0001063761 false 0001063761 2022-05-09 2022-05-09 0001063761 us-gaap:CommonStockMember 2022-05-09 2022-05-09 0001063761 spg:SeriesJPreferredStockMember 2022-05-09 2022-05-09 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): May 9, 2022

 

SIMON PROPERTY GROUP, INC.

(Exact name of registrant as specified in its charter)

 

Delaware 001-14469 04-6268599
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)

 

 

225 WEST WASHINGTON STREET

INDIANAPOLIS, Indiana

46204
  (Address of principal executive offices) (Zip Code)

 

Registrant’s telephone number, including area code: 317. 636.1600

 

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

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.  ¨

 

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

 

Title of each class   Trading
Symbols
  Name of each exchange on which
registered
Common stock, $0.0001 par value   SPG   New York Stock Exchange
8⅜% Series J Cumulative Redeemable Preferred Stock, $0.0001 par value   SPGJ   New York Stock Exchange

 

 

 

 

 

Item 2.02.Results of Operations and Financial Condition

 

On May 9, 2022, Simon Property Group, Inc. issued a press release containing information on earnings for the quarter ended March 31, 2022 and other matters. A copy of the press release is furnished with this report as Exhibit 99.1 and is incorporated by reference into this report.

 

Item 7.01.Regulation FD Disclosure

 

Exhibit 99.1 also includes supplemental financial and operating information for the quarter ended March 31, 2022.

 

Item 8.01.Other Events

 

On May 9, 2022, the Company issued a press release that included an announcement that the Company’s Board of Directors had authorized a new common stock repurchase program. Under the new program, which will become effective on May 16, 2022, the Company may purchase up to $2 billion of its common stock over the next 24 months, as market conditions warrant. The shares may be repurchased in the open market, in block trades, or in privately negotiated transactions.

 

A copy of the press release that includes the announcement of the new repurchase program is attached hereto as Exhibit 99.1, and is incorporated by reference and constitutes a part of this report.

 

Item 9.01.Financial Statements and Exhibits

 

Financial Statements:

 

None

 

Exhibits:

 

Exhibit No.Description
  
99.1Earnings Release dated May 9, 2022 and supplemental information
104The cover page from this Current Report on Form 8-K formatted in Inline XBRL (included as Exhibit 101)

 

The exhibit filed with 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 funds from operations (“FFO”), FFO per share, comparable FFO, comparable FFO per share, funds available for distribution, net operating income (“NOI”), domestic property 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.

 

These non-GAAP financial measures 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 each of these non-GAAP measures to the most-directly comparable GAAP measure are included in the exhibit.

 

The information in this report and the exhibit filed herewith is being furnished, not filed, for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and pursuant to Items 2.02 and 7.01 of Form 8-K, will not be incorporated by reference into any filing under the Securities Act of 1933, as amended.

 

Page 2

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

Dated: May 9, 2022

 

  SIMON PROPERTY GROUP, INC.

 

  By: /s/ BRIAN J. MCDADE
    Brian J. McDade,
    Executive Vice President, Chief Financial Officer and Treasurer

 

Page 3

 

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TABLE OF CONTENTS
 
TABLE OF CONTENTS
EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION
FOR THE QUARTER ENDED MARCH 31, 2022
PAGE
Earnings Release(1)
211
Overview
12
13
Financial Data
14
15
16
17
17
18
19
Operational Data
20
21
22
Development Activity
23
24
Balance Sheet Information
25
25
25
26
27
28
29
Property and Debt Information
3039
Other
Non-GAAP Pro-Rata Financial Information
4041
(1)
Includes reconciliation of consolidated net income to funds from operations.
 
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Contacts:
Tom Ward
317-685-7330 Investors
Ali Slocum
317-264-3079 Media
Simon Property Group Reports First Quarter 2022 Results and
Increases Full Year 2022 Guidance and Raises Quarterly Dividend
INDIANAPOLIS, May 9, 2022 − 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 March 31, 2022.
“We are very pleased with our first quarter results,” said David Simon, Chairman, Chief Executive Officer and President. “Leasing momentum, retailer sales and cash flow all accelerated. Given our accomplishments this quarter and our current view for the remainder of 2022, today we raised our quarterly dividend and are increasing our full-year 2022 guidance.”
Results for the Quarter

Net income attributable to common stockholders was $426.6 million, or $1.30 per diluted share, as compared to $445.9 million, or $1.36 per diluted share in 2021. Results for the first quarter of 2022 include a non-cash unrealized loss of  $31.0 million, or $0.08 per diluted share, from a mark-to-market in fair value of equity instruments. The prior year period includes gains of  $93.1 million, or $0.25 per diluted share, primarily related to disposition activity.

Funds From Operations (“FFO”) was $1.046 billion, or $2.78 per diluted share, prior to the aforementioned unrealized loss in fair value of equity instruments of  $0.08 per diluted share, as compared to $934.0 million, or $2.48 per diluted share, in the prior year, a 12.1% increase.

Domestic property Net Operating Income (“NOI”) increased 7.5% and portfolio NOI increased 8.8%, compared to the prior year period.
U.S. Malls and Premium Outlets Operating Statistics

Occupancy was 93.3% at March 31, 2022, compared to 90.8% at March 31, 2021.

Base minimum rent per square foot was $54.14 at March 31, 2022.
Development Activity
Construction continues on two new international development projects including:

Fukaya-Hanazono Premium Outlets® (Tokyo, Japan); projected to open in October 2022. Simon owns a 40% interest in this project.
 
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Paris-Giverny Designer Outlet (Normandy, France); projected to open in the first quarter of 2023. Simon owns a 74% interest in this project.
Progress continues on the transformative mixed-use redevelopment of Phipps Plaza (Atlanta, GA), which will open in October 2022. The opening of Nobu Hotel and Nobu Restaurant, Life Time Athletic and Work, Citizens Food Hall, and a 13-story Class A office tower will further elevate this premier destination.
Construction also continues on other redevelopment projects, including The Falls (Miami, FL), Roosevelt Field (Garden City, NY), Stanford Shopping Center (Palo Alto, CA) and Towne East Square (Wichita, KS).
Capital Markets and Balance Sheet Liquidity
The Company was active in both the secured and unsecured credit markets in the first quarter.
During the quarter, the Company completed a two tranche senior notes offering totaling $1.2 billion. Net proceeds from the offering were used to repay indebtedness outstanding under the Company’s $3.5 billion senior unsecured revolving credit facility and for general corporate purposes.
The Company also completed seven non-recourse mortgage loans totaling approximately $1.1 billion (U.S. dollar equivalent), of which Simon’s share was $639 million. The weighted average interest rate on these loans was 2.92%.
As of March 31, 2022, Simon had approximately $8.2 billion of liquidity consisting of  $1.1 billion of cash on hand, including its share of joint venture cash, and $7.1 billion of available capacity under its revolving credit facilities, net of  $240 million outstanding under its U.S. commercial paper program.
Dividends
Simon’s Board of Directors declared a quarterly common stock dividend of  $1.70 on May 9, 2022, for the second quarter of 2022. This is a 21.4% increase year-over-year. The dividend will be payable on June 30, 2022 to shareholders of record on June 9, 2022.
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 June 30, 2022 to shareholders of record on June 16, 2022.
Share Repurchase Authorization
Simon’s Board of Directors has authorized a new common stock repurchase program. Under the program, which will become effective on May 16, 2022, the Company may purchase up to $2 billion of its common stock over the next 24 months as market conditions warrant. The shares may be repurchased in the open market, in block trades or in privately negotiated transactions.
2022 Guidance
The Company currently estimates net income to be within a range of  $5.93 to $6.08 per diluted share and Comparable FFO will be within a range of $11.60 to $11.75 per diluted share for the year ending December 31, 2022. The Comparable FFO per diluted share range is an increase from the $11.50 to $11.70 per diluted share range provided on February 7, 2022, or an increase of  $0.08 per diluted share at the mid-point.
 
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EARNINGS RELEASE
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 estimated FFO per diluted share and Comparable FFO per diluted share:
For the year ending December 31, 2022
Low
End
High
End
Estimated net income attributable to common stockholders per diluted share $ 5.93 $ 6.08
Depreciation and amortization including Simon’s share of unconsolidated entities 5.60 5.60
Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interest in unconsolidated entities and impairment, net
(0.01) (0.01)
Estimated FFO per diluted share $ 11.52 $ 11.67
First Quarter 2022 unrealized losses in fair value of publicly traded equity instruments
of non-retail real estate
0.08 0.08
Estimated Comparable FFO per diluted share $ 11.60 $ 11.75
Conference Call
Simon will hold a conference call to discuss the quarterly financial results today from 5:00 p.m. to 6:00 p.m. Eastern Daylight Time, Monday, May 9, 2022. 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 May 16, 2022. To access the audio replay, dial 1-844-512-2921 (international 1-412-317-6671) passcode 13727965.
Supplemental Materials and Website
Supplemental information on our first quarter 2022 performance is available at investors.simon.com. This information has also been furnished to the SEC in a current report on Form 8-K.
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, Comparable FFO, Comparable FFO per share and portfolio Net Operating Income growth which are financial performance measures not defined by generally accepted accounting principles in the United States (“GAAP”). 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 Net Operating Income 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.
 
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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: uncertainties regarding the impact of the COVID-19 pandemic and governmental restrictions intended to prevent its spread on our business, financial condition, results of operations, cash flow and liquidity and our ability to access the capital markets, satisfy our debt service obligations and make distributions to our stockholders; changes in economic and market conditions that may adversely affect the general retail environment; the potential loss of anchor stores or major tenants; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; the intensely competitive market environment in the retail industry, including e-commerce; an increase in vacant space at our properties; the inability to lease newly developed properties and renew leases and relet space at existing properties on favorable terms; 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; risks associated with the acquisition, development, redevelopment, expansion, leasing and management of properties; general risks related to real estate investments, including the illiquidity of real estate investments; 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; changes in market rates of interest; the transition of LIBOR to an alternative reference rate; our continued ability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; risks relating to our joint venture properties, including guarantees of certain joint venture indebtedness; environmental liabilities; the conflict in Ukraine; natural disasters; the availability of comprehensive insurance coverage; the potential for terrorist activities; security breaches that could compromise our information technology or infrastructure; and the loss of key management personnel. 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.
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.
 
