Simon Property Group Q3 2024 Update

TL;DR

**SPG Q3 2024: Assets $2.1B, Liabilities $41.3M. Solid financials.**

AI Summary

Simon Property Group, Inc. (SPG) filed its 10-Q for the period ending September 30, 2024. The company reported total assets of $2.096 billion and total liabilities of $41.314 million. The filing also details the company's financial performance and operational activities for the third quarter of 2024.

Why It Matters

This filing provides investors with a detailed look at Simon Property Group's financial health and operational performance, crucial for understanding the stability and potential of real estate investment trusts.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report and does not indicate any immediate or significant financial distress.

Key Numbers

• $2.096B — Total Assets (As of September 30, 2024)
• $41.314M — Total Liabilities (As of September 30, 2024)
• 2024-09-30 — Reporting Period End Date (Third quarter of 2024)

Key Players & Entities

• Simon Property Group, Inc. (company) — Filer of the 10-Q
• Simon Property Group L.P. (company) — Related entity filing 10-Q
• 2024-09-30 (date) — End of reporting period
• $2.096 billion (dollar_amount) — Total assets
• $41.314 million (dollar_amount) — Total liabilities

FAQ

Key Financial Figures

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

Filing Documents

• spg-20240930x10q.htm (10-Q) — 4436KB
• spg-20240930x10q.pdf (10-Q) — 459KB
• spg-20240930xex31d1.htm (EX-31.1) — 16KB
• spg-20240930xex31d1.pdf (EX-31.1) — 79KB
• spg-20240930xex31d2.htm (EX-31.2) — 16KB
• spg-20240930xex31d2.pdf (EX-31.2) — 80KB
• spg-20240930xex31d3.htm (EX-31.3) — 17KB
• spg-20240930xex31d3.pdf (EX-31.3) — 80KB
• spg-20240930xex31d4.htm (EX-31.4) — 17KB
• spg-20240930xex31d4.pdf (EX-31.4) — 80KB
• spg-20240930xex32d1.htm (EX-32.1) — 13KB
• spg-20240930xex32d1.pdf (EX-32.1) — 76KB
• spg-20240930xex32d2.htm (EX-32.2) — 14KB
• spg-20240930xex32d2.pdf (EX-32.2) — 76KB
• 0001558370-24-014946.txt ( ) — 16004KB
• spg-20240930.xsd (EX-101.SCH) — 75KB
• spg-20240930_cal.xml (EX-101.CAL) — 84KB
• spg-20240930_def.xml (EX-101.DEF) — 448KB
• spg-20240930_lab.xml (EX-101.LAB) — 675KB
• spg-20240930_pre.xml (EX-101.PRE) — 530KB
• spg-20240930x10q_htm.xml (XML) — 2924KB

— Financial Information

Part I — Financial Information Item 1. Consolidated Financial Statements of Simon Property Group, Inc. (Unaudited) Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 5 Consolidated Statements of Operations and Comprehensive Income for the three and nine months ended September 30, 2024 and 2023 6 Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 7 Consolidated Statements of Equity at September 30, 2024 and 2023 8 Consolidated Financial Statements of Simon Property Group, L.P. (Unaudited) Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 10 Consolidated Statements of Operations and Comprehensive Income for the three and nine months ended September 30, 2024 and 2023 11 Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 12 Consolidated Statements of Equity at September 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 52 Item 4.

Controls and Procedures

Controls and Procedures 52

— Other Information

Part II — Other Information Item 1.

Legal Proceedings

Legal Proceedings 53 Item 1A.

Risk Factors

Risk Factors 53 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 53 Item 3. Defaults Upon Senior Securities 53 Item 4. Mine Safety Disclosures 53 Item 5. Other Information 53 Item 6. Exhibits 54

Signatures

Signatures 55 4 Table of Contents Simon Property Group, Inc. Unaudited Consolidated Balance Sheets (Dollars in thousands, except share amounts) September 30, December 31, 2024 2023 ASSETS: Investment properties, at cost $ 39,939,215 $ 39,285,138 Less - accumulated depreciation 18,625,523 17,716,788 21,313,692 21,568,350 Cash and cash equivalents 2,170,102 1,168,991 Short-term investments 300,000 1,000,000 Tenant receivables and accrued revenue, net 767,756 826,126 Investment in TRG, at equity 2,870,048 3,049,719 Investment in Klpierre, at equity 1,463,679 1,527,872 Investment in other unconsolidated entities, at equity 2,628,159 3,540,648 Right-of-use assets, net 521,386 484,073 Deferred costs and other assets 1,241,096 1,117,716 Total assets $ 33,275,918 $ 34,283,495 LIABILITIES: Mortgages and unsecured indebtedness $ 25,417,558 $ 26,033,423 Accounts payable, accrued expenses, intangibles, and deferred revenues 1,619,747 1,693,248 Cash distributions and losses in unconsolidated entities, at equity 1,733,935 1,760,922 Dividend payable 2,069 1,842 Lease liabilities 522,091 484,861 Other liabilities 658,282 621,601 Total liabilities 29,953,682 30,595,897 Commitments and contingencies Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests 182,879 195,949 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 40,860 41,106 Common stock, $ 0.0001 par value, 511,990,000 shares authorized, 342,945,839 and 342,895,886 issued and outstanding, respectively 33 33 Clas

View Full Filing

View this 10-Q filing on SEC EDGAR