J
美國
證券交易委員會
華盛頓特區20549
表格
(標記一個)
截至2024年6月30日季度結束
或
(依憑章程所載的完整登記名稱)
的註冊地或組織地點) |
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( |
根據法案第12(b)條規定註冊的證券:
| 每種類別的名稱 |
| 交易符號 |
| 每個註冊交易所的名稱 | |
西蒙地產集團股份有限公司。 | ||||||
西蒙地產集團股份有限公司。 |
請勾選表示:(1) 依據1934年證券交易所法第13或15(d)條的規定,申報人在過去12個月內已提交所有要求提交的報告(或對於申報人需要提交此類報告的較短時間段),以及(2) 在過去90天內已受制於此類申報要求。
西蒙地產集團,Inc。 | 西蒙地產集團有限合夥企業 |
請以核選標記指出,申報人是否在過去的12個月內(或申報人需要提交此類文件的較短期間)已電子方式提交了根據Regulation S-t第405條條例(本章第232.405條)要求提交的每個互動式數據文件。
西蒙地產集團,Inc。 | 西蒙地產集團,L.P。 |
請以選項表示是否本登記申報人為大型快速申報者、快速申報者、非快速申報者、較小的申報公司或新興成長公司。請參見《交易所法》第1202條中“大型快速申報者”、“快速申報者”、“較小的申報公司”和“新興成長公司”的定義:
西蒙地產集團公司: | |||
加速披露人◻ | 非加速提交者◻ | 小型報告公司 | |
新興成長型公司 | |||
西蒙地產集團有限合夥: | |||
大型快速進入文件 ◻ | 加速進入文件 ◻ | 較小的報告公司 | |
新興成長型公司 |
如果一家新興成長型公司,通過核對標誌表示,發行人已選擇不使用根據《交易法》第13(a)條提供的任何新的或修訂的財務會計準則的延長過渡期,以符合該標準。
西蒙地產集團股份有限公司 ◻ | 西蒙地產集團有限合夥企業 ◻ |
以勾選標記指示是否登記者為外殼公司(依《交易法》第120億2條所定義)。
西蒙地產集團, 公司 是的 | 西蒙地產集團,L.P。 是的 |
截至2024年9月30日,西蒙地產公司,Inc. 擁有
解說說明
本報告結合了截至2024年9月30日的Simon Property Group, Inc.和Delaware有限合夥的Simon Property Group, L.P.的第三季度報告(表格10-Q)。除非另有說明或上下文另有要求,“Simon”指的是Simon Property Group, Inc.,“Operating Partnership”則指的是Simon Property Group, L.P. “我們”,“我們”和“我們的”集體指的是Simon、Operating Partnership以及Simon和/或Operating Partnership所擁有或控制的那些實體/子公司。
Simon是按照1986年修訂的《美國國內稅收代碼》(Internal Revenue Code)或《內部稅收代碼》的房地產投資信託(REIt)。我們作為一個由多家業務透過Operating Partnership進行的傘狀合夥REIt結構,Simon持有多數股權,是Operating Partnership的普通合夥人。截至2024年9月30日,Simon持有Operating Partnership約86.9%的所有權利益,其餘13.1%的所有權益由有限合夥人擁有。作為Operating Partnership唯一的普通合夥人,Simon對Operating Partnership的日常管理擁有獨家控制權。
我們將Simon和Operating Partnership作為一個業務運營。Simon的管理成員與Operating Partnership的管理成員相同。作為Operating Partnership的控股普通合夥人,Simon根據財務報告目的合併Operating Partnership,並且Simon除了對Operating Partnership的投資外沒有任何實質資產或負債。因此,Simon和Operating Partnership在各自的財務報表上的資產和負債是相同的。
我們認為將Simon和Operating Partnership的第三季度報告合並為這份單一報告具有以下好處:
● | 通過使投資者能夠像管理層一樣查看業務整體狀況,從而增進對西蒙地產和營業夥伴的理解; |
● | 消除重復的披露,提供更加簡明的匯報,因為本報告中幾乎所有的披露均適用於西蒙地產和營業夥伴;並且 |
● | 透過準備一份合併報告,而非兩份分開的報告,可以節省時間和成本。 |
我們認為,重要的是讓投資者了解西蒙地產和營業夥伴在我們作為一家合併公司運營的情況下之間的少量差異。主要差異在於,西蒙地產本身不從事業務,除了作為營業夥伴的普通合夥人並不時發行股權或股權相關工具。此外,西蒙地產本身不承擔任何債務,所有債務均由營業夥伴或由營業夥伴擁有或控制的實體/附屬公司承擔。
營業夥伴直接或間接持有幾乎所有我們的資產,包括我們在合資企業中的所有權利益。營業夥伴主導幾乎所有我們的業務並以合夥的形式組織,沒有上市的公開交易股權。除了來自西蒙地產發行股權的淨收益,這些收益按照西蒙地產的股權發行,在交換中轉換為營業夥伴中的普通合夥股份,或單位,或按照西蒙地產的發行優先股而轉換為營業夥伴中的優先合夥股份或優先單位,營業夥伴直接或間接通過其業務營運、承擔債務、來自出售某些資產和合資企業的所得以及向第三方發行單位或優先單位來產生所需的資本。
股東權益、合夥人權益和非控股股權的表達是西蒙地產及其營運合夥企業合併財務報表之主要差異領域。股東權益和合夥人權益之間的差異是由於在西蒙地產和營運合夥企業級別發行的權益不同。營運合夥企業中有限合夥人持有的單位記入為營運合夥企業的財務報表中的合夥人權益,而在西蒙地產的財務報表中則記為非控股股權。營運合夥企業財務報表中的非控股股權包括各項共同合併夥伴中非聯屬合夥人的利益。西蒙地產財務報表中的非控股股權包括同樣在營運合夥企業層級的非控股股東權益和前述的營運合夥企業中有限合夥人持有的單位。儘管歸類方式不同,西蒙地產和營運合夥企業的總權益相同。
為了幫助投資者了解西蒙地產和營運合夥企業之間的差異,本報告提供:
● | 為西蒙地產和營運合夥企業提供單獨的合併財務報表; |
● | 一套簡明註釋附於這些合併財務報表中,包括有關非控股股權和股東權益或合夥人權益、累積其他全面收益(損失)以及每股和每單位資料的獨立討論,如適用。 |
2
● | 包括一個綜合管理層對財務狀況和業務運作結果的討論與分析部分,該部分還包括與每個實體相關的具體信息;和 |
● | 與每個實體相關的單獨第二部分,第2項不受登記的股權銷售、款項使用和發行人購買股權部分。 |
本報告還包括單獨的第I部分,第4項控制和程序部分,以及為了證明已經作出必要的認證並確保Simon和營運夥伴符合1934年證券交易法第13條a-14(a)或第15條d-14(a)規定以及18 U.S.C. §1350的展覽31和32認證,以建立需要的認證已經簽署和Simon和營運夥伴各自符合規定。本報告中關於Simon和營運夥伴的單獨討論應當一併閱讀,以了解我們在合併基礎上的業績及管理層如何運營我們的業務。
為了突顯Simon和營運夥伴之間的差異,在本報告中為Simon和營運夥伴設置了單獨的部分,明確指的是Simon和營運夥伴。在將Simon和營運夥伴的披露合併的部分,本報告將Simon和營運夥伴的行動或持有視為“我們”的行動或持有。儘管營運夥伴通常是直接或間接進入合同和合資企業、持有資產和承擔債務的實體,我們認為在這種情況下參照“我們”、“我們”或“我們”的引用是恰當的,因為業務是一個實體,我們通過營運夥伴實施幾乎所有業務。
3
4
西蒙地產集團,Inc.
未經審計的綜合資產負債表
(以千美元計算,除每股數量外)
| 九月三十日 |
| 12月31日 | |||
| 2024 |
| 2023 | |||
資產: | ||||||
投資性資產,以成本計量 | $ | | $ | | ||
較少-累積折舊 |
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現金及現金等價物 |
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短期投資 | | | ||||
承租人應收款項及應計營業收入,淨額 |
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在TRG的股權投資 |
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在Klépierre的股權投資 |
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對其他未納入合併賬戶之實體的股權投資 | | | ||||
淨使用權資產 | | | ||||
透過成本及其他資產 |
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資產總額 | $ | | $ | | ||
負債: | ||||||
按揭和無抵押負債 | $ | | $ | | ||
應付賬款、應計費用、無形資產和递延收入 |
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未合併實體的現金分配和虧損,按股權法 |
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股息應付款 | | | ||||
租賃負債 | | | ||||
其他負債 |
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總負債 |
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合約和可能負債 | ||||||
有限合夥人對經營夥伴關係的優先權以及非控制可贖回利益 |
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股東權益: | ||||||
股東權益 | ||||||
股本 ( | ||||||
J系列 83/8% 累積可贖回優先股, |
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普通股, $ |
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B類普通股, $ |
| — |
| — | ||
超過票面價值的股本 |
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累積虧損 |
| ( |
| ( | ||
累積其他全面損失 |
| ( |
| ( | ||
按成本計算的庫藏普通股數為 |
| ( |
| ( | ||
股東權益總額 |
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非控制權益 |
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總股本 |
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負債加股東權益總額 | $ | | $ | |
附註是這些報表不可分割的一部分。
5
西蒙地產集團,Inc.