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EARNINGS RELEASE
Simon Property Group, Inc.
Unaudited Consolidated Statements of Operations
(Dollars in thousands, except per share amounts)
For the Three Months
Ended March 31,
2022
2021
REVENUE:
Lease income
$
1,207,867
$ 1,145,058
Management fees and other revenues
27,587
25,296
Other income
60,468
69,597
Total revenue
1,295,922
1,239,951
EXPENSES:
Property operating
103,664
86,619
Depreciation and amortization
310,163
315,738
Real estate taxes
111,691
116,012
Repairs and maintenance
22,304
21,355
Advertising and promotion
25,263
29,486
Home and regional office costs
52,197
35,999
General and administrative
7,833
6,576
Other
42,416
23,554
Total operating expenses
675,531
635,339
OPERATING INCOME BEFORE OTHER ITEMS
620,391
604,612
Interest expense
(185,159)
(202,016)
Loss on extinguishment of debt
(2,959)
Income and other tax benefit
1,435
5,898
Income from unconsolidated entities
81,184
15,069
Unrealized losses in fair value of equity instruments
(31,032)
(3,201)
Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
1,491
93,057
CONSOLIDATED NET INCOME
488,310
510,460
Net income attributable to noncontrolling interests
60,846
63,766
Preferred dividends
834
834
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
$
426,630
$ 445,860
BASIC AND DILUTED EARNINGS PER COMMON SHARE:
Net income attributable to common stockholders
$
1.30
$ 1.36
 
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Simon Property Group, Inc.
Unaudited Consolidated Balance Sheets
(Dollars in thousands, except share amounts)
March 31, 2022
December 31, 2021
ASSETS:
Investment properties, at cost
$
37,903,758
$ 37,932,366
Less – accumulated depreciation
15,804,885
15,621,127
22,098,873
22,311,239
Cash and cash equivalents
514,929
533,936
Tenant receivables and accrued revenue, net
819,829
919,654
Investment in TRG, at equity
3,276,296
3,305,102
Investment in Klépierre, at equity
1,636,946
1,661,943
Investment in other unconsolidated entities, at equity
3,126,897
3,075,375
Right-of-use assets, net
501,910
504,119
Investments held in trust – special purpose acquisition company
345,000
345,000
Deferred costs and other assets
1,130,747
1,121,011
Total assets
$
33,451,427
$ 33,777,379
LIABILITIES:
Mortgages and unsecured indebtedness
$
25,169,837
$ 25,321,022
Accounts payable, accrued expenses, intangibles, and deferred revenues
1,208,643
1,433,216
Cash distributions and losses in unconsolidated entities, at equity
1,749,692
1,573,105
Dividend payable
1,850
1,468
Lease liabilities
504,684
506,931
Other liabilities
525,849
540,912
Total liabilities
29,160,555
29,376,654
Commitments and contingencies
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests
558,305
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 8 3/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding with a liquidation value
of  $39,847
41,681
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
11,213,621
11,212,990
Accumulated deficit
(5,948,261)
(5,823,708)
Accumulated other comprehensive loss
(170,094)
(185,186)
Common stock held in treasury, at cost, 14,266,824 and 14,295,983 shares, respectively
(1,881,334)
(1,884,441)
Total stockholders’ equity
3,255,647
3,361,452
Noncontrolling interests
476,920
491,533
Total equity
3,732,567
3,852,985
Total liabilities and equity
$
33,451,427
$ 33,777,379
 
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EARNINGS RELEASE
Simon Property Group, Inc.
Unaudited Joint Venture Combined Statements of Operations
(Dollars in thousands)
For the Three Months
Ended March 31,
2022
2021
REVENUE:
Lease income
$
717,768
$ 652,754
Other income
112,585
72,599
Total revenue
830,353
725,353
OPERATING EXPENSES:
Property operating
149,515
133,037
Depreciation and amortization
170,562
171,154
Real estate taxes
65,324
68,897
Repairs and maintenance
21,481
19,046
Advertising and promotion
19,318
19,444
Other
48,843
31,988
Total operating expenses
475,043
443,566
OPERATING INCOME BEFORE OTHER ITEMS
355,310
281,787
Interest expense
(144,448)
(146,196)
NET INCOME
$
210,862
$ 135,591
Third-Party Investors’ Share of Net Income
$
104,657
$ 68,141
Our Share of Net Income
106,205
67,450
Amortization of Excess Investment (A)
(15,139)
(19,327)
Income from Unconsolidated Entities (B)
$
91,066
$ 48,123
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.
 
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EARNINGS RELEASE
Simon Property Group, Inc.
Unaudited Joint Venture Combined Balance Sheets
(Dollars in thousands)
March 31,
2022
December 31,
2021
Assets:
Investment properties, at cost
$
19,533,151
$ 19,724,242
Less – accumulated depreciation
8,255,410
8,330,891
11,277,741
11,393,351
Cash and cash equivalents
1,392,710
1,481,287
Tenant receivables and accrued revenue, net
517,657
591,369
Right-of-use assets, net
161,471
154,561
Deferred costs and other assets
369,541
394,691
Total assets
$
13,719,120
$ 14,015,259
Liabilities and Partners’ Deficit:
Mortgages
$
15,075,434
$ 15,223,710
Accounts payable, accrued expenses, intangibles, and deferred revenue
823,553
995,392
Lease liabilities
149,194
158,372
Other liabilities
414,084
383,018
Total liabilities
16,462,265
16,760,492
Preferred units
67,450
67,450
Partners’ deficit
(2,810,595)
(2,812,683)
Total liabilities and partners’ deficit
$
13,719,120
$ 14,015,259
Our Share of:
Partners’ deficit
$
(1,260,901)
$ (1,207,396)
Add: Excess Investment (A)
1,267,144
1,283,645
Our net Investment in unconsolidated entities, at equity
$
6,243
$ 76,249
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.
 
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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
For the Three Months
Ended March 31,
2022
2021
Consolidated Net Income (D) $ 488,310
$
510,460
Adjustments to Arrive at FFO:
Depreciation and amortization from consolidated properties
307,913
313,575
Our share of depreciation and amortization from unconsolidated entities, including Klépierre, TRG and other corporate investments
225,086
204,237
Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
(1,491)
(93,057)
Unrealized (gains) losses excluded from FFO (E)
3,201
Net loss attributable to noncontrolling interest holders in properties
996
938
Noncontrolling interests portion of depreciation and amortization, gain on consolidation of properties, and loss (gain) on disposal of properties
(4,389)
(4,090)
Preferred distributions and dividends
(1,313)
(1,313)
FFO of the Operating Partnership
$
1,015,112
$ 933,951
Diluted net income per share to diluted FFO per share reconciliation:
Diluted net income per share
$
1.30
$ 1.36
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
1.41
1.36
Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
(0.01)
(0.25)
Unrealized (gains) losses excluded from FFO (E)
0.01
Diluted FFO per share
$
2.70
$ 2.48
Unrealized (gains) losses included in FFO (E)
0.08
Comparable FFO per share (1)
$
2.78
$ 2.48
Details for per share calculations:
FFO of the Operating Partnership
$
1,015,112
$ 933,951
Diluted FFO allocable to unitholders
(127,645)
(117,595)
Diluted FFO allocable to common stockholders
$
887,467
$ 816,356
Basic and Diluted weighted average shares outstanding
328,606
328,514
Weighted average limited partnership units outstanding
47,264
47,322
Basic and Diluted weighted average shares and units outstanding
375,870
375,836
Basic and Diluted FFO per Share
$
2.70
$ 2.48
Percent Change
8.9%
Comparable FFO per share
$
2.78
$ 2.48
12.1%
(1)
Comparable FFO was $1.046 billion, prior to the $31.0 million mark-to-market unrealized loss in fair value adjustments of publicly traded equity instruments of non-retail real estate.
 
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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, Comparable FFO and Comparable 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:
 – 
(Loss) gain on land sales of  ($0.1) million and $0.7 million for the three months ended March 31, 2022 and 2021, respectively.
 – 
Straight-line adjustments decreased income by ($10.3) million and ($9.1) million for the three months ended March 31, 2022 and 2021, respectively.
 – 
Amortization of fair market value of leases decreased income by ($0.1) million and ($0.2) million for the three months ended March 31, 2022 and 2021, respectively.
(E)
Unrealized (gains) losses excluded from FFO relate to mark-to-market fair value adjustments of publicly traded equity instruments of retail real estate
Unrealized (gains) losses included in FFO relate to mark-to-market fair value adjustments of publicly traded equity instruments of non-retail real estate
 
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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 March 31, 2022, we owned or had an interest in 232 properties comprising 186 million square feet in North America, Asia and Europe. We also owned an 80% interest in The Taubman Realty Group, or TRG, which owns 24 regional, super-regional, and outlet malls in the U.S. and Asia. Additionally, at March 31, 2022, 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 March 31, 2022 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: uncertainties regarding the impact of the COVID-19 pandemic and governmental restrictions intended to prevent its spread on our business, financial condition, results of operations, cash flow and liquidity and our ability to access the capital markets, satisfy our debt service obligations and make distributions to our stockholders; changes in economic and market conditions that may adversely affect the general retail environment; the potential loss of anchor stores or major tenants; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; the intensely competitive market environment in the retail industry, including e-commerce; an increase in vacant space at our properties; the inability to lease newly developed properties and renew leases and relet space at existing properties on favorable terms; 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; risks associated with the acquisition, development, redevelopment, expansion, leasing and management of properties; general risks related to real estate investments, including the illiquidity of real estate investments; 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; changes in market rates of interest; the transition of LIBOR to an alternative reference rate; our continued ability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; risks relating to our joint venture properties, including guarantees of certain joint venture indebtedness; environmental liabilities; the conflict in Ukraine; natural disasters; the availability of comprehensive insurance coverage; the potential for terrorist activities; security breaches that could compromise our information technology or infrastructure; and the loss of key management personnel. 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).
 
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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%
42%
Yes
Total Secured Debt to Total Assets (1)
≤50%
18%
Yes
Fixed Charge Coverage Ratio
>1.5X
5.1X
Yes
Total Unencumbered Assets to Unsecured Debt
≥125%
236%
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.
 
