests in the Operating Partnership’s financial statements include the interests of unaffiliated partners in various consolidated partnerships. The noncontrolling interests in Simon’s financial statements include the same noncontrolling interests at the Operating Partnership level and, as previously stated, the units held by limited partners of the Operating Partnership. Although classified differently, total equity of Simon and the Operating Partnership is the same.

To help investors understand the differences between Simon and the Operating Partnership, this report provides:

separate consolidated financial statements for Simon and the Operating Partnership;
a single set of condensed notes to such consolidated financial statements that includes separate discussions of noncontrolling interests and stockholders’ equity or partners’ equity, accumulated other comprehensive income (loss) and per share and per unit data, as applicable;

2

a combined Management’s Discussion and Analysis of Financial Condition and Results of Operations section that also includes discrete information related to each entity; and
separate Part II, Item 2. Unregistered Sales of Equity Securities and Use of Proceeds sections related to each entity.

This report also includes separate Part I, Item 4. Controls and Procedures sections and separate Exhibits 31 and 32 certifications for each of Simon and the Operating Partnership in order to establish that the requisite certifications have been made and that Simon and the Operating Partnership are each compliant with Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934 and 18 U.S.C. §1350. The separate discussions of Simon and the Operating Partnership in this report should be read in conjunction with each other to understand our results on a consolidated basis and how management operates our business.

In order to highlight the differences between Simon and the Operating Partnership, the separate sections in this report for Simon and the Operating Partnership specifically refer to Simon and the Operating Partnership. In the sections that combine disclosure of Simon and the Operating Partnership, this report refers to actions or holdings of Simon and the Operating Partnership as being “our” actions or holdings. Although the Operating Partnership is generally the entity that directly or indirectly enters into contracts and joint ventures, holds assets and incurs debt, we believe that references to “we,” “us” or “our” in this context is appropriate because the business is one enterprise and we operate substantially all of our business through the Operating Partnership.

3

Simon Property Group, Inc.

Simon Property Group, L.P.

Form 10-Q

INDEX

    

Page

Part I — Financial Information

Item 1.

Consolidated Financial Statements of Simon Property Group, Inc. (Unaudited)

Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021

5

Consolidated Statements of Operations and Comprehensive Income for the three and nine months ended September 30, 2022 and 2021

6

Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021

7

Consolidated Statements of Equity at September 30, 2022 and 2021

8

Consolidated Financial Statements of Simon Property Group, L.P. (Unaudited)

Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021

10

Consolidated Statements of Operations and Comprehensive Income for the three and nine months ended September 30, 2022 and 2021

11

Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021

12

Consolidated Statements of Equity at September 30, 2022 and 2021

13

Condensed Notes to Consolidated Financial Statements

15

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

37

Item 3.

Qualitative and Quantitative Disclosures About Market Risk

52

Item 4.

Controls and Procedures

52

Part II — Other Information

Item 1.

Legal Proceedings

53

Item 1A.

Risk Factors

53

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

53

Item 3.

Defaults Upon Senior Securities

53

Item 4.

Mine Safety Disclosures

53

Item 5.

Other Information

53

Item 6.

Exhibits

54

Signatures

55

4

Simon Property Group, Inc.

Unaudited Consolidated Balance Sheets

(Dollars in thousands, except share amounts)

    

September 30, 

    

December 31, 

2022

2021

ASSETS:

Investment properties, at cost

$

37,982,665

$

37,932,366

Less - accumulated depreciation

 

16,245,409

 

15,621,127

 

21,737,256

 

22,311,239

Cash and cash equivalents

 

601,520

 

533,936

Tenant receivables and accrued revenue, net

 

794,599

 

919,654

Investment in TRG, at equity

 

3,150,169

 

3,305,102

Investment in Klépierre, at equity

 

1,378,050

 

1,661,943

Investment in other unconsolidated entities, at equity

3,116,422

3,075,375

Right-of-use assets, net

497,490

504,119

Investments held in trust - special purpose acquisition company

345,000

345,000

Deferred costs and other assets

 

1,174,857

 

1,121,011

Total assets

$

32,795,363

$

33,777,379

LIABILITIES:

Mortgages and unsecured indebtedness

$

24,640,370

$

25,321,022

Accounts payable, accrued expenses, intangibles, and deferred revenues

 

1,421,443

 

1,433,216

Cash distributions and losses in unconsolidated entities, at equity

 

1,698,917

 

1,573,105

Dividend payable

2,733

1,468

Lease liabilities

500,197

506,931

Other liabilities

 

495,142

 

540,912

Total liabilities

 

28,758,802

 

29,376,654

Commitments and contingencies

Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests

 

559,482

 

547,740

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 83/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding with a liquidation value of $39,847

 

41,517

 

41,763

Common stock, $0.0001 par value, 511,990,000 shares authorized, 342,905,419 and 342,907,608 issued and outstanding, respectively