未經審核的綜合損益及.財務狀況表
(金額以千元美元為單位,除每股數字)
截至三個月結束 | 截至九個月結束時 | |||||||||||
九月三十日 | 九月三十日 | |||||||||||
| 2024 |
| 2023 |
| 2024 |
| 2023 | |||||
營業收入: | ||||||||||||
租賃收入 | $ | | $ | | $ | | $ | | ||||
管理費用和其他收入 |
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其他收益 |
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營業總收入 |
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營業費用: | ||||||||||||
房地產經營 |
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折舊與攤提 |
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房地產稅 |
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維修和保養 |
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廣告與促銷 |
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家庭和區域辦公室成本 |
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總務與行政 |
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其他 |
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營業費用總計 |
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其他項目前的營業收入 |
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利息費用 |
| ( |
| ( |
| ( |
| ( | ||||
放棄、交換或重新評估股權利益所得(附註3和6) | — | | | | ||||||||
收入和其他稅費 |
| ( |
| ( |
| ( |
| ( | ||||
來自未納入合併的實體的收入 |
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公開交易股票及衍生工具的公平價值未實現(虧損)收益,淨額 | ( | ( | ( | | ||||||||
(收益) 有關資產及非合併實體之控股權收購、出售、處置或收回和減值之虧損或收益,淨額 |
| ( |
| ( |
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合併凈利潤 | | | | | ||||||||
歸屬於非控制權益的凈利潤 |
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優先股息 |
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歸屬於普通股股東的凈利潤 | $ | | $ | | $ | | $ | | ||||
每股基本及稀釋盈利: | ||||||||||||
歸屬於普通股股東的淨利潤 | $ | | $ | | $ | | $ | | ||||
綜合凈利潤 | $ | | $ | | $ | | $ | | ||||
衍生避險協議的未實現(虧損)收益 |
| ( |
| |
| ( |
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將從累積其他全面收益重新分類為收益的凈收益 |
| ( |
| ( |
| ( |
| ( | ||||
货币翻译调整 |
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| ( |
| ( |
| ( | ||||
可供出售證券及其他項目的變動 |
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| ( |
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綜合收益 |
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綜合收益歸屬於非控制權益 |
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歸屬於普通股股東的綜合收益 | $ | | $ | | $ | | $ | |
附註是這些報表不可分割的一部分。
6
西蒙地產集團,公司。
未經審核的現金流量統計表
(以千美元計)
截至九個月結束 | ||||||
九月三十日 | ||||||
| 2024 |
| 2023 | |||
營業活動之現金流量: | ||||||
綜合凈利潤 | $ | | $ | | ||
調整以將合併凈利潤調解為營業活動提供的凈現金 | ||||||
折舊與攤提 |
| |
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(收益)售予獲得控股權、出售或處置資產和非合併實體及重整、減損之(損失)凈額 |
| ( |
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處分、交換或股權投資重估的權益損益 | ( | ( | ||||
公開交易的股票和衍生工具公平價值的未實現虧損(利益)淨額 | | ( | ||||
直線租賃損失 |
| |
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對未經合併實體的權益 |
| ( |
| ( | ||
來自非合併實體的收入分派 |
| |
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資產變動 | ||||||
承租人應收款項及應計營業收入,淨額 |
| |
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遞延成本及其他資產 |
| ( |
| ( | ||
應付帳款、應計費用、無形資產、遞延收入及其他 |
| ( |
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經營活動產生的淨現金流量 |
| |
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投資活動產生的現金流量: | ||||||
收購 |
| — |
| ( | ||
向關係人貸款的資金 |
| ( |
| ( | ||
向關係人償還貸款 |
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資本支出,淨額 |
| ( |
| ( | ||
合併物業對現金的影響 |
| |
| — | ||
投資未納入合併財務報表的實體 |
| ( |
| ( | ||
購買短期投資 | ( | — | ||||
來自短期投資贖回的收益 | | — | ||||
購買股票投資工具 |
| ( |
| ( | ||
出售股票投資工具所得款項 |
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保險賠償金用於物業修復 | — | | ||||
從未合併實體及其他資本的分配 |
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投資活動提供的(使用的)淨現金 |
| |
| ( | ||
融資活動產生的現金流量: | ||||||
普通股及其他銷售所得,減去交易成本 |
| ( |
| ( | ||
購買與股票授予受款人稅收代扣相關的股份 | ( | ( | ||||
贖回有限合夥人單位 |
| ( |
| ( | ||
買回庫藏股 | — | ( | ||||
優先單位贖回 | ( | — | ||||
物業非控股權益持有人的分配 |
| ( |
| ( | ||
非控股權持有人對資產的貢獻 |
| |
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經營夥伴優先分配 |
| ( |
| ( | ||
優先股息和分配給股東 |
| ( |
| ( | ||
分配給有限合夥人 |
| ( |
| ( | ||
債務發行收益(扣除交易成本) |
| |
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償還債務 |
| ( |
| ( | ||
籌集資金的淨現金流量 |
| ( |
| ( | ||
現金及現金等價物增加 |
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期初現金及現金等價物 |
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期末現金及現金等價物 | $ | | $ | |
附註是這些報表不可分割的一部分。
7
西蒙地產集團,Inc.
未經審計的股本合併報表
(以千美元計)
|
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| 累計 |
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| Common |
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其他 | 資本中 | 股票 |
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優先股 | Common | 綜合 | 超額保額 | 累計 | 持有中 | 非控制權益 | 總計 |
| |||||||||||||||||
| 股票 |
| 股票 |
| 收入(損失) |
| 帳面價值 |
| 赤字累計 |
| 金融部門 |
| 利益 |
| 股權 |
| |||||||||
2023年12月31日 | $ | | $ | | $ | ( | $ | | $ | ( | $ | ( | $ | | $ | | |||||||||
J系列優先股溢價攤銷 | ( | ( | |||||||||||||||||||||||
股票激勵計劃( | ( | | — | ||||||||||||||||||||||
贖回有限合夥人份額( | ( | ( | ( | ||||||||||||||||||||||
股票激勵攤銷 | | | |||||||||||||||||||||||
長期激勵績效單位 | | | |||||||||||||||||||||||
發行單位等效物及其他( | ( | | ( |
| ( |
| | ||||||||||||||||||
對避險活動的未實現收益 | | | | ||||||||||||||||||||||
货币翻译调整 | ( | ( | ( | ||||||||||||||||||||||
可供出售證券及其他項目的變動 | ( | ( | ( | ||||||||||||||||||||||
將從累積其他全面收益重新分類為收益的凈收益 | ( | ( | ( | ||||||||||||||||||||||
其他全面收益(損失) | | | | ||||||||||||||||||||||
因在經營夥伴關係中擁有權益變更而對有限合夥人利益進行調整 |
| |
| ( |
| — | |||||||||||||||||||
分配給普通股東和有限合夥人的款項,不包括經營合夥企業的優先權益 |
| ( |
| ( |
| ( | |||||||||||||||||||
分配給其他非控制股權合夥人 |
| ( | ( | ||||||||||||||||||||||
除非净利润 $ |
|
| |
| |
| | ||||||||||||||||||
2024年3月31日 | $ | | $ | | $ | ( | $ | | $ | ( | $ | ( | $ | | $ | | |||||||||
J系列優先股溢價攤銷 | ( | ( | |||||||||||||||||||||||
股票激勵計劃( | ( | | — | ||||||||||||||||||||||
贖回有限合夥人單位( | ( | ( | ( | ||||||||||||||||||||||
股票激勵攤銷 | | | |||||||||||||||||||||||
長期激勵績效單位 | | | |||||||||||||||||||||||
發放單位等價物及其他( | ( | ( |
| ( |
| ( | |||||||||||||||||||
未實現對沖活動之收益 | | | | ||||||||||||||||||||||
货币翻译调整 | ( | ( | ( | ||||||||||||||||||||||
可供出售證券及其他項目的變動 | ( | ( | ( | ||||||||||||||||||||||
將從累積其他全面收益重新分類為收益的凈收益 | ( | ( | ( | ||||||||||||||||||||||
其他全面收益(損失) | ( | ( | ( | ||||||||||||||||||||||
有限合夥人權益的調整,因營運合夥企業所有權變更 |
| |
| ( |
| — | |||||||||||||||||||
普通股東和有限合夥人分派,不包括營運夥伴優先權益 |
| ( |
| ( |
| ( | |||||||||||||||||||
分配給其他非控股權合作夥伴 |
| ( | ( | ||||||||||||||||||||||
凈利潤,不包括 $ |
|
| |
| |
| | ||||||||||||||||||
2024年6月30日 | $ | | $ | | $ | ( | $ | | $ | ( | $ | ( | $ | | $ | | |||||||||
有限合夥人單位的交易( |
| |
| ( |
| — | |||||||||||||||||||
J系列優先股溢價攤銷 | ( | ( | |||||||||||||||||||||||
Stock incentive program ( | ( | | — | ||||||||||||||||||||||
員工股權攤提 | | | |||||||||||||||||||||||
長期獎勵表現單位 | | | |||||||||||||||||||||||
發行單位等同及其他 | ( |
| |
| ( | ||||||||||||||||||||
避險活動中的未實現損失 | ( | ( | ( | ||||||||||||||||||||||
货币翻译调整 | | | | ||||||||||||||||||||||
可供出售證券及其他項目的變動 | | | |||||||||||||||||||||||
將從累積其他全面收益重新分類為收益的凈收益 | ( | ( | ( | ||||||||||||||||||||||
其他全面收益(損失) | ( | ( | ( | ||||||||||||||||||||||
根据在控股合伙企业所有权变更导致有限合伙人权益的调整 |
| |
| ( |
| — | |||||||||||||||||||
其他普通股東及有限合夥人之分派,不包括營運夥伴偏好利益 |
| ( |
| ( |
| ( | |||||||||||||||||||
其他非控制股權合夥人的分配 |
| ( | ( | ||||||||||||||||||||||
凈利潤,不包括 $ |
|
| |
| |
| | ||||||||||||||||||
2024年9月30日 | $ | | $ | | $ | ( | $ | | $ | ( | $ | ( | $ | | $ | |
附註是這些報表不可分割的一部分。
8
西蒙地產集團,Inc.
