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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

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, 2021, Simon Property Group, Inc. had 328,611,163 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, 2021 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, 2021, 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, 2021 and December 31, 2020

5

Consolidated Statements of Operations and Comprehensive Income for the three and nine months ended September 30, 2021 and 2020

6

Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020

7

Consolidated Statements of Equity at September 30, 2021 and 2020

8

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

Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020

10

Consolidated Statements of Operations and Comprehensive Income for the three and nine months ended September 30, 2021 and 2020

11

Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020

12

Consolidated Statements of Equity at September 30, 2021 and 2020

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

53

Item 4.

Controls and Procedures

53

Part II — Other Information

Item 1.

Legal Proceedings

54

Item 1A.

Risk Factors

54

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

54

Item 3.

Defaults Upon Senior Securities

54

Item 4.

Mine Safety Disclosures

54

Item 5.

Other Information

54

Item 6.

Exhibits

55

Signatures

56

4

Simon Property Group, Inc.

Unaudited Consolidated Balance Sheets

(Dollars in thousands, except share amounts)

    

September 30, 

    

December 31, 

 

2021

2020

 

ASSETS:

Investment properties, at cost

$

37,984,645

$

38,050,196

Less - accumulated depreciation

 

15,410,030

 

14,891,937

 

22,574,615

 

23,158,259

Cash and cash equivalents

 

438,423

 

1,011,613

Tenant receivables and accrued revenue, net

 

935,053

 

1,236,734

Investment in TRG, at equity

 

3,396,169

 

3,451,897

Investment in Klépierre, at equity

 

1,672,858

 

1,729,690

Investment in other unconsolidated entities, at equity

2,972,049

2,603,571

Right-of-use assets, net

506,236

512,914

Investments held in trust - special purpose acquisition company

345,000

Deferred costs and other assets

 

1,105,736

 

1,082,168

Total assets

$

33,946,139

$

34,786,846

LIABILITIES:

Mortgages and unsecured indebtedness

$

25,584,372

$

26,723,361

Accounts payable, accrued expenses, intangibles, and deferred revenues

 

1,324,603

 

1,311,925

Cash distributions and losses in unconsolidated entities, at equity

 

1,573,563

 

1,577,393

Dividend payable

1,452

486,922

Lease liabilities

509,071

515,492

Other liabilities

 

525,361

 

513,515

Total liabilities

 

29,518,422

 

31,128,608

Commitments and contingencies

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

 

553,025

 

185,892

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

 

41,845

 

42,091

Common stock, $0.0001 par value, 511,990,000 shares authorized, 342,907,608 and 342,849,037 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

 

11,201,333

 

11,179,688

Accumulated deficit

 

(5,789,329)

 

(6,102,314)

Accumulated other comprehensive loss

 

(191,274)

 

(188,675)

Common stock held in treasury, at cost, 14,296,445 and 14,355,621 shares, respectively

 

(1,884,511)

 

(1,891,352)

Total stockholders’ equity

 

3,378,098

 

3,039,472

Noncontrolling interests

 

496,594

 

432,874

Total equity

 

3,874,692

 

3,472,346

Total liabilities and equity

$

33,946,139

$

34,786,846

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, 

    

2021

    

2020

    

2021

    

2020

 

REVENUE:

Lease income

$

1,207,923

$

993,831

$

3,511,806

$

3,269,572

Management fees and other revenues

 

27,024

 

21,345

 

78,381

 

71,545

Other income

 

61,607

 

45,498

 

200,465

 

134,957

Total revenue

 

1,296,554

 

1,060,674

 

3,790,652

 

3,476,074

EXPENSES:

Property operating

 

108,556

 

91,236

 

291,248

 

267,479

Depreciation and amortization

 

311,381

 

333,755

 

942,851

 

986,157

Real estate taxes

 

117,094

 

112,311

 

347,800

 

347,075

Repairs and maintenance

 

21,735

 

18,971

 

62,126

 

57,482

Advertising and promotion

 

38,635

 

14,751

 

87,685

 

60,967

Home and regional office costs

 

48,667

 

39,960

 

132,365

 

130,420

General and administrative

 

6,909

 

3,016

 

20,739

 

17,206

Other

 

31,253

 

42,650

 

84,180

 

99,527

Total operating expenses

 

684,230

 

656,650

 

1,968,994

 

1,966,313

OPERATING INCOME BEFORE OTHER ITEMS

 

612,324

 

404,024

 

1,821,658

 

1,509,761

Interest expense

 

(199,772)

 

(201,858)

 

(602,207)

 

(586,545)

Loss on extinguishment of debt

(28,593)

(31,552)

Gain on exchange of equity interests (Note 6)

159,828

159,828

Income and other tax (expense) benefit

 

(67,262)

 

(2,779)

 

(108,367)

 

3,065

Income from unconsolidated entities

 

198,524

 

61,823

 

562,138

 

156,610

Unrealized losses in fair value of equity instruments

(4,944)

(1,279)

(8,121)

(20,125)

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

 

108,543

 

(91,285)

 

201,600

 

(98,168)