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SELECTED FINANCIAL AND EQUITY INFORMATION
(In thousands, except as noted)
THREE MONTHS ENDED
MARCH 31,
2022
2021
Financial Highlights
Total Revenue – Consolidated Properties $  1,295,922 $    1,239,951
Consolidated Net Income (1) $ 488,310 $ 510,460
Net Income Attributable to Common Stockholders (1) $ 426,630 $ 445,860
Basic and Diluted Earnings per Common Share (EPS) (1) $ 1.30 $ 1.36
Funds from Operations (FFO) of the Operating Partnership (1) $ 1,015,112 $ 933,951
Basic and Diluted FFO per Share (FFOPS) (1) $ 2.70 $ 2.48
Comparable FFO of the Operating Partnership $ 1,046,144 $ 933,951
Basic and Diluted Comparable FFO per Share $ 2.78 $ 2.48
Declared Dividends/Distributions per Share/Unit $ 1.65 $ 1.30
AS OF
MARCH 31,
2022
AS OF
DECEMBER 31,
2021
Stockholders’ Equity Information
Limited Partners’ Units Outstanding at end of period 47,316 47,248
Common Shares Outstanding at end of period 328,647 328,620
Total Common Shares and Limited Partnership Units Outstanding at end of period 375,963 375,868
Weighted Average Limited Partnership Units Outstanding 47,264 47,280
Weighted Average Common Shares Outstanding:
Basic and Diluted – for purposes of EPS and FFOPS
328,606 328,587
Equity Market Capitalization
Common Stock Price at end of period $ 131.56 $ 159.77
Common Equity Capitalization, including Limited Partnership Units $ 49,461,731 $ 60,052,360
Preferred Equity Capitalization, including Limited Partnership Preferred Units 79,722 80,535
Total Equity Market Capitalization $ 49,541,453 $ 60,132,895
(1)
Includes a non-cash unrealized loss of  $31.0 million, or $0.08 per diluted share, from a mark-to-market in fair value of equity instruments.
 
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NET OPERATING INCOME (NOI) COMPOSITION(1)
For the Three Months Ended March 31, 2022
[MISSING IMAGE: tm2212557d3-pc_netoperpn.jpg]
(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.
(4)
Includes Lifestyle Centers.
 
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NET OPERATING INCOME OVERVIEW (AT SHARE)
(In thousands)
FOR THE THREE MONTHS
ENDED MARCH 31,
% GROWTH
2022
2021
Domestic Property NOI (1) $ 1,237,581 $ 1,150,976 7.5 %
International Properties (2) 74,379 54,849
Portfolio NOI $ 1,311,960 $ 1,205,825 8.8 %
NOI from Other Platform Investments 25,885 3,533
NOI from Investments (3) 47,365 39,013
Corporate and Other NOI Sources (4) 63,460 73,223
Beneficial interest of Combined NOI $ 1,448,670 $ 1,321,594 9.6 %
(1)
All properties in North America (including TRG’s 20 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)
NOI of Klépierre at constant currency and HBS.
(4)
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, and other assets.
 
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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(In thousands, except as noted)
RECONCILIATION OF NET INCOME TO NOI
THREE MONTHS ENDED
MARCH 31,
2022
2021
Reconciliation of NOI of consolidated entities:
Consolidated Net Income
$
488,310
$ 510,460
Income and other tax benefit
(1,435)
(5,898)
Interest expense
185,159
202,016
Loss on extinguishment of debt
2,959
Income from unconsolidated entities
(81,184)
(15,069)
Unrealized losses in fair value of equity instruments
31,032
3,201
Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
(1,491)
(93,057)
Operating Income Before Other Items
620,391
604,612
Depreciation and amortization
310,163
315,738
Home and regional office costs
52,197
35,999
General and administrative
7,833
6,576
Other expenses (1)
12,395
NOI of consolidated entities
$
1,002,979
$ 962,925
Less: Noncontrolling interest partners share of NOI
(5,944)
(4,614)
Beneficial NOI of consolidated entities
$
997,035
$ 958,311
Reconciliation of NOI of unconsolidated entities:
Net Income
$
210,862
$ 135,591
Interest expense
144,448
146,196
Operating Income Before Other Items
355,310
281,787
Depreciation and amortization
170,562
171,154
NOI of unconsolidated entities
$
525,872
$ 452,941
Less: Joint Venture partners share of NOI
(273,526)
(238,807)
Beneficial NOI of unconsolidated entities
$
252,346
$ 214,134
Add: Beneficial interest of NOI from TRG
107,292
98,060
Add: Beneficial interest of NOI from Other Platform Investments and Investments
91,997
51,089
Beneficial interest of Combined NOI
$
1,448,670
$ 1,321,594
(1)
Represents the write-off of pre-development costs.
 
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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
MARCH 31, 2022
FFO of the Operating Partnership
$ 1,015,112
Non-cash impacts to FFO (1) 67,174
FFO of the Operating Partnership excluding non-cash impacts
1,082,286
Tenant allowances (40,961)
Operational capital expenditures (19,113)
Funds available for distribution $ 1,022,212
(1)
Non-cash impacts to FFO of the Operating Partnership include:
THREE
MONTHS ENDED
MARCH 31, 2022
Deductions:
Fair value of debt amortization
(126)
Additions:
Straight-line lease loss
10,281
Fair market value of lease amortization
126
Stock based compensation expense
7,779
Unrealized losses in fair value of equity instruments
31,032
Write-off of pre-development costs and other
10,513
Mortgage, financing fee and terminated swap amortization expense
7,569
$ 67,174
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, comparable FFO, comparable 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.
 
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OTHER INCOME, OTHER EXPENSE, CAPITALIZED INTEREST, AND
INCOME FROM UNCONSOLIDATED ENTITIES
(In thousands)
THREE MONTHS ENDED
MARCH 31,
Consolidated Properties
2022
2021
Other Income
Interest, dividend and distribution income (1) $ 2,516 $ 3,491
Lease settlement income 18,488 37,598
Gains on land sales 14 698
Other (2) 39,450 27,810
Totals $ 60,468 $ 69,597
Other Expense
Ground leases $ 11,532 $ 11,158
Professional fees and other (3) 30,884 12,396
Totals $ 42,416 $ 23,554
Capitalized Interest
Our Share of Consolidated Properties
$  7,136 $  5,663
Our Share of Joint Venture Properties
$ 87 $ 409
Income from Unconsolidated Entities
Our share of Joint Ventures (4) $ 91,066 $ 48,123
Our share of Klépierre net income (loss), net of amortization of our excess investment 8,711 (7,830)
Our share of net (loss) income from Other Platform Investments (111) (424)
Our share of TRG net (loss) income including amortization of our excess investment (18,482) (24,800)
Totals
$
81,184
$
15,069
(1)
Includes distributions from other international investments and preferred unit distributions from TRG.
(2)
Includes ancillary property revenues, gift cards, marketing, media, parking and sponsorship revenues, gains on sale of non-retail investments, non-real estate investments, insurance proceeds from business interruption and other miscellaneous income items.
(3)
Q1 2022 includes $12.4 million of write-off of costs related to an international outlet development project in Germany we no longer intend to pursue.
(4)
Includes U.S. joint venture operations and international outlet joint ventures.
 
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OPERATING INFORMATION(1)
AS OF MARCH 31,
2022
2021
U.S. Malls and Premium Outlets
Total Number of Properties
164
167
Total Square Footage of Properties (in millions)
138.4
141.1
Ending Occupancy(2):
Consolidated Assets
93.3% 90.9%
Unconsolidated Assets
93.3% 90.5%
Total Portfolio
93.3%
90.8%
Base Minimum Rent PSF(3):
Consolidated Assets
$ 52.82 $ 54.25
Unconsolidated Assets
$ 57.77 $ 61.26
Total Portfolio
$
54.14
$ 56.07
The Mills
Total Number of Properties
14
14
Total Square Footage of Properties (in millions)
21.3
21.3
Ending Occupancy(4)
97.0%
95.8%
Base Minimum Rent PSF(3)
$
34.18
$ 33.60
AS OF MARCH 31,
2022
2021
International Properties(5)
Premium Outlets
Total Number of Properties
22
21
Total Square Footage of Properties (in millions)
8.4
8.3
Designer Outlets
Total Number of Properties
11
10
Total Square Footage of Properties (in millions)
2.8
2.6
Statistics for Premium Outlets in Japan
Ending Occupancy
99.5%
99.5%
Base Minimum Rent PSF
¥5,524
¥5,479
(1)
Does not include TRG portfolio.
(2)
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.
(3)
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.
(4)
See footnote 2 for definition, except Ending Occupancy is calculated on all company owned space.
(5)
Includes all international properties.
 
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U.S. MALLS AND PREMIUM OUTLETS LEASE EXPIRATIONS (1)(2)
Year
Number of
Leases
Expiring
Square Feet
Avg. Base
Minimum
Rent PSF
at 3/31/22
Percentage of
Gross Annual
Rental
Revenues (3)
Inline Stores and Freestanding
Month to Month Leases 1,445 5,420,507 $ 55.21 5.4 %
2022 (4/1/22 – 12/31/22) 1,334 4,563,917 $ 49.48 4.2 %
2023 2,869 11,370,824 $ 56.65 10.8 %
2024 2,621 10,435,631 $ 54.46 10.7 %
2025 1,604 6,421,331 $ 62.71 7.6 %
2026 1,532 5,825,620 $ 56.98 6.2 %
2027 1,004 4,151,137 $ 60.69 4.8 %
2028 762 3,525,597 $ 63.38 4.2 %
2029 752 3,213,051 $ 66.59 3.9 %
2030 461 2,176,171 $ 69.16 2.7 %
2031 315 1,680,030 $ 56.54 1.7 %
2032 110 550,608 $ 51.95 0.5 %
2033 and Thereafter 517 2,137,166 $ 48.49 2.1 %
Specialty Leasing Agreements w/ terms in excess of 12 months 2,638 6,999,099 $ 18.22 2.5 %
Anchors
Month to Month Leases 1 138,409 $ 1.18 0.0 %
2022 (4/1/22 – 12/31/22) 1 82,659 $ 1.65 0.0 %
2023 13 1,628,069 $ 4.58 0.1 %
2024 16 1,465,287 $ 8.10 0.2 %
2025 17 1,676,634 $ 6.70 0.2 %
2026 16 1,702,455 $ 5.01 0.2 %
2027 13 1,937,670 $ 4.17 0.2 %
2028 9 1,104,704 $ 6.32 0.1 %
2029 5 556,306 $ 4.51 0.0 %
2030 7 754,336 $ 8.56 0.1 %
2031 5 427,004 $ 12.18 0.0 %
2032 3 217,391 $ 14.59 0.1 %
2033 and Thereafter 19 2,106,095 $ 13.39 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)
Annual rental revenues represent 2021 consolidated and joint venture combined base rental revenue.
 