未經審計的股本合併報表
(以千美元計)
|
|
| 累計 |
|
|
| Common |
|
| |||||||||||||||
其他 | 資本中 | 股票 | ||||||||||||||||||||||
優先股 | Common | 綜合 | 超額保額 | 累計 | 舉辦於 | 非控制權益 | 總計 | |||||||||||||||||
| 股票 |
| 股票 |
| 收入(損失) |
| 帳面價值 |
| 赤字累計 |
| 金融部門 |
| 利益 |
| 股權 | |||||||||
2022年12月31日 | $ | | $ | | $ | ( | $ | | $ | ( | $ | ( | $ | | $ | | ||||||||
J系列優先股保險費攤銷 | ( | ( | ||||||||||||||||||||||
股票激勵計劃( | ( | | — | |||||||||||||||||||||
贖回有限合夥人單位 ( | ( | ( | ( | |||||||||||||||||||||
股票激勵的攤銷 | | | ||||||||||||||||||||||
長期獎勵績效單位 | | | ||||||||||||||||||||||
發行單位等價物及其他( | ( | ( |
| |
| ( | ||||||||||||||||||
避險活動的未實現收益 | | | | |||||||||||||||||||||
货币翻译调整 | ( | ( | ( | |||||||||||||||||||||
可供出售證券及其他項目的變動 | | | | |||||||||||||||||||||
將從累積其他全面收益重新分類為收益的凈收益 | ( | ( | ( | |||||||||||||||||||||
其他全面收益(損失) | | | | |||||||||||||||||||||
調整有限合夥人利益,來自於營運合夥關係所有權變動 |
| |
| ( |
| — | ||||||||||||||||||
普通股股東和有限合夥人的分配,不包括運營夥伴偏愛權益 |
| ( |
| ( |
| ( | ||||||||||||||||||
分發給其他非控股權合作夥伴 |
| ( | ( | |||||||||||||||||||||
除了凈利潤,不包括 $ |
|
| |
| |
| | |||||||||||||||||
2023年3月31日 | $ | | $ | | $ | ( | $ | | $ | ( | $ | ( | $ | | $ | | ||||||||
J系列優先股的溢價攤提 | ( | ( | ||||||||||||||||||||||
股票激勵計劃( | ( | | — | |||||||||||||||||||||
贖回有限合夥人單位( | ( | ( | ( | |||||||||||||||||||||
股票激勵攤提 | | | ||||||||||||||||||||||
長期激勵績效單位 | | | ||||||||||||||||||||||
發行單位等和其他( | | ( | ( |
| |
| ( | |||||||||||||||||
避險活動的未實現收益 | | | | |||||||||||||||||||||
货币翻译调整 | ( | ( | ( | |||||||||||||||||||||
可供出售證券及其他項目的變動 | | | | |||||||||||||||||||||
將從累積其他全面收益重新分類為收益的凈收益 | ( | ( | ( | |||||||||||||||||||||
其他全面收益(損失) | ( | ( | ( | |||||||||||||||||||||
調整有限合夥人的權益,因營運合夥關係所有權變更 |
| |
| ( |
| — | ||||||||||||||||||
發放給普通股東和有限合夥人的分配,不包括營運夥伴偏好權益 |
| ( |
| ( |
| ( | ||||||||||||||||||
發放給其他非控股利益合作夥伴 |
| ( | ( | |||||||||||||||||||||
除了其他的外淨利潤, $ |
|
| |
| |
| | |||||||||||||||||
2023年6月30日 | $ | | $ | | $ | ( | $ | | $ | ( | $ | ( | $ | | $ | | ||||||||
發行有限合夥人單位( | | | ||||||||||||||||||||||
J系列優先股溢價攤銷 | ( | ( | ||||||||||||||||||||||
贖回有限合夥人單位( | ( | ( | ( | |||||||||||||||||||||
股票激勵的攤提 | | | ||||||||||||||||||||||
Treasury stock purchase ( | ( | ( | ||||||||||||||||||||||
長期激勵績效單位 | | | ||||||||||||||||||||||
發行單位等價物和其他 | | ( |
| |
| ( | ||||||||||||||||||
避險活動中未實現收益 | | | ||||||||||||||||||||||
货币翻译调整 | | ( | ( | |||||||||||||||||||||
可供出售證券及其他項目的變動 | ( | ( | ( | |||||||||||||||||||||
將從累積其他全面收益重新分類為收益的凈收益 | ( | ( | ( | |||||||||||||||||||||
其他全面收益(損失) | | | | |||||||||||||||||||||
調整有限合夥人在經營合夥企業所有權變動方面的利益 |
| |
| ( |
| — | ||||||||||||||||||
分配給普通股東和有限合夥人,不包括營運夥伴的優先股利益 |
| ( |
| ( |
| ( | ||||||||||||||||||
分發給其他非控股權合作夥伴 |
| ( | ( | |||||||||||||||||||||
凈利潤,不包括 $ |
|
| |
| |
| | |||||||||||||||||
2023年9月30日 | $ | | $ | | $ | ( | $ | | $ | ( | $ | ( | $ | | $ | |
附註是這些報表不可分割的一部分。
9
西蒙地產集團,有限合夥
未經審計的綜合資產負債表
(以千位元為單位,除了單位金額)
| 九月三十日 |
| 12月31日 | |||
| 2024 |
| 2023 | |||
資產: | ||||||
投資性資產,以成本計量 | $ | | $ | | ||
Less — accumulated depreciation |
| |
| | ||
| |
| | |||
現金及現金等價物 |
| |
| | ||
短期投資 | | | ||||
承租人應收款項及應計營業收入,淨額 |
| |
| | ||
在TRG的股權投資 |
| |
| | ||
在Klépierre的股權投資 |
| |
| | ||
對其他未納入合併賬戶之實體的股權投資 | | | ||||
淨使用權資產 | | | ||||
遞延成本及其他資產 |
| |
| | ||
資產總額 | $ | | $ | | ||
負債: | ||||||
按揭和無抵押負債 | $ | | $ | | ||
應付賬款、應計費用、無形資產和递延收入 |
| |
| | ||
未合併實體的現金分配和虧損,按股權法 |
| |
| | ||
應付分配 | | | ||||
租賃負債 | | | ||||
其他負債 |
| |
| | ||
總負債 |
| |
| | ||
合約和可能負債 | ||||||
Preferred units, various series, at liquidation value, and noncontrolling redeemable interests |
| |
| | ||
股東權益: | ||||||
Partners’ Equity | ||||||
優先單位, |
| |
| | ||
普通合夥人, |
| |
| | ||
有限合夥人 |
| |
| | ||
合夥人權益總額 |
| |
| | ||
資產內不可贖回的非控制權益,淨值 |
| |
| | ||
總股本 |
| |
| | ||
負債加股東權益總額 | $ | | $ | |
附註是這些報表不可分割的一部分。
10
西蒙地產集團,有限合夥
未經審核的綜合損益及.財務狀況表
(金額以千元為單位,每單位金額除外)
截至三個月結束 | 截至九個月結束 | |||||||||||
九月三十日 | 九月三十日 | |||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
營業收入: |
|
|
|
| ||||||||
租賃收入 | $ | | $ | | $ | | $ | | ||||
管理費用和其他收入 |
| |
| |
| |
| | ||||
其他收益 |
| |
| |
| |
| | ||||
營業總收入 |
| |
| |
| |
| | ||||
營業費用: | ||||||||||||
房地產經營 |
| |
| |
| |
| | ||||
折舊與攤提 |
| |
| |
| |
| | ||||
房地產稅 |
| |
| |
| |
| | ||||
維修和保養 |
| |
| |
| |
| | ||||
廣告與促銷 |
| |
| |
| |
| | ||||
家庭和區域辦公室成本 |
| |
| |
| |
| | ||||
總務與行政 |
| |
| |
| |
| | ||||
其他 |
| |
| |
| |
| | ||||
營業費用總計 |
| |
| |
| |
| | ||||
其他項目前的營業收入 |
| |
| |
| |
| | ||||
利息費用 |
| ( |
| ( |
| ( |
| ( | ||||
放棄、交換或重新評估股權利益所得(附註3和6) | — | | | | ||||||||
收入和其他稅費 |
| ( |
| ( |
| ( |
| ( | ||||
來自未納入合併的實體的收入 |
| |
| |
| |
| | ||||
公開交易股票及衍生工具的公平價值未實現(虧損)收益,淨額 | ( | ( | ( | | ||||||||
(收益) 有關資產及非合併實體之控股權收購、出售、處置或收回和減值之虧損或收益,淨額 |
| ( |
| ( |
| |
| ( | ||||
合併凈利潤 |
| |
| |
| |
| | ||||
歸屬於非控制權益的淨損失 |
| ( |
| ( |
| ( |
| ( | ||||
首選單位要求 |
| |
| |
| |
| | ||||
歸屬於持有人的凈利潤 | $ | | $ | | $ | | $ | | ||||
歸屬於持有人的凈利潤 歸屬於: | ||||||||||||
普通合夥人 | $ | | $ | | $ | | $ | | ||||
有限夥伴 |
| |
| |
| |
| | ||||
歸屬於受益權單位持有人的凈利潤 | $ | | $ | | $ | | $ | | ||||
每股基本及稀釋盈利: | ||||||||||||
歸屬於持有人的凈利潤 | $ | | $ | | $ | | $ | | ||||
綜合凈利潤 | $ | | $ | | $ | | $ | | ||||
衍生避險協議的未實現(虧損)收益 |
| ( |
| |
| ( |
| | ||||
將從累積其他全面收益重新分類為收益的凈收益 |
| ( |
| ( |
| ( |
| ( | ||||
货币翻译调整 |
| |
| ( |
| ( |
| ( | ||||
可供出售證券及其他項目的變動 |
| |
| ( |
| |
| | ||||
綜合收益 |
| |
| |
| |
| | ||||
非控股利益(損失)歸屬於非控股股東 |
| |
| ( |