 

34

 

34

Class B common stock, $0.0001 par value, 10,000 shares authorized, 8,000 issued and outstanding

 

 

Capital in excess of par value

 

11,231,483

 

11,212,990

Accumulated deficit

 

(6,046,981)

 

(5,823,708)

Accumulated other comprehensive loss

 

(160,549)

 

(185,186)

Common stock held in treasury, at cost, 15,959,628 and 14,295,983 shares, respectively

 

(2,043,979)

 

(1,884,441)

Total stockholders’ equity

 

3,021,525

 

3,361,452

Noncontrolling interests

 

455,554

 

491,533

Total equity

 

3,477,079

 

3,852,985

Total liabilities and equity

$

32,795,363

$

33,777,379

The accompanying notes are an integral part of these statements.

5

Simon Property Group, Inc.

Unaudited Consolidated Statements of Operations and Comprehensive Income

(Dollars in thousands, except per share amounts)

For the Three Months Ended

For the Nine Months Ended

September 30, 

September 30, 

    

2022

    

2021

    

2022

    

2021

 

REVENUE:

Lease income

$

1,215,470

$

1,207,923

$

3,618,035

$

3,511,806

Management fees and other revenues

 

28,654

 

27,024

 

85,051

 

78,381

Other income

 

71,662

 

61,607

 

188,464

 

200,465

Total revenue

 

1,315,786

 

1,296,554

 

3,891,550

 

3,790,652

EXPENSES:

Property operating

 

120,858

 

108,556

 

336,929

 

291,248

Depreciation and amortization

 

301,754

 

311,381

 

910,190

 

942,851

Real estate taxes

 

109,932

 

117,094

 

333,611

 

347,800

Repairs and maintenance

 

21,639

 

21,735

 

63,993

 

62,126

Advertising and promotion

 

27,102

 

38,635

 

72,429

 

87,685

Home and regional office costs

 

43,711

 

48,667

 

143,424

 

132,365

General and administrative

 

7,784

 

6,909

 

24,977

 

20,739

Other

 

30,810

 

31,253

 

106,649

 

84,180

Total operating expenses

 

663,590

 

684,230

 

1,992,202

 

1,968,994

OPERATING INCOME BEFORE OTHER ITEMS

 

652,196

 

612,324

 

1,899,348

 

1,821,658

Interest expense

 

(187,878)

 

(199,772)

 

(560,353)

 

(602,207)

Loss on extinguishment of debt

(28,593)

(31,552)

Gain on sale or exchange of equity interests (Note 6)

159,828

159,828

Income and other tax expense

 

(8,256)

 

(67,262)

 

(31,168)

 

(108,367)

Income from unconsolidated entities

 

163,086

 

198,524

 

434,343

 

562,138

Unrealized losses in fair value of equity instruments

(14,563)

(4,944)

(63,412)

(8,121)

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

 

17,262

 

108,543

 

879

 

201,600

CONSOLIDATED NET INCOME

621,847

778,648

1,679,637

1,994,977

Net income attributable to noncontrolling interests

 

81,975

 

97,878

 

214,722

 

249,421

Preferred dividends

 

834

 

834

 

2,503

 

2,503

NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS

$

539,038

$

679,936

$

1,462,412

$

1,743,053

BASIC AND DILUTED EARNINGS PER COMMON SHARE:

Net income attributable to common stockholders

$

1.65

$

2.07

$

4.46

$

5.30

Consolidated Net Income

$

621,847

$

778,648

$

1,679,637

$

1,994,977

Unrealized gain on derivative hedge agreements

 

35,470

 

8,280

 

80,327

 

45,366

Net gain reclassified from accumulated other comprehensive loss into earnings

 

(403)

 

(404)

 

(1,191)

 

(7,022)

Currency translation adjustments

 

(26,143)

 

(11,199)

 

(49,482)

 

(40,968)

Changes in available-for-sale securities and other

 

(546)

 

(71)

 

(1,619)

 

(304)

Comprehensive income

 

630,225

 

775,254

 

1,707,672

 

1,992,049

Comprehensive income attributable to noncontrolling interests

 

83,007

 

97,451

 

218,119

 

249,091

Comprehensive income attributable to common stockholders

$

547,218

$

677,803

$

1,489,553

$

1,742,958

The accompanying notes are an integral part of these statements.

6

Simon Property Group, Inc.