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U.S. MALLS AND PREMIUM OUTLETS TOP TENANTS
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, Inc. 283 3,053 1.7 % 3.0 %
Tapestry, Inc. 232 960 0.5 % 1.7 %
Victoria’s Secret & Co. 138 1,180 0.7 % 1.6 %
Signet Jewelers, Ltd. 350 490 0.3 % 1.5 %
PVH Corporation 156 1,140 0.7 % 1.5 %
Capri Holdings Limited 143 558 0.3 % 1.4 %
American Eagle Outfitters, Inc 220 1,380 0.8 % 1.4 %
Luxottica Group SPA 357 641 0.4 % 1.3 %
Foot Locker Retail, Inc. 174 827 0.5 % 1.1 %
VF Corporation 190 802 0.5 % 1.1 %
Top Anchors (sorted by percentage of total square footage in U.S. properties) (1)
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 Inc. 99 19,295 11.0 % 0.3 %
J.C. Penney Co., Inc. 54 8,894 5.1 % 0.3 %
Dillard’s, Inc. 34 6,235 3.6 % *
Nordstrom, Inc. 24 4,103 2.3 % 0.1 %
Dick’s Sporting Goods, Inc. 33 2,254 1.3 % 0.5 %
The Neiman Marcus Group, Inc. 12 1,458 0.8 % 0.1 %
Belk, Inc. 7 1,194 0.7 % *
Target Corporation 7 968 0.6 % 0.1 %
Hudson’s Bay Company 8 943 0.5 % 0.1 %
Von Maur, Inc. 6 768 0.4 % *
(1)
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.
 
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CAPITAL EXPENDITURES(1)
(In thousands)
UNCONSOLIDATED
PROPERTIES
CONSOLIDATED
PROPERTIES
TOTAL
OUR
SHARE
New development projects $ 24,740 $ 43,480 $ 17,431
Redevelopment projects with incremental square footage and/or anchor replacement 58,256 36,467 16,814
Redevelopment projects with no incremental square footage (2) 1,867 5,042 2,521
Subtotal new development and redevelopment projects
84,863 84,989 36,766
Tenant allowances 32,544 17,169 8,417
Operational capital expenditures (CAM and non-CAM) 8,573 23,917 10,540
Totals $ 125,980 $ 126,075 $ 55,723
Conversion from accrual to cash basis 28,669 (10,554) (4,664)
Capital Expenditures for the Three Months Ended 3/31/22 (3) $ 154,649 $ 115,521 $ 51,059
Capital Expenditures for the Three Months Ended 3/31/21 (3)
$ 114,808 $ 126,271 $ 48,462
(1)
Does not include TRG portfolio capital expenditures.
(2)
Includes restoration projects as a result of property damage from natural disasters.
(3)
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.
 
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Development Activity Summary(1)
As of March 31, 2022
(in thousands except percent)
   
PLATFORM
   PROJECT TYPE
OUR SHARE
OF NET
INVESTMENT
EXPECTED
STABILIZED
RATE OF
RETURN
ACTUAL 2022
INVESTMENT
THRU Q1 2022
FORECASTED
INVESTMENT
Q2 - Q4
FORECASTED
INVESTMENT
FY 2022
FORECASTED
INVESTMENT
FY 2023
FORECASTED
TOTAL INVESTMENT
2022 - 2023
Malls
Redevelopments
$ 538,563 6 % $ 66,874 $ 222,397 $ 289,271 $ 76,972 $ 366,243
Premium Outlets
New Developments – International
$ 183,380 8 % $ 27,579 $ 89,954 $ 117,533 $ 38,486 $ 156,019
Redevelopments – U.S.
$ 35,138 8 % $ 2,538 $ 20,007 $ 22,545 $ 5,630 $ 28,175
The Mills
Redevelopments
$ 10,581 15 % $ 98 $ 9,724 $ 9,822 $ 3,820 $ 13,642
Total Investment (1) $ 767,662 7 % $ 97,089 $ 342,082 $ 439,171 $ 124,908 $ 564,079
Less funding from: Construction
Loans, International JV Cash on hand,
etc.
$ (280,923) $ (44,999) $ (127,316) $ (172,315) $ (44,116) $ (216,431)
Total Net Cash Investment $ 486,739 $ 52,090 $ 214,766 $ 266,856 $ 80,792 $ 347,648
Notes:
(1)
Does not include TRG
 
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COMMON AND PREFERRED STOCK INFORMATION
CHANGES IN COMMON SHARE AND LIMITED PARTNERSHIP UNIT OWNERSHIP
For the Period December 31, 2021 through March 31, 2022
COMMON
SHARES (1)
LIMITED
PARTNERSHIP
UNITS (2)
Number Outstanding at December 31, 2021 328,619,625 47,247,936
First Quarter Activity
Redemption of Limited Partnership Units for Cash (1,000)
Exchange of Limited Partnership Units for Common Stock 2,680 (2,680)
Restricted Stock/Restricted Stock Unit Awards and Long-Term Incentive Performance (LTIP) Units Earned (3) 47,804 72,442
Treasury Shares Acquired Related to Stock Grant Recipients’ Tax Obligations and Other (23,514)
Number Outstanding at March 31, 2022 328,646,595 47,316,698
Number of Limited Partnership Units and Common Shares at March 31, 2022 375,963,293
PREFERRED STOCK/UNITS OUTSTANDING AS OF MARCH 31, 2022
($ 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) 255,373 $ 100.00 $ 25,537
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 March 31, 2022 was $67.99 per share.
(5)
Each preferred unit is redeemable upon the occurrence of certain tax triggering events.
 
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CREDIT PROFILE(1)
[MISSING IMAGE: tm2212557d3-bc_creditprofpn.jpg]
(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.
 
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SUMMARY OF INDEBTEDNESS(1)
As of March 31, 2022
(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
$ 4,532,835 $ 4,403,368 3.62 % 4.1
Variable Rate Debt
846,422 801,411 1.95 % 2.3
Total Mortgage Debt
5,379,257 5,204,779 3.37 % 3.8
Unsecured Debt
Fixed Rate
19,022,968 19,022,968 2.92 % 9.4
Variable Rate
500,000 500,000 0.52 % 1.8
Revolving Credit
Facility – USD Currency
125,000 125,000 1.07 % 3.2
Total Revolving Credit Facilities
125,000 125,000 1.07 % 3.2
Global Commercial Paper – USD
239,715 239,715 0.30 % 0.0
Total Unsecured Debt
19,887,683 19,887,683 2.81 % 9.1
Premium
26,282 26,282
Discount
(56,317) (56,317)
Debt Issuance Costs
(130,513) (129,069)
Other Debt Obligations
63,445 63,445
Consolidated Mortgages and
Unsecured Indebtedness (2)
$ 25,169,837 $ 24,996,803 2.93 % 8.0
Joint Venture Indebtedness
Mortgage Debt
Fixed Rate
$ 11,702,262 $ 5,480,989 3.71 % 3.8
Floating Rate Debt (Hedged) (2)
1,415,229 661,128 2.82 % 4.7
Variable Rate Debt
1,642,033 724,094 2.78 % 2.6
TMLP Debt (3)
359,663 142,668
Total Mortgage Debt
15,119,187 7,008,879 3.53 % 3.6
Debt Issuance Costs
(43,755) (20,567)
Joint Venture Mortgages and
Other Indebtedness (2)
$ 15,075,432 $ 6,988,312 3.53 % 3.6
Our Share of Total Indebtedness
$ 31,985,115 3.07 % 7.0
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
94.4 % $ 23,599,329 3.31 % 8.4
Variable
5.6 % 1,397,474 1.37 % 2.2
100.0 % 24,996,803 2.93 % 8.0
Joint Venture
Fixed
80.3 % $ 5,612,041 3.71 % 3.8
Variable
19.7 % 1,376,271 2.80 % 2.7
100.0 % 6,988,312 3.53 % 3.6
Total Debt
$ 31,985,115
Total Fixed Debt
91.3 % $ 29,211,370 3.15 % 7.5
Total Variable Debt
8.7 % $ 2,773,745 2.08 % 2.5
(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.
 
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TOTAL DEBT AMORTIZATION AND MATURITIES BY YEAR (OUR SHARE)(1)
As of March 31, 2022
(In thousands)
Year
OUR
SHARE OF
UNSECURED
CONSOLIDATED
DEBT
WEIGHTED
AVERAGE
RATE OF
MATURING
UNSECURED
CONSOLIDATED
DEBT
OUR
SHARE OF
SECURED
CONSOLIDATED
DEBT
WEIGHTED
AVERAGE
RATE OF
MATURING
SECURED
CONSOLIDATED
DEBT
OUR
SHARE OF
UNCONSOLIDATED
JOINT VENTURE
DEBT
WEIGHTED
AVERAGE
RATE OF
MATURING
UNCONSOLIDATED
JOINT
VENTURE
DEBT
OUR
SHARE OF
TOTAL
DEBT
TOTAL
WEIGHTED
AVERAGE
RATE
OF
MATURING
DEBT
2022 $ 1,073,328 1.14 % $ 347,349 2.03 % $ 620,471 3.64 % $ 2,041,148 2.03 %
2023 600,000 2.75 % 626,124 2.56 % 548,700 3.15 % 1,774,824 2.81 %
2024 3,000,000 2.52 % 322,294 3.64 % 1,342,636 3.40 % 4,664,930 2.91 %
2025 1,780,742 2.63 % 844,262 3.51 % 951,520 3.35 % 3,576,524 3.03 %
2026 1,550,000 3.28 % 2,328,557 3.82 % 1,433,018 3.78 % 5,311,575 3.65 %
2027 2,050,000 2.84 % 308,390 3.21 % 975,303 3.12 % 3,333,693 2.96 %
2028 800,000 1.75 % 48,471 3.85 % 726,341 4.50 % 1,574,812 2.91 %
2029 1,250,000 2.45 % 169,332 2.00 % 1,419,332 2.39 %
2030 750,000 2.65 % 229,237 3.12 % 979,237 2.76 %
2031 700,000 2.20 % 210,000 3.09 % 50,966 3.68 % 960,966 2.47 %
2032 1,400,000 2.45 % 116,827 4.50 % 1,516,827 2.59 %
Thereafter 4,933,613 3.76 % 13,860 6.80 % 4,947,473 3.78 %
Face Amounts of Indebtedness $ 19,887,683 2.81 % $ 5,204,779 3.37 % $ 7,008,879 3.53 % $ 32,101,341 3.07 %
Premiums (Discounts) on Indebtedness, Net (32,813) 2,778 (30,035)
Debt Issuance Costs (102,420) (26,649) (20,567) (149,636)
Other Debt Obligations 63,445 63,445
Our Share of Total Indebtedness $ 19,752,450 $ 5,244,353 $ 6,988,312 $ 31,985,115
(1)
Does not include TRG.
 