| |
| | ||||
歸屬於持有人的綜合收益 | $ | | $ | | $ | | $ | |
附註是這些報表不可分割的一部分。
11
西蒙地產集團,有限合夥
未經審核的現金流量統計表
(以千美元計)
截至九個月結束 | ||||||
九月三十日 | ||||||
| 2024 |
| 2023 | |||
營業活動之現金流量: |
|
| ||||
綜合凈利潤 | $ | | $ | | ||
調整以將合併凈利潤調解為營業活動提供的凈現金 | ||||||
折舊與攤提 |
| |
| | ||
(收益)售予獲得控股權、出售或處置資產和非合併實體及重整、減損之(損失)凈額 |
| ( |
| | ||
處分、交換或股權投資重估的權益損益 | ( | ( | ||||
公開交易的股票和衍生工具公平價值的未實現虧損(利益)淨額 | | ( | ||||
直線租賃損失 |
| |
| | ||
對未經合併實體的權益 |
| ( |
| ( | ||
來自非合併實體的收入分派 |
| |
| | ||
資產變動 | ||||||
承租人應收款項及應計營業收入,淨額 |
| |
| | ||
遞延成本及其他資產 |
| ( |
| ( | ||
應付帳款、應計費用、無形資產、遞延收入及其他 |
| ( |
| | ||
經營活動產生的淨現金流量 |
| |
| | ||
投資活動產生的現金流量: | ||||||
收購 |
| — |
| ( | ||
向關係人貸款的資金 | ( | ( | ||||
向關係人償還貸款 |
| |
| | ||
資本支出,淨額 |
| ( |
| ( | ||
合併物業對現金的影響 |
| |
| — | ||
投資未納入合併財務報表的實體 |
| ( |
| ( | ||
購買短期投資 | ( | — | ||||
來自短期投資贖回的收益 | | — | ||||
購買股票投資工具 |
| ( |
| ( | ||
出售股本工具所得款項 |
| |
| | ||
保險賠償金用於物業修復 | — | | ||||
非合併實體及其他資本分配 |
| |
| | ||
投資活動提供的(使用的)淨現金 |
| |
| ( | ||
融資活動產生的現金流量: | ||||||
發行單位及其他 |
| ( |
| ( | ||
購買與員工股票授予接收者稅款代扣相關的單位 |
| ( |
| ( | ||
贖回有限合夥人單位 | ( | ( | ||||
購買普通合夥人單位 | — | ( | ||||
優先單位贖回 | ( | — | ||||
物業非控股權益持有人的分配 |
| ( |
| ( | ||
來自非控股擁有人對物業的貢獻 |
| |
| | ||
合夥分配 |
| ( |
| ( | ||
按揭和無抵押負債款項的收益,減去交易成本 |
| |
| | ||
按揭和無抵押負債本金支付 |
| ( |
| ( | ||
籌集資金的淨現金流量 |
| ( |
| ( | ||
現金及現金等價物增加 |
| |
| | ||
期初現金及現金等價物 |
| |
| | ||
期末現金及現金等價物 | $ | | $ | |
附註是這些報表不可分割的一部分。
12
西蒙地產集團,有限合夥。
未經審計的股本合併報表
(以千美元計)
| 優先股 |
| 西蒙(管理 |
| 有限的 |
| 非控制權益 |
| 總計 | ||||||
單位 | 普通合伙人) | 合夥人 | 利益 | 股權 | |||||||||||
2023年12月31日 | $ | | $ | | $ | | $ | | $ | | |||||
J系列優先股溢價和攤提 | ( | ( | |||||||||||||
股票激勵計劃( | — | — | |||||||||||||
股票激勵形成的攤銷 | | | |||||||||||||
贖回有限合伙人單位( | ( | ( | ( | ||||||||||||
長期獎勵表現單位 |
| |
| | |||||||||||
發行單位等值物及其他( |
|
| |
| ( |
| ( |
| | ||||||
避險活動的未實現收益 | | | | ||||||||||||
货币翻译调整 | ( | ( | ( | ||||||||||||
可供出售證券及其他項目的變動 | ( | ( | ( | ||||||||||||
將從累積其他全面收益重新分類為收益的凈收益 | ( | ( | ( | ||||||||||||
其他全面收益(損失) | | | | ||||||||||||
從對營運合夥企業所有權變更中對有限合夥人利益的調整 |
| |
| ( |
| — | |||||||||
分發,不包括分發在被歸類為暫時權益的優先權益上 |
| ( |
| ( |
| ( |
| ( |
| ( | |||||
净利润,不包括临时股本优先单位的优先分配 $ |
| |
| |
| |
| |
| | |||||
2024年3月31日 | $ | | $ | | $ | | $ | | $ | | |||||
J系列優先股的溢價和攤銷 | ( | ( | |||||||||||||
Stock incentive program ( | — | — | |||||||||||||
股份激勵攤銷 | | | |||||||||||||
贖回有限合夥人份額( | ( | ( | ( | ||||||||||||
長期激勵績效單位 |
| |
| | |||||||||||
發行單位等價物和其他( |
|
| ( |
| |
| ( |
| ( | ||||||
避險活動的未實現收益 | | | | ||||||||||||
货币翻译调整 | ( | ( | ( | ||||||||||||
可供出售證券及其他項目的變動 | ( | ( | ( | ||||||||||||
將從累積其他全面收益重新分類為收益的凈收益 | ( | ( | ( | ||||||||||||
其他全面收益(損失) | ( | ( | ( | ||||||||||||
從在營運合夥公司所有權變動中調整有限合夥人的權益 |
| |
| ( |
| — | |||||||||
分配金,不包括歸類為暫時性股本的優先權利益上的分配金 |
| ( |
| ( |
| ( |
| ( |
| ( | |||||
凈利潤,不包括對暫時性股本優先單位的優先分配 $ |
| |
| |
| |
| |
| | |||||
2024年6月30日 | $ | | $ | | $ | | $ | | $ | | |||||
J系列優先股票溢價和攤銷 | ( | ( | |||||||||||||
有限合伙人權益轉換為普通單位( |
| | ( |
| — | ||||||||||
股票激勵計劃( | — | — | |||||||||||||
股票激勵攤銷 | | | |||||||||||||
長期激勵績效單位 |
| |
| | |||||||||||
發行單位等效和其他( |
|
| ( |
| |
| |
| ( | ||||||
避險活動的未實現虧損 | ( | ( | ( | ||||||||||||
货币翻译调整 | | | | ||||||||||||
可供出售證券及其他項目的變動 | | | |||||||||||||
將從累積其他全面收益重新分類為收益的凈收益 | ( | ( | ( | ||||||||||||
其他全面收益(損失) | ( | ( | ( | ||||||||||||
由於經營夥伴關係變更導致的有限合夥人權益調整 |
| |
| ( |
| — | |||||||||
分發,不包括分發在臨時權益類別下的優先權益分配 |
| ( |
| ( |
| ( |
| ( |
| ( | |||||
净利润,不包括临时权益优先单位的优先分配 $ |
| |
| |
| |
| |
| | |||||
2024年9月30日 | $ | | $ | | $ | | $ | | $ | |
附註是這些報表不可分割的一部分。
13
西蒙地產集團,有限合夥。
未經審計的股本合併報表
(以千美元計)
| 優先股 |
| Simon (Managing |
| 有限的 |
| 非控制權益 |
| 總計 | ||||||
單位 | 一般合夥人) | 合夥人 | 利益 | 股權 | |||||||||||
2022年12月31日 | $ | | $ | | $ | | $ | | $ | | |||||
J系列優先股溢價和攤薄 | ( | ( | |||||||||||||
股票激勵計劃( | — | — | |||||||||||||
股票激勵的攤銷 | | | |||||||||||||
贖回有限合夥單位( | ( | ( | ( | ||||||||||||
長期激勵表現單位 |
| |
| | |||||||||||
發行單位等其他( |
|
| ( |
| |
| |
| ( | ||||||
避險活動的未實現收益 | | | | ||||||||||||
货币翻译调整 | ( | ( | ( | ||||||||||||
可供出售證券及其他項目的變動 | | | | ||||||||||||
將從累積其他全面收益重新分類為收益的凈收益 | ( | ( | ( | ||||||||||||
其他全面收益(損失) | | | | ||||||||||||
合夥經營合夥企業業主變更導致有限合夥人權益的調整 |
| |
| ( |
| — | |||||||||
分配金,不包括分配給臨時權益中分類為優先權益的分配金 |
| ( |
| ( |
| ( |
| ( |
| ( | |||||
除了暫時性股本優先單位的優先分配之外,凈利潤 $ |
| |
| |
| |
| |
| | |||||
2023年3月31日 | $ | | $ | | $ | | $ | | $ | | |||||
J系列優先股溢價和攤銷 | ( | ( | |||||||||||||
股票激勵計劃( | — | — | |||||||||||||
股票激勵攤銷 | | | |||||||||||||
贖回有限合夥人單位( | ( | ( | ( | ||||||||||||
長期獎勵績效單位 |
| |
| | |||||||||||
發行單位對等和其他( |
|
| ( |
| |
| |
| ( | ||||||
對避險活動的未實現收益 | | | | ||||||||||||
货币翻译调整 | ( | ( | ( | ||||||||||||
可供出售證券及其他項目的變動 | | | | ||||||||||||
將從累積其他全面收益重新分類為收益的凈收益 | ( | ( | ( | ||||||||||||
其他全面收益(損失) | ( | ( | ( | ||||||||||||
由於經營夥伴之持份因營運合夥關係轉變而作出之調整 |
| |
| ( |
| — | |||||||||
除了被歸類為暫時權益的優先權益股息外的分配 |
| ( |
| ( |
| ( |
| ( |
| ( | |||||
凈利潤,不包括暫時權益優先單位的優先分配 $ |
| |
| |
| |
| |
| | |||||
2023年6月30日 | $ | | $ | | $ | | $ | | $ | | |||||
發行有限合夥人單位( |
| — |
| |
| | |||||||||
J系列優先股的溢價和攤銷 | ( | ( | |||||||||||||
股票激勵攤銷 | | | |||||||||||||
贖回有限合夥人單位( | ( | ( | ( | ||||||||||||
財政部門購買( | ( | ( | |||||||||||||
長期獎勵表現單位 |
| |
| | |||||||||||
發行單位等價物和其他 |
|
| ( |
| |
| |
| ( | ||||||
未實現對沖活動的收益 | | | |||||||||||||
货币翻译调整 | | ( | ( | ||||||||||||
可供出售證券及其他項目的變動 | ( | ( | ( | ||||||||||||
