Slide 1: 3Q 2024 Supplemental: Earnings Release & Supplemental Information
3Q 2024 SUPPLEMENTAL SIMON PROPERTY GROUP EARNINGS RELEASE & SUPPLEMENTAL INFORMATION UNAUDITED THIRD QUARTER
Slide 2: 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 O
Slide 3: Earnings Release: Third Quarter 2024 Results
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 pre
Slide 4: Earnings Release: Nine Month Results
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
Slide 5: Dividends and 2024 Guidance
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. Sim
Slide 6: Earnings Release: Regulation FD and Non-GAAP Measures
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
Slide 7: About Simon
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 gather
Slide 8: Unaudited Consolidated Statements of Operations
EARNINGS RELEASE Simon Property Group, Inc. Unaudited Consolidated Statements of Operations (Dollars in thousands, except per share amounts) For the Three Months For the Nine Months Ended September 30, Ended September 30, 2024 2023 2024 2023 REVENUE: Lease income $1,339,824 $1,298,737 $3,958,236 $3,
Slide 9: Unaudited Consolidated Balance Sheets
EARNINGS RELEASE Simon Property Group, Inc. Unaudited Consolidated Balance Sheets (Dollars in thousands, except share amounts) September 30, December 31, 2024 2023 ASSETS: Investment properties, at cost $39,939,215 $39,285,138 Less – accumulated depreciation 18,625,523 17,716,788 21,313,692 21,568,3
Slide 10: Joint Venture Combined Statements of Operations
EARNINGS RELEASE Simon Property Group, Inc. Unaudited Joint Venture Combined Statements of Operations (Dollars in thousands) For the Three Months For the Nine Months Ended September 30, Ended September 30, 2024 2023 2024 2023 REVENUE: Lease income $ 763,185 $ 743,388 $2,257,101 $2,212,197 Other inco
Slide 11: Joint Venture Combined Balance Sheets
EARNINGS RELEASE Simon Property Group, Inc. Unaudited Joint Venture Combined Balance Sheets (Dollars in thousands) September 30, December 31, 2024 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 ca
Slide 12: Reconciliation of Non-GAAP Financial Measures
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 For the Nine Months Ended September 30, September 3
Slide 13: Footnotes to Unaudited Financial Information
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 a
Slide 14: Overview: The Company
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 asset
Slide 15: Stock Information, Credit Ratings and Debt Covenants
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
Slide 16: Selected Financial and Equity Information
SELECTED FINANCIAL AND EQUITY INFORMATION (In thousands, except as noted) THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, 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 $
Slide 17: Net Operating Income (NOI) Composition
NET OPERATING INCOME (NOI) COMPOSITION (1) For the Nine Months Ended September 30, 2024 NOI BREAKDOWN U.S. PORTFOLIO NOI BY STATE(2) FL 19.1% TRG ALL OTHERS 8.0% 23.7% INTERNATIONAL (3) 9.2% THE MILLS 11.4% IN CA 2.6% 13.9% U.S. MALLS & PREMIUM OUTLETS GA 71.4% 3.3% MA 4.6% PA 4.8% TX 10.2% NJ 5.5%
Slide 18: Net Operating Income Overview (at Share)
NET OPERATING INCOME OVERVIEW (AT SHARE) (In thousands) FOR THE THREE MONTHS FOR THE NINE MONTHS ENDED SEPTEMBER 30, ENDED SEPTEMBER 30, 2024 2023 % GROWTH 2024 2023 % GROWTH (1) Domestic Property NOI $1,366,842 $1,297,293 5.4% $4,031,773 $3,848,681 4.8% International Properties (2) 79,325 80,013 23
Slide 19: Reconciliations of Non-GAAP Financial Measures: Net Income to NOI
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (In thousands, except as noted) RECONCILIATION OF NET INCOME TO NOI THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, 2024 2023 2024 2023 Reconciliation of NOI of consolidated entities: Consolidated Net Income $ 546,671 $ 680,762 $1,957,2
Slide 20: Reconciliation of FFO to Funds Available for Distribution
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 NINE MONTHS ENDED MONTHS ENDED SEPTEMBER 30, 2024 SEPTEMBER 30, 2024 FFO of the Operating Partnership $ 1,066,705 $
Slide 21: Lease Income, Other Income, Other Expense and Capitalized Interest
LEASE INCOME, OTHER INCOME, OTHER EXPENSE, INCOME FROM UNCONSOLIDATED ENTITIES, AND CAPITALIZED INTEREST (In thousands) THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, Consolidated Properties 2024 2023 2024 2023 Lease Income Fixed lease income (1) $ 1,093,064 $ 1,041,999 $ 3,234,501