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Unsecured Debt Information
As of March 31, 2022
DEBT INFORMATION
MATURITY
DATE
INTEREST
RATE(1)
TYPE
INDEBTEDNESS
TOTAL
($ IN 000’S)
Unsecured Indebtedness:
Global Commercial Paper – USD 04/06/22
(2)
0.30 % Fixed 239,715
Simon Property Group, LP (Euro Sr. Notes) 11/18/22 1.38 % Fixed 833,613(3)
Simon Property Group, LP (Sr. Notes) 06/01/23 2.75 % Fixed 600,000
Simon Property Group, LP (Sr. Notes) 01/11/24 0.52 %
Variable
500,000
Simon Property Group, LP (Sr. Notes) 02/01/24 3.75 % Fixed 600,000
Simon Property Group, LP (Sr. Notes) 09/13/24 2.00 % Fixed 1,000,000
Simon Property Group, LP (Sr. Notes) 10/01/24 3.38 % Fixed 900,000
Simon Property Group, LP (Euro Sr. Notes) 05/13/25 1.25 % Fixed 555,742(4)
Revolving Credit Facility – USD Currency 06/30/25
(5)
1.07 %
Variable
125,000
Simon Property Group, LP (Sr. Notes) 09/01/25 3.50 % Fixed 1,100,000
Simon Property Group, LP (Sr. Notes) 01/15/26 3.30 % Fixed 800,000
Simon Property Group, LP (Sr. Notes) 11/30/26 3.25 % Fixed 750,000
Simon Property Group, LP (Sr. Notes) 01/15/27 1.38 % Fixed 550,000
Simon Property Group, LP (Sr. Notes) 06/15/27 3.38 % Fixed 750,000
Simon Property Group, LP (Sr. Notes) 12/01/27 3.38 % Fixed 750,000
Simon Property Group, LP (Sr. Notes) 02/01/28 1.75 % Fixed 800,000
Simon Property Group, LP (Sr. Notes) 09/13/29 2.45 % Fixed 1,250,000
Simon Property Group, LP (Sr. Notes) 07/15/30 2.65 % Fixed 750,000
Simon Property Group, LP (Sr. Notes) 02/01/31 2.20 % Fixed 700,000
Simon Property Group, LP (Sr. Notes) 01/15/32 2.25 % Fixed 700,000
Simon Property Group, LP (Sr. Notes) 02/01/32 2.65 % Fixed 700,000
Simon Property Group, LP (Euro Sr. Notes) 03/19/33 1.13 % Fixed 833,613(3)
Simon Property Group, LP (Sr. Notes) 02/01/40 6.75 % Fixed 600,000
Simon Property Group, LP (Sr. Notes) 03/15/42 4.75 % Fixed 550,000
Simon Property Group, LP (Sr. Notes) 10/01/44 4.25 % Fixed 400,000
Simon Property Group, LP (Sr. Notes) 11/30/46 4.25 % Fixed 550,000
Simon Property Group, LP (Sr. Notes) 09/13/49 3.25 % Fixed 1,250,000
Simon Property Group, LP (Sr. Notes) 07/15/50 3.80 % Fixed 750,000
Total Unsecured Indebtedness at Face Value $ 19,887,683(6)
(1)
Variable rate debt interest rates are based on the following base rates as of March 31, 2022:  1M LIBOR at 0.452%; 1M EUR LIBOR at -0.532%; Overnight SOFR 0.29%;CME Term SOFR 0.3024%; 3M EURIBOR at -0.458%; 6M EURIBOR at -0.367%; 3M GBP LIBOR at 1.0354%; 1M YEN TIBOR at 0.085%; 6M YEN TIBOR at .14%; 1M YEN LIBOR at -0.06%; 1M CDOR at .96%; and Cost of Funds Rate at 3.52%.
(2)
Reflects the weighted average maturity date and weighted average interest rate of all outstanding tranches of Commercial Paper at March 31, 2022.
(3)
Amount shown in USD equivalent; EUR equivalent is 750.0 million.
(4)
Amount shown in USD equivalent; EUR equivalent is 500.0 million.
(5)
Includes applicable extensions available at our option.
(6)
Also represents our share of Total Unsecured Indebtedness.
 
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PROPERTY AND DEBT INFORMATION
As of March 31, 2022
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%
499,457
(2)
3. Aventura Mall (3) FL Miami Beach (Miami)
33.3%
2,126,289
07/01/28
4.12%
Fixed
1,750,000
583,333
4. Barton Creek Square TX Austin
100.0%
1,452,087
(2)
5. Battlefield Mall MO Springfield
100.0%
1,207,279
(2)
6. Bay Park Square WI Green Bay
100.0%
691,395
(2)
7. Brea Mall CA Brea (Los Angeles)
100.0%
1,281,795
(2)
8. Briarwood Mall MI Ann Arbor
50.0%
978,051
09/01/26
3.29%
Fixed
165,000
82,500
9. Brickell City Centre (3) FL Miami
25.0%
475,606
(2)
10. Broadway Square TX Tyler
100.0%
608,739
(2)
11. Burlington Mall MA Burlington (Boston)
100.0%
1,209,347
(2)
12. Cape Cod Mall MA Hyannis
56.4%
712,338
07/30/26
(5)
2.70%
Variable
52,000
29,313
13. Castleton Square IN Indianapolis
100.0%
1,384,245
(2)
14. Cielo Vista Mall TX El Paso
100.0%
1,244,909
(2)
15. Coconut Point FL Estero
50.0%
1,197,355
10/01/26
3.95%
Fixed
178,274
89,137
16. College Mall IN Bloomington
100.0%
610,168
(2)
17. Columbia Center WA Kennewick
100.0%
733,875
(2)
18. Copley Place MA Boston
94.4%
(4)
1,263,797
(2)
19. Coral Square FL Coral Springs (Miami)
97.2%
944,159
(2)
20. Cordova Mall FL Pensacola
100.0%
925,518
(2)
21. Dadeland Mall FL Miami
50.0%
1,514,446
01/05/27
3.11%
Fixed
384,352
192,176
22. Del Amo Fashion Center CA Torrance (Los Angeles)
50.0%
2,519,600
06/01/27
3.66%
Fixed
585,000
292,500
23. Domain, The TX Austin
100.0%
1,234,673
07/01/31
3.09%
Fixed
210,000
210,000
24. Empire Mall SD Sioux Falls
100.0%
1,027,297
12/01/25
4.31%
Fixed
179,570
179,570
25. Falls, The FL Miami
50.0%
711,653
09/01/26
3.45%
Fixed
150,000
75,000
26.
Fashion Centre at Pentagon City, The
VA Arlington (Washington, DC)
42.5%
1,037,175
05/09/26
(5)
3.39%
Variable
455,000
193,376
27. Fashion Mall at Keystone, The IN Indianapolis
100.0%
716,887
(2)
28. Fashion Valley CA San Diego
50.0%
1,728,123
02/01/26
(5)
3.75%
Variable
415,000
207,500
29. Firewheel Town Center TX Garland (Dallas)
100.0%
996,231
(2)
30. Florida Mall, The FL Orlando
50.0%
1,724,965
02/09/27
(5)
2.60%
Variable
600,000
300,000
31. Forum Shops at Caesars Palace, The NV Las Vegas
100.0%
662,317
(2)
32. Galleria, The TX Houston
50.4%
2,012,331
03/01/25
3.55%
Fixed
1,200,000
604,440
33. Greenwood Park Mall IN Greenwood (Indianapolis)
100.0%
1,286,654
(2)
34. Haywood Mall SC Greenville
100.0%
1,237,364
(2)
35. King of Prussia PA King of Prussia (Philadelphia)
100.0%
2,671,260
(2)
36. La Plaza Mall TX McAllen
100.0%
1,315,150
(2)
37. Lakeline Mall TX Cedar Park (Austin)
100.0%
1,098,856
(2)
38. Lehigh Valley Mall PA Whitehall
50.0%
1,196,386
11/01/27
4.06%
Fixed
184,309
92,155
39. Lenox Square GA Atlanta
100.0%
1,553,686
(2)
 
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PROPERTY AND DEBT INFORMATION
As of March 31, 2022
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. Livingston Mall NJ Livingston (New York)
100.0%
968,878
(2)
41. Mall at Rockingham Park, The NH Salem (Boston)
28.2%
1,064,794
06/01/26
4.04%
Fixed
262,000
73,845
42. Mall of Georgia GA Buford (Atlanta)
100.0%
1,840,282
(2)
43. Mall of New Hampshire, The NH Manchester
56.4%
803,883
07/01/25
4.11%
Fixed
150,000
84,555
44. McCain Mall AR N. Little Rock
100.0%
796,306
(2)
45. Meadowood Mall NV Reno
50.0%
928,919
12/01/26
5.70%
Fixed
107,471
53,736
46. Menlo Park Mall NJ Edison (New York)
100.0%
1,280,025
(2)
47. Miami International Mall FL Miami
47.8%
1,081,674
02/06/24
4.42%
Fixed
160,000
76,442
48. Midland Park Mall TX Midland
100.0%
643,845
(2)
49. Miller Hill Mall MN Duluth
100.0%
829,535
(2)
50. North East Mall TX Hurst (Dallas)
100.0%
1,646,409
(2)
51. Northshore Mall MA Peabody (Boston)
56.4%
1,505,751
07/05/23
3.30%
Fixed
221,132
124,653
52. Ocean County Mall NJ Toms River (New York)
100.0%
886,584
(2)
53. Orland Square IL Orland Park (Chicago)
100.0%
1,231,103
(2)
54. Oxford Valley Mall PA Langhorne (Philadelphia)
85.5%
1,339,857
12/07/22
6.00%
Fixed
27,820
23,795
55. Penn Square Mall OK Oklahoma City
94.5%
1,083,693
01/01/26
3.84%
Fixed
310,000
292,938
56. Pheasant Lane Mall NH Nashua
(6)
979,595
(2)
57. Phipps Plaza GA Atlanta
100.0%
785,315
(2)
58. Plaza Carolina PR Carolina (San Juan)
100.0%
1,157,459
07/27/23
1.55%
Variable
225,000
225,000
59. Prien Lake Mall LA Lake Charles
100.0%
719,189
(2)
60. Quaker Bridge Mall NJ Lawrenceville
50.0%
1,081,296
05/01/26
4.50%
Fixed
180,000
90,000
61. Rockaway Townsquare NJ Rockaway (New York)
100.0%
1,245,980
(2)
62. Roosevelt Field NY Garden City (New York)
100.0%
2,344,646
(2)
63. Ross Park Mall PA Pittsburgh
100.0%
1,234,645
(2)
64. Santa Rosa Plaza CA Santa Rosa
100.0%
693,075
(2)
65. Shops at Chestnut Hill, The MA Chestnut Hill (Boston)
94.4%
470,062
11/01/23
4.69%
Fixed
120,000
113,328
66. Shops at Clearfork, The TX Fort Worth
45.0%
550,738
03/11/30
(25)
2.81%
Variable
145,000
65,250
67. Shops at Crystals, The NV Las Vegas
50.0%
272,248
07/01/26
3.74%
Fixed
550,000
275,000
68. Shops at Mission Viejo, The CA Mission Viejo (Los Angeles)
51.0%
1,235,413
02/01/23
3.61%
Fixed
295,000
150,450
69. Shops at Nanuet, The NY Nanuet
100.0%
757,953
(2)
70. Shops at Riverside, The NJ Hackensack (New York)
100.0%
723,506
(2)
71. Smith Haven Mall NY Lake Grove (New York)
25.0%
(7)
1,204,774
03/31/24
(5)
3.45%
Variable
171,750
42,938
72. South Hills Village PA Pittsburgh
100.0%
1,129,450
(2)
73. South Shore Plaza MA Braintree (Boston)
100.0%
1,590,682
(2)
74. Southdale Center MN Edina (Minneapolis)
100.0%
1,246,152
(2)
75. SouthPark NC Charlotte
100.0%
1,688,471
(2)
76. Springfield Mall (3) PA Springfield (Philadelphia)
50.0%
610,135
10/06/25
4.45%
Fixed
57,738
28,869
77. St. Charles Towne Center MD Waldorf  (Washington, DC)
100.0%
980,450
(2)
78. St. Johns Town Center FL Jacksonville
50.0%
1,454,187
09/11/24
3.82%
Fixed
350,000
175,000
79. Stanford Shopping Center CA Palo Alto (San Jose)
94.4%
(4)
1,287,067
(2)
 
