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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): February 5, 2024

 

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
83/8% 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 February 5, 2024, Simon Property Group, Inc. issued a press release containing information on earnings for the quarter ended December 31, 2023 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 December 31, 2023.

 

Item 9.01. Financial Statements and Exhibits

 

Financial Statements:

 

None

 

Exhibits:

 

Exhibit No. Description
 
99.1 Earnings Release dated February 5, 2024 and supplemental information
104 The 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”) and 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: February 5, 2024

 

  SIMON PROPERTY GROUP, INC.
   
  By: /s/ BRIAN J. MCDADE
    Brian J. McDade,
    Executive Vice President and Chief Financial Officer

 

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 SIMON PROPERTY GROUP
EARNINGS RELEASE &
SUPPLEMENTAL INFORMATION
UNAUDITED FOURTH QUARTER

TABLE OF CONTENTS
 
TABLE OF CONTENTS
EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION
FOR THE QUARTER ENDED DECEMBER 31, 2023
PAGE
Earnings Release(1)
211
12
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
4043
(1)
Includes reconciliation of consolidated net income to funds from operations.
 
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Contacts:
Tom Ward
317-685-7330 Investors
Nicole Kennon
704-804-1960 Media
Simon® Reports Fourth Quarter and Full Year 2023 Results
and Raises Quarterly Dividend
INDIANAPOLIS, February 5, 2024 – Simon®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today reported results for the quarter and twelve months ended December 31, 2023.
“This was an excellent quarter and year for Simon Property Group, which was capped off by our 30th anniversary as a public company in December. Over that 30-year period, we are proud to have delivered a total return to shareholders of 3,100%,” said David Simon, Chairman, Chief Executive Officer and President. “In 2023, we generated record annual Funds From Operations of nearly $4.7 billion, executed over 18 million square feet of leases, delivered 13 significant redevelopment projects, and completed several major financing transactions that reinforced our industry-leading balance sheet. We achieved 2023 total shareholder return of 29.3% and returned $2.9 billion to shareholders in dividends and share repurchases.”
Results for the Quarter

Net income attributable to common stockholders was $747.5 million, or $2.29 per diluted share, as compared to $673.8 million, or $2.06 per diluted share in 2022.
 – 
Net income for the fourth quarter of 2023 includes after-tax net gains of  $117.4 million, or $0.31 per diluted share, primarily due to the partial sale of the Company’s ownership interest in Authentic Brands Group (“ABG”); prior year period included non-cash after-tax gains from investment activity of  $90.5 million, or $0.25 per diluted share.

Funds From Operations (“FFO”) was $1.382 billion, or $3.69 per diluted share as compared to $1.274 billion, or $3.40 per diluted share in the prior year, inclusive of the gains referenced above.

Domestic property Net Operating Income (“NOI”) increased 7.3% and portfolio NOI increased 7.2% compared to the prior year period.
Results for the Year

Net income attributable to common stockholders was $2.280 billion, or $6.98 per diluted share, as compared to $2.136 billion, or $6.52 per diluted share in 2022.
 – 
Net income for 2023 includes after-tax gains of  $282.9 million or $0.75 per diluted share from investment activity; prior year included non-cash after-tax gains of  $27.1 million or $0.08 per diluted share from investment activity.
 
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FFO was $4.686 billion, or $12.51 per diluted share as compared to $4.481 billion, or $11.95 per diluted share in the prior year, inclusive of the gains referenced above.

Domestic property NOI increased 4.8% and portfolio NOI increased 4.9% compared to the prior year period.
U.S. Malls and Premium Outlets Operating Statistics

Occupancy was 95.8% at December 31, 2023, compared to 94.9% at December 31, 2022, an increase of 90 basis points.

Base minimum rent per square foot was $56.82 at December 31, 2023, compared to $55.13 at December 31, 2022, an increase of 3.1%.

Reported retailer sales per square foot was $743 for the trailing 12 months ended December 31, 2023, a decrease of 1.3% compared to 2022.
Capital Markets and Balance Sheet Liquidity
The Company was active in both the secured and unsecured credit markets in 2023.
During the year, the Company completed three senior notes offerings totaling $3.1 billion, with a weighted average coupon rate of 5.36% and a weighted average term of 15.6 years. The Company also completed 16 non-recourse mortgage loans totaling approximately $1.73 billion (U.S. dollar equivalent), of which Simon’s share was $954 million. The weighted average interest rate on the mortgage loans was 6.53%. The Company also closed on a new, upsized $5.0 billion multi-currency unsecured revolving credit facility.
As of December 31, 2023, Simon had approximately $10.9 billion of liquidity consisting of  $2.8 billion of cash on hand, including its share of joint venture cash, and $8.1 billion of available capacity under its revolving credit facilities.
Dividends
Today, Simon’s Board of Directors declared a quarterly common stock dividend of $1.95 for the first quarter of 2024. This is an increase of $0.15, or 8.3% year-over-year. The dividend will be payable on March 29, 2024 to shareholders of record on March 8, 2024.
Simon’s Board of Directors declared the quarterly dividend on its 8 3/8% Series J Cumulative Redeemable Preferred Stock (NYSE: SPGPrJ) of  $1.046875 per share, payable on March 29, 2024 to shareholders of record on March 15, 2024.
2024 Guidance
The Company currently estimates net income to be within a range of $6.45 to $6.70 per diluted share and FFO to be within a range of $11.85 to $12.10 per diluted share for the year ending December 31, 2024.
The following table provides the GAAP to non-GAAP reconciliation for the expected range of estimated net income attributable to common stockholders per diluted share to FFO per diluted share:
 
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For the year ending December 31, 2024
Low
End
High
End
Estimated net income attributable to common stockholders per diluted share $ 6.45 $ 6.70
Depreciation and amortization including Simon’s share of unconsolidated entities 5.40 5.40
Estimated FFO per diluted share $ 11.85 $ 12.10
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 Time, Monday, February 5, 2024. A live webcast of the conference call will be accessible in listen-only mode at investors.simon.com. An audio replay of the conference call will be available until February 12, 2024. To access the audio replay, dial 1-844-512-2921 (international +1-412-317-6671) passcode 13743637.
Supplemental Materials and Website
Supplemental information on our fourth quarter 2023 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 and portfolio NOI 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 NOI growth are financial performance measures widely used in the REIT industry. Our definitions of these non-GAAP measures may not be the same as similar measures reported by other REITs.
Forward-Looking Statements
Certain statements made in this press release may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be attained, and it is possible that the Company’s actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: changes in economic and market conditions that may adversely affect the general retail environment, including but not limited to those caused by inflation, recessionary pressures, wars, escalating geopolitical tensions as a result of the war in Ukraine and the conflicts in the Middle East, and supply chain disruptions; the inability to
 
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renew leases and relet vacant space at existing properties on favorable terms; the potential loss of anchor stores or major tenants; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; an increase in vacant space at our properties; the potential for violence, civil unrest, criminal activity or terrorist activities at our properties; natural disasters; the availability of comprehensive insurance coverage; the intensely competitive market environment in the retail industry, including e-commerce; security breaches that could compromise our information technology or infrastructure; reducing emissions of greenhouse gases; environmental liabilities; our international activities subjecting us to risks that are different from or greater than those associated with our domestic operations, including changes in foreign exchange rates; our continued ability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; risks associated with the acquisition, development, redevelopment, expansion, leasing and management of properties; the inability to lease newly developed properties on favorable terms; the loss of key management personnel; uncertainties regarding the impact of pandemics, epidemics or public health crises, and the associated governmental restrictions on our business, financial condition, results of operations, cash flow and liquidity; changes in market rates of interest; the impact of our substantial indebtedness on our future operations, including covenants in the governing agreements that impose restrictions on us that may affect our ability to operate freely; any disruption in the financial markets that may adversely affect our ability to access capital for growth and satisfy our ongoing debt service requirements; any change in our credit rating; risks relating to our joint venture properties, including guarantees of certain joint venture indebtedness; and general risks related to real estate investments, including the illiquidity of real estate investments.
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 December 31,
For the Twelve Months
Ended December 31,
2023
2022
2023
2022
REVENUE:
Lease income
$
1,362,455
$ 1,287,141
$
5,164,335
$ 4,905,175
Management fees and other revenues
33,484
31,853
125,995
116,904
Other income
131,499
80,904
368,506
269,368
Total revenue
1,527,438
1,399,898
5,658,836
5,291,447
EXPENSES:
Property operating
122,793
127,206
489,346
464,135
Depreciation and amortization
320,256
317,181
1,262,107
1,227,371
Real estate taxes
103,330
109,612
441,783
443,224
Repairs and maintenance
29,420
29,602
97,257
93,595
Advertising and promotion
40,633
35,364
127,346
107,793
Home and regional office costs
53,113
41,168
207,618
184,592
General and administrative
10,278
9,994
38,513
34,971
Other
55,476
45,566
187,844
152,213
Total operating expenses
735,299
715,693
2,851,814
2,707,894
OPERATING INCOME BEFORE OTHER ITEMS
792,139
684,205
2,807,022
2,583,553
Interest expense
(224,923)
(200,901)
(854,648)
(761,253)
Gain on disposal, exchange, or revaluation of equity interests, net
167,390
121,177
362,019
121,177
Income and other tax expense
(41,622)
(52,344)
(81,874)
(83,512)
Income from unconsolidated entities
167,828
213,635
375,663
647,977
Unrealized (losses) gains in fair value of publicly traded equity instruments and derivative instrument, net
(8,157)
2,208
11,892
(61,204)
Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and
interests in unconsolidated entities and impairment, net
6,841
4,768
(3,056)
5,647
CONSOLIDATED NET INCOME
859,496
772,748
2,617,018
2,452,385
Net income attributable to noncontrolling interests
111,182
98,128
333,892
312,850
Preferred dividends
834
834
3,337
3,337
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
$
747,480
$ 673,786
$
2,279,789
$ 2,136,198
BASIC AND DILUTED EARNINGS PER COMMON SHARE:
Net income attributable to common stockholders
$
2.29
$ 2.06
$
6.98
$ 6.52
 
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Simon Property Group, Inc.
Unaudited Consolidated Balance Sheets
(Dollars in thousands, except share amounts)
December 31,
2023
December 31,
2022
ASSETS:
Investment properties, at cost
$
39,285,138
$ 38,326,912
Less – accumulated depreciation
17,716,788
16,563,749
21,568,350
21,763,163
Cash and cash equivalents
1,168,991
621,628
Short-term investments
1,000,000
Tenant receivables and accrued revenue, net
826,126
823,540
Investment in TRG, at equity
3,049,719
3,074,345
Investment in Klépierre, at equity
1,527,872
1,561,112
Investment in other unconsolidated entities, at equity
3,540,648
3,511,263
Right-of-use assets, net
484,073
496,930
Deferred costs and other assets
1,117,716
1,159,293
Total assets
$
34,283,495
$ 33,011,274
LIABILITIES:
Mortgages and unsecured indebtedness
$
26,033,423
$ 24,960,286
Accounts payable, accrued expenses, intangibles, and deferred revenues
1,693,248
1,491,583
Cash distributions and losses in unconsolidated entities, at equity
1,760,922
1,699,828
Dividend payable
1,842
1,997
Lease liabilities
484,861
497,953
Other liabilities
621,601
535,736
Total liabilities
30,595,897
29,187,383
Commitments and contingencies
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests
195,949
212,239
EQUITY:
Stockholders’ Equity
Capital stock ( total shares authorized, $0.0001 par value, 238,000,000 shares of excess common stock, 850,000,000 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
41,106
41,435
Common stock, $0.0001 par value, 511,990,000 shares authorized, 342,895,886 and 342,905,419 issued and outstanding, respectively
33
34
Class B common stock, $0.0001 par value, 10,000 shares authorized, 8,000 issued and outstanding
Capital in excess of par value
11,406,236
11,232,881
Accumulated deficit
(6,095,576)
(5,926,974)
Accumulated other comprehensive loss
(172,787)
(164,873)
Common stock held in treasury, at cost, 16,983,364 and 15,959,628 shares, respectively
(2,156,178)
(2,043,979)
Total stockholders’ equity
3,022,834
3,138,524
Noncontrolling interests
468,815
473,128
Total equity
3,491,649
3,611,652
Total liabilities and equity
$
34,283,495
$ 33,011,274
 