將從累積其他全面收益重新分類為收益的凈收益 | ( | ( | ( | ||||||||||||
其他全面收益(損失) | | | | ||||||||||||
調整有限合夥人在營運合夥關係變更之利益 |
| |
| ( |
| — | |||||||||
分配,不包括被歸類為暫時股權的優先權益上的分配 |
| ( |
| ( |
| ( |
| ( |
| ( | |||||
除了在暫時性股權優先單位上發放的優先股股息之外的凈利潤 $ |
| |
| |
| |
| ( |
| | |||||
2023年9月30日 | $ | | $ | | $ | | $ | | $ | |
附註是這些報表不可分割的一部分。
14
1.組織
西蒙房地產集團,Inc. 是特拉華州的一家公司,根據 1986 年的《內部稅務法》(修訂後)或《內部稅收法》,以自行管理和自我管理的房地產投資信託(REiT)運營。只要他們分配不少於 REIT 應稅收入的 100%,房地產信託基金通常不承擔美國聯邦企業所得稅負責。西蒙房地產集團有限公司是我們擁有的特拉華州多數合作夥伴子公司,擁有我們所有的房地產和其他資產。根據營運合夥人的合作協議,營運合夥人必須支付 Simon 的所有費用。在這些合併財務報表的簡明附註中,除非另有說明或情況另有規定,「西蒙」的引用指西蒙地產集團,而「營運合夥人」的參考指西蒙地產集團, L.P. 對「我們」、「我們」和「我們」的參考統一指西蒙、營運合夥人及西門和/或營運合夥人所擁有或控制的實體/附屬公司。除非另有說明,否則這些合併財務報表的簡明附註適用於 Simon 和營運合夥人。
我們擁有、開發和管理頂級購物、餐飲、娛樂和綜合用途目的地,主要包括購物中心、高級暢貨中心®, 和磨坊®。截至 2024 年 9 月 30 日,我們擁有或持有股權
二.演示基礎
隨附的未經審核合併財務報表包括所有受控附屬公司的帳目,並且所有重大的公司間金額已被刪除。由於某些營運活動的季節性質,截至二零二四年九月三十日止中期的業績並不一定表明全年預期的業績。
這些合併財務報表是根據表格 10-Q 的指示擬備,並包括美國普遍接受的會計原則(GAAP)中期報告所需的所有資料和披露。因此,它們不包括 GAAP 對完整財務報表所要求的所有披露。管理層認為,已包括公平表現所需的所有調整(包括正常定期應計費)。本表格 10-Q 中的合併財務報表應與《Simon and 營運合夥人》合併 2023 年度報表 10-k 之綜合年報中所載的經審核合併財務報表及相關附註一併閱讀。以符合本年度的報表,已對上期財務報表進行一些認為必要的重新分類,以符合本年度的呈報。這些重新分類並沒有變更作業的結果。
我們整合全資擁有的物業和我們擁有不到 100% 的物業,但我們控制該等物業。在其他因素之外,我們在未經任何其他合作夥伴或所有者同意的情況下再融資債務並出售該物業的能力,以及任何其他合作夥伴或業主無法替代我們的能力,以及其他合作夥伴或所有人無法替代我們。
當我們確定為主要受益人時,我們還合併一個可變利益實體或 VIE。根據實體是否具有 (1) 指導對 VIE 的經濟表現最重大影響的活動的權力,以及 (2) 承擔損失的義務或收取可能對持有可能對持有重大的永久性利益的權利進行決定。我們對 VIE 的主要受益人的決定會考慮我們與 VIE 之間的所有關係,包括管理協議和其他合同安排。除了註 6 中所述的情況外,在 2024 年,先前的結論對某實體是否符合永久性的資格,或我們是否是先前識別的任何 VIE 的主要受益人,沒有發生任何變化。在所述期間,除註 6 中所述外,我們沒有向任何已明確的 VIE 提供財務或其他支持,但我們沒有按合約義務提供的財務或其他支持。
投資於合夥企業和合營企業代表我們的非控制權益。我們使用股票會計方式對這些非合併實體進行帳目。我們最初以成本記錄這些投資,然後我們
15
根據相關合夥機構或合資企業協議的條款進行調整,對於淨權益中的收益或虧損進行分配,如果適用的話包括現金貢獻和分配,以及外幣波動。合夥或合資企業協議中的分配條款並不總是符合每位普通合夥人或有限合夥人或合資投資者持有的法律所有權利益,這主要是由於合夥人的偏好。我們分開報告對於已累積的分配超過對合夥或合資企業的投資以及我們在合夥或合資企業中的淨利潤占比的合夥企業和合資企業的投資,在綜合資產負債表中的權益。由於金融或營運分配通常大於凈利潤,某些合夥企業和合資企業的淨權益低於零,因此凈利潤已包括減值及攤銷的非現金費用。
截至2024年9月30日,我們合並了
運營合夥企業的優先分配是在宣布時計提並代表對合夥利益的優先單元,或優先單元的分配,並納入歸屬於非控制股權的凈收益中。根據合夥企業的綜合持股份額對運營合夥企業的淨營運結果進行分配,並根據合夥夥伴在運營合夥企業中的加權平均擁有權益。合夥企業的淨營運結果歸屬於有限合夥人的部分反映在歸屬於非控制股權的凈收益中。西蒙在運營合夥企業中的加權平均持有權益分別為
運營合夥企業附帶的綜合收益及淨收益附表上的優先單位要求代表對尚未支付的優先單位的分配,並在宣布時記錄。
3. 重要會計政策
現金及現金等價物和短期投資
我們認為所有具有90天或更短原始到期日的高度流動性投資均為現金及現金等價物。 現金等價物按成本列示,接近公平價值。 現金等價物通常包括商業本票,銀行承兌,歐洲美元,回購協議,以及貨幣市場存款或證券。 可能使我們面臨信貸風險集中的財務工具包括我們的現金及現金等價物和我們的應收貨款。 我們將我們的現金及現金等價物存放在信用質量高的機構。 但是,在某些時候,這些現金及現金等價物超出了美國聯邦存款保險公司和證券投資者保護公司的保險限額。
我們將包括原始到期日超過90天的定期存款在內的短期投資歸類為可供出售。 短期投資按公平價值報告,並定期檢討信用損失和損失準備。 在評估投資時,我們審查因素,例如證券的公允價值是否低於攤銷成本基礎、與證券有關的不良條件、發行人的財務狀況、公司的出售意圖,以及在回收其攤銷成本基礎之前,公司是否更有可能被要求出售該投資。
股權工具和債務證券
股權工具和債務證券主要包括股權工具、我們的递延薪酬計劃投資、我們的自營保險子公司的債務證券,以及用於資助以往由投資物業擔保的債務服務要求的某些投資。 於2024年9月30日和2023年12月31日,我們分別持有具有易於確定公平價值的股權工具$
16
金融工具的資產及公開交易的股票及衍生金融工具公允價值的未實現(虧損)收益,已納入我們的綜合損益表中。截至2024年9月30日和2023年12月31日,我們持有的無法立即確定公允價值的股票資產分別為$
我們的逆向補償計劃股票資產是根據報價市場價格評估的。這些投資與匹配負債相對應,因獲得補償的員工完全可申領該金額。這些證券價值的變化和與員工相匹配負債的變化均予以識別並納入收入,因此對綜合净利潤無影響。
截至2024年9月30日和2023年12月31日,我們在我們的保險子公司持有債務證券,金額分別為$
我們的子公司保險附屬公司需保持符合法定最低資本和盈餘以及維持最低流動比率。因此,我們對這些證券的取得可能受到限制。
公允價值衡量
一級公允價值的輸入是指在活躍、流通和可見市場(例如股票交易所)上,相同項目的報價價格。二級公允價值的輸入是指活躍或不活躍市場中類似項目的可觀察資訊,並適當地考慮計數方信貸質量評估。三級公允價值的輸入反映我們對資產或負債於計量日期的定價所使用的市場參與者的最佳估計輸入和假設。這些輸入在市場上是不可觀察且對評估估計非常重要的。我們有
我們擁有具有易於確定公允價值的權益工具,其值使用一級輸入評估。我們擁有使用二級輸入評估的外幣遠期合約、利率上限和掉期協議以及一年內到期的定期存款。由於這些工具的相對短期性質,我們的定期存款名義價值與公允價值相近。我們還擁有一個分契嵌入衍生權利期權,這是2023年11月發行的1,000萬歐元可換股債券的一部分。該工具主要被歸類為具有三級輸入,進一步在基本衍生金融工具中討論(第3條),以及在基本資訊第7條。
描述 | 2024年9月30日 | 活躍市場報價(1級別) | 顯著其他觀察資料輸入(第2級) | 重要其他不可觀察輸入(3級別) | ||||||||
資產: | ||||||||||||
短期投資 | $ | | $ | - | $ | | $ | - | ||||
遞延成本及其他資產 | | | | - | ||||||||
總計 | $ | | $ | | $ | | $ | - | ||||
負債: | ||||||||||||
其他負債 | $ | | $ | - | $ | | $ | |
17
描述 | 2023年12月31日 | 活躍市場報價(1級別) | 顯著其他觀察資料輸入(第2級) | 重要其他不可觀察輸入(3級別) | ||||||||
資產: | ||||||||||||
短期投資 | $ | | $ | - | $ | | $ | - | ||||
遞延成本及其他資產 | | | | |||||||||
總計 | | | | - | ||||||||
負債: | ||||||||||||
其他負債 | $ | | $ | - | $ | | $ | | ||||
第7項說明了使用第2級輸入測量的債務公允價值。第3、4和6項說明了使用第2級和第3級輸入在購買會計中記錄的公允價值。我們的購買會計和減損分析的第3級輸入包括我們對公允價值的估計、資產的淨營運結果、資本化率和折現率。
非控制權益
西蒙
我們非控股利益的攜帶金額詳情如下:
| 截至日期 |
| 截至日期 | |||
九月三十日 | 12月31日 | |||||
| 2024 |
| 2023 | |||
有限合夥人在經營合夥企業中的利益 | $ | | $ | | ||
資產內不可贖回的非控制權益,淨值 |
| |
| | ||
在權益中反映的非控股權益總額 | $ | | $ | |
非控股權益所得的凈利潤(其中包括合併物業中不可贖回和可贖回的非控制權益、營運合夥企業中有限合夥人的權益和營運合夥企業根據其已發行的優先股單位支付的優先分配)是合併凈利潤的一個元件。此外,其他綜合收益(損失)的各個元件是以總額呈現,包括控股和非控股權益在內,歸屬於非控股權益的部分應從歸屬於普通股東的綜合淨收益中扣除。
營運合作夥伴
我們評估將西蒙地產及其有限合夥人持有的營運合夥企業普通合夥利益單位或單位納入永久權益的適當性時,考慮了幾個重要因素。首先,作為一家有限合夥企業,所有涉及營運合夥企業運作和分配的決定均由西蒙代表的營運合夥企業唯一的普通合夥人西蒙作出。普通合夥人的決定由西蒙的董事會或管理層作出。營運合夥企業沒有其他治理架構。其次,西蒙的唯一資產是其對營運合夥企業的利益。因此,如果營運合夥企業擁有西蒙的一份普通股,最好將其視為與庫藏股相似,因此不是營運合夥企業的資產。
營運合夥企業的有限合夥人根據營運合夥企業的合夥協議有權將其單位交換成普通股或現金,由西蒙作為唯一的普通合夥人進行選擇。因此,我們將有限合夥人持有的單位歸類為永久權益,因為西蒙可能選擇向有限合夥人發行普通股
18
partners exercising their exchange rights rather than using cash. Under the Operating Partnership’s partnership agreement, the Operating Partnership is required to redeem units held by Simon only when Simon has repurchased shares of common stock. We classify units held by Simon in permanent equity because the decision to redeem those units would be made by Simon.
Net income attributable to noncontrolling interests (which includes nonredeemable and redeemable noncontrolling interests in consolidated properties) is a component of consolidated net income.