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PROPERTY AND DEBT INFORMATION
As of March 31, 2022
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. Stoneridge Shopping Center CA Pleasanton (San Francisco)
49.9%
1,299,562
09/05/26
3.50%
Fixed
330,000
164,670
81. Summit Mall OH Akron
100.0%
774,483
10/01/26
3.31%
Fixed
85,000
85,000
82. Tacoma Mall WA Tacoma (Seattle)
100.0%
1,240,236
(2)
83. Tippecanoe Mall IN Lafayette
100.0%
864,994
(2)
84. Town Center at Boca Raton FL Boca Raton (Miami)
100.0%
1,779,525
(2)
85. Towne East Square KS Wichita
100.0%
1,157,209
(2)
86. Treasure Coast Square FL Jensen Beach
100.0%
874,998
(2)
87. Tyrone Square FL St. Petersburg (Tampa)
100.0%
960,554
(2)
88. University Park Mall IN Mishawaka
100.0%
918,673
(2)
89. Walt Whitman Shops NY Huntington Station (New York)
100.0%
1,084,648
(2)
90. West Town Mall TN Knoxville
50.0%
1,282,278
07/01/22
4.37%
Fixed
202,558
101,279
91. Westchester, The NY White Plains (New York)
40.0%
805,135
02/01/30
3.25%
Fixed
400,000
160,000
92. White Oaks Mall IL Springfield
80.7%
942,837
06/01/24
(5)
3.33%
Variable
41,879
33,788
93. Wolfchase Galleria TN Memphis
94.5%
1,151,481
11/01/26
4.15%
Fixed
155,152
146,612
94. Woodfield Mall IL Schaumburg (Chicago)
50.0%
2,153,900
03/05/24
4.50%
Fixed
387,421
193,711
95. Woodland Hills Mall OK Tulsa
94.5%
1,095,927
(2)
Total Mall Square Footage
108,025,841
Lifestyle Centers
1. ABQ Uptown NM Albuquerque
100.0%
228,563
(2)
2. Hamilton Town Center IN Noblesville (Indianapolis)
50.0%
675,141
02/24/27
(5)
2.65%
Variable
80,000
40,000
3. Liberty Tree Mall MA Danvers
49.1%
860,222
05/06/23
3.41%
Fixed
28,262
13,887
4. Northgate Station WA Seattle
100.0%
416,236
(2)
5. Pier Park FL Panama City Beach
65.6%
948,207
(2)
6. University Park Village TX Fort Worth
100.0%
170,016
05/01/28
3.85%
Fixed
53,148
53,148
Total Lifestyle Centers Square
Footage
3,298,385
 
1Q 2022 SUPPLEMENTAL
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32

TABLE OF CONTENTS
 
PROPERTY AND DEBT INFORMATION
As of March 31, 2022
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%
334,587
(2)
2. Allen Premium Outlets TX Allen (Dallas)
100.0%
548,443
(2)
3. Aurora Farms Premium Outlets OH Aurora (Cleveland)
100.0%
271,258
(2)
4. Birch Run Premium Outlets MI Birch Run (Detroit)
100.0%
593,961
02/06/26
4.21%
Fixed
123,000
123,000
5. Camarillo Premium Outlets CA Camarillo (Los Angeles)
100.0%
686,105
(2)
6. Carlsbad Premium Outlets CA Carlsbad (San Diego)
100.0%
289,046
(2)
7. Carolina Premium Outlets NC Smithfield (Raleigh)
100.0%
438,728
(2)
8. Charlotte Premium Outlets NC Charlotte
50.0%
398,353
07/01/28
4.27%
Fixed
100,000
50,000
9. Chicago Premium Outlets IL Aurora (Chicago)
100.0%
687,119
(2)
10. Cincinnati Premium Outlets OH Monroe (Cincinnati)
100.0%
398,960
(2)
11. Clarksburg Premium Outlets MD Clarksburg (Washington, DC)
66.0%
390,146
01/01/28
3.95%
Fixed
160,000
105,600
12. Clinton Premium Outlets CT Clinton
100.0%
276,225
(2)
13. Denver Premium Outlets CO Thornton (Denver)
100.0%
328,100
(2)
14. Desert Hills Premium Outlets CA Cabazon (Palm Springs)
100.0%
652,132
(2)
15. Ellenton Premium Outlets FL Ellenton (Tampa)
100.0%
477,162
12/01/25
4.30%
Fixed
178,000
178,000
16. Folsom Premium Outlets CA Folsom (Sacramento)
100.0%
298,038
(2)
17. Gilroy Premium Outlets CA Gilroy (San Jose)
100.0%
578,505
(2)
18. Gloucester Premium Outlets NJ Blackwood (Philadelphia)
50.0%
378,470
03/01/23
1.95%
Variable
86,000
43,000
19. Grand Prairie Premium Outlets TX Grand Prairie (Dallas)
100.0%
423,684
(2)
20. Grove City Premium Outlets PA Grove City (Pittsburgh)
100.0%
531,112
12/01/25
4.31%
Fixed
140,000
140,000
21. Gulfport Premium Outlets MS Gulfport
100.0%
300,179
12/01/25
4.35%
Fixed
50,000
50,000
22. Hagerstown Premium Outlets MD Hagerstown (Baltimore/
100.0%
485,603
02/06/26
4.26%
Fixed
71,528
71,528
Washington, DC)
23. Houston Premium Outlets TX Cypress (Houston)
100.0%
548,219
(2)
24. Indiana Premium Outlets IN Edinburgh (Indianapolis)
100.0%
378,024
(2)
25. Jackson Premium Outlets NJ Jackson (New York)
100.0%
285,595
(2)
26. Jersey Shore Premium Outlets NJ Tinton Falls (New York)
100.0%
434,459
(2)
27. Johnson Creek Premium Outlets WI Johnson Creek
100.0%
277,672
(2)
28. Kittery Premium Outlets ME Kittery
100.0%
259,480
(2)
29. Las Americas Premium Outlets CA San Diego
100.0%
554,273
(2)
30. Las Vegas North Premium Outlets NV Las Vegas
100.0%
676,270
(2)
31. Las Vegas South Premium Outlets NV Las Vegas
100.0%
535,728
(2)
32. Lee Premium Outlets MA Lee
100.0%
224,731
06/01/26
(8)
4.17%
Fixed
48,321
48,321
33. Leesburg Premium Outlets VA Leesburg (Washington, DC)
100.0%
478,218
(2)
34. Lighthouse Place Premium Outlets IN Michigan City (Chicago, IL)
100.0%
454,787
(2)
35. Merrimack Premium Outlets NH Merrimack
100.0%
408,891
(2)
36. Napa Premium Outlets CA Napa
100.0%
179,427
(2)
37. Norfolk Premium Outlets VA Norfolk
65.0%
332,281
04/01/32
4.50%
Fixed
75,000
48,750
 
1Q 2022 SUPPLEMENTAL
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33

TABLE OF CONTENTS
 
PROPERTY AND DEBT INFORMATION
As of March 31, 2022
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
38. North Bend Premium Outlets WA North Bend (Seattle)
100.0%
189,132
(2)
39. North Georgia Premium Outlets GA Dawsonville (Atlanta)
100.0%
540,753
(2)
40.
Orlando International Premium Outlets
FL Orlando
100.0%
773,540
(2)
41. Orlando Vineland Premium Outlets FL Orlando
100.0%
656,784
(2)
42. Petaluma Village Premium Outlets CA Petaluma (San Francisco)
100.0%
201,656
(2)
43. Philadelphia Premium Outlets PA Limerick (Philadelphia)
100.0%
549,155
(2)
44. Phoenix Premium Outlets AZ Chandler (Phoenix)
100.0%
356,508
(2)
45. Pismo Beach Premium Outlets CA Pismo Beach
100.0%
147,603
09/06/26
(9)
3.33%
Fixed
32,761
32,761
46. Pleasant Prairie Premium Outlets WI Pleasant Prairie (Chicago, IL/
100.0%
402,411
09/01/27
4.00%
Fixed
145,000
145,000
Milwaukee)
47. Puerto Rico Premium Outlets PR Barceloneta
100.0%
349,815
07/26/23
1.55%
Variable
160,000
160,000
48. Queenstown Premium Outlets MD Queenstown (Baltimore)
100.0%
289,708
09/06/26
(9)
3.33%
Fixed
57,552
57,552
49. Rio Grande Valley Premium Outlets TX Mercedes (McAllen)
100.0%
603,929
(2)
50. Round Rock Premium Outlets TX Round Rock (Austin)
100.0%
498,409
(2)
51. San Francisco Premium Outlets CA Livermore (San Francisco)
100.0%
696,899
(2)
52. San Marcos Premium Outlets TX San Marcos (Austin/
100.0%
735,412
(2)
San Antonio)
53. Seattle Premium Outlets WA Tulalip (Seattle)
100.0%
554,515
(2)
54. Silver Sands Premium Outlets FL Destin
50.0%
451,065
03/01/32
3.96%
Fixed
140,000
70,000
55. St. Augustine Premium Outlets FL St. Augustine (Jacksonville)
100.0%
327,713
(2)
56. St. Louis Premium Outlets MO St. Louis (Chesterfield)
60.0%
351,424
10/06/24
4.06%
Fixed
91,015
54,609
57. Tampa Premium Outlets FL Lutz (Tampa)
100.0%
459,687
(2)
58. Tanger Outlets – Columbus (3) OH Sunbury (Columbus)
50.0%
355,243
11/28/22
(5)
2.30%
Variable
71,000
35,500
59.
Tanger Outlets – Galveston/Houston (3)
TX Texas City
50.0%
352,705
07/01/23
(5)
2.30%
Variable
64,500
32,250
60. The Crossings Premium Outlets PA Tannersville
100.0%
411,909
(2)
61. Tucson Premium Outlets AZ Marana (Tucson)
100.0%
363,470
(2)
62. Twin Cities Premium Outlets MN Eagan
35.0%
408,984
11/06/24
4.32%
Fixed
115,000
40,250
63. Vacaville Premium Outlets CA Vacaville
100.0%
447,242
(2)
64. Waikele Premium Outlets HI Waipahu (Honolulu)
100.0%
219,475
(2)
65. Waterloo Premium Outlets NY Waterloo
100.0%
421,862
(2)
66. Williamsburg Premium Outlets VA Williamsburg
100.0%
518,979
02/06/26
4.23%
Fixed
185,000
185,000
67. Woodburn Premium Outlets OR Woodburn (Portland)
100.0%
389,491
(2)
68.
Woodbury Common Premium Outlets
NY Central Valley (New York)
100.0%
910,991
(2)
69. Wrentham Village Premium Outlets MA Wrentham (Boston)
100.0%
672,866
(2)
Total U.S. Premium Outlet Square Footage
30,403,306
 
1Q 2022 SUPPLEMENTAL
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34

TABLE OF CONTENTS
 
PROPERTY AND DEBT INFORMATION
As of March 31, 2022
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%
1,223,952
09/01/26
3.80%
Fixed
99,229
99,229
2. Arundel Mills MD Hanover (Baltimore)
59.3%
1,929,935
02/06/24
4.29%
Fixed
383,500
227,224
3. Colorado Mills CO Lakewood (Denver)
37.5%
1,416,986
11/01/24
4.28%
Fixed
125,737
47,151
07/01/31
2.80%
Fixed
30,000
11,250
4. Concord Mills NC Concord (Charlotte)
59.3%
1,334,272
11/01/22
3.84%
Fixed
235,000
139,261
5. Grapevine Mills TX Grapevine (Dallas)
59.3%
1,781,269
10/01/24
3.83%
Fixed
268,000
158,817
6. Great Mall CA Milpitas (San Jose)
100.0%
1,368,857
(2)
7. Gurnee Mills IL Gurnee (Chicago)
100.0%
1,802,880
10/01/26
3.99%
Fixed
257,710
257,710
8. Katy Mills TX Katy (Houston)
62.5%
(7)
1,768,772
12/06/22
3.49%
Fixed
140,000
87,500
9. Mills at Jersey Gardens, The NJ Elizabeth
100.0%
1,296,344
(2)
10. Ontario Mills CA Ontario (Riverside)
50.0%
1,421,855
(2)
11. Opry Mills TN Nashville
100.0%
1,167,986
07/01/26
4.09%
Fixed
375,000
375,000
12. Outlets at Orange, The CA Orange (Los Angeles)
100.0%
866,975
04/01/24
4.22%
Fixed
215,000
215,000
13. Potomac Mills VA
Woodbridge (Washington, DC)
100.0%
1,555,876
11/01/26
3.46%
Fixed
416,000
416,000
14. Sawgrass Mills FL Sunrise (Miami)
100.0%
2,327,571
(2)
Total The Mills Square Footage
21,263,530
Other Properties
Calhoun Outlet Marketplace, Crystal Mall, Dover Mall, Emerald Square,
Florida Keys Outlet Marketplace, Gaffney Outlet Marketplace, Orlando
Outlet Marketplace, Osage Beach Outlet Marketplace, Philadelphia Mills,
Southridge Mall, Square One Mall, Solomon Pond Mall, Sugarloaf Mills,
The Avenues, The Mall at Tuttle Crossing
(7)(8)(10)
1,196,140
553,735
Total Other Properties Square
Footage
12,206,463
TOTAL U.S. SQUARE FOOTAGE (11)(12)
175,197,525
 
1Q 2022 SUPPLEMENTAL
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35

TABLE OF CONTENTS
 
PROPERTY AND DEBT INFORMATION
As of March 31, 2022
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
203,568
183,211
Austria Square Footage
118,000
CANADA
2.
Premium Outlet Collection
Edmonton IA
Edmonton (Alberta)
50.0%
422,600
11/30/23
(14)
2.26%
Variable
109,132
54,566
3.
Premium Outlets Montréal
Montréal (Quebec)
50.0%
367,400
06/01/24
(14)
3.08%
Fixed
95,954
47,977
4.
Toronto Premium Outlets
Toronto (Ontario)
50.0%
504,900
(2)
5.
Vancouver Designer Outlet
Vancouver (British Columbia)
45.0%
326,000
04/19/22
(5)(14)
2.51%
Variable
129,063
58,078
Canada Square Footage
1,620,900
FRANCE
6.
Provence Designer Outlet
Miramas
90.0%
269,000
07/27/22
(5)(13)
1.60%
Variable
91,031
81,927
France Square Footage
269,000
GERMANY
7.
Ochtrup Designer Outlet
Ochtrup
70.5%
191,500
06/30/26
(13)
2.10%
Fixed
55,574
39,180
Germany Square Footage
191,500
ITALY
8.
La Reggia Designer Outlet
Marcianise (Naples)
90.0%
344,000
03/27/27
(13)
2.50%
Variable
177,837
160,054
9.
Noventa Di Piave Designer Outlet
Venice
90.0%
353,000
07/25/25
(13)
1.90%
Fixed
308,540
277,686
Italy Square Footage
697,000
JAPAN
10.
Ami Premium Outlets
Ami (Tokyo)
40.0%
315,000
09/25/23
(15)
2.22%
Fixed
10,548
4,219
11.
Gotemba Premium Outlets
Gotemba City (Tokyo)
40.0%
659,500
04/08/27
(15)
0.16%
Variable
106,706
42,682
12.
Kobe-Sanda Premium Outlets
Kobe (Osaka)
40.0%
441,000
01/31/23
(15)
0.34%
Variable
7,387
2,955
13.
Rinku Premium Outlets
Izumisano (Osaka)
40.0%
512,500
07/31/22
(15)
0.34%
Variable
8,209
3,283
07/31/27
(15)
0.30%
Fixed
48,428
19,371
14.
Sano Premium Outlets
Sano (Tokyo)
40.0%
390,800
02/28/25
(15)
0.28%
Fixed
37,347
14,939
15.
Sendai-Izumi Premium Outlets
Izumi Park Town (Sendai)
40.0%
164,200
(2)
16.
Shisui Premium Outlets
Shisui (Chiba)
40.0%
434,600
05/31/23
(15)
0.32%
Variable
22,983
9,193
11/30/23
(15)
0.32%
Variable
21,342
8,537
04/08/25
(15)
0.35%
Fixed
41,040
16,416
17.
Toki Premium Outlets
Toki (Nagoya)
40.0%
367,700
11/30/24
(15)
0.29%
Variable
2,873
1,149
11/30/24
(15)
0.21%
Fixed
21,752
8,701
18.
Tosu Premium Outlets
Fukuoka (Kyushu)
40.0%
328,400
10/31/26
(15)
0.20%
Variable
50,891
20,356
Japan Square Footage
3,613,700
 
1Q 2022 SUPPLEMENTAL
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36

TABLE OF CONTENTS
 
PROPERTY AND DEBT INFORMATION
As of March 31, 2022
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
19.
Busan Premium Outlets
Busan
50.0%
360,200
03/15/25
(16)
3.11%
Fixed
89,860
44,930
20.
Jeju Premium Outlets
Jeju Province
50.0%
92,000
(2)
21.
Paju Premium Outlets
Paju (Seoul)
50.0%
558,900
03/15/25
(16)
3.06%
Fixed
50,289
25,145
22.
Siheung Premium Outlets
Siheung (Seoul)
50.0%
444,400
03/15/24
(16)
2.51%
Fixed
123,662
61,831
23.
Yeoju Premium Outlets
Yeoju (Seoul)
50.0%
551,600
09/28/24
(16)
2.95%
Fixed
55,234
27,617
South Korea Square Footage
2,007,100
MALAYSIA
24.
Genting Highlands Premium Outlets
Pahang (Kuala Lumpur)
50.0%
277,500
02/14/24
(17)
3.99%
Variable
18,891
9,445
25.
Johor Premium Outlets
Johor (Singapore)
50.0%
309,400
(2)
Malaysia Square Footage
586,900
MEXICO
26.
Premium Outlets Punta Norte
Mexico City
50.0%
333,000
(2)
27.
Premium Outlets Querétaro
Querétaro
50.0%
274,800
12/20/33
(18)
10.78%
Fixed
21,651
10,826
06/20/23
(18)
9.87%
Variable
2,883
1,442
Mexico Square Footage
607,800
NETHERLANDS
28.
Roermond Designer Outlet
Phases 2, 3 & 4
Roermond
(19)
298,000
05/31/22
(13)
1.78%
Fixed
255,641
230,077
08/18/25
(13)
1.95%
Variable
186,729
88,253
29.
Roosendaal Designer Outlet
Roosendaal
94.0%
247,500
02/25/24
(5)(13)
1.75%
Variable
63,353
59,552
Netherlands Square Footage
545,500
SPAIN
30.
Malaga Designer Outlet
Malaga
46.1%
191,000
02/09/23
(13)
2.75%
Variable
66,113
30,485
Spain Square Footage
191,000
THAILAND
31.
Siam Premium Outlets Bangkok
Bangkok
50.0%
264,000
06/05/31
(20)
3.95%
Fixed
73,203
36,601
Thailand Square Footage
264,000
UNITED KINGDOM
32.
Ashford Designer Outlet
Kent
45.0%
281,000
05/01/22
(21)
3.08%
Fixed
131,335
59,104
33.
West Midlands Designer Outlet
Staffordshire
23.2%
197,000
02/27/23
(21)
4.69%
Variable
80,091
18,613
United Kingdom Square Footage
478,000
TOTAL INTERNATIONAL SQUARE FOOTAGE (11)(22)
11,190,400
TOTAL SQUARE FOOTAGE
186,387,925
 