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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 December 31,
For the Twelve Months
Ended December 31,
2023
2022
2023
2022
REVENUE:
Lease income
$
772,258
$ 752,541
$
2,984,455
$ 2,894,611
Other income
106,797
83,478
464,058
341,923
Total revenue
879,055
836,019
3,448,513
3,236,534
OPERATING EXPENSES:
Property operating
163,275
159,804
638,638
605,018
Depreciation and amortization
172,727
161,836
656,089
666,762
Real estate taxes
45,258
59,010
237,809
246,707
Repairs and maintenance
21,642
23,200
77,093
81,522
Advertising and promotion
24,577
22,058
83,279
74,776
Other
56,742
59,827
236,955
205,405
Total operating expenses
484,221
485,735
1,929,863
1,880,190
OPERATING INCOME BEFORE OTHER ITEMS
394,834
350,284
1,518,650
1,356,344
Interest expense
(176,964)
(159,668)
(685,193)
(599,245)
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net
45,814
20,529
50,336
NET INCOME
$
217,870
$ 236,430
$
853,986
$ 807,435
Third-Party Investors’ Share of Net Income
$
107,069
$ 142,897
$
436,408
$ 423,816
Our Share of Net Income
110,801
93,533
417,578
383,619
Amortization of Excess Investment (A)
(14,926)
(14,956)
(59,707)
(60,109)
Our Share of Gain on Sale or Disposal of, or Recovery on, Assets and Interests in Unconsolidated Entities, net
(454)
(2,532)
Income from Unconsolidated Entities (B)
$
95,875
$ 78,577
$
357,417
$ 320,978
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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Simon Property Group, Inc.
Unaudited Joint Venture Combined Balance Sheets
(Dollars in thousands)
December 31,
2023
December 31,
2022
Assets:
Investment properties, at cost
$
19,315,578
$ 19,256,108
Less – accumulated depreciation
8,874,745
8,490,990
10,440,833
10,765,118
Cash and cash equivalents
1,372,377
1,445,353
Tenant receivables and accrued revenue, net
505,933
546,025
Right-of-use assets, net
126,539
143,526
Deferred costs and other assets
537,943
482,375
Total assets
$
12,983,625
$ 13,382,397
Liabilities and Partners’ Deficit:
Mortgages
$
14,282,839
$ 14,569,921
Accounts payable, accrued expenses, intangibles, and deferred revenue
1,032,217
961,984
Lease liabilities
116,535
133,096
Other liabilities
368,582
446,064
Total liabilities
15,800,173
16,111,065
Preferred units
67,450
67,450
Partners’ deficit
(2,883,998)
(2,796,118)
Total liabilities and partners’ deficit
$
12,983,625
$ 13,382,397
Our Share of:
Partners’ deficit
$
(1,258,809)
$ (1,232,086)
Add: Excess Investment (A)
1,173,852
1,219,117
Our net Investment in unconsolidated entities, at equity
$
(84,957)
$ (12,969)
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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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
December 31,
For the Twelve Months Ended
December 31,
2023
2022
2023
2022
Consolidated Net Income (D)
$
859,496
$ 772,748
$
2,617,018
$ 2,452,385
Adjustments to Arrive at FFO:
Depreciation and amortization from consolidated properties
316,881
311,304
1,250,550
1,214,441
Our share of depreciation and amortization from unconsolidated entities, including Klépierre, TRG and other corporate investments
219,604
200,654
841,862
845,784
(Gain) loss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
(6,841)
(4,768)
3,056
(5,647)
Net loss (income) attributable to noncontrolling interest holders in properties
585
(240)
1,336
(2,738)
Noncontrolling interests portion of depreciation and amortization, gain on consolidation of properties, and loss (gain) on disposal of properties
(6,464)
(4,594)
(22,719)
(18,234)
Preferred distributions and dividends
(1,298)
(1,313)
(5,237)
(5,252)
FFO of the Operating Partnership
$
1,381,963
$ 1,273,791
$
4,685,866
$ 4,480,739
Diluted net income per share to diluted FFO per share reconciliation:
Diluted net income per share
$
2.29
$ 2.06
$
6.98
$ 6.52
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
1.42
1.35
5.52
5.44
(Gain) loss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
(0.02)
(0.01)
0.01
(0.01)
Diluted FFO per share
$
3.69
$ 3.40
$
12.51
$ 11.95
Details for per share calculations:
FFO of the Operating Partnership
$
1,381,963
$ 1,273,791
$
4,685,866
$ 4,480,739
Diluted FFO allocable to unitholders
(179,592)
(160,937)
(597,727)
(564,946)
Diluted FFO allocable to common stockholders
$
1,202,371
$ 1,112,854
$
4,088,139
$ 3,915,793
Basic and Diluted weighted average shares outstanding
325,934
326,954
326,808
327,817
Weighted average limited partnership units outstanding
48,930
47,303
47,782
47,295
Basic and Diluted weighted average shares and units outstanding
374,864
374,257
374,590
375,112
Basic and Diluted FFO per Share
$
3.69
$ 3.40
$
12.51
$ 11.95
Percent Change
8.5%
4.7%
 
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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 and FFO per share. FFO is a performance measure that is standard in the REIT business. We believe FFO provides investors with additional information concerning our operating performance and a basis to compare our performance with those of other REITs. We also use these measures internally to monitor the operating performance of our portfolio. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs.
We determine FFO based upon the definition set forth by the National Association of Real Estate Investment Trusts (“NAREIT”) Funds From Operations White Paper – 2018 Restatement. Our main business includes acquiring, owning, operating, developing, and redeveloping real estate in conjunction with the rental of retail real estate. Gains and losses of assets incidental to our main business are included in FFO. We determine FFO to be our share of consolidated net income computed in accordance with GAAP, excluding real estate related depreciation and amortization, excluding gains and losses from extraordinary items, excluding gains and losses from the sale, disposal or property insurance recoveries of, or any impairment related to, depreciable retail operating properties, plus the allocable portion of FFO of unconsolidated joint ventures based upon economic ownership interest, and all determined on a consistent basis in accordance with GAAP. However, you should understand that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income determined in accordance with GAAP as a measure of operating performance, and is not an alternative to cash flows as a measure of liquidity.
(D)
Includes our share of:
 – 
Gain on land sales of  $5.8 million and $0.2 million for the three months ended December 31, 2023 and 2022, respectively, and $13.6 million and $15.8 million for the twelve months ended December 31, 2023 and 2022, respectively.
 – 
Straight-line adjustments decreased income by ($1.0) million and ($3.9) million for the three months ended December 31, 2023 and 2022, respectively, and ($11.4) million and ($26.8) million for the twelve months ended December 31, 2023 and 2022, respectively.
 – 
Amortization of fair market value of leases increased (decreased) income by $0.0 million and $0.1 million for the three months ended December 31, 2023 and 2022, respectively, and $0.2 million and ($0.2) million for the twelve months ended December 31, 2023 and 2022, respectively.
 
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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 December 31, 2023, we owned or had an interest in 230 properties comprising 183 million square feet in North America, Asia and Europe. We also owned an 84% 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 December 31, 2023, 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 December 31, 2023 for the Company and the Operating Partnership.
Certain statements made in this Supplemental Package may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained, and it is possible that our actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: changes in economic and market conditions that may adversely affect the general retail environment, including but not limited to those caused by inflation, recessionary pressures, wars, escalating geopolitical tensions as a result of the war in Ukraine and the conflicts in the Middle East, and supply chain disruptions; the inability to renew leases and relet vacant space at existing properties on favorable terms; the potential loss of anchor stores or major tenants; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; an increase in vacant space at our properties; the potential for violence, civil unrest, criminal activity or terrorist activities at our properties; natural disasters; the availability of comprehensive insurance coverage; the intensely competitive market environment in the retail industry, including e-commerce; security breaches that could compromise our information technology or infrastructure; reducing emissions of greenhouse gases; environmental liabilities; our international activities subjecting us to risks that are different from or greater than those associated with our domestic operations, including changes in foreign exchange rates; our continued ability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; risks associated with the acquisition, development, redevelopment, expansion, leasing and management of properties; the inability to lease newly developed properties on favorable terms; the loss of key management personnel; uncertainties regarding the impact of pandemics, epidemics or public health crises, and the associated governmental restrictions on our business, financial condition, results of operations, cash flow and liquidity; changes in market rates of interest; the impact of our substantial indebtedness on our future operations, including covenants in the governing agreements that impose restrictions on us that may affect our ability to operate freely; any disruption in the financial markets that may adversely affect our ability to access capital for growth and satisfy our ongoing debt service requirements; any change in our credit rating; risks relating to our joint venture properties, including guarantees of certain joint venture indebtedness; and general risks related to real estate investments, including the illiquidity of real estate investments. We discuss these and other risks and uncertainties under the heading “Risk Factors” in our annual and quarterly periodic reports filed with the SEC. We may update that discussion in subsequent other periodic reports, but, except as required by law, we undertake no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.
Any questions, comments or suggestions regarding this Supplemental Information should be directed to Tom Ward, Senior Vice President of Investor Relations (tom.ward@simon.com or 317.685.7330).
 
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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%
41%
Yes
Total Secured Debt to Total Assets (1)
≤50%
18%
Yes
Fixed Charge Coverage Ratio
>1.5X
4.3X
Yes
Total Unencumbered Assets to Unsecured Debt
≥125%
259%
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
DECEMBER 31,
TWELVE MONTHS ENDED
DECEMBER 31,
2023
2022
2023
2022
Financial Highlights
Total Revenue – Consolidated Properties $ 1,527,438 $ 1,399,898 $ 5,658,836 $ 5,291,447
Consolidated Net Income $ 859,496 $ 772,748 $ 2,617,018 $ 2,452,385
Net Income Attributable to Common Stockholders $ 747,480 $ 673,786 $ 2,279,789 $ 2,136,198
Basic and Diluted Earnings per Common Share (EPS) $ 2.29 $ 2.06 $ 6.98 $ 6.52
Funds from Operations (FFO) of the Operating Partnership $ 1,381,963 $ 1,273,791 $ 4,685,866 $ 4,480,739
Components of Basic and Diluted FFO per Share (FFOPS)
Real Estate
$ 3.23 $ 2.97 $ 11.78 $ 11.39
Gains on disposal, exchange or revalution of equity interests, net of tax
0.33 0.24 0.72 0.24
Other Platform Investments
0.15 0.18 (0.02) 0.48
Unrealized (losses) gains in fair value of publicly traded equity instruments and derivative instrument, net
(0.02) 0.01 0.03 (0.16)
Basic and Diluted FFOPS $ 3.69 $ 3.40 $ 12.51 $ 11.95
Dividends/Distributions per Share/Unit $ 1.90 $ 1.80 $ 7.45 $ 6.90
AS OF
DECEMBER 31,
2023
AS OF
DECEMBER 31,
2022
Stockholders’ Equity Information
Limited Partners’ Units Outstanding at end of period 48,914 47,303
Common Shares Outstanding at end of period 325,920 326,954
Total Common Shares and Limited Partnership Units Outstanding at end of period 374,834 374,257
Weighted Average Limited Partnership Units Outstanding 47,782 47,295
Weighted Average Common Shares Outstanding:
Basic and Diluted – for purposes of EPS and FFOPS
326,808 327,817
Equity Market Capitalization
Common Stock Price at end of period $ 142.64 $ 117.48
Common Equity Capitalization, including Limited Partnership Units $ 53,466,356 $ 43,967,683
Preferred Equity Capitalization, including Limited Partnership Preferred Units 70,296 73,681
Total Equity Market Capitalization $ 53,536,652 $ 44,041,364
 
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Net Operating Income (NOI) Composition (1)
For the Twelve Months Ended December 31, 2023
[MISSING IMAGE: pc_netoper-pn.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.
 
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Net Operating Income Overview (AT SHARE)
(In thousands)
FOR THE THREE MONTHS
ENDED DECEMBER 31,
% GROWTH
For the Twelve Months
Ended December 31,
% GROWTH
2023
2022
2023
2022
Domestic Property NOI (1) $ 1,420,732 $ 1,324,489 7.3 % $ 5,262,973 $ 5,023,291 4.8 %
International Properties (2) 83,860 78,411 307,957 289,185
Portfolio NOI $ 1,504,592 $ 1,402,900 7.2 % $ 5,570,930 $ 5,312,476 4.9 %
NOI from Other Platform Investments (3) 97,040 125,059 138,686 355,019
NOI from Investments (4) 63,497 66,978 233,562 238,695
Corporate and Other NOI Sources (5) 82,525 9,867 287,231 154,309
Beneficial interest of Combined NOI $ 1,747,654 $ 1,604,804 8.9 % $ 6,230,409 $ 6,060,499 2.8 %
(1)
All properties in North America (including TRG’s 18 in the U.S., 4 in Canada and 2 in Mexico).
(2)
International properties outside of North America at constant currency (including TRG’s 4 international properties).
(3)
Includes investments in retail operations (J.C. Penney and SPARC Group); intellectual property and licensing venture (Authentic Brands Group, LLC, or ABG); an e-commerce company (Rue Gilt Groupe, or RGG); and a global real estate investment and management company (Jamestown).
(4)
NOI of Klépierre at constant currency and HBS.
(5)
Includes income components excluded from Domestic Property NOI and Portfolio NOI including domestic lease termination income, interest income, land sale gains, straight line lease income, above/below market lease adjustments, Simon management company revenues, foreign exchange impact, and other assets.
 
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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(In thousands, except as noted)
RECONCILIATION OF NET INCOME TO NOI
THREE MONTHS ENDED
DECEMBER 31,
TWELVE MONTHS ENDED
DECEMBER 31,
2023
2022
2023
2022
Reconciliation of NOI of consolidated entities:
Consolidated Net Income
$
859,496
$ 772,748
$
2,617,018
$ 2,452,385
Income and other tax expense
41,622
52,344
81,874
83,512
Gain on disposal, exchange, or revaluation of equity interests, net
(167,390)
(121,177)
(362,019)
(121,177)
Interest expense
224,923
200,901
854,648
761,253
Income from unconsolidated entities
(167,828)
(213,635)
(375,663)
(647,977)
Unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net
8,157
(2,208)
(11,892)
61,204
(Gain) loss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
(6,841)
(4,768)
3,056
(5,647)
Operating Income Before Other Items
792,139
684,205
2,807,022
2,583,553
Depreciation and amortization
320,256
317,181
1,262,107
1,227,371
Home and regional office costs
53,113
41,168
207,618
184,592
General and administrative
10,278
9,994
38,513
34,971
Other expenses
320
320
13,413
NOI of consolidated entities
$
1,176,106
$ 1,052,548
$
4,315,580
$ 4,043,900
Less: Noncontrolling interest partners share of NOI
(8,355)
(6,623)
(30,918)
(27,685)
Beneficial NOI of consolidated entities
$
1,167,751
$ 1,045,925
$
4,284,662
$ 4,016,215
Reconciliation of NOI of unconsolidated entities:
Net Income
$
217,870
$ 236,430
$
853,986
$ 807,435
Interest expense
176,964
159,668
685,193
599,245
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net
(45,814)
(20,529)
(50,336)
Operating Income Before Other Items
394,834
350,284
1,518,650
1,356,344
Depreciation and amortization
172,727
161,836
656,089
666,762
Other expenses
143
1,309
143
1,309
NOI of unconsolidated entities
$
567,704
$ 513,429
$
2,174,882
$ 2,024,415
Less: Joint Venture partners share of NOI
(293,017)
(270,358)
(1,132,334)
(1,059,095)
Beneficial NOI of unconsolidated entities
$
274,687
$ 243,071
$
1,042,548
$ 965,320
Add: Beneficial interest of NOI from TRG
144,680
127,016
503,858
474,214
Add: Beneficial interest of NOI from Other Platform Investments and Investments (1)
160,536
188,792
399,341
604,750
Beneficial interest of Combined NOI
$
1,747,654
$ 1,604,804
$
6,230,409
$ 6,060,499
(1)
See footnotes 3 and 4 on prior page.
 
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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
DECEMBER 31, 2023
TWELVE
MONTHS ENDED
DECEMBER 31, 2023
FFO of the Operating Partnership
$ 1,381,963 $ 4,685,866
Non-cash impacts to FFO (1) 22,048 (79,274)
FFO of the Operating Partnership excluding non-cash impacts
1,404,011 4,606,592
Tenant allowances (57,106) (265,150)
Operational capital expenditures (81,307) (180,516)
Funds available for distribution $ 1,265,598 $ 4,160,926
(1)
Non-cash impacts to FFO of the Operating Partnership include:
THREE
MONTHS ENDED
DECEMBER 31, 2023
TWELVE
MONTHS ENDED
DECEMBER 31, 2023
Deductions:
Fair value of debt amortization
(187) (993)
Gain on disposal, exchange or revaluation of equity interests, net of tax
(7,688) (153,154)
Fair market value of lease amortization
(34) (232)
Additions:
Straight-line lease loss
931 11,359
Stock based compensation expense
12,109 41,180
Unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net
8,157 (11,892)
Write-off of pre-development costs
391 391
Mortgage, financing fee, accretion interest, and terminated swap amortization expense
8,369 34,067
$ 22,048 $ (79,274)
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, 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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LEASE INCOME, OTHER INCOME, OTHER EXPENSE, INCOME FROM
UNCONSOLIDATED ENTITIES, AND CAPITALIZED INTEREST
(In thousands)
THREE MONTHS ENDED
DECEMBER 31,
TWELVE MONTHS ENDED
DECEMBER 31,
Consolidated Properties
2023
2022
2023
2022
Lease Income
Fixed lease income (1) $ 1,067,245 $ 984,108 $ 4,145,288 $ 3,858,592
Variable lease income (2) 295,210 303,033 1,019,047 1,046,583
Total Lease Income $ 1,362,455 $ 1,287,141 $ 5,164,335 $ 4,905,175
Other Income
Interest, dividend and distribution income (3) $ 37,731 $ 9,533 $ 85,842 $ 21,287
Lease settlement income 4,409 2,084 13,483 30,440
Gains on land sales 1,242 164 7,104 16,210
Mixed-use and franchise operations income 33,383 20,203 102,079 50,051
Other (4) 54,734 48,920 159,998 151,380
Total Other Income $ 131,499 $ 80,904 $ 368,506 $ 269,368
Other Expense
Ground leases $ 12,587 $ 11,665 $ 47,720 $ 46,768
Mixed-use and franchise operations expense 30,422 20,034 97,325 46,517
Professional fees and other 12,467 13,867 42,799 58,928
Total Other Expense $ 55,476 $ 45,566 $ 187,844 $ 152,213
Income from Unconsolidated Entities
Share of Joint Ventures (5) $ 95,875 $ 78,577 $ 357,416 $ 320,978
Share of Klépierre net income, net of amortization of excess investment 5,559 45,546 58,303 100,875
Share of Other Platform Investments net income (loss), net of amortization of excess investment, pre-tax
71,239 105,501 31,926 286,687
Share of TRG net loss including amortization of excess investment (4,845) (15,989) (71,982) (60,563)
Total Income from Unconsolidated Entities $ 167,828 $ 213,635 $ 375,663 $ 647,977
Capitalized Interest
Our Share of Consolidated Properties $ 7,035 $ 7,258 $ 39,894 $ 35,477
Our Share of Joint Venture Properties $ 339 $ 129 $ 1,157 $ 410
(1)
Fixed lease income under our operating leases includes fixed minimum lease consideration and fixed CAM reimbursements recorded on a straight-line basis.
(2)
Variable lease income primarily includes consideration based on sales, as well as reimbursements for real estate taxes, utilities, and marketing.
(3)
Includes distributions from other international investments and preferred unit distributions from TRG.
(4)
Includes ancillary property revenues, marketing, media, parking and sponsorship revenues, gains on sale of non-retail real estate investments, non-real estate investments, insurance proceeds from business interruption and other miscellaneous income items.
(5)
Includes U.S. joint venture operations and international outlet joint ventures.
 
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OPERATING INFORMATION
AS OF DECEMBER 31,
2023
2022
U.S. Malls and Premium Outlets
Total Number of Properties
162
163
Total Square Footage of Properties (in millions)
136.7
137.6
Ending Occupancy (1):
Consolidated Assets
95.7% 94.9%
Unconsolidated Assets
96.1% 94.9%
Total Portfolio
95.8%
94.9%
Base Minimum Rent PSF (2):
Consolidated Assets
$ 55.47 $ 53.95
Unconsolidated Assets
$ 60.59 $ 58.36
Total Portfolio
$
56.82
$ 55.13
U.S. TRG
Total Number of Properties
20
20
Total Square Footage of Properties (in millions)
20.4
20.4
Ending Occupancy (1)
95.7%
94.5%
Base Minimum Rent PSF (2)
$
65.01
$ 61.76
AS OF DECEMBER 31,
2023
2022
The Mills
Total Number of Properties
14
14
Total Square Footage of Properties (in millions)
21.3
21.3
Ending Occupancy (3)
97.8%
98.2%
Base Minimum Rent PSF (2)
$
36.38
$ 34.89
International Properties (4)
Premium Outlets
Total Number of Properties
23
23
Total Square Footage of Properties (in millions)
8.7
8.7
Designer Outlets
Total Number of Properties
12
11
Total Square Footage of Properties (in millions)
3.0
2.8
TRG
Total Number of Properties
4
4
Total Square Footage of Properties (in millions)
4.7
4.7
(1)
Ending Occupancy is the percentage of total owned square footage (GLA) which is leased as of the last day of the reporting period. We include all company owned space except for mall anchors, mall majors, mall freestanding and mall outlots in the calculation.
(2)
Base Minimum Rent PSF is the average base minimum rent charge in effect for the reporting period for all tenants that would qualify to be included in Ending Occupancy as defined above.
(3)
See footnote 1 for definition, except Ending Occupancy is calculated on all company owned space.
(4)
Includes all international properties.
 
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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 Expiration (3)
Percentage of
Gross Annual
Rental
Revenues (4)
Inline Stores and Freestanding
Month to Month Leases 1,411 4,689,200 $ 63.14 5.2 %
2024 3,138 11,781,465 $ 54.56 11.5 %
2025 2,577 9,630,540 $ 60.72 10.4 %
2026 2,243 9,209,816 $ 58.29 8.4 %
2027 1,667 6,621,308 $ 65.39 7.7 %
2028 1,403 6,387,151 $ 66.90 7.5 %
2029 966 4,428,365 $ 71.40 5.4 %
2030 608 2,760,369 $ 82.26 3.9 %
2031 345 1,853,682 $ 72.84 2.3 %
2032 456 1,699,419 $ 94.63 2.9 %
2033 504 1,919,460 $ 90.27 3.1 %
2034 and Thereafter 605 2,653,437 $ 58.21 2.5 %
Specialty Leasing Agreements w/ terms in excess of 12 months 2,313 6,194,556 $ 16.98 1.9 %
Anchors
Month to Month Leases 2 263,650 $ 2.52 0.0 %
2024 7 842,303 $ 5.63 0.1 %
2025 17 1,641,383 $ 6.49 0.2 %
2026 17 1,765,292 $ 5.52 0.2 %
2027 13 1,765,268 $ 5.32 0.2 %
2028 16 1,986,210 $ 5.73 0.2 %
2029 12 1,021,244 $ 8.10 0.2 %
2030 9 865,476 $ 11.00 0.1 %
2031 5 427,004 $ 14.53 0.0 %
2032 4 282,245 $ 25.21 0.1 %
2033 7 1,028,383 $ 8.48 0.2 %
2034 and Thereafter 28 2,621,296 $ 16.39 0.6 %
(1)
Does not include TRG portfolio lease expirations.
(2)
Does not consider the impact of renewal options that may be contained in leases.
(3)
Average Base Minimum Rent psf reflects base minimum rent in the respective year of expiration.
(4)
Annual rental revenues represent 2023 consolidated and joint venture combined base rental revenue.
 