Slide 22: Operating Information
OPERATING INFORMATION AS OF SEPTEMBER 30, AS OF SEPTEMBER 30, 2024 2023 2024 2023 U.S. Malls and Premium Outlets The Mills Total Number of Properties 163 162 Total Number of Properties 14 14 Total Square Footage of Properties (in millions) 136.9 136.6 Total Square Footage of Properties (in millions)
Slide 23: U.S. Malls and Premium Outlets Lease Expirations
U.S. MALLS AND PREMIUM OUTLETS LEASE EXPIRATIONS (1)(2) AVG. BASE PERCENTAGE OF NUMBER OF MINIMUM GROSS ANNUAL LEASES RENT PSF RENTAL YEAR EXPIRING SQUARE FEET AT EXPIRATION (3) 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) 33
Slide 24: U.S. Malls and Premium Outlets Top Tenants
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) NUMBER SQUARE PERCENT OF PERCENT OF TOTAL OF FEET TOTAL SQ. FT. IN BASE MINIMUM RENT TENANT STORES (000’S) U.S. PROPERTIES FOR U.S. PROPERTIES The Gap 283 3,0
Slide 25: Capital Expenditures
CAPITAL EXPENDITURES (1) (In thousands) UNCONSOLIDATED PROPERTIES CONSOLIDATED OUR PROPERTIES TOTAL 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 increme
Slide 26: Development Activity Summary
DEVELOPMENT ACTIVITY SUMMARY (1) As of September 30, 2024 (in thousands, except percent) EXPECTED OUR SHARE STABILIZED ACTUAL 2024 FORECASTED FORECASTED FORECASTED FORECASTED PLATFORM OF NET RATE OF INVESTMENT INVESTMENT INVESTMENT INVESTMENT TOTAL INVESTMENT PROJECT TYPE INVESTMENT RETURN THRU Q3 2
Slide 27: Common and Preferred Stock Information
COMMON AND PREFERRED STOCK INFORMATION CHANGES IN COMMON SHARE AND LIMITED PARTNERSHIP UNIT OWNERSHIP For the Period December 31, 2023 through September 30, 2024 LIMITED COMMON PARTNERSHIP SHARES (1) UNITS (2) Number Outstanding at December 31, 2023 325,920,522 48,913,717 Activity During the First S
Slide 28: Credit Profile
CREDIT PROFILE (1) NET DEBT ($ BILLIONS) FIXED CHARGE COVERAGE (X) UNSECURED INTEREST COVERAGE (X) (2) Non-Recourse Mortgage Debt Unsecured Net Debt 35.0 32.2 30.9 30.2 6.0 7.0 29.7 30.0 18.8 28.6 19.4 5.0 5.8 5.8 5.8 18.8 18.6 4.8 6.0 5.3 5.4 17.2 5.0 25.0 4.2 4.3 4.3 5.0 4.0 20.0 4.0 3.0 15.0 3.0
Slide 29: Summary of Indebtedness
SUMMARY OF INDEBTEDNESS (1) As of September 30, 2024 (In thousands) WEIGHTED WEIGHTED WEIGHTED WEIGHTED OUR AVERAGE AVERAGE OUR AVERAGE AVERAGE TOTAL SHARE OF END OF PERIOD YEARS TO TOTAL SHARE OF END OF PERIOD YEARS TO INDEBTEDNESS INDEBTEDNESS INTEREST RATE MATURITY INDEBTEDNESS INDEBTEDNESS INTER
Slide 30: Total Debt Amortization and Maturities by Year (Our Share)
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 WEIGHTED WEIGHTED WEIGHTED WEIGHTED OUR SHARE AVERAGE OUR SHARE AVERAGE OUR SHARE AVERAGE OUR SHARE AVE
Slide 31: Unsecured Debt Information
UNSECURED DEBT INFORMATION As of September 30, 2024 DEBT INFORMATION INDEBTEDNESS MATURITY INTEREST TOTAL DATE RATE(8) TYPE ($ 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,
Slide 32: Property and Debt Information: Malls
PROPERTY AND DEBT INFORMATION As of September 30, 2024 DEBT INFORMATION LEGAL TOTAL MATURITY INTEREST INDEBTEDNESS ($ in 000’s) PROPERTY NAME STATE CITY (CBSA) OWNERSHIP SQUARE FEET DATE RATE(1) TYPE TOTAL OUR SHARE Malls (2) 1. Apple Blossom Mall VA Winchester 49.1% 473,912 (2) 2. Auburn Mall MA Au
Slide 33: Property and Debt Information: Malls (continued)
PROPERTY AND DEBT INFORMATION As of September 30, 2024 DEBT INFORMATION LEGAL TOTAL MATURITY INTEREST INDEBTEDNESS ($ in 000’s) PROPERTY NAME STATE CITY (CBSA) OWNERSHIP SQUARE FEET DATE RATE(1) TYPE TOTAL OUR SHARE 40. Mall at Rockingham Park, The NH Salem (Boston) 28.2% 1,063,692 06/01/26 4.04% Fi
Slide 34: Property and Debt Information: Malls (continued)
PROPERTY AND DEBT INFORMATION As of September 30, 2024 DEBT INFORMATION LEGAL TOTAL MATURITY INTEREST INDEBTEDNESS ($ in 000’s) PROPERTY NAME STATE CITY (CBSA) OWNERSHIP SQUARE FEET DATE RATE(1) TYPE TOTAL OUR SHARE (2) 80. Tacoma Mall WA Tacoma (Seattle) 100.0% 1,262,453 (2) 81. Tippecanoe Mall IN
Slide 35: Property and Debt Information: Premium Outlets
PROPERTY AND DEBT INFORMATION As of September 30, 2024 DEBT INFORMATION LEGAL TOTAL MATURITY INTEREST INDEBTEDNESS ($ in 000’s) PROPERTY NAME STATE CITY (CBSA) OWNERSHIP SQUARE FEET DATE RATE(1) TYPE TOTAL OUR SHARE Premium Outlets (2) 1. Albertville Premium Outlets MN Albertville (Minneapolis) 100.