Unaudited Consolidated Statements of Cash Flows

(Dollars in thousands)

For the Nine Months Ended

September 30, 

    

2022

    

2021

CASH FLOWS FROM OPERATING ACTIVITIES:

Consolidated Net Income

$

1,679,637

$

1,994,977

Adjustments to reconcile consolidated net income to net cash provided by operating activities

Depreciation and amortization

 

955,767

 

985,116

Loss on debt extinguishment

31,552

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

 

(879)

 

(201,600)

Gain on exchange of equity interests

(159,828)

Unrealized losses in fair value of equity instruments

63,412

8,121

Straight-line lease loss

 

21,451

 

19,014

Equity in income of unconsolidated entities

 

(434,343)

 

(562,138)

Distributions of income from unconsolidated entities

 

459,366

 

319,041

Changes in assets and liabilities

Tenant receivables and accrued revenue, net

 

77,842

 

260,470

Deferred costs and other assets

 

(77,339)

 

(51,079)

Accounts payable, accrued expenses, intangibles, deferred revenues and other

 

89,548

 

108,825

Net cash provided by operating activities

 

2,834,462

 

2,752,471

CASH FLOWS FROM INVESTING ACTIVITIES:

Acquisitions

 

(29,988)

 

(157,080)

Funding of loans to related parties

 

(132,857)

 

(15,419)

Repayments of loans to related parties

 

79,631

 

8,381

Capital expenditures, net

 

(465,387)

 

(419,477)

Cash impact from the consolidation of properties

 

20,988

 

5,595

Net proceeds from sale of assets

 

59,511

 

Investments in unconsolidated entities

 

(235,510)

 

(48,156)

Purchase of equity instruments

 

(63,653)

 

(16,769)

Proceeds from sales of equity instruments

 

26,086

 

Insurance proceeds for property restoration

7,030

Distributions of capital from unconsolidated entities and other

 

377,089

 

137,031

Net cash used in investing activities

 

(364,090)

 

(498,864)

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from sales of common stock and other, net of transaction costs

 

(246)

 

(246)

Purchase of shares related to stock grant recipients' tax withholdings

(6,788)

(2,318)

Redemption of limited partner units

 

(1,758)

 

(57)

Purchase of treasury stock

(180,387)

Proceeds from the special purpose acquisition company IPO, net of transaction costs

338,121

Establishment of trust account for special purpose acquisition company

 

 

(345,000)

Distributions to noncontrolling interest holders in properties

 

(14,544)

 

(1,640)

Contributions from noncontrolling interest holders in properties

 

29,681

 

16,736

Preferred distributions of the Operating Partnership

 

(1,436)

 

(1,436)

Distributions to stockholders and preferred dividends

 

(1,675,618)

 

(1,809,156)

Distributions to limited partners

 

(241,348)

 

(258,995)

Cash paid to extinguish debt

(30,009)

Proceeds from issuance of debt, net of transaction costs

 

2,540,779

 

7,353,120

Repayments of debt

 

(2,851,123)

 

(8,085,917)

Net cash used in financing activities

 

(2,402,788)

 

(2,826,797)

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

67,584

 

(573,190)

CASH AND CASH EQUIVALENTS, beginning of period

 

533,936

 

1,011,613

CASH AND CASH EQUIVALENTS, end of period

$

601,520

$

438,423

The accompanying notes are an integral part of these statements.

7

Simon Property Group, Inc.

Unaudited Consolidated Statements of Equity

(Dollars in thousands)

   

   

   

Accumulated

   

   

   

Common

   

   

Other

Capital in

Stock

Preferred

Common

Comprehensive

Excess of

Accumulated

Held in

Noncontrolling

Total

    

Stock

    

Stock

    

Income (Loss)

    

Par Value

    

Deficit

    

Treasury

    

interests

    

Equity

December 31, 2021

$

41,763

$

34

$

(185,186)

$

11,212,990

$

(5,823,708)

$

(1,884,441)

$

491,533

$

3,852,985

Exchange of limited partner units (2,680 common shares, note 8)

 

27

 

(27)

 

Series J preferred stock premium amortization

(82)

(82)

Stock incentive program (47,804 common shares)

(6,864)

6,864

Redemption of limited partner units (1,000 units)

(137)

(10)

(147)

Amortization of stock incentive

3,705

3,705

Long-term incentive performance units

3,895

3,895

Issuance of unit equivalents and other (23,514 common shares repurchased)

1

(9,007)

(3,757)

 

(262)

 

(13,025)

Unrealized gain on hedging activities

14,715

2,118

16,833

Currency translation adjustments

1,170

135

1,305

Changes in available-for-sale securities and other

(455)

(66)

(521)

Net gain reclassified from accumulated other comprehensive loss into earnings

(338)

(49)

(387)

Other comprehensive income (loss)

15,092

2,138

17,230

Adjustment to limited partners’ interest from change in ownership in the Operating Partnership

 

3,899

 

(3,899)

 

Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests

 

(543,010)

 

(78,024)

 

(621,034)

Distributions to other noncontrolling interest partners

 

(60)

(60)

Net income, excluding $479 attributable to preferred interests in the Operating Partnership and a $1,269 loss attributable to noncontrolling redeemable interests in properties

 

 

427,464

 

61,636