累計其他綜合收益(損失)
西蒙
The total accumulated other comprehensive income (loss) related to Simon’s currency translation adjustment was ($
The reclassifications out of accumulated other comprehensive income (loss) consisted of the following:
截至三個月結束 | 截至九個月結束 | |||||||||||||
九月三十日 | 九月三十日 | |||||||||||||
受影響的項目所在的地方 | ||||||||||||||
| 2024 |
| 2023 |
| 2024 |
| 2023 |
| 凈利潤呈現的地方 | |||||
累計衍生工具利潤,凈 | $ | |
| $ | | $ | |
| $ | |
| 利息費用 | ||
| ( |
|
| ( |
| ( |
|
| ( |
| 歸屬於非控制股權的凈利潤 | |||
$ | | $ | | $ | | $ | |
營運合作夥伴
關於經營夥伴貨幣兌換調整相關的其他綜合收益(損失)累積總額為($
從累積其他綜合損益中重新分類的項目如下:
| 截至三個月結束 | 截至九個月結束 | ||||||||||||
九月三十日 | 九月三十日 | |||||||||||||
受影响的 貨幣 项目在哪里 | ||||||||||||||
| 2024 |
| 2023 |
| 2024 |
| 2023 |
| 凈利潤呈現 | |||||
Accumulated derivative gains, net | $ | |
| $ | | $ | |
| $ | |
| 利息費用 |
衍生金融工具
我們在合併資產負債表上以公允價值記錄所有衍生金融工具。對於衍生金融工具公允價值的變動,其會計處理取決於衍生金融工具的預期用途,我們是否將衍生金融工具指定為避險工具,以及避險關係是否符合適用避險會計所需的標準。我們可能在業務正常運營的過程中使用各種衍生金融工具來有針對性地管理或對沖與我們的負債和利息支付相關的風險的部分。我們在使用利率衍生金融工具時的目標是增加利息支出的穩定性並管理我們對利率變動的風險敞口。為實現此目標,我們主要使用利率掉期和上限交易。我們要求對沖衍生工具在減少其被指定對沖的風險敞口方面具有高度有效性。我們在衍生工具合約的起始時正式將符合這些避險標準的任何工具指定為避險工具。我們有
19
截至2024年9月30日,我們持有以下的利率期貨,用以管理利率風險:
購回的股票數目 | 名義 | ||||
利率期貨衍生工具 |
| 金融衍生品 |
| 金額 | |
利率期貨 |
| | $ | ||
利率期貨 |
| | € | ||
利率上限 | | € |
截至2023年12月31日,我們持有以下的利率期貨,用於管理利率風險:
購回的股票數目 | 名義 | |||||
利率期貨 |
| 金融衍生品 |
| 金額 |
| |
利率期貨 |
| | $ | |||
利率上限 | | $ | ||||
利率期貨 | | € | ||||
利率期貨上限 |
| | € |
截至2024年9月30日和2023年12月31日,我們利率互換和利率上限協議的攜帶價值為負債餘額$
Our exposure to market risk due to changes in interest rates primarily relates to our long-term debt obligations. We manage exposure to interest rate market risk through our risk management strategy by a combination of interest rate protection agreements to effectively fix or cap a portion of variable rate debt.
We may enter into treasury lock agreements as part of an anticipated debt issuance. Upon completion of the debt issuance, the fair value of these instruments that had been recorded as part of accumulated other comprehensive income (loss) is amortized to interest expense over the life of the debt agreement.
The unamortized gain on our treasury locks and terminated hedges recorded in accumulated other comprehensive income (loss) was $
We are also exposed to foreign currency risk on financings of certain foreign operations. Our intent is to offset gains and losses that occur on the underlying exposures, with gains and losses on the derivative contracts hedging these exposures. We do not enter into either interest rate protection or foreign currency rate protection agreements for speculative purposes.
我們在負債表上還承受著外幣匯率波動的風險,主要是在日元和歐元。我們使用貨幣遠期合約、跨貨幣互換合約和外幣計價的債務來管理我們在特定日元和歐元計價的應收款項和淨投資所面臨的外匯匯率變動風險。貨幣遠期合約涉及確定日元:美元或歐元:美元的匯率,以便在特定日期交付指定金額的外幣。貨幣遠期合約通常在其結算日期或接近其結算日期以其公平價值以美元現金結算。
20
我們在2024年9月30日和2023年12月31日指定為凈投資避險的歐元:美元遠期合約如下(以百萬計):
|
| 資產(負債)價值截至 | |||||||
九月三十日 |
| 12月31日 | |||||||
名義價值 | 到期日 | 2024 | 2023 | ||||||
€ | | 2024年1月17日 | — | ( | |||||
€ | | 2024年3月15日 | — | | |||||
€ | | 2024年3月15日 | — | ( | |||||
€ | | 2024年4月12日 | — | ( | |||||
€ | | 2024年7月17日 | — | | |||||
€ | | 2024年11月21日 | ( | — | |||||
€ | | 2024年12月13日 | ( | ( | |||||
€ | | 2024年12月13日 | ( | ( | |||||
€ | | 2025年3月17日 | ( | ( | |||||
€ | | 2025年3月17日 | ( | — | |||||
€ | | 2025年3月17日 | ( | — | |||||
€ | | 2025年4月17日 | ( | — |
Asset balances in the above table are included in deferred costs and other assets. Liability balances in the above table are included in other liabilities.
We have designated certain derivative and nonderivative instruments as net investment hedges. Accordingly, we report the changes in fair value in other comprehensive income (loss). For the nine months ended September 30, 2024 and 2023, we recorded gains of $
The total accumulated other comprehensive income (loss) related to Simon’s derivative activities, including our share of other comprehensive income (loss) from unconsolidated entities, was $
我們可轉換債券的交換選擇權是按照選擇權定價模型進行衍生負債估值,其中納入了可轉換債券的觀察期末價格和類似無交換功能的未貼現優先票據的二級市場價格。所使用的關鍵假設包括Klépierre期末股價、股價隱含波動率、歐元無風險利率、Klépierre預期股息收益率、期限到期日和類似無交換功能未貼現優先票據的歐元無風險利率優遇幅度。
該選擇權的公平價值記錄在合併資產負債表中的其他負債中,並且該選擇權價值變化將在合併綜合損益表中的未實現(損失)公平值中承認,其中包括公開交易的股票工具和衍生工具的價值變化。
21
2024年9月30日和2023年12月31日,進入交換債中交換選擇的選擇模型的主要輸入如下:
2024年9月30日 | 2023年12月31日 | |||||
凱朗股價 | € | € | ||||
隱含波動率 | ||||||
eur 無風險利率 | ||||||
Klépierre 預期股息率 | ||||||
預期期限 | ||||||
信用 Spread |
該期權以公允價值定期衡量。 截至2024年9月30日和2023年12月31日,該期權的價值為 $
新會計準則
2020年3月,財務會計準則委員會(FASB)發布了《會計準則更新(ASU)2020-04,參考利率改革》,該標準提供了暫時的選擇性暫緩和例外,以緩解有望從LIBOR和其他銀行間報價利率轉向替代參考利率的市場過渡對合同修改和避險會計的US GAAP指導所帶來的財務報告負擔。ASU 2021-01中創建了其他可選擇性的暫緩、例外和澄清。該指導在發布時即生效,通常可應用於任何合同修改或現有和新的避險關係,直至2024年12月31日。在討論第7條注意事項時,我們選擇了與過渡到某些債務工具相關的暫緩。在採納時,對我們的合併財務報表沒有影響。
2023年11月,財務會計準則委員會(FASB)發布了ASU 2023-07,《分部報告》,通過加強有關重要分部支出的披露,提供了改進可報告分部披露的標準。標準將對我們自2023年12月15日後開始的財政年度和2024年12月15日後開始的財政年度內的中期時段生效。我們目前正在評估採用新標準將對我們的合併財務報表和註腳所產生的影響。
2023年12月,財務會計準則委員會(FASB)發布了ASU 2023-09,《所得稅》,通過增強提供材料的透明度和決策有用性,改進了所得稅披露。該標準將對我們自2024年12月15日後開始的財政年度生效。我們目前正在評估採用新標準將對我們的合併財務報表和註腳所產生的影響。
4. 房地產業收購及處分
除非另有說明,財產交易上的收益和損失均包含在併購業務的控制利益、出售或處置資產和未合併實體的利益的拿取、出售或處置,以及減值的收益內。我們將收購資產的成本和與併購業務相關的費用以及處分相關費用資本化,並在發生時進行費用化。截至2024年9月30日和2023年結束的九個月內,我們發生了一筆極少量的交易費用。
2024年收購活動
2024年2月6日,我們從合資夥伴手中收購了邁阿密國際商場的另一筆利益,導致此物業的合併。此交易的現金作為金額微不足道。在合併後,我們記錄了$
5. 每股和每單位數據
我們基於報告期內的普通股或單位的加權平均股本數決定基本每股收益和基本每單位收益,並考慮任何參與證券以供
22
應用雙分類方法。 我們根據普通股或單位的加權平均股份或單位數,看住本身及其他潛在擴股股份或單位的加權平均數目,假設所有可能導致擴股的證券在最早可能日改換為普通股或單位。 以下表格列出基本和扣除後的每股收益和基本及稀釋後的每單位收益的組成部分。
西蒙
截至9月30日止三個月的情況為 | 截至9月30日止九個月的情況為 | |||||||||||
| 2024 |
| 2023 |
| 2024 |
| 2023 | |||||
歸屬於普通股東的凈利潤 - 基本和稀釋 |
| $ | |
| $ | |
| $ | |
| $ | |
基本和稀釋情況下的加權平均股份 |
| |
| |
| |
| |
截至2024年9月30日九個月結束時,可能具有稀釋效應的證券包括可交換成普通股的單位和授予在我們的長期激勵績效計劃下的長期激勵績效單位(LTIP單位),這些單位可轉換為單位並可交換成普通股。截至2024年9月30日和2023年九個月結束時,沒有證券對稀釋效果造成重大影響。 我們並未對歸屬於普通股股東的凈收入以及用於有限合夥人或單位的收入分配和加權平均未出售股份進行調整,因為這樣做不會造成稀釋影響。 我們在宣布分紅時確認其應計提。
營運合作夥伴
截至9月30日的三個月 | 截至9月30日止九個月 | |||||||||||
| 2024 |
| 2023 |
| 2024 |
| 2023 | |||||
歸屬於掛牌持有人的凈利潤-基本和稀釋 |
| $ | |
| $ | |
| $ | |
| $ | |
加權平均持股數-基本和稀釋 |
| |
| |
| |
| |
