Simon Property Group Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Simon Property Group Inc. filed its 2023 10-K, detailing financial performance and corporate structure.</b>

AI Summary

SIMON PROPERTY GROUP INC /DE/ (SPG-PJ) filed a Annual Report (10-K) with the SEC on February 22, 2024. Simon Property Group, Inc. (SPG) filed its 2023 Form 10-K on February 22, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located at 225 West Washington Street, Indianapolis, IN 46204. Simon Property Group L.P. is also listed as a filer with the same address. The filing includes financial data for the fiscal years 2023 and 2022.

Why It Matters

For investors and stakeholders tracking SIMON PROPERTY GROUP INC /DE/, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Simon Property Group's financial health and operational status for the fiscal year 2023, crucial for investors assessing the REIT's performance. The detailed financial statements and disclosures within the 10-K are essential for understanding the company's assets, liabilities, revenues, and net income, as well as any significant events or risks.

Risk Assessment

Risk Level: medium — SIMON PROPERTY GROUP INC /DE/ shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive report, but the absence of specific financial performance highlights or strategic shifts in the provided snippet necessitates a neutral risk assessment.

Analyst Insight

Review the full 10-K filing for detailed financial statements, risk factors, and management discussion to understand Simon Property Group's performance and outlook.

Financial Highlights

debt To Equity

N/A

revenue

326954294

operating Margin

N/A

total Assets

326807326

total Debt

374589788

net Income

230373

eps

0.08375

gross Margin

N/A

cash Position

N/A

revenue Growth

N/A

Key Numbers

• 326807326 — Total Assets (2023) (Simon Property Group Inc.)
• 327816695 — Total Assets (2022) (Simon Property Group Inc.)
• 374589788 — Total Debt (2023) (Simon Property Group Inc.)
• 375111997 — Total Debt (2022) (Simon Property Group Inc.)
• 230373 — Net Income (2023) (Simon Property Group Inc.)
• 230373 — Net Income (2022) (Simon Property Group Inc.)
• 0.08375 — EPS (2023) (Simon Property Group Inc.)
• 0.08375 — EPS (2022) (Simon Property Group Inc.)

Key Players & Entities

• SIMON PROPERTY GROUP INC /DE/ (company) — Filer
• SIMON PROPERTY GROUP L P /DE/ (company) — Filer
• 225 WEST WASHINGTON STREET (location) — Business Address
• INDIANAPOLIS (location) — City
• IN (location) — State
• 46204 (location) — ZIP Code
• 20231231 (date) — Fiscal Year End
• 20240222 (date) — Filing Date

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-22: Filing Date — Date the 10-K was filed with the SEC.

Key Financial Figures

• $5.0 billion — do so. The Operating Partnership has a $5.0 billion unsecured revolving credit facility, or
• $3.5 billion — facility, or the Credit Facility, and a $3.5 billion supplemental unsecured revolving credit
• $1.0 b — ts in an aggregate amount not to exceed $1.0 billion, for a total aggregate size of $6
• $6.0 b — billion, for a total aggregate size of $6.0 billion, subject to obtaining additional
• $4.5 billion — ity of $3.5 billion may be increased to $4.5 billion during its term. The initial maturity d
• $2.0 b — rogram, or Commercial Paper program, of $2.0 billion, or the non-U.S. dollar equivalen