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U.S. MALLS AND PREMIUM OUTLETS TOP TENANTS (1)
Top Inline Store Tenants (sorted by percentage of total base minimum rent for U.S. properties)
Tenant
Number
of
Stores
Square
Feet
(000’s)
Percent of
Total Sq. Ft. in
U.S. Properties
Percent of Total
Base Minimum Rent
for U.S. Properties
The Gap 283 3,042 1.8 % 2.9 %
Tapestry 224 945 0.6 % 1.6 %
Signet Jewelers 349 495 0.3 % 1.6 %
Victoria’s Secret & Co. 135 1,144 0.7 % 1.5 %
Capri Holdings 137 545 0.3 % 1.4 %
American Eagle Outfitters 218 1,375 0.8 % 1.4 %
PVH Corporation 146 1,100 0.6 % 1.3 %
LVMH Fashion 110 413 0.2 % 1.3 %
VF Corporation 203 877 0.5 % 1.2 %
Luxottica Group 353 638 0.4 % 1.2 %
Top Anchors (sorted by percentage of total square footage in U.S. properties) (2)
Tenant
Number
of
Stores
Square
Feet
(000’s)
Percent of
Total Sq. Ft. in
U.S. Properties
Percent of Total
Base Minimum Rent
for U.S. Properties
Macy’s 97 18,845 11.0 % 0.3 %
J.C. Penney 53 8,668 5.0 % 0.3 %
Dillard’s 35 6,377 3.7 % *
Nordstrom 24 4,103 2.4 % 0.1 %
Dick’s Sporting Goods 36 2,801 1.6 % 0.6 %
Neiman Marcus 12 1,458 0.8 % 0.1 %
Belk 7 1,194 0.7 % *
Target 7 968 0.6 % 0.1 %
Hudson’s Bay 8 943 0.5 % 0.1 %
Von Maur 7 892 0.5 % *
(1)
Does not include TRG portfolio top tenants.
(2)
Includes space leased and owned by anchors in U.S. Malls; does not include Bloomingdale’s The Outlet Store, Neiman Marcus Last Call, Nordstrom Rack, and Saks Fifth Avenue Off 5th.
*
Less than one-tenth of one percent.
 
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CAPITAL EXPENDITURES (1)
(In thousands)
UNCONSOLIDATED
PROPERTIES
CONSOLIDATED
PROPERTIES
TOTAL
OUR
SHARE
New development projects $ 179,726 $ 25,869 $ 8,983
Redevelopment projects with incremental square footage and/or anchor replacement 354,042 131,120 65,179
Redevelopment projects with no incremental square footage 37,872 56,365 28,852
Subtotal new development and redevelopment projects
571,640 213,354 103,014
Tenant allowances 213,070 108,447 52,080
Operational capital expenditures (CAM and non-CAM) 139,203 91,285 41,312
Totals $ 923,913 $ 413,086 $ 196,406
Conversion from accrual to cash basis (130,630) 8,446 4,016
Capital Expenditures for the Twelve Months Ended 12/31/23 (2) $ 793,283 $ 421,532 $ 200,422
Capital Expenditures for the Twelve Months Ended 12/31/22 (2)
$
650,024
$
458,957
$
211,292
(1)
Does not include TRG portfolio capital expenditures.
(2)
Agrees with the line item “Capital expenditures” on the Combined Statements of Cash Flows for the consolidated properties. No statement of cash flows is prepared for the joint venture properties; however, the above reconciliation was completed in the same manner as the reconciliation for the consolidated properties.
 
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DEVELOPMENT ACTIVITY SUMMARY (1)
As of December 31, 2023
(in thousands, except percent)
   
PLATFORM
   PROJECT TYPE
OUR SHARE
OF NET
INVESTMENT
EXPECTED
STABILIZED
RATE OF
RETURN
ACTUAL 2023
INVESTMENT
FORECASTED
INVESTMENT
FY 2024 - 2025
FORECASTED
TOTAL INVESTMENT
2023 - 2025
Malls
Redevelopments
$ 874,416 7 % $ 161,282 $ 408,183 $ 569,465
Premium Outlets
New Developments
$ 338,680 8 % $ 109,985 $ 133,261 $ 243,246
Redevelopments
$ 98,229 10 % $ 26,978 $ 48,651 $ 75,629
The Mills
Redevelopments
$ 32,517 13 % $ 15,906 $ 11,598 $ 27,504
Total Investment (1) $ 1,343,842 7 % $ 314,151 $ 601,693 $ 915,844
Less funding from: Construction Loans, International JV Cash on hand, etc.
$ (321,448) $ (103,871) $ (103,736) $ (207,607)
Total Net Cash Investment $ 1,022,394 $ 210,280 $ 497,957 $ 708,237
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, 2022 through December 31, 2023
COMMON
SHARES (1)
LIMITED
PARTNERSHIP
UNITS (2)
Number Outstanding at December 31, 2022 326,953,791 47,302,958
Activity During the First Nine Months of 2023
Redemption of Limited Partnership Units for Cash (95,322)
Restricted Stock/Restricted Stock Unit Awards and Long-Term Incentive Performance (LTIP) Units Earned (3) 295,907
Treasury Shares Acquired Related to Stock Grant Recipients’ Tax Obligations and Other (50,658)
Issuance of Limited Partnership Units 1,725,000
Repurchase of Simon Property Group Common Stock in open market (951,627)
Number Outstanding at September 30, 2023 326,247,413 48,932,636
Fourth Quarter Activity
Redemption of Limited Partnership Units for Cash (18,919)
Restricted Stock/Restricted Stock Unit Awards and Long-Term Incentive Performance (LTIP) Units Earned (3) (4,785)
Repurchase of Simon Property Group Common Stock in open market (322,106)
Number Outstanding at December 31, 2023 325,920,522 48,913,717
Number of Limited Partnership Units and Common Shares at December 31, 2023 374,834,239
PREFERRED STOCK/UNITS OUTSTANDING AS OF DECEMBER 31, 2023
($ 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) 230,373 $ 100.00 $ 23,037
N/A
(1)
Excludes Limited Partnership preferred units relating to preferred stock outstanding.
(2)
Excludes units owned by the Company (shown here as Common Shares) and Limited Partnership Units not exchangeable for common shares.
(3)
Represents restricted stock/restricted stock unit awards and earned LTIP units issued pursuant to the Operating Partnership’s 2019 Stock Incentive Plan, net of forfeitures.
(4)
Each share is redeemable on or after October 15, 2027. The shares are traded on the New York Stock Exchange. The closing price on December 29, 2023 was $59.30 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: bc_creditprofile-pn.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 December 31, 2023
(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
$ 4,700,039 $ 4,535,908 3.82 % 3.0
Floating Rate Debt (Swapped to Fixed)
141,276 127,148 4.25 % 3.2
Floating Rate Debt (Hedged) (2)
179,253 148,609 4.82 % 0.8
Variable Rate Debt
153,251 134,771 7.12 % 2.3
Total Mortgage Debt
5,173,819 4,946,436 3.95 % 2.9
Unsecured Debt
Fixed Rate
20,707,442 20,707,442 3.35 % 9.4
Revolving Credit
Facility – USD Currency
305,000 305,000 5.22 % 4.5
Total Revolving Credit Facilities
305,000 305,000 5.22 % 4.5
Total Unsecured Debt
21,012,442 21,012,442 3.38 % 9.3
Premium
13,635 13,635
Discount
(86,626) (86,626)
Debt Issuance Costs
(140,442) (139,233)
Other Debt Obligations
60,595 60,595
Consolidated Mortgages and
Unsecured Indebtedness (2)
$ 26,033,423 $ 25,807,249 3.49 % 8.1
Joint Venture Indebtedness
Mortgage Debt
Fixed Rate
$ 11,348,509 $ 5,392,283 4.31 % 3.8
Floating Rate Debt (Swapped to Fixed)
770,504 336,314 4.82 % 3.7
Floating Rate Debt (Hedged) (2)
1,082,700 507,226 6.60 % 2.7
Variable Rate Debt
784,312 330,643 6.28 % 2.5
TMLP Debt (3)
328,199 136,792
Total Mortgage Debt
14,314,224 6,703,258 4.61 % 3.6
Debt Issuance Costs
(31,385) (15,089)
Joint Venture Mortgages and
Other Indebtedness (2)
$ 14,282,839 $ 6,688,169 4.61 % 3.6
Our Share of Total Indebtedness
$ 32,495,418 3.70 % 7.2
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
98.9 % $ 25,527,955 3.47 % 8.2
Variable
1.1 % 279,294 5.91 % 1.5
100.0 % 25,807,249 3.49 % 8.1
Joint Venture
Fixed
87.5 % $ 5,854,809 4.34 % 3.8
Variable
12.5 % 833,360 6.47 % 2.7
100.0 % 6,688,169 4.61 % 3.6
Total Debt
$ 32,495,418
Total Fixed Debt
96.6 % $ 31,382,764 3.63 % 7.3
Total Variable Debt
3.4 % $ 1,112,654 6.33 % 2.4
Total Variable Debt Inclusive of In-the Money-Caps
1.4 %
(1)
Does not include TRG secured and corporate debt.
(2)
Amounts give effect to outstanding derivative instruments as footnoted in the Property and Debt Information.
(3)
See footnote 10 on the Property and Debt Information.
 
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TOTAL DEBT AMORTIZATION AND MATURITIES BY YEAR (OUR SHARE) (1)
As of December 31, 2023
(In thousands)
UNSECURED CONSOLIDATED DEBT
SECURED CONSOLIDATED DEBT
UNCONSOLIDATED JOINT VENTURE DEBT
TOTAL
Year
OUR SHARE
OF DEBT
WEIGHTED
AVERAGE
RATE
OUR SHARE
OF DEBT
WEIGHTED
AVERAGE
RATE
OUR SHARE
OF DEBT
WEIGHTED
AVERAGE
RATE
OUR SHARE
OF DEBT
WEIGHTED
AVERAGE
RATE
2024 $ 2,500,000 2.92 % $ 437,726 4.29 % $ 962,730 4.15 % $ 3,900,456 3.42 %
2025 1,651,860 2.75 % 927,825 3.71 % 1,240,291 4.24 % 3,819,976 3.46 %
2026 2,377,791 3.35 % 2,330,927 3.97 % 1,284,088 4.52 % 5,992,806 3.84 %
2027 2,050,000 2.84 % 389,486 4.49 % 1,128,991 4.66 % 3,568,477 3.61 %
2028 1,105,000 2.71 % 48,808 3.85 % 812,514 4.31 % 1,966,322 3.40 %
2029 1,250,000 2.45 % 463,072 3.15 % 20,792 0.37 % 1,733,864 2.62 %
2030 750,000 2.65 % 232,283 3.12 % 982,283 2.91 %
2031 700,000 2.20 % 226,824 3.21 % 50,847 4.20 % 977,671 2.52 %
2032 1,400,000 2.45 % 372,023 5.23 % 1,772,023 3.07 %
2033 1,477,791 3.05 % 121,768 6.46 % 587,848 6.80 % 2,187,407 4.28 %
2034 500,000 6.25 % 500,000 6.25 %
Thereafter 5,250,000 4.71 % 10,851 4.46 % 5,260,851 4.71 %
Face Amounts of Indebtedness $ 21,012,442 3.38 % $ 4,946,436 3.95 % $ 6,703,258 4.61 % $ 32,662,136 3.70 %
Premiums (Discounts) on Indebtedness, Net (74,968) 1,977 (72,991)
Debt Issuance Costs (125,557) (13,676) (15,089) (154,322)
Other Debt Obligations 60,595 60,595
Our Share of Total Indebtedness $ 20,811,917 $ 4,995,332 $ 6,688,169 $ 32,495,418
(1)
Does not include TRG.
 
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Unsecured Debt Information
As of December 31, 2023
DEBT INFORMATION
MATURITY
DATE
INTEREST
RATE
TYPE
INDEBTEDNESS
TOTAL
($ IN 000’S)
Unsecured Indebtedness:
Simon Property Group, LP (Sr. Notes) 2/1/2024 3.75 % Fixed 600,000
Simon Property Group, LP (Sr. Notes) 9/13/2024 2.00 % Fixed 1,000,000
Simon Property Group, LP (Sr. Notes) 10/1/2024 3.38 % Fixed 900,000
Simon Property Group, LP (Euro Sr. Notes) 5/13/2025 1.25 % Fixed 551,860(1)
Simon Property Group, LP (Sr. Notes) 9/1/2025 3.50 % Fixed 1,100,000
Simon Property Group, LP (Sr. Notes) 1/15/2026 3.30 % Fixed 800,000
Simon Property Group, LP (Exchangable Euro Sr. Bonds) 11/14/2026
(2)
3.50 % Fixed 827,791(3)
Simon Property Group, LP (Sr. Notes) 11/30/2026 3.25 % Fixed 750,000
Simon Property Group, LP (Sr. Notes) 1/15/2027 1.38 % Fixed 550,000
Simon Property Group, LP (Sr. Notes) 6/15/2027 3.38 % Fixed 750,000
Simon Property Group, LP (Sr. Notes) 12/1/2027 3.38 % Fixed 750,000
Simon Property Group, LP (Sr. Notes) 2/1/2028 1.75 % Fixed 800,000
Revolving Credit Facility – USD Currency 6/30/2028
(4)(5)
5.22 % Fixed 305,000
Simon Property Group, LP (Sr. Notes) 9/13/2029 2.45 % Fixed 1,250,000
Simon Property Group, LP (Sr. Notes) 7/15/2030 2.65 % Fixed 750,000
Simon Property Group, LP (Sr. Notes) 2/1/2031 2.20 % Fixed 700,000
Simon Property Group, LP (Sr. Notes) 1/15/2032 2.25 % Fixed 700,000
Simon Property Group, LP (Sr. Notes) 2/1/2032 2.65 % Fixed 700,000
Simon Property Group, LP (Sr. Notes) 3/8/2033 5.50 % Fixed 650,000
Simon Property Group, LP (Euro Sr. Notes) 3/19/2033 1.13 % Fixed 827,791(3)
Simon Property Group, LP (Sr. Notes) 1/15/2034 6.25 % Fixed 500,000
Simon Property Group, LP (Sr. Notes) 2/1/2040 6.75 % Fixed 600,000
Simon Property Group, LP (Sr. Notes) 3/15/2042 4.75 % Fixed 550,000
Simon Property Group, LP (Sr. Notes) 10/1/2044 4.25 % Fixed 400,000
Simon Property Group, LP (Sr. Notes) 11/30/2046 4.25 % Fixed 550,000
Simon Property Group, LP (Sr. Notes) 9/13/2049 3.25 % Fixed 1,250,000
Simon Property Group, LP (Sr. Notes) 7/15/2050 3.80 % Fixed 750,000
Simon Property Group, LP (Sr. Notes) 3/8/2053 5.85 % Fixed 650,000
Simon Property Group, LP (Sr. Notes) 1/15/2054 6.65 % Fixed 500,000
Total Unsecured Indebtedness at Face Value $ 21,012,442(6)
(1)
Amount shown in USD equivalent; EUR equivalent is 500.0 million.
(2)
Notes exchangable into ordinary shares of Klépierre S.A., at a common price of €27.21.
(3)
Amount shown in USD equivalent; EUR equivalent is 750.0 million.
(4)
Through an interest rate swap agreement which matures on December 31, 2025, interest is essentially fixed at the all-in-rate presented.
(5)
Includes applicable extensions available at our option.
(6)
Also represents our share of Total Unsecured Indebtedness.
 
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PROPERTY AND DEBT INFORMATION
As of December 31, 2023
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%
473,909
(2)
2. Auburn Mall MA Auburn
56.4%
498,585
(2)
3. Aventura Mall (3) FL Miami Beach (Miami)
33.3%
2,125,039
07/01/28
4.12%
Fixed
1,750,000
583,333
4. Barton Creek Square TX Austin
100.0%
1,450,120
(2)
5. Battlefield Mall MO Springfield
100.0%
1,202,894
(2)
6. Bay Park Square WI Green Bay
100.0%
690,367
(2)
7. Brea Mall CA Brea (Los Angeles)
100.0%
1,312,469
(2)
8. Briarwood Mall MI Ann Arbor
50.0%
978,578
09/01/26
3.29%
Fixed
165,000
82,500
9. Brickell City Centre (3) FL Miami
25.0%
474,976
(2)
10. Broadway Square TX Tyler
100.0%
613,188
(2)
11. Burlington Mall MA Burlington (Boston)
100.0%
1,257,403
(2)
12. Cape Cod Mall MA Hyannis
56.4%
712,316
07/30/26
(5)
7.65%
Variable
52,000
29,313
13. Castleton Square IN Indianapolis
100.0%
1,378,543
(2)
14. Cielo Vista Mall TX El Paso
100.0%
1,244,921
(2)
15. Coconut Point FL Estero
50.0%
1,122,671
10/01/26
3.95%
Fixed
171,638
85,819
16. College Mall IN Bloomington
100.0%
610,243
(2)
17. Columbia Center WA Kennewick
100.0%
763,262
(2)
18. Copley Place MA Boston
94.4%
(4)
1,258,499
(2)
19. Coral Square FL Coral Springs (Miami)
97.2%
944,930
(2)
20. Cordova Mall FL Pensacola
100.0%
932,823
(2)
21. Dadeland Mall FL Miami
50.0%
1,512,286
01/05/27
3.11%
Fixed
369,656
184,828
22. Del Amo Fashion Center CA Torrance (Los Angeles)
50.0%
2,506,375
06/01/27
3.66%
Fixed
585,000
292,500
23. Domain, The TX Austin
100.0%
1,235,864
07/01/31
3.09%
Fixed
210,000
210,000
24. Empire Mall SD Sioux Falls
100.0%
1,168,222
12/01/25
4.31%
Fixed
173,340
173,340
25. Falls, The FL Miami
50.0%
708,039
09/01/26
3.45%
Fixed
150,000
75,000
26.
Fashion Centre at Pentagon City, The
VA Arlington (Washington, DC)
42.5%
1,035,830
05/09/26
(5)(31)
6.94%
Variable
455,000
193,376
27. Fashion Mall at Keystone, The IN Indianapolis
100.0%
710,416
(2)
28. Fashion Valley CA San Diego
50.0%
1,728,913
06/01/33
5.73%
Fixed
450,000
225,000
29. Firewheel Town Center TX Garland (Dallas)
100.0%
996,102
(2)
30. Florida Mall, The FL Orlando
50.0%
1,726,423
02/09/27
(5)(32)
6.30%
Variable
600,000
300,000
31. Forum Shops at Caesars Palace, The NV Las Vegas
100.0%
677,254
(2)
32. Galleria, The TX Houston
50.4%
2,006,392
03/01/25
3.55%
Fixed
1,200,000
604,440
33. Greenwood Park Mall IN Greenwood (Indianapolis)
100.0%
1,285,587
(2)
34. Haywood Mall SC Greenville
100.0%
1,251,801
(2)
35. King of Prussia PA King of Prussia (Philadelphia)
100.0%
2,669,140
(2)
36. La Plaza Mall TX McAllen
100.0%
1,323,670
(2)
37. Lakeline Mall TX Cedar Park (Austin)
100.0%
1,098,830
(2)
38. Lehigh Valley Mall PA Whitehall
50.0%
1,197,641
11/01/27
4.06%
Fixed
177,171
88,586
39. Lenox Square GA Atlanta
100.0%
1,561,760
(2)
 
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PROPERTY AND DEBT INFORMATION
As of December 31, 2023
DEBT INFORMATION
PROPERTY NAME
STATE
CITY (CBSA)
LEGAL
OWNERSHIP
TOTAL
SQUARE FEET
MATURITY
DATE
INTEREST
RATE(1)
TYPE
INDEBTEDNESS ($ in 000’s)
TOTAL
OUR SHARE
40. Mall at Rockingham Park, The NH Salem (Boston)
28.2%
1,063,692
06/01/26
4.04%
Fixed
262,000
73,845
41. Mall of Georgia GA Buford (Atlanta)
100.0%
1,839,287
(2)
42. Mall of New Hampshire, The NH Manchester
56.4%
803,161
07/01/25
4.11%
Fixed
150,000
84,555
43. McCain Mall AR N. Little Rock
100.0%
789,435
(2)
44. Meadowood Mall NV Reno
50.0%
927,444
12/01/26
5.74%
Fixed
103,768
51,884
45. Menlo Park Mall NJ Edison (New York)
100.0%
1,275,426
(2)
46. Miami International Mall FL Miami
47.8%
1,080,615
02/06/24
4.42%
Fixed
160,000
76,442
47. Midland Park Mall TX Midland
100.0%
644,974
(2)
48. Miller Hill Mall MN Duluth
100.0%
833,741
(2)
49. North East Mall TX Hurst (Dallas)
100.0%
1,644,996
(2)
50. Northshore Mall MA Peabody (Boston)
56.4%
1,584,045
07/05/25
8.02%
Fixed
190,083
107,150
51. Ocean County Mall NJ Toms River (New York)
100.0%
889,661
(2)
52. Orland Square IL Orland Park (Chicago)
100.0%
1,230,541
(2)
53. Penn Square Mall OK Oklahoma City
94.5%
1,083,361
01/01/26
3.84%
Fixed
310,000
292,938
54. Pheasant Lane Mall NH Nashua
(6)
978,753
(2)
55. Phipps Plaza GA Atlanta
100.0%
941,962
(2)
56. Plaza Carolina PR Carolina (San Juan)
100.0%
1,156,417
(2)
57. Prien Lake Mall LA Lake Charles
100.0%
719,289
(2)
58. Quaker Bridge Mall NJ Lawrenceville
50.0%
1,080,938
05/01/26
4.20%
Fixed
180,000
90,000
59. Rockaway Townsquare NJ Rockaway (New York)
100.0%
1,243,804
(2)
60. Roosevelt Field NY Garden City (New York)
100.0%
2,349,859
(2)
61. Ross Park Mall PA Pittsburgh
100.0%
1,233,079
(2)
62. Santa Rosa Plaza CA Santa Rosa
100.0%
698,074
(2)
63. Shops at Chestnut Hill, The MA Chestnut Hill (Boston)
94.4%
470,062
08/31/33
6.66%
Fixed
94,621
89,360
64. Shops at Clearfork, The TX Fort Worth
45.0%
556,703
03/11/30
(25)
2.81%
Fixed
145,000
65,250
65. Shops at Crystals, The NV Las Vegas
50.0%
273,171
07/01/26
3.74%
Fixed
550,000
275,000
66. Shops at Mission Viejo, The CA Mission Viejo (Los Angeles)
51.0%
1,260,952
02/01/25
(5)
3.61%
Fixed
289,240
147,512
67. Shops at Nanuet, The NY Nanuet
100.0%
757,652
(2)
68. Shops at Riverside, The NJ Hackensack (New York)
100.0%
726,132
(2)
69. Smith Haven Mall NY Lake Grove (New York)
25.0%
(7)
1,249,209
03/31/24
8.45%
Variable
171,750
42,938
70. South Hills Village PA Pittsburgh
100.0%
1,123,907
(2)
71. South Shore Plaza MA Braintree (Boston)
100.0%
1,590,586
(2)
72. Southdale Center MN Edina (Minneapolis)
100.0%
1,148,722
(2)
73. SouthPark NC Charlotte
100.0%
1,685,220
(2)
74. Springfield Mall (3) PA Springfield (Philadelphia)
50.0%
610,322
10/06/25
4.45%
Fixed
55,203
27,602
75. St. Charles Towne Center MD Waldorf  (Washington, DC)
100.0%
980,164
(2)
76. St. Johns Town Center FL Jacksonville
50.0%
1,444,638
09/11/24
3.82%
Fixed
350,000
175,000
77. Stanford Shopping Center CA Palo Alto (San Jose)
94.4%
(4)
1,291,823
(2)
78. Stoneridge Shopping Center CA Pleasanton (San Francisco)
49.9%
1,299,721
09/05/26
3.50%
Fixed
330,000
164,670
79. Summit Mall OH Akron
100.0%
774,346
10/01/26
3.31%
Fixed
85,000
85,000
 