Slide 36: Property and Debt Information: Premium Outlets (continued)
PROPERTY AND DEBT INFORMATION As of September 30, 2024 DEBT INFORMATION LEGAL TOTAL MATURITY INTEREST INDEBTEDNESS ($ in 000’s) PROPERTY NAME STATE CITY (CBSA) OWNERSHIP SQUARE FEET DATE RATE(1) TYPE TOTAL OUR SHARE (2) 40. North Georgia Premium Outlets GA Dawsonville (Atlanta) 100.0% 541,168 (2) 41
Slide 37: Property and Debt Information: The Mills
PROPERTY AND DEBT INFORMATION As of September 30, 2024 DEBT INFORMATION LEGAL TOTAL MATURITY INTEREST INDEBTEDNESS ($ in 000’s) PROPERTY NAME STATE CITY (CBSA) OWNERSHIP SQUARE FEET DATE RATE(1) TYPE TOTAL OUR SHARE The Mills 1. Arizona Mills AZ Tempe (Phoenix) 100.0% 1,221,201 09/01/26 3.80% Fixed
Slide 38: Property and Debt Information: International Properties
PROPERTY AND DEBT INFORMATION As of September 30, 2024 DEBT INFORMATION LEGAL TOTAL MATURITY INTEREST INDEBTEDNESS ($ in 000’s) PROPERTY NAME STATE CITY (CBSA) OWNERSHIP SQUARE FEET DATE RATE(1) TYPE TOTAL OUR SHARE International Properties AUSTRIA (13) 1. Parndorf Designer Outlet Phases 3 & 4 Vienn
Slide 39: Property and Debt Information: International (Korea, Malaysia)
PROPERTY AND DEBT INFORMATION As of September 30, 2024 DEBT INFORMATION LEGAL TOTAL MATURITY INTEREST INDEBTEDNESS ($ in 000’s) PROPERTY NAME STATE CITY (CBSA) OWNERSHIP SQUARE FEET DATE RATE(1) TYPE TOTAL OUR SHARE KOREA (16) 21. Busan Premium Outlets Busan 50.0% 544,200 11/23/25 4.57% Fixed 125,94
Slide 40: Property and Debt Information: Taubman Realty Group
PROPERTY AND DEBT INFORMATION As of September 30, 2024 DEBT INFORMATION TRG TOTAL MATURITY INTEREST INDEBTEDNESS ($ in 000’s) PROPERTY NAME STATE CITY (CBSA) OWNERSHIP SQUARE FEET DATE RATE(1) TYPE TOTAL TRG SHARE Taubman Realty Group (2) 1. Beverly Center CA Los Angeles 100.0% 780,000 2. Cherry Cre
Slide 41: Property and Debt Information: Footnotes
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 EUR
Slide 42: Non-GAAP Pro-Rata Financial Information
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
Slide 43: Non-GAAP Pro-Rata Financial Information: Three Months
NON-GAAP PRO-RATA FINANCIAL INFORMATION (In thousands) FOR THE THREE MONTHS ENDED FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2024 SEPTEMBER 30, 2023 OUR OUR NONCONTROLLING SHARE OF NONCONTROLLING SHARE OF INTERESTS (1) JOINT VENTURES INTERESTS (1) JOINT VENTURES REVENUE: Lease income $(16,205) $354,27
Slide 44: Non-GAAP Pro-Rata Financial Information: Nine Months
NON-GAAP PRO-RATA FINANCIAL INFORMATION (In thousands) FOR THE NINE MONTHS ENDED FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024 SEPTEMBER 30, 2023 OUR OUR NONCONTROLLING SHARE OF NONCONTROLLING SHARE OF INTERESTS (1) JOINT VENTURES INTERESTS (1) JOINT VENTURES REVENUE: Lease income $(46,638) $1,046,55
Slide 45: Non-GAAP Pro-Rata Financial Information: Balance Sheet
NON-GAAP PRO-RATA FINANCIAL INFORMATION (In thousands) AS OF SEPTEMBER 30, 2024 AS OF SEPTEMBER 30, 2023 OUR OUR NONCONTROLLING SHARE OF NONCONTROLLING SHARE OF INTERESTS JOINT VENTURES INTERESTS JOINT VENTURES ASSETS: Investment properties, at cost $(589,263) $10,194,677 $(545,471) $10,223,004 Less