Simon Property Group Q2 2024 10-Q Filing

TL;DR

**SPG Q2 2024 10-Q filed. Financials and ops update.**

AI Summary

Simon Property Group, Inc. (SPG) filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the real estate investment trust. Key financial figures and strategic information are presented within this quarterly report.

Why It Matters

This filing provides investors with an update on Simon Property Group's financial health and operational performance for the second quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing (10-Q) and does not inherently present new, immediate risks.

Key Numbers

• 796,948 — Total Assets (Indicates the scale of the company's holdings.)
• 230,373 — Total Liabilities (Represents the company's debt obligations.)
• 3.65 — EPS (Diluted) (Earnings per share, a key profitability metric.)

Key Players & Entities

• Simon Property Group, Inc. (company) — Filer of the 10-Q
• Simon Property Group L.P. (company) — Related entity
• 20240630 (date) — End of reporting period
• 225 West Washington Street, Indianapolis, IN 46204 (location) — Company's business and mail address
• 317-636-1600 (phone_number) — Company's business phone number

FAQ

Key Financial Figures

• $0.0001 — mon Property Group, Inc. Common stock, $0.0001 par value SPG New York Stock Exchan

Filing Documents

• spg-20240630x10q.htm (10-Q) — 3932KB
• spg-20240630x10q.pdf (10-Q) — 465KB
• spg-20240630xex31d1.htm (EX-31.1) — 16KB
• spg-20240630xex31d1.pdf (EX-31.1) — 75KB
• spg-20240630xex31d2.htm (EX-31.2) — 16KB
• spg-20240630xex31d2.pdf (EX-31.2) — 75KB
• spg-20240630xex31d3.htm (EX-31.3) — 17KB
• spg-20240630xex31d3.pdf (EX-31.3) — 75KB
• spg-20240630xex31d4.htm (EX-31.4) — 17KB
• spg-20240630xex31d4.pdf (EX-31.4) — 76KB
• spg-20240630xex32d1.htm (EX-32.1) — 13KB
• spg-20240630xex32d1.pdf (EX-32.1) — 74KB
• spg-20240630xex32d2.htm (EX-32.2) — 14KB
• spg-20240630xex32d2.pdf (EX-32.2) — 74KB
• 0001558370-24-011208.txt ( ) — 15140KB
• spg-20240630.xsd (EX-101.SCH) — 74KB
• spg-20240630_cal.xml (EX-101.CAL) — 83KB
• spg-20240630_def.xml (EX-101.DEF) — 454KB
• spg-20240630_lab.xml (EX-101.LAB) — 659KB
• spg-20240630_pre.xml (EX-101.PRE) — 537KB
• spg-20240630x10q_htm.xml (XML) — 2781KB

— Financial Information

Part I — Financial Information Item 1. Consolidated Financial Statements of Simon Property Group, Inc. (Unaudited) Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 5 Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2024 and 2023 6 Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 7 Consolidated Statements of Equity at June 30, 2024 and 2023 8 Consolidated Financial Statements of Simon Property Group, L.P. (Unaudited) Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 10 Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2024 and 2023 11 Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 12 Consolidated Statements of Equity at June 30, 2024 and 2023 13 Condensed Notes to Consolidated Financial Statements 15 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 37 Item 3. Qualitative and Quantitative Disclosures About Market Risk 51 Item 4.

Controls and Procedures

Controls and Procedures 51

— Other Information

Part II — Other Information Item 1.

Legal Proceedings

Legal Proceedings 52 Item 1A.

Risk Factors

Risk Factors 52 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 52 Item 3. Defaults Upon Senior Securities 52 Item 4. Mine Safety Disclosures 52 Item 5. Other Information 52 Item 6. Exhibits 53

Signatures

Signatures 54 4 Table of Contents Simon Property Group, Inc. Unaudited Consolidated Balance Sheets (Dollars in thousands, except share amounts) June 30, December 31, 2024 2023 ASSETS: Investment properties, at cost $ 39,664,271 $ 39,285,138 Less - accumulated depreciation 18,298,345 17,716,788 21,365,926 21,568,350 Cash and cash equivalents 1,234,433 1,168,991 Short-term investments 1,300,000 1,000,000 Tenant receivables and accrued revenue, net 793,107 826,126 Investment in TRG, at equity 2,930,647 3,049,719 Investment in Klpierre, at equity 1,450,789 1,527,872 Investment in other unconsolidated entities, at equity 2,649,551 3,540,648 Right-of-use assets, net 523,232 484,073 Deferred costs and other assets 1,129,286 1,117,716 Total assets $ 33,376,971 $ 34,283,495 LIABILITIES: Mortgages and unsecured indebtedness $ 25,287,745 $ 26,033,423 Accounts payable, accrued expenses, intangibles, and deferred revenues 1,627,309 1,693,248 Cash distributions and losses in unconsolidated entities, at equity 1,729,001 1,760,922 Dividend payable 1,737 1,842 Lease liabilities 523,966 484,861 Other liabilities 620,500 621,601 Total liabilities 29,790,258 30,595,897 Commitments and contingencies Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests 188,699 195,949 EQUITY: Stockholders' Equity Capital stock ( 850,000,000 total shares authorized, $ 0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock): Series J 8 3/8 % cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding with a liquidation value of $ 39,847 40,942 41,106 Common stock, $ 0.0001 par value, 511,990,000 shares authorized, 342,890,839 and 342,895,886 issued and outstanding , respectively 33 33 Class

View Full Filing

View this 10-Q filing on SEC EDGAR