4Q 2023 SUPPLEMENTAL
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31

TABLE OF CONTENTS
 
PROPERTY AND DEBT INFORMATION
As of December 31, 2023
DEBT INFORMATION
PROPERTY NAME
STATE
CITY (CBSA)
LEGAL
OWNERSHIP
TOTAL
SQUARE FEET
MATURITY
DATE
INTEREST
RATE(1)
TYPE
INDEBTEDNESS ($ in 000’s)
TOTAL
OUR SHARE
80. Tacoma Mall WA Tacoma (Seattle)
100.0%
1,249,153
(2)
81. Tippecanoe Mall IN Lafayette
100.0%
864,759
(2)
82. Town Center at Boca Raton FL Boca Raton (Miami)
100.0%
1,778,036
(2)
83. Towne East Square KS Wichita
100.0%
1,157,209
(2)
84. Treasure Coast Square FL Jensen Beach
100.0%
875,028
(2)
85. Tyrone Square FL St. Petersburg (Tampa)
100.0%
960,452
(2)
86. University Park Mall IN Mishawaka
100.0%
917,498
(2)
87. Walt Whitman Shops NY Huntington Station (New York)
100.0%
1,083,139
(2)
88. West Town Mall TN Knoxville
50.0%
1,281,179
(2)
89. Westchester, The NY White Plains (New York)
40.0%
805,159
02/01/30
3.25%
Fixed
400,000
160,000
90. White Oaks Mall IL Springfield
88.6%
925,366
06/01/24
(28)
7.75%
Variable
38,000
33,684
06/01/24
8.34%
Variable
857
760
91. Wolfchase Galleria TN Memphis
94.5%
1,151,424
11/01/26
4.15%
Fixed
155,152
146,612
92. Woodfield Mall IL Schaumburg (Chicago)
50.0%
2,151,130
12/01/33
6.71%
Fixed
294,000
147,000
93. Woodland Hills Mall OK Tulsa
94.5%
1,237,510
(2)
Total Mall Square Footage
106,219,207
Lifestyle Centers
1. ABQ Uptown NM Albuquerque
100.0%
228,751
(2)
2. Hamilton Town Center IN Noblesville (Indianapolis)
50.0%
675,606
02/24/27
(5)
7.70%
Variable
79,077
39,539
3. Liberty Tree Mall MA Danvers
49.1%
861,456
05/03/28
(25)
6.18%
Fixed
28,311
13,911
4. Northgate Station WA Seattle
100.0%
416,622
(2)
5. Pier Park FL Panama City Beach
65.6%
946,945
(2)
6. University Park Village TX Fort Worth
100.0%
170,740
05/01/28
3.85%
Fixed
51,254
51,254
Total Lifestyle Centers Square
Footage
3,300,120
 
4Q 2023 SUPPLEMENTAL
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32

TABLE OF CONTENTS
 
PROPERTY AND DEBT INFORMATION
As of December 31, 2023
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%
309,095
(2)
2. Allen Premium Outlets TX Allen (Dallas)
100.0%
548,455
(2)
3. Aurora Farms Premium Outlets OH Aurora (Cleveland)
100.0%
265,970
(2)
4. Birch Run Premium Outlets MI Birch Run (Detroit)
100.0%
593,316
02/06/26
4.21%
Fixed
123,000
123,000
5. Camarillo Premium Outlets CA Camarillo (Los Angeles)
100.0%
691,550
(2)
6. Carlsbad Premium Outlets CA Carlsbad (San Diego)
100.0%
288,893
(2)
7. Carolina Premium Outlets NC Smithfield (Raleigh)
100.0%
438,713
(2)
8. Charlotte Premium Outlets NC Charlotte
50.0%
398,656
07/01/28
4.27%
Fixed
99,309
49,655
9. Chicago Premium Outlets IL Aurora (Chicago)
100.0%
687,048
(2)
10. Cincinnati Premium Outlets OH Monroe (Cincinnati)
100.0%
398,986
(2)
11. Clarksburg Premium Outlets MD Clarksburg (Washington, DC)
66.0%
389,983
01/01/28
3.95%
Fixed
157,399
103,883
12. Clinton Premium Outlets CT Clinton
100.0%
276,225
(2)
13. Denver Premium Outlets CO Thornton (Denver)
100.0%
328,101
(2)
14. Desert Hills Premium Outlets CA Cabazon (Palm Springs)
100.0%
656,108
(2)
15. Ellenton Premium Outlets FL Ellenton (Tampa)
100.0%
477,158
12/01/25
4.30%
Fixed
178,000
178,000
16. Finger Lakes Premium Outlets NY Waterloo
100.0%
422,403
(2)
17. Folsom Premium Outlets CA Folsom (Sacramento)
100.0%
298,818
(2)
18. Gilroy Premium Outlets CA Gilroy (San Jose)
100.0%
578,478
(2)
19. Gloucester Premium Outlets NJ Blackwood (Philadelphia)
66.0%
378,518
03/01/33
6.12%
Fixed
75,000
50,003
20. Grand Prairie Premium Outlets TX Grand Prairie (Dallas)
100.0%
423,465
(2)
21. Grove City Premium Outlets PA Grove City (Pittsburgh)
100.0%
531,156
12/01/25
4.31%
Fixed
140,000
140,000
22. Gulfport Premium Outlets MS Gulfport
100.0%
300,213
12/01/25
4.35%
Fixed
50,000
50,000
23. Hagerstown Premium Outlets MD
Hagerstown (Baltimore/Washington, DC)
100.0%
485,646
02/06/26
4.26%
Fixed
69,532
69,532
24. Houston Premium Outlets TX Cypress (Houston)
100.0%
548,311
(2)
25. Indiana Premium Outlets IN Edinburgh (Indianapolis)
100.0%
378,015
(2)
26. Jackson Premium Outlets NJ Jackson (New York)
100.0%
285,595
(2)
27. Jersey Shore Premium Outlets NJ Tinton Falls (New York)
100.0%
434,644
(2)
28. Johnson Creek Premium Outlets WI Johnson Creek
100.0%
277,663
(2)
29. Kittery Premium Outlets ME Kittery
100.0%
259,448
(2)
30. Las Americas Premium Outlets CA San Diego
100.0%
689,339
(2)
31. Las Vegas North Premium Outlets NV Las Vegas
100.0%
675,814
(2)
32. Las Vegas South Premium Outlets NV Las Vegas
100.0%
535,669
(2)
33. Lee Premium Outlets MA Lee
100.0%
224,753
06/01/26
(8)
4.17%
Fixed
46,307
46,307
34. Leesburg Premium Outlets VA Leesburg (Washington, DC)
100.0%
478,218
(2)
35. Lighthouse Place Premium Outlets IN Michigan City (Chicago, IL)
100.0%
454,790
(2)
36. Merrimack Premium Outlets NH Merrimack
100.0%
408,849
(2)
37. Napa Premium Outlets CA Napa
100.0%
178,899
(2)
38. Norfolk Premium Outlets VA Norfolk
65.0%
332,284
04/01/32
4.50%
Fixed
75,000
48,750
39. North Bend Premium Outlets WA North Bend (Seattle)
100.0%
189,132
(2)
 
4Q 2023 SUPPLEMENTAL
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33

TABLE OF CONTENTS
 
PROPERTY AND DEBT INFORMATION
As of December 31, 2023
DEBT INFORMATION
PROPERTY NAME
STATE
CITY (CBSA)
LEGAL
OWNERSHIP
TOTAL
SQUARE FEET
MATURITY
DATE
INTEREST
RATE(1)
TYPE
INDEBTEDNESS ($ in 000’s)
TOTAL
OUR SHARE
40. North Georgia Premium Outlets GA Dawsonville (Atlanta)
100.0%
540,672
(2)
41.
Orlando International Premium Outlets
FL Orlando
100.0%
774,234
(2)
42. Orlando Vineland Premium Outlets FL Orlando
100.0%
657,454
(2)
43. Petaluma Village Premium Outlets CA Petaluma (San Francisco)
100.0%
201,656
(2)
44. Philadelphia Premium Outlets PA Limerick (Philadelphia)
100.0%
549,092
(2)
45. Phoenix Premium Outlets AZ Chandler (Phoenix)
100.0%
356,511
(2)
46. Pismo Beach Premium Outlets CA Pismo Beach
100.0%
147,603
09/06/26
(9)
3.33%
Fixed
31,242
31,242
47. Pleasant Prairie Premium Outlets WI Pleasant Prairie (Chicago, IL/
100.0%
402,524
09/01/27
4.00%
Fixed
145,000
145,000
Milwaukee)
48. Pocono Premium Outlets PA Tannersville
100.0%
411,901
(2)
49. Puerto Rico Premium Outlets PR Barceloneta
100.0%
353,166
(2)
50. Queenstown Premium Outlets MD Queenstown (Baltimore)
100.0%
289,748
09/06/26
(9)
3.33%
Fixed
54,885
54,885
51. Rio Grande Valley Premium Outlets TX Mercedes (McAllen)
100.0%
603,987
(2)
52. Round Rock Premium Outlets TX Round Rock (Austin)
100.0%
498,431
(2)
53. San Francisco Premium Outlets CA Livermore (San Francisco)
100.0%
697,173
(2)
54. San Marcos Premium Outlets TX San Marcos (Austin/
100.0%
737,818
(2)
San Antonio)
55. Seattle Premium Outlets WA Tulalip (Seattle)
100.0%
554,521
(2)
56. Silver Sands Premium Outlets FL Destin
50.0%
448,412
03/01/32
3.96%
Fixed
140,000
70,000
57. St. Augustine Premium Outlets FL St. Augustine (Jacksonville)
100.0%
327,894
(2)
58. St. Louis Premium Outlets MO St. Louis (Chesterfield)
60.0%
351,174
10/06/24
4.06%
Fixed
87,886
52,732
59. Tampa Premium Outlets FL Lutz (Tampa)
100.0%
460,387
(2)
60. Tanger Outlets – Columbus (3) OH Sunbury (Columbus)
50.0%
355,282
10/01/32
(5)
6.25%
Fixed
71,000
35,500
61.
Tanger Outlets – Galveston/Houston (3)
TX Texas City
50.0%
352,706
06/16/28
(5)
8.35%
Variable
29,000
14,500
06/16/28
(5)(29)
7.44%
Fixed
29,000
14,500
62. Tucson Premium Outlets AZ Marana (Tucson)
100.0%
367,200
(2)
63. Twin Cities Premium Outlets MN Eagan
35.0%
409,125
11/06/24
4.32%
Fixed
115,000
40,250
64. Vacaville Premium Outlets CA Vacaville
100.0%
447,309
(2)
65. Waikele Premium Outlets HI Waipahu (Honolulu)
100.0%
219,375
(2)
66. Williamsburg Premium Outlets VA Williamsburg
100.0%
518,964
02/06/26
4.23%
Fixed
185,000
185,000
67. Woodburn Premium Outlets OR Woodburn (Portland)
100.0%
389,414
(2)
68.
Woodbury Common Premium Outlets
NY Central Valley (New York)
100.0%
915,673
(2)
69. Wrentham Village Premium Outlets MA Wrentham (Boston)
100.0%
672,939
(2)
Total U.S. Premium Outlet Square Footage
30,530,722
 
4Q 2023 SUPPLEMENTAL
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34

TABLE OF CONTENTS
 
PROPERTY AND DEBT INFORMATION
As of December 31, 2023
DEBT INFORMATION
PROPERTY NAME
STATE
CITY (CBSA)
LEGAL
OWNERSHIP
TOTAL
SQUARE FEET
MATURITY
DATE
INTEREST
RATE(1)
TYPE
INDEBTEDNESS ($ in 000’s)
TOTAL
OUR SHARE
The Mills
1. Arizona Mills AZ Tempe (Phoenix)
100.0%
1,221,034
09/01/26
3.80%
Fixed
95,919
95,919
2. Arundel Mills MD Hanover (Baltimore)
59.3%
1,950,996
11/01/33
7.70%
Fixed
360,000
213,301
3. Colorado Mills CO Lakewood (Denver)
37.5%
1,365,975
11/01/24
4.28%
Fixed
121,038
45,389
07/01/31
2.80%
Fixed
30,000
11,250
4. Concord Mills NC Concord (Charlotte)
59.3%
1,367,028
11/01/32
6.55%
Fixed
232,391
137,715
5. Grapevine Mills TX Grapevine (Dallas)
59.3%
1,781,167
10/01/24
3.83%
Fixed
268,000
158,817
6. Great Mall CA Milpitas (San Jose)
100.0%
1,364,646
(2)
7. Gurnee Mills IL Gurnee (Chicago)
100.0%
1,863,441
10/01/26
3.99%
Fixed
257,710
257,710
8. Katy Mills TX Katy (Houston)
62.5%
(7)
1,681,020
08/01/32
5.77%
Fixed
127,906
79,941
9. Mills at Jersey Gardens, The NJ Elizabeth
100.0%
1,304,813
(2)
10. Ontario Mills CA Ontario (Riverside)
50.0%
1,419,968
(2)
11. Opry Mills TN Nashville
100.0%
1,174,624
07/01/26
4.09%
Fixed
375,000
375,000
12. Outlets at Orange, The CA Orange (Los Angeles)
100.0%
867,118
04/01/24
4.22%
Fixed
215,000
215,000
13. Potomac Mills VA
Woodbridge (Washington, DC)
100.0%
1,553,466
11/01/26
3.46%
Fixed
416,000
416,000
14. Sawgrass Mills FL Sunrise (Miami)
100.0%
2,367,433
(2)
Total The Mills Square Footage
21,282,729
Other Properties
Calhoun Outlet Marketplace, Dover Mall, Florida Keys Outlet Marketplace,
Gaffney Outlet Marketplace, Orlando Outlet Marketplace, Osage Beach
Outlet Marketplace, Oxford Valley Mall, Philadelphia Mills, Southridge Mall,
Square One Mall, Solomon Pond Mall, Sugarloaf Mills, The Avenues
(7)(8)(10)
859,177
486,134
Total Other Properties Square
Footage
10,436,920
TOTAL U.S. SQUARE FOOTAGE (11)(12)
171,769,698
 
4Q 2023 SUPPLEMENTAL
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35

TABLE OF CONTENTS
 
PROPERTY AND DEBT INFORMATION
As of December 31, 2023
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
199,594
179,635
Austria Square Footage
118,000
CANADA
2.
Premium Outlet Collection
Edmonton IA
Edmonton (Alberta)
50.0%
422,500
11/30/25
(14)
6.76%
Variable
102,990
51,495
3.
Premium Outlets Montréal
Montréal (Quebec)
50.0%
367,400
06/01/24
(14)
3.08%
Fixed
90,554
45,277
4.
Toronto Premium Outlets
Toronto (Ontario)
50.0%
504,900
(2)
5.
Vancouver Designer Outlet
Vancouver (British Columbia)
45.0%
326,000
12/01/27
(5)(14)(25)
5.51%
Fixed
62,256
28,015
12/01/27
(5)(14)(27)
5.83%
Fixed
62,256
28,015
Canada Square Footage
1,620,800
FRANCE
6.
Paris-Giverny Designer Outlet
Vernon
73.8%
228,000
06/11/25
(13)
7.71%
Variable
22,078
16,289
06/11/25
(13)(28)
4.80%
Variable
88,295
65,144
7.
Provence Designer Outlet
Miramas
90.0%
269,000
07/27/27
(5)(13)
4.92%
Fixed
104,898
94,408
France Square Footage
497,000
GERMANY
8.
Ochtrup Designer Outlet
Ochtrup
70.5%
191,500
06/30/26
(13)
2.10%
Fixed
55,186
38,906
Germany Square Footage
191,500
ITALY
9.
La Reggia Designer Outlet
Marcianise (Naples)
90.0%
344,000
03/31/27
(13)
6.41%
Variable
35,319
31,787
03/31/27
(13)(25)
4.25%
Fixed
141,276
127,148
10.
Noventa Di Piave Designer Outlet
Venice
90.0%
353,000
07/25/25
(13)
2.00%
Fixed
306,384
275,746
Italy Square Footage
697,000
JAPAN
11.
Ami Premium Outlets
Ami (Tokyo)
40.0%
315,000
(2)
12.
Fukaya-Hanazono Premium Outlets
Fukaya City (Saitama)
40.0%
296,300
09/30/32
(15)
0.76%
Fixed
75,867
30,347
13.
Gotemba Premium Outlets
Gotemba City (Tokyo)
40.0%
659,500
04/08/27
(15)
0.31%
Variable
92,176
36,870
14.
Kobe-Sanda Premium Outlets
Kobe (Osaka)
40.0%
441,000
(2)
15.
Rinku Premium Outlets
Izumisano (Osaka)
40.0%
512,500
07/31/27
(15)
0.30%
Fixed
41,834
16,734
16.
Sano Premium Outlets
Sano (Tokyo)
40.0%
390,800
02/28/25
(15)
0.28%
Fixed
32,261
12,904
17.
Sendai-Izumi Premium Outlets
Izumi Park Town (Sendai)
40.0%
164,200
(2)
18.
Shisui Premium Outlets
Shisui (Chiba)
40.0%
434,600
05/31/29
(15)
0.37%
Fixed
35,452
14,181
11/30/28
(15)
0.37%
Variable
18,435
7,374
19.
Toki Premium Outlets
Toki (Nagoya)
40.0%
367,700
11/30/24
(15)
0.21%
Fixed
18,789
7,516
11/30/24
(15)
0.31%
Variable
2,482
993
20.
Tosu Premium Outlets
Fukuoka (Kyushu)
40.0%
328,400
10/31/26
(15)
0.30%
Variable
43,961
17,584
Japan Square Footage
3,910,000
 
4Q 2023 SUPPLEMENTAL
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36

TABLE OF CONTENTS
 
PROPERTY AND DEBT INFORMATION
As of December 31, 2023
DEBT INFORMATION
PROPERTY NAME
STATE
CITY (CBSA)
LEGAL
OWNERSHIP
TOTAL
SQUARE FEET
MATURITY
DATE
INTEREST
RATE(1)
TYPE
INDEBTEDNESS ($ in 000’s)
TOTAL
OUR SHARE
KOREA
21.
Busan Premium Outlets
Busan
50.0%
360,200
11/23/25
(16)
4.40%
Fixed
84,822
42,411
22.
Jeju Premium Outlets
Jeju Province
50.0%
92,000
(2)
23.
Paju Premium Outlets
Paju (Seoul)
50.0%
558,900
03/13/25
(16)
3.06%
Fixed
47,125
23,563
24.
Siheung Premium Outlets
Siheung (Seoul)
50.0%
444,400
03/15/24
(16)
2.51%
Fixed
115,878
57,939
25.
Yeoju Premium Outlets
Yeoju (Seoul)
50.0%
551,600
09/28/24
(16)
3.53%
Fixed
47,897
23,949
South Korea Square Footage
2,007,100
MALAYSIA
26.
Genting Highlands Premium Outlets
Pahang (Kuala Lumpur)
50.0%
277,500
(2)
27.
Johor Premium Outlets
Johor (Singapore)
50.0%
309,400
01/31/24
(17)
5.59%
Variable
4,430
2,215
Malaysia Square Footage
586,900
MEXICO
28.
Premium Outlets Punta Norte
Mexico City
50.0%
333,000
(2)
29.
Premium Outlets Querétaro
Querétaro
50.0%
274,800
06/20/28
(18)
15.25%
Variable
1,169
585
12/20/33
(18)
12.21%
Fixed
23,644
11,822
Mexico Square Footage
607,800
NETHERLANDS
30.
Roermond Designer Outlet
Phases 2, 3 & 4
Roermond
(19)
298,000
06/06/29
(13)
3.90%
Fixed
309,042
278,138
08/18/25
(13)(25)
4.55%
Fixed
185,425
87,637
31.
Roosendaal Designer Outlet
Roosendaal
94.0%
247,500
02/23/24
(13)
5.76%
Variable
10,950
10,293
02/23/24
(13)(26)
2.85%
Variable
52,958
49,781
Netherlands Square Footage
545,500
SPAIN
32.
Malaga Designer Outlet
Malaga
46.1%
191,000
05/05/28
(13)(30)
5.54%
Fixed
70,086
32,317
Spain Square Footage
191,000
THAILAND
33.
Siam Premium Outlets Bangkok
Bangkok
50.0%
264,000
06/05/31
(20)
4.69%
Fixed
64,490
32,245
Thailand Square Footage
264,000
UNITED KINGDOM
34.
Ashford Designer Outlet
Kent
45.0%
281,000
05/23/27
(21)(25)
4.29%
Fixed
105,416
47,437
05/23/27
(21)
7.34%
Variable
26,354
11,859
35.
West Midlands Designer Outlet
Staffordshire
23.2%
197,000
06/06/26
(21)(25)
7.49%
Fixed
82,754
19,232
United Kingdom Square Footage
478,000
TOTAL INTERNATIONAL SQUARE FOOTAGE (11)(22)
11,714,600
TOTAL SQUARE FOOTAGE
183,484,298
 
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TABLE OF CONTENTS
 
PROPERTY AND DEBT INFORMATION
As of December 31, 2023
DEBT INFORMATION
PROPERTY NAME
STATE
CITY (CBSA)
TRG
OWNERSHIP
TOTAL
SQUARE FEET
MATURITY
DATE
INTEREST
RATE(1)
TYPE
INDEBTEDNESS ($ in 000’s)
TOTAL
TRG SHARE
Taubman Realty Group
1. Beverly Center CA Los Angeles
100.0%
780,000
(2)
2. Cherry Creek Shopping Center CO Denver
50.0%
1,038,000
06/01/28
3.85%
Fixed
550,000
275,000
3. City Creek Center UT Salt Lake City
100.0%
623,000
04/01/24
9.37%
Fixed
68,284
68,284
4. Country Club Plaza MO Kansas City
50.0%
971,000
04/01/26
3.85%
Fixed
295,470
147,735
5. Dolphin Mall FL Miami
100.0%
1,436,000
05/09/27
(5)(25)
6.87%
Fixed
1,000,000
1,000,000
6. Fair Oaks Mall VA Fairfax
50.0%
1,560,000
11/10/23
(33)
5.32%
Fixed
238,773
119,387
7. Gardens Mall, The FL
Palm Beach Gardens
50.0%
1,383,000
07/15/25
4.41%
Fixed
190,023
98,532
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
02/01/33
6.52%
Fixed
180,000
180,000
10. International Market Place HI Waikiki, Honolulu
93.5%
341,000
(2)
11. International Plaza FL Tampa
50.1%
1,177,000
10/09/26
(5)
5.57%
Variable
477,000
238,977
12. Mall at Green Hills, The TN Nashville
100.0%
1,036,000
01/01/27
(5)
8.06%
Variable
150,000
150,000
13. Mall at Millenia, The FL Orlando
50.0%
1,113,000
10/15/24
3.94%
Fixed
450,000
225,000
14. Mall at Short Hills, The NJ Short Hills
100.0%
1,411,000
10/01/27
3.48%
Fixed
1,000,000
1,000,000
15. Mall at University Town Center, The FL Sarasota
50.0%
867,000
11/01/26
3.40%
Fixed
274,534
137,267
16. Mall of San Juan, The PR San Juan
95.0%
628,000
(2)
17. Sunvalley Shopping Center CA Concord
50.0%
1,324,000
09/01/25
(5)
4.44%
Fixed
146,400
73,200
18. Twelve Oaks Mall MI Novi
100.0%
1,517,000
03/06/28
4.85%
Fixed
272,445
272,445
19. Waterside Shops FL Naples
50.0%
335,000
04/15/26
3.86%
Fixed
157,068
78,534
20. Westfarms CT West Hartford
78.9%
1,268,000
09/06/28
7.80%
Fixed
242,000
191,035
21. CityOn.Xian Xi’an, China
25.0%
995,000
03/14/29
(23)
5.00%
Fixed
124,099
31,025
22. CityOn.Zhengzhou Zhengzhou, China
24.5%
919,000
03/22/32
(23)
4.95%
Fixed
134,089
32,852
23. Starfield Anseong Anseong, South Korea
49.0%
1,068,000
02/27/25
(24)
2.17%
Fixed
232,279
113,817
24. Starfield Hanam Hanam, South Korea
17.2%
1,709,000
10/26/25
(24)
2.38%
Fixed
464,558
79,672
Total Taubman Realty Group Square Footage
25,092,000
TOTAL TRG SECURED INDEBTEDNESS
$4,512,762
TRG – Corporate & Other
TRG U.S. Headquarters
100.0%
03/01/24
(25)
3.49%
Fixed
12,000
12,000
TRG – $650M Revolving Credit Facility
100.0%
03/31/27
(5)
6.65%
Variable
125,000
125,000
TRG – $65M Revolving Credit Facility
100.0%
04/20/24
6.84%
Variable
30,000
30,000
Other
50.0%
11/01/27
(5)
7.69%
Variable
24,000
12,000
TOTAL TRG CORPORATE AND OTHER INDEBTEDNESS
$179,000
 
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TABLE OF CONTENTS
 
PROPERTY AND DEBT INFORMATION
As of December 31, 2023
FOOTNOTES:
(1)
Variable rate debt interest rates are based on the following base rates as of December 31, 2023: Overnight SOFR 5.38%; CME Term SOFR 5.3547%; 30 Day Average SOFR 5.3441%; 1M EURIBOR at 3.845%; 3M EURIBOR at 3.909%; 6M EURIBOR at 3.861%; 3M GBP LIBOR at 5.3246%; 1M YEN TIBOR at 0.0655%; 6M YEN TIBOR at 0.15636%; 1M CDOR at 5.455%; Overnight SONIA 5.1867% and Cost of Funds Rate at 4.3378%.
(2)
Unencumbered asset.
(3)
This property is managed by a third party. Reported amounts may be provided in arrears.
(4)
The Operating Partnership receives substantially all the economic benefit of the property due to a preference or advance.
(5)
Includes applicable extensions available at our option.
(6)
The Operating Partnership owns a mortgage note that encumbers Pheasant Lane Mall that entitles it to 100% of the economics of this property.
(7)
The Operating Partnership’s direct and indirect interests in some joint venture properties are subject to preferences on distributions and/or capital allocation in favor of other partners or the Operating Partnership.
(8)
Three properties (Lee Premium Outlets, Calhoun Outlet Marketplace and Gaffney Outlet Marketplace) are secured by cross-collateralized and cross-defaulted mortgages.
(9)
These two properties are secured by cross-collateralized and cross-defaulted mortgages.
(10)
Consists of 10 encumbered properties with interest rates ranging from 3.60% to 7.32% and maturities between 2023 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 1.4 billion.
(14)
Amount shown in USD equivalent; CAD equivalent is 421.5 million.
(15)
Amounts shown in USD equivalent; JPY equivalent is 50.9 billion.
(16)
Amounts shown in USD equivalent; KRW equivalent is 382.8 billion.
(17)
Amounts shown in USD equivalent; MYR equivalent is 20.3 million.
(18)
Amounts shown in USD equivalent; MXN equivalent is 421.2 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 2.2 billion.
(21)
Amount shown in USD equivalent; GBP equivalent is 168.5 million.
(22)
Does not include Klépierre.
(23)
Amounts shown in USD equivalent; CNY equivalent is 1.8 billion.
(24)
Amounts shown in USD equivalent; KRW equivalent is 902.0 billion.
(25)
Through an interest rate swap agreement, interest is essentially fixed at the all-in-rate presented.
(26)
Through an interest rate cap agreement, interest is essentially capped at the all-in-rate presented until February 23, 2024.
(27)
Through interest rate swap agreements, the interest is essentially fixed at the all-in rate presented until December 1, 2025.
(28)
Through an interest rate cap agreement, interest is essentially capped at the all-in-rate presented.
(29)
Through interest rate swap agreements, the interest is essentially fixed at the all-in rate presented until December 21, 2025.
(30)
Through interest rate swap agreements, the interest is essentially fixed at the all-in rate presented until May 5, 2025.
(31)
Through an interest rate cap agreement, interest is essentially capped at the all-in-rate presented until May 9, 2024.
(32)
Through an interest rate cap agreement, interest is essentially capped at the all-in-rate presented until February 15, 2024.
(33)
Mortgage outstanding as of December 31, 2023.
 
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TABLE OF CONTENTS
 
NON-GAAP PRO-RATA FINANCIAL INFORMATION
The following pro-rata financial information is not, and is not intended to be, a presentation in accordance with GAAP. The non-GAAP pro-rata financial information aggregates our proportionate economic ownership of each asset in our property portfolio that we do not wholly own. The amounts in the column labeled “Our Share of Joint Ventures” were derived on a property-by-property or entity-by-entity basis by applying to each line item the ownership percentage interest used to arrive at our share of the net operations for the period consistent with the application of the equity method of accounting to each of our unconsolidated joint ventures. A similar calculation was performed for the amounts in the column labeled “Noncontrolling Interests,” which represents the share of consolidated assets and net income or loss attributable to any noncontrolling interest.
We do not control the unconsolidated joint ventures and the presentations of the assets and liabilities and revenues and expenses do not represent our legal claim to such items. The operating agreements of the unconsolidated joint ventures generally provide that partners may receive cash distributions (1) to the extent there is available cash from operations, (2) upon a capital event, such as a refinancing or sale or (3) upon liquidation of the venture. The amount of cash each partner receives is based upon specific provisions of each operating agreement and varies depending on factors including the amount of capital contributed by each partner and whether any contributions are entitled to priority distributions. Upon liquidation of the joint venture and after all liabilities, priority distributions and initial equity contributions have been repaid, the partners generally would be entitled to any residual cash remaining based on their respective legal ownership percentages.
We provide pro-rata financial information because we believe it assists investors and analysts in estimating our economic interest in our unconsolidated joint ventures when read in conjunction with the Company’s reported results under GAAP. The presentation of pro-rata financial information has limitations as an analytical tool. Some of these limitations include:

The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses; and

Other companies in our industry may calculate their pro-rata interest differently than we do, limiting the usefulness as a comparative measure.
Because of these limitations, the pro-rata financial information should not be considered in isolation or as a substitute for our financial statements as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP results and using the pro-rata financial information only supplementally.
 
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TABLE OF CONTENTS
 
NON-GAAP PRO-RATA FINANCIAL INFORMATION
(In thousands)
For the Three Months Ended
December 31, 2023
For the Three Months Ended
December 31, 2022
Noncontrolling
Interests (1)
Our
Share of
Joint Ventures
Noncontrolling
Interests (1)
Our
Share of
Joint Ventures
REVENUE:
Lease income
$ (15,120) $ 360,858 $ (12,331) 350,488
Management fees and other revenues
Other income
(623) 52,740 (665) 40,236
Total revenue
(15,743) 413,598 (12,996) 390,724
EXPENSES:
Property operating
(2,799) 72,520 (2,302) 70,670
Depreciation and amortization
(5,321) 94,751 (4,214) 90,487
Real estate taxes
(600) 20,898 (620) 27,789
Repairs and maintenance
(429) 9,874 (359) 10,490
Advertising and promotion
(1,946) 11,662 (1,306) 10,477
Home and regional office costs
General and administrative
Other
(1,614) 24,028 (1,786) 27,653
Total operating expenses
(12,709) 233,733 (10,587) 237,566
OPERATING INCOME BEFORE OTHER ITEMS
(3,034) 179,865 (2,409) 153,158
Interest expense 3,191 (83,561) 2,493 (74,905)
Loss on extinguishment of debt
Gain on disposal, exchange, or revaluation of equity interests, net
Income and other tax expense
Income from unconsolidated entities 428 (96,304)(2) (324) (78,253)(2)
Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net
Loss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
Consolidated income from continuing operations
585 (240)
CONSOLIDATED NET INCOME
585 (240)
Net income attributable to noncontrolling interests 585 (3) (240) (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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TABLE OF CONTENTS
 
NON-GAAP PRO-RATA FINANCIAL INFORMATION
(In thousands)
For the Twelve Months Ended
December 31, 2023
For the Twelve Months Ended
December 31, 2022
Noncontrolling
Interests (1)
Our
Share of
Joint Ventures
Noncontrolling
Interests (1)
Our
Share of
Joint Ventures
REVENUE:
Lease income
$ (56,717) $ 1,387,985 $ (46,642) 1,349,476
Management fees and other revenues
Other income
(2,597) 226,430 (3,063) 166,722
Total revenue
(59,314) 1,614,415 (49,705) 1,516,198
EXPENSES:
Property operating
(10,628) 282,176 (8,830) 269,708
Depreciation and amortization
(20,192) 364,144 (16,069) 366,874
Real estate taxes
(2,416) 109,705 (1,940) 113,725
Repairs and maintenance
(1,485) 34,374 (1,179) 37,513
Advertising and promotion
(7,068) 39,177 (4,589) 34,957
Home and regional office costs
General and administrative
Other
(6,799) 106,506 (7,538) 95,419
Total operating expenses
(48,588) 936,082 (40,145) 918,196
OPERATING INCOME BEFORE OTHER ITEMS
(10,726) 678,333 (9,560) 598,002
Interest expense 12,200 (321,053) 7,563 (278,208)
Loss on extinguishment of debt
Gain on disposal, exchange, or revaluation of equity interests, net
Income and other tax expense
Income from unconsolidated entities (138) (357,280)(2) (1,184) (319,794)(2)
Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net
Loss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
443
Consolidated income from continuing operations
1,336 (2,738)
CONSOLIDATED NET INCOME
1,336 (2,738)
Net income attributable to noncontrolling interests 1,336 (3) (2,738) (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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TABLE OF CONTENTS
 
NON-GAAP PRO-RATA FINANCIAL INFORMATION
(In thousands)
As of December 31, 2023
As of December 31, 2022
Noncontrolling
Interests
Our
Share of
Joint Ventures
Noncontrolling
Interests
Our
Share of
Joint Ventures
ASSETS:
Investment properties, at cost
$ (559,508) $ 10,317,194 $ (521,145) $ 10,218,172
Less – accumulated depreciation
(140,638) 4,180,771 (125,716) 3,936,301
(418,870) 6,136,423 (395,429) 6,281,871
Cash and cash equivalents
(28,708) 644,470 (29,058) 677,802
Short-term investments
Tenant receivables and accrued revenue, net
(9,893) 241,481 (8,263) 256,706
Investment in TRG, at equity
Investment in Klépierre, at equity
Investment in unconsolidated entities, at equity
(8,145) (3,532,503) (7,535) (3,503,728)
Right-of-use assets, net
(863) 57,156 (871) 64,395
Deferred costs and other assets
(30,068) 2,103,057 (36,049) 2,035,334
Total assets
$ (496,547) $ 5,650,084 $ (477,205) $ 5,812,380
LIABILITIES:
Mortgages and unsecured indebtedness
$ (226,174) $ 6,688,169 $ (205,568) $ 6,769,992
Accounts payable, accrued expenses, intangibles, and deferred revenues
(32,048) 484,233 (25,632) 450,735
Cash distributions and losses in unconsolidated entities, at equity
(1,760,922) (1,699,828)
Dividend payable
Lease liabilities
(863) 52,154 (871) 59,180
Other liabilities
(43,229) 186,450 (33,384) 232,301
Total liabilities
(302,314) 5,650,084 (265,455) 5,812,380
Commitments and contingencies
Limited partners’ preferred interest in the Operating Partnership (172,912) (186,702)
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
(21,321) (25,048)
Total equity
(21,321) (25,048)
Total liabilities and equity
$ (496,547) $ 5,650,084 $ (477,205) $ 5,812,380
 
4Q 2023 SUPPLEMENTAL
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