CONSOLIDATED NET INCOME

778,648

168,646

1,994,977

964,598

Net income attributable to noncontrolling interests

 

97,878

 

21,886

 

249,421

 

124,351

Preferred dividends

 

834

 

834

 

2,503

 

2,503

NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS

$

679,936

$

145,926

$

1,743,053

$

837,744

BASIC AND DILUTED EARNINGS PER COMMON SHARE:

Net income attributable to common stockholders

$

2.07

$

0.48

$

5.30

$

2.74

Consolidated Net Income

$

778,648

$

168,646

$

1,994,977

$

964,598

Unrealized gain (loss) on derivative hedge agreements

 

8,280

 

(49,175)

 

45,366

 

(51,034)

Net gain reclassified from accumulated other comprehensive loss into earnings

 

(404)

 

(477)

 

(7,022)

 

(1,435)

Currency translation adjustments

 

(11,199)

 

20,525

 

(40,968)

 

(18,983)

Changes in available-for-sale securities and other

 

(71)

 

(27)

 

(304)

 

245

Comprehensive income

 

775,254

 

139,492

 

1,992,049

 

893,391

Comprehensive income attributable to noncontrolling interests

 

97,451

 

18,074

 

249,091

 

115,008

Comprehensive income attributable to common stockholders

$

677,803

$

121,418

$

1,742,958

$

778,383

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, 

    

2021

    

2020

 

CASH FLOWS FROM OPERATING ACTIVITIES:

Consolidated Net Income

$

1,994,977

$

964,598

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

Depreciation and amortization

 

985,116

 

1,017,517

Loss on debt extinguishment

31,552

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

 

(201,600)

 

98,168

Gain on exchange of equity interests

(159,828)

Unrealized losses in fair value of equity instruments

8,121

20,125

Straight-line lease loss

 

19,014

 

6,539

Equity in income of unconsolidated entities

 

(562,138)

 

(156,610)

Distributions of income from unconsolidated entities

 

319,041

 

152,712

Changes in assets and liabilities

Tenant receivables and accrued revenue, net

 

260,470

 

(625,107)

Deferred costs and other assets

 

(51,079)

 

(87,027)

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

 

108,825

 

40,706

Net cash provided by operating activities

 

2,752,471

 

1,431,621

CASH FLOWS FROM INVESTING ACTIVITIES:

Acquisitions

 

(157,080)

 

(107,797)

Funding of loans to related parties

 

(15,419)

 

(6,393)

Repayments of loans to related parties

 

8,381

 

Capital expenditures, net

 

(419,477)

 

(396,004)

Cash impact from the consolidation of properties

 

5,595

 

Investments in unconsolidated entities

 

(48,156)

 

(172,598)

Purchase of equity instruments

 

(16,769)

 

(30,427)

Proceeds from sales of equity instruments

 

 

30,000

Insurance proceeds for property restoration

7,030

8,746

Distributions of capital from unconsolidated entities and other

 

137,031

 

214,389

Net cash used in investing activities

 

(498,864)

 

(460,084)

CASH FLOWS FROM FINANCING ACTIVITIES:

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

 

(246)

 

(247)

Purchase of shares related to stock grant recipients' tax withholdings

(2,318)

(854)

Redemption of limited partner units

 

(57)

 

(16,087)

Purchase of treasury stock

(152,589)

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

 

(1,640)

 

(5,766)

Contributions from noncontrolling interest holders in properties

 

16,736

 

28

Preferred distributions of the Operating Partnership

 

(1,436)

 

(1,436)

Distributions to stockholders and preferred dividends

 

(1,809,156)

 

(1,044,591)

Distributions to limited partners

 

(258,995)

 

(158,650)

Cash paid to extinguish debt

(30,009)

Proceeds from issuance of debt, net of transaction costs

 

7,353,120

 

11,363,272

Repayments of debt

 

(8,085,917)

 

(10,541,677)

Net cash used in financing activities

 

(2,826,797)

 

(558,597)

(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS

 

(573,190)

 

412,940

CASH AND CASH EQUIVALENTS, beginning of period

 

1,011,613

 

669,373

CASH AND CASH EQUIVALENTS, end of period

$

438,423

$

1,082,313

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, 2020

$

42,091

$

34

$

(188,675)

$

11,179,688

$

(6,102,314)

$

(1,891,352)

$

432,874

$

3,472,346

Series J preferred stock premium amortization

(82)

(82)

Stock incentive program (37,976 common shares)

(7,214)

7,214

Redemption of limited partner units (316 units)

(34)

(3)

(37)

Amortization of stock incentive

4,231

4,231

Long-term incentive performance units

5,014

5,014

Issuance of unit equivalents and other

(4,313)

(2,681)

 

15,822

 

8,828

Unrealized gain on hedging activities

31,333

4,514

35,847

Currency translation adjustments

(20,878)

(3,005)

(23,883)

Changes in available-for-sale securities and other

(276)

(40)

(316)

Net gain reclassified from accumulated other comprehensive loss into earnings

(5,370)

(773)

(6,143)

Other comprehensive income

4,809