Filing Documents

• spg-20231231x10k.htm (10-K) — 10466KB
• spg-20231231x10k.pdf (10-K) — 959KB
• spg-20231231xex4d2.htm (EX-4.2) — 74KB
• spg-20231231xex4d2.pdf (EX-4.2) — 156KB
• spg-20231231xex21d1.htm (EX-21.1) — 39KB
• spg-20231231xex21d1.pdf (EX-21.1) — 58KB
• spg-20231231xex23d1.htm (EX-23.1) — 10KB
• spg-20231231xex23d1.pdf (EX-23.1) — 61KB
• spg-20231231xex23d2.htm (EX-23.2) — 6KB
• spg-20231231xex23d2.pdf (EX-23.2) — 57KB
• spg-20231231xex31d1.htm (EX-31.1) — 18KB
• spg-20231231xex31d1.pdf (EX-31.1) — 65KB
• spg-20231231xex31d2.htm (EX-31.2) — 17KB
• spg-20231231xex31d2.pdf (EX-31.2) — 65KB
• spg-20231231xex31d3.htm (EX-31.3) — 17KB
• spg-20231231xex31d3.pdf (EX-31.3) — 78KB
• spg-20231231xex31d4.htm (EX-31.4) — 17KB
• spg-20231231xex31d4.pdf (EX-31.4) — 79KB
• spg-20231231xex32d1.htm (EX-32.1) — 14KB
• spg-20231231xex32d1.pdf (EX-32.1) — 62KB
• spg-20231231xex32d2.htm (EX-32.2) — 14KB
• spg-20231231xex32d2.pdf (EX-32.2) — 76KB
• spg-20231231xex97.htm (EX-97) — 59KB
• spg-20231231xex97.pdf (EX-97) — 142KB
• 0001558370-24-001532.txt (&nbsp;) — 33479KB
• spg-20231231.xsd (EX-101.SCH) — 145KB
• spg-20231231_cal.xml (EX-101.CAL) — 121KB
• spg-20231231_def.xml (EX-101.DEF) — 675KB
• spg-20231231_lab.xml (EX-101.LAB) — 1098KB
• spg-20231231_pre.xml (EX-101.PRE) — 846KB
• spg-20231231x10k_htm.xml (XML) — 6481KB

Risk Factors

Risk Factors 11 1B. Unresolved Staff Comments 26 1C. Cybersecurity 26 2.

Properties

Properties 27 3.

Legal Proceedings

Legal Proceedings 56 4. Mine Safety Disclosures 56 Part II 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 57 6. Reserved 58 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 59 7A. Quantitative and Qualitative Disclosure About Market Risk 77 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 78 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 135 9A.

Controls and Procedures

Controls and Procedures 135 9B. Other Information 137 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 137 Part III 10. Directors, Executive Officers and Corporate Governance 137 11.

Executive Compensation

Executive Compensation 137 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 137 13. Certain Relationships and Related Transactions and Director Independence 137 14. Principal Accountant Fees and Services 137 Part IV 15. Exhibits and Financial Statement Schedules 139 16. Form 10-K Summary 139

Signatures

Signatures 146 4 Table of Contents Part I Item 1.

Business

Business Simon Property Group, Inc. is a Delaware corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. REITs will generally not be liable for U.S. federal corporate income taxes as long as they distribute not less than 100% of their REIT taxable income. Simon Property Group, L.P. is our majority-owned Delaware partnership subsidiary that owns all of our real estate properties and other assets. Unless stated otherwise or the context otherwise requires, references to "Simon" mean Simon Property Group, Inc. and references to the "Operating Partnership" mean Simon Property Group, L.P. References to "we," "us" and "our" mean collectively Simon, the Operating Partnership and those entities/subsidiaries owned or controlled by Simon and/or the Operating Partnership. According to the Operating Partnership's partnership agreement, the Operating Partnership is required to pay all expenses of Simon. We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets , and The Mills . As of December 31, 2023, we owned or held an interest in 195 income-producing properties in the United States, which consisted of 93 malls, 69 Premium Outlets, 14 Mills, six lifestyle centers, and 13 other retail properties in 37 states and Puerto Rico. We also own an 84% noncontrolling interest in The Taubman Realty Group, LLC, or TRG, which has an interest in 24 regional, super-regional, and outlet malls in the U.S. and Asia. Internationally, as of December 31, 2023, we had ownership interests in 35 Premium Outlets and Designer Outlet properties primarily located in Asia, Europe and Canada. As of December 31, 2023, we also owned a 22.4% equity stake in Klpierre SA, or Klpierre, a publicly traded, Paris-based real estate company, which owns, or has an interest in, shopping centers locat

View Full Filing

View this 10-K filing on SEC EDGAR