截至2024年9月30日九個月結束,可能具稀釋效應的證券包括LTIP單位。截至2024年9月30日及2023年九個月結束,沒有任何證券對稀釋產生實質效應。我們根據宣告分紅派息遞延支付分紅。
6. 投資於未合併實體和國際投資
房地產業合資企業和投資
合資企業在房地產業普遍存在。我們使用合資企業來融資房地產、開發新房地產以及在特定房地產或房地產組合中進行風險多樣化。如註2所述,截至2024年9月30日,我們持有合資企業利益
我們部分合資企業物業受到各種先買權、買賣條款、買入和看漲權利、或其他合約上的拒絕銷售、拒絕買賣、買入和看漲權利,這些條款是房地產合資企業協議和行業慣例。我們與這些合資企業中的合作夥伴可能採取這些條款(受任何適用的鎖定或類似限制約束),可能導致我們的權益銷售或使用現金或借款,或使用在營運合夥企業中的有限合夥權益,從我們的合作夥伴那裡收購合資企業利益。
我們可能提供資金給合資事業的房地產,主要以利息負擔貸款形式提供。截至2024年9月30日和2023年12月31日,我們對這些相關方的施工貸款和其他借款分別為$
23
2023年第三季度期間,我們出售了我們對一家非合併物業的利益
2023年9月7日,我們收購了另外
創業公司
下表顯示了TRG的摘要財務信息。
截至三個月結束 | 截至九個月結束 | |||||||||||
九月三十日 | 九月三十日 | |||||||||||
| 2024 |
| 2023 |
| 2024 |
| 2023 | |||||
總收益 | $ | | $ | | $ | | $ | | ||||
其他項目前的營業收入 | | | | | ||||||||
合併淨利(損) |
| | ( | | ( | |||||||
我們的凈利潤(虧損)份額 | | ( | | ( | ||||||||
超額投資攤銷 | ( | | ( | ( |
其他平台投資
截至2024年9月30日,我們持有一家
During the second quarter of 2024, we participated in the formation of a joint venture, Phoenix Retail, LLC, to acquire the Express Retail Company and operate Express and Bonobos direct-to-consumer businesses in the United States, from the previous owner on June 21, 2024, in a bankruptcy proceeding. There was
During the third quarter of 2023, SPARC Group issued equity to a third party resulting in the dilution of our ownership to approximately
在2024年第一季度,我們出售了我們對Authentic Brands Group(簡稱ABG)的所有剩餘利益,以現金收益$為結果,導致$的預稅收益
在2023年第四季度,我們出售了我們在ABG持有的一部分利益,以現金收益$
24
按比例計算,我們的投資利益。因此,我們認可了一筆關於資產放棄的非現金稅前收益$
2023年第三季,ABG完成了一項資本交易,導致我們擁有權益被稀釋至約
2023年第二季,ABG完成了一項資本交易,導致我們的所有權被稀釋並且我們投資的比例利益被視為已處置。因此,我們認可了一筆關於資產放棄的非現金稅前收益$
截至2024年9月30日,我們在Rue Gilt Groupe擁有%的非控制利益和在Jamestown擁有%的非控制法律所有權益。
下表顯示我們其他平台投資的綜合概況財務信息,經過公司間消除。
截至三個月結束 | 截至九個月結束 | |||||||||||
九月三十日 | 九月三十日 | |||||||||||
| 2024 |
| 2023 |
| 2024 |
| 2023 | |||||
總收益 | $ | | $ | | $ | | $ | | ||||
其他項目前的營運(虧損)淨收入 | ( | | ( | | ||||||||
合併淨(虧損)收益 |
| ( | | ( | | |||||||
分擔稅後(虧損)淨利 | ( | | ( | ( | ||||||||
超額投資攤銷 | ( | ( | ( | ( |
歐洲投資
截至2024年9月30日,我們擁有
截至三個月結束 | 截至九個月結束 | |||||||||||
九月三十日 | 九月三十日 | |||||||||||
| 2024 |
| 2023 |
| 2024 |
| 2023 | |||||
總收益 | $ | | $ | | $ | | $ | | ||||
其他項目前的營業收入 | | | | | ||||||||
合併净利润 |
| | | | | |||||||
我們的凈利潤應佔份額 | | | | | ||||||||
超額投資攤銷 | ( | ( | ( | ( |
在2024年9月30日結束的三個月內,Klépierre完成了對某些購物中心持有權的處置,我們對淨損失的份額為$
在2023年9月30日結束的三個和九個月期間內,Klépierre完成了對某些購物中心持有權的處置,我們對虧損的份額為$
25
控制權、出售或出售或回收非合併實體資產及權益及減值(淨值)在附帶的綜合營業績表及綜合收益表中淨值。
我們對歐洲投資機構有權益,該公司有權益於
此外,我們還有
亞洲合資企業
我們通過與三菱地產股份有限公司合資企業在日本進行國際高級 Outlet 業務,我們有
26
財務資訊摘要
匯總了我們權益法投資的綜合資產負債表和營運報表,以及來自這些投資收益的分潤,不包括我們在Klépierre和TRG以及其他平台投資中的投資。
綜合資產負債表
| 九月三十日 |
| 12月31日 | |||
2024 | 2023 | |||||
資產: | ||||||
投資性資產,以成本計量 | $ | | $ | | ||
較少-累積折舊 |
|
| ||||
| |
| | |||
現金及現金等價物 |
|
| ||||
承租人應收款項及應計營業收入,淨額 |
|
| ||||
淨使用權資產 | | |||||
遞延成本及其他資產 |
|
| ||||
資產總額 | $ | | $ | | ||
負債及合夥人赤字: | ||||||
抵押品 | $ | $ | | |||
應付帳款、應計費用、無形資產和透過營業收入 |
|
| ||||
租賃負債 | ||||||
其他負債 |
|
| ||||
總負債 |
| |
| | ||
優先單位 |
| |
| | ||
合作夥伴的赤字 |
| ( |
| ( | ||
總負債和合夥人赤字 | $ | | $ | | ||
我們的份額: | ||||||
合夥人赤字 | $ | ( | $ | ( | ||
加:超額投資 |
|
| | |||
我們在未併入賬的公司中的淨投資(赤字)按股權化解釋 | $ | ( | $ | ( |
超額投資代表我們投資的未攤銷差額超過我們對合資企業或其他收購投資所持有的股權中所持有的淨資產的公平價值,並已確定與投資物業、無形資產(包括商譽)、償付溢價和折扣有關。我們在所收購資產的可折舊元件的壽命內分期攤銷超額投資,通常不超過40年,適用租約條款,有限壽命無形資產的預期使用年限,以及適用的債務到期日。攤銷金額包括在報告的未併入賬公司收入中。
27
綜合損益表
截至三個月結束 | 截至九個月結束 | |||||||||||
九月三十日 | 九月三十日 | |||||||||||
| 2024 |
| 2023 |
| 2024 |
| 2023 | |||||
營業收入: | ||||||||||||
租賃收入 | $ | $ | $ | $ | ||||||||
其他收益 |
|
|
|
| ||||||||
營業總收入 |
| |
| |
| |
| | ||||
營業費用:銷售、市場和營運 | ||||||||||||
房地產經營 |
|
|
|
| ||||||||
折舊與攤提 |
|
|
|
| ||||||||
房地產稅 |
|
|
|
| ||||||||
維修和保養 |
|
|
|
| ||||||||
廣告與促銷 |
|
|
|
| ||||||||
其他 |
|
|
|
| ||||||||
營業費用總計 |
| |
| |
| |
| | ||||
其他項目之前的營業收入 |
| |
| |
| |
| | ||||
利息費用 |
| ( |
| ( |
| ( |
| ( | ||||
資產出售或處置、收回,或對非合併實體的利益的盈利 | — | | — | | ||||||||
凈利潤 | $ | | $ | | $ | | $ | | ||||
第三方投資者在凈利潤中所佔的份额 | $ | | $ | | $ | | $ | | ||||
我們的凈利潤分享 |
|
| |
|
| | ||||||
超額投資攤銷 |
| ( |
| ( |
| ( |
| ( | ||||
我們在未合併實體中賣出、處置、或收回資產和利益時所取得的收益,淨額 |
| — |
| — |
| — |
| ( | ||||
來自未併入財務報表的實體的收入 | $ | | $ | | $ | | $ | |
我們在上述表中從未納入的實體的淨利及從我們對Klépierre和TRG的投資以及我們其他平臺投資中獲得的收益份額,在扣除任何適用稅款之前,列入了所附合併綜合損益表中的未納入的實體的損益。除非另有說明,我們對控股權出售、資產和未納入的實體的利益的收益的份額,以及减值後的淨額在附屬合併綜合損益表中均反映在占淨收益的(虧損)控股權出售,或虧損或虽失的資產和未納入的實體的權益上。
7. 債務
無抵押債務
截至2024年9月30日,我們的無擔保債務包括由營運合夥企業發行的億美元的優先無擔保票據和底下營運合夥企業的億美元的無擔保循環信貸設施,或信貸額度下的億美元未償還。營運合夥企業還有一個億美元的
28
信貸額度的初始借款額為$
信貸計劃下的借款,按我們的選擇,可以是(i) 對於期限標準貸款,為已調整的期限SOFR利率、適用的當地利率、已調整的歐洲利率、或已調整的TIBOR利率,(y) 對於RFR貸款,如果以英鎊計價,為SONIA加一個基準調整,如果以美元計價,為每日簡單SOFR加一個基準調整,或(z) 對於每日SOFR貸款,為已調整的浮動隔夜每日SOFR利率,在(x)至(z)各款情況下,加上由我們的企業信用評級確定的利差。
在2024年9月19日,我們修改並延長了補充設施。在其期間,補充設施的金額可以增加到$
補充設施下的借款根據公司的選擇,可以按照以下方式計息,即(i)對於定期基準貸款,調整後的定期SOFR利率,適用的本地利率,調整後的歐佛利利率,調整後的定期CORRA利率或調整後的TIBOR利率;(ii)對於RFR貸款,如果以英鎊計價,SONIA加上基準調整,如果以美元計價,每日簡單SOFR加上基準調整,如果以加拿大元計價,每日簡單CORRA加上基準調整或(iii)對於每日SOFR貸款,各自按照上述(x)至(z)款的規定,加上由公司企業信用評級確定的保證金。
截至2024年9月30日,我們在信貸額度下的可用借款總額為$
財務合作夥伴也具有全球無抵押商業本票計劃,或稱商業本票計劃,金額為$
29
信貸設施用以支付商業票據計劃的未償付款項。截至2024年9月30日,我們有
2024年9月26日,經營合作夥伴發行了
2024年9月13日,經營合作夥伴按面值完成了贖回
2024年2月1日,經營夥伴以面值的價格完成了對其$ 的贖回。
2023年11月14日,營運夥伴發行了€的。
於2023年11月9日,經營合夥企業完成以下優先無抵押票據的發行:
於2023年6月1日,營運夥伴按面值贖回了其$優先無抵押票據。
於2023年4月28日,營運夥伴完成了一筆借款,金額為$,根據信貸安排,隨後解除了抵押。
於2023年3月8日,營運合夥公司完成了以下的償還債券:
2023年1月10日,營運合夥公司與總名義值為歐元的利率互換協議。
2024年10月1日,運作夥伴關係完成按面值贖回其 $
按揭債務
貸款總負債為 $
契約
我們的無擔保債務協議包含財務條款和其他非財務條款。信貸設施包括有關總槓桿評估值和押銷槓桿比率、利息、稅收、折舊和攤銷前利潤(EBITDA),及無抵押淨利潤覆蓋要求的持續條款。根據信貸設施,如果運營夥伴或西蒙地產受制於破產程序或其他特定事件發生,則可加速支付。如果我們未能遵守這些條款,在適用的矯正期限屆滿後,債務到期日可能會加速到來,或貸方可能尋求其他救濟措施,包括調整適用的利率。截至2024年9月30日,我們符合所有無擔保債務的條款。
30
截至2024年9月30日,我們的合併子公司是借款人,受到抵押設定的不可追索按揭票據的支持。
債務的公正價值
我們的變息按揭和其他貸款的攜帶價值大致等同於其公允價值。我們使用以當前借款利率折現現金流量來估計合併固定利率按揭的公允價值,並使用以當前市場利率折現現金流量來估計其他負債的公允值。我們使用已報價市價來估計合併固定利率無擔保票據的公允價值,如果沒有已報價市價,我們會使用具有類似條款和到期日的證券的報價市價。我們合併固定利率按揭和無擔保負債,包括商業票據的帳面價值為$
九月三十日 | 12月31日 | ||||||
| 2024 |
| 2023 |
| |||
固定利率按揭及無抵押債務的淨值(以百萬計) | $ | | $ | |
| ||
在計算固定利率按揭公允值時所假設的加權平均折扣率 |
| | % |
| | % | |
計算無抵押負債公平值所假設的加權平均折扣率 | | % | | % |
8.權益
在截至2024年9月30日的九個月內,西蒙地產發行
2024年2月8日,西蒙地產的董事會授權實施一項新的普通股回購計劃,立即取代現有的回購計劃。根據該計劃,西蒙地產可在
我們為第三季度每股支付了$股票股利
31
Simon Property Group, Inc.