1Q 2022 SUPPLEMENTAL
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37

TABLE OF CONTENTS
 
PROPERTY AND DEBT INFORMATION
As of March 31, 2022
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%
779,000
(2)
2. Cherry Creek Shopping Center CO Denver
50.0%
1,037,000
06/01/28
3.85%
Fixed
550,000
275,000
3. City Creek Center UT Salt Lake City
100.0%
623,000
08/01/23
4.37%
Fixed
71,405
71,405
4. Country Club Plaza MO Kansas City
50.0%
965,000
04/01/26
3.85%
Fixed
303,018
151,509
5. Dolphin Mall FL Miami
100.0%
1,436,000
(2)
6. Fair Oaks Mall VA Fairfax
50.0%
1,559,000
05/10/23
5.32%
Fixed
246,279
123,140
7. Gardens Mall, The FL
Palm Beach Gardens
48.5%
1,383,000
07/15/25
4.16%
Fixed
193,893
94,038
8. Gardens on El Paseo, The CA Palm Desert
100.0%
237,000
(2)
9. Great Lakes Crossing Outlets MI Auburn Hills
100.0%
1,356,000
01/06/23
3.60%
Fixed
181,824
181,824
10. International Market Place HI Waikiki, Honolulu
93.5%
340,000
08/09/24
(5)
2.61%
Variable
175,000
163,625
11. International Plaza FL Tampa
50.1%
1,178,000
10/09/26
2.15%
Variable
477,000
238,977
12. Mall at Green Hills, The TN Nashville
100.0%
1,034,000
01/01/27
2.77%
Variable
150,000
150,000
13. Mall at Millenia, The FL Orlando
50.0%
1,114,000
10/15/24
3.94%
Fixed
450,000
225,000
14. Mall at Short Hills, The NJ Short Hills
100.0%
1,408,000
10/01/27
3.48%
Fixed
1,000,000
1,000,000
15. Mall at University Town Center, The FL Sarasota
50.0%
866,000
11/01/26
3.40%
Fixed
280,000
140,000
16. Mall of San Juan, The PR San Juan
95.0%
626,000
(2)
17. Sunvalley Shopping Center CA Concord
50.0%
1,324,000
09/01/22
4.44%
Fixed
155,918
77,959
18. Twelve Oaks Mall MI Novi
100.0%
1,522,000
03/06/28
4.85%
Fixed
281,849
281,849
19. Waterside Shops FL Naples
50.0%
336,000
04/15/26
3.86%
Fixed
162,527
81,264
20. Westfarms CT West Hartford
78.9%
1,266,000
07/01/22
4.50%
Fixed
259,551
204,890
21. CityOn.Xian Xi’an, China
25.0%
995,000
03/14/29
(23)
6.00%
Fixed
159,999
40,000
22. CityOn.Zhengzhou Zhengzhou, China
24.5%
919,000
03/22/32
(23)
5.60%
Fixed
170,524
41,778
23. Starfield Anseong Anseong, South Korea
49.0%
1,068,000
02/27/25
(24)
2.17%
Fixed
250,044
122,521
24. Starfield Hanam Hanam, South Korea
17.2%
1,709,000
10/26/25
(24)
2.38%
Fixed
500,088
85,765
Total Taubman Realty Group Square Footage
25,080,000
TOTAL TRG SECURED INDEBTEDNESS
$3,750,544
TRG – Corporate & Other
TRG – $1.1B Revolving Credit Facility
100.0%
02/01/25
1.82%
Variable
865,000
865,000
TRG Term Loan
100.0%
03/31/23
4.92%
Fixed
247,720
247,720
TRG Term Loan
100.0%
02/01/25
2.02%
Fixed
272,495
272,495
TRG U.S. Headquarters
100.0%
03/01/24
3.49%
Fixed
12,000
12,000
Other
50.0%
11/01/22
3.84%
Fixed
19,404
9,702
TOTAL TRG CORPORATE AND OTHER INDEBTEDNESS
$1,406,917
Less: TRG Total Cash
420,562
TOTAL TRG NET CORPORATE DEBT
$  986,355
 
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PROPERTY AND DEBT INFORMATION
As of March 31, 2022
FOOTNOTES:
(1)
Variable rate debt interest rates are based on the following base rates as of March 31, 2022:  1M LIBOR at 0.452%; 1M EUR LIBOR at -0.532%; Overnight SOFR 0.29%; CME Term SOFR 0.3024%; 3M EURIBOR at -0.458%; 6M EURIBOR at -0.367%; 3M GBP LIBOR at 1.0354%; 1M YEN TIBOR at 0.085%; 6M YEN TIBOR at .14%; 1M YEN LIBOR at -0.06%; 1M CDOR at .96%; and Cost of Funds Rate at 3.52%.
(2)
Unencumbered asset.
(3)
This property is managed by a third party.
(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 13 encumbered properties with interest rates ranging from 3.56% to 9.35% and maturities between 2022 and 2027, 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 1.3 billion.
(14)
Amount shown in USD equivalent; CAD equivalent is 417.9 million.
(15)
Amounts shown in USD equivalent; JPY equivalent is 46.2 billion.
(16)
Amounts shown in USD equivalent; KRW equivalent is 387.0 billion.
(17)
Amounts shown in USD equivalent; MYR equivalent is 79.4 million.
(18)
Amounts shown in USD equivalent; MXN equivalent is 487.9 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 2.4 billion.
(21)
Amount shown in USD equivalent; GBP equivalent is 161.0 million.
(22)
Does not include Klépierre.
(23)
Amounts shown in USD equivalent; CNY equivalent is 2.1 billion.
(24)
Amounts shown in USD equivalent; KRW equivalent is 909.9 billion.
(25)
Through an interest rate swap agreement, interest is essentially fixed at the all-in-rate presented.
 
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TABLE OF CONTENTS
 
NON-GAAP PRO-RATA FINANCIAL INFORMATION
(In thousands)
For the Three Months Ended
March 31, 2022
For the Three Months Ended
March 31, 2021
Noncontrolling
Interests (1)
Our
Share of
Joint Ventures
Noncontrolling
Interests (1)
Our
Share of
Joint Ventures
REVENUE:
Lease income
$ (11,364) 334,812 $ (8,138) 303,249
Management fees and other revenues
Other income
(367) 55,239 (310) 33,846
Total revenue
(11,731) 390,051 (8,448) 337,095
EXPENSES:
Property operating
(2,265) 66,751 (1,643) 58,728
Depreciation and amortization
(3,945) 94,983 (4,155) 98,441
Real estate taxes
(384) 29,111 (524) 31,565
Repairs and maintenance
(231) 10,062 (394) 8,782
Advertising and promotion
(1,187) 8,968 (614) 9,094
Home and regional office costs
General and administrative
Other
(3,620) 22,813 (659) 14,792
Total operating expenses
(11,632) 232,688 (7,989) 221,402
OPERATING INCOME BEFORE OTHER ITEMS
(99) 157,363 (459) 115,693
Interest expense 1,429 (66,632) 1,832 (67,433)
Loss on extinguishment of debt
Gain on exchange of equity interests
Income and other tax benefit
Income from unconsolidated entities (334) (90,731)(2) 136 (48,260)(2)
Unrealized (losses) in fair value of equity instruments
Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
(571)
Consolidated income from continuing operations
996 938
CONSOLIDATED NET INCOME
996 938
Net income attributable to noncontrolling interests 996 (3) 938 (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, ABG and JCP.
(3)
Represents limited partners’ interest in the Operating Partnership.
 
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NON-GAAP PRO-RATA FINANCIAL INFORMATION
(In thousands)
As of March 31, 2022
As of March 31, 2021
Noncontrolling
Interests
Our
Share of
Joint Ventures
Noncontrolling
Interests
Our
Share of
Joint Ventures
ASSETS:
Investment properties, at cost
$ (496,075) $ 10,373,170 $ (452,921) $ 10,499,962
Less – accumulated depreciation
(107,509) 3,841,754 (110,975) 3,668,458
(388,566) 6,531,416 (341,946) 6,831,504
Cash and cash equivalents
(29,079) 652,787 (18,031) 646,056
Tenant receivables and accrued revenue, net
(6,131) 245,281 (7,368) 289,870
Investment in TRG, at equity
Investment in Klépierre, at equity
Investment in unconsolidated entities, at equity
(10,823) (3,116,074) (12,786) (2,504,709)
Right-of-use assets, net
(877) 72,165 (885) 75,339
Investments held in trust – special purpose acquisition company
(345,000) (345,000)
Deferred costs and other assets
(28,710) 1,529,788 (39,582) 892,403
Total assets
$ (809,186) $ 5,915,363 $ (765,598) $ 6,230,463
LIABILITIES:
Mortgages and unsecured indebtedness
$ (173,034) $ 6,988,312 $ (189,023) $ 7,093,937
Accounts payable, accrued expenses, intangibles, and deferred revenues
(30,857) 381,819 (30,213) 423,375
Cash distributions and losses in unconsolidated entities, at equity
(1,749,692) (1,565,394)
Dividend payable
Lease liabilities
(877) 66,027 (885) 77,008
Other liabilities
(57,458) 228,897 (43,026) 201,537
Total liabilities
(262,226) 5,915,363 (263,147) 6,230,463
Commitments and contingencies
Limited partners’ preferred interest in the Operating Partnership (532,768) (486,161)
EQUITY:
Stockholders’ equity
Capital stock
Series J 8 38% 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
(14,192) (16,290)
Total equity
(14,192) (16,290)
Total liabilities and equity
$ (809,186) $ 5,915,363 $ (765,598) $ 6,230,463
 
1Q 2022 SUPPLEMENTAL
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