Simon Property Group, L.P.
Condensed Notes to Consolidated Financial Statements
(Unaudited)
(Dollars in thousands, except share, per share, unit and per unit amounts
and where indicated in millions or billions)
Temporary Equity
Simon
Simon classifies as temporary equity those securities for which there is the possibility that Simon could be required to redeem the security for cash irrespective of the probability of such a possibility. As a result, Simon classifies
Limited Partners’ Preferred Interest in the Operating Partnership and Noncontrolling Redeemable Interests in Properties. The redemption features of the preferred units in the Operating Partnership contain provisions which could require the Operating Partnership to settle the redemption in cash. As a result, this series of preferred units in the Operating Partnership remains classified outside permanent equity. The remaining interests in a property or portfolio of properties which are redeemable at the option of the holder or in circumstances that may be outside Simon’s control are accounted for as temporary equity. The carrying amount of the noncontrolling interest is adjusted to the redemption amount assuming the instrument is redeemable at the balance sheet date. Changes in the redemption value of the underlying noncontrolling interest are recorded within accumulated deficit in the consolidated statements of equity in issuance of unit equivalents and other. There were
| As of |
| As of | |||
September 30, | December 31, | |||||
2024 | 2023 | |||||
$ | | $ | | |||
Other noncontrolling redeemable interests |
| |
| | ||
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties | $ | | $ | |
The Operating Partnership
The Operating Partnership classifies as temporary equity those securities for which there is the possibility that the Operating Partnership could be required to redeem the security for cash, irrespective of the probability of such a possibility. As a result, the Operating Partnership classifies
| As of |
| As of | |||
September 30, | December 31, | |||||
2024 | 2023 | |||||
$ | | $ | | |||
Other noncontrolling redeemable interests |
| |
| | ||
Total preferred units, at liquidation value, and noncontrolling redeemable interests in properties | $ | | $ | |
Stock-Based Compensation
Our long-term incentive compensation awards under our stock-based compensation plans primarily take the form of LTIP units, restricted stock units, and restricted stock. The substantial majority of these awards are market condition or performance-based, and are based on various market, corporate and business unit performance measures as further described below. The expense related to these programs, net of amounts capitalized, is included within home and regional office costs and general and administrative costs in the accompanying statements of operations and comprehensive income. LTIP units are a form of limited
32
由營運夥伴發行的合作夥伴權益,需受參與者在特定日期及其他控制項維持與我們的僱傭關係,並符合適用獎勵協議中所述條件。未依據適用獎勵協議中所設定條件賺取的LTIP單位將被沒收。已賺取且完全授權的LTIP單位等同於營運夥伴的單位。參與者有權根據定義在已獲獎的LTIP單位上收到的分配,與營運夥伴的一個單位支付的定期季度分配金額相等。
任何基於市場的市場條件的LTIP單位的授予日公平價值是使用Monte Carlo模型估計的,並且無論市場條件準則是否達到,只要參與者完成所需的服務期限,便會記錄相應的固定費用。基於市場的獎勵的授予日期公平價值將在表現期間內分攤為費用,該表現期間為授予日期至獎勵(如果獲得)變為授予狀態的日期。根據我們對於是否有可能在適用表現期內實現表現標準的評估,表現為基礎的獎勵的費用將在表現期內記錄,該表現期為授予日期至獎勵(如果獲得)變為授予狀態的日期。任何限制性股票單位獎勵的授予日期公平價值將在授予期間內予以承認為費用。
2020年LTI計劃。2020年,薪酬和人力資本委員會設立並授予了2020年LTI計劃下的獎勵,該計劃包括根據2019計劃在指定日期公平市值下一次性授予的基於時間的限制性股票單位。
2021 LTI計畫。2021年,薪酬與人力資本委員會建立並授予2021 LTI計畫下的獎勵。2021 LTI計畫下的獎勵形式為LTIP單位和限制性股票單位。該計畫下的LTIP單位的獎勵將在適用的獎勵協議所定義的相應績效條件(基於FFO和客觀標準目標)和市場條件(基於絕對TSR表現)在適用的期間內實現時獲得。
2022 年長期激勵計劃。 2022年第一季度,薪酬和人力資本委員會建立並授予了2022年長期激勵計劃,即2022年LTI計劃。 2022年LTI計劃下的獎勵,以LTIP單位和受限股份單位形式發放。 如果在適用的衡量時期內實現了相應的績效條件(基於FFO和客觀標準目標),則本計劃下的LTIP單位將被認為已獲得,受相應的TSR修正器的調整,關於FFO績效條件,根據適用的獎勵協議中所定義的內容而言,都已實現。
2023長期激勵計劃。在2023年第一季度,薪酬和人力資本委員會建立並授予了2023年長期激勵計劃,即2023 LTI計劃。該計劃下授予了LTIP單位和限制性股票單位。根據此計劃授予的LTIP單位將在相應的績效條件(基於FFO和客觀標準目標)下被認為是已獲得的,受TSR修飾因子的調整影響,與其他。
33
Simon Property Group, Inc.
Simon Property Group, L.P.
Condensed Notes to Consolidated Financial Statements
(Unaudited)
(Dollars in thousands, except share, per share, unit and per unit amounts
and where indicated in millions or billions)
respect to the FFO performance condition, as defined in the applicable award agreements, are achieved during the applicable
2024 LTI Program. In the first quarter of 2024, the Compensation and Human Capital Committee established and granted awards under a 2024 Long-Term Incentive Program, or 2024 LTI Program. Awards under the 2024 LTI Program, took the form of LTIP units and restricted stock units. Awards of LTIP units under this program will be considered earned if the respective performance conditions (based on FFO and Objective Criteria Goals), subject to adjustment based upon a TSR modifier, with respect to the FFO performance condition, as defined in the applicable award agreements, are achieved during the applicable
The Compensation and Human Capital Committee approved LTIP unit grants as shown in the table below. The extent to which LTIP units were determined by the Compensation and Human Capital Committee’s to have been earned, and the aggregate grant date fair value, are as follows:
LTIP Awards |
| LTIP Units Earned |
| Grant Date Fair Value of TSR Award |
| Grant Date Target Value of Performance-Based Awards |
2021 LTIP Awards |
| $ |
| $ | ||
2022 LTIP Awards | To be determined in 2025 |
| — |
| $ | |
2023 LTIP Awards | To be determined in 2026 |
| — |
| $ | |
2024 LTIP Awards | To be determined in 2027 |
| — |
| $ |
We recorded compensation expense, net of capitalization, related to the aforementioned LTIP and LTI programs of approximately $
Restricted Stock Awards. The Compensation and Human Capital Committee awarded
We recorded compensation expense, net of capitalization, related to restricted stock of approximately $
34
Simon Property Group, Inc.
Simon Property Group, L.P.
Condensed Notes to Consolidated Financial Statements
(Unaudited)
(Dollars in thousands, except share, per share, unit and per unit amounts
and where indicated in millions or billions)
2024 OPI Awards.On August 29, 2024, Simon’s Board of Directors, upon the recommendation and approval of the Compensation and Human Capital Committee, granted awards under the Amended and Restated Other Platform Investment Incentive Program in the form of
9. Lease Income
Fixed lease income under our operating leases includes fixed minimum lease consideration and fixed CAM reimbursements recorded on a straight-line basis. Variable lease income includes consideration based on sales, as well as reimbursements for real estate taxes, utilities, marketing, and certain other items as discussed below.
For the Three Months Ended | For the Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
| 2024 |
| 2023 |
| 2024 |
| 2023 | |||||
Fixed lease income | $ | | $ | | $ | | $ | | ||||
Variable lease income |
| | | | | |||||||
Total lease income | $ | | $ | | $ | | $ | |
Tenant receivables and accrued revenue in the accompanying consolidated balance sheets includes straight-line receivables of $
In connection with rent deferrals or other accruals of unpaid rent payments, if we determine that rent payments are probable of collection, we will continue to recognize lease income on a straight-line basis over the lease term along with associated tenant receivables. However, if we determine that such deferred rent payments or other accrued but unpaid rent payments are not probable of collection, lease income will be recorded on the cash basis, with the corresponding tenant receivable and deferred rent receivable balances charged as a direct write-off against lease income in the period of the change in our collectability determination. Additionally, our assessment of collectability incorporates information regarding a tenant’s financial condition that is obtained from available financial data, the expected outcome of contractual disputes and other matters, and our communications and negotiations with the tenant.
When a tenant seeks to reorganize its operations through bankruptcy proceedings, we assess the collectability of receivable balances. Our ongoing assessment incorporates, among other things, the timing of a tenant’s bankruptcy filing and our expectations of the assumptions by the tenant in bankruptcy proceedings of leases at the Company’s properties on substantially similar terms.
10. Commitments and Contingencies
Litigation
We are involved from time-to-time in various legal and regulatory proceedings that arise in the ordinary course of our business, including, but not limited to, commercial disputes, environmental matters, and litigation in connection with transactions such as acquisitions and divestitures. We believe that current proceedings will not have a material adverse effect on our financial condition, liquidity or results of operations. We record a liability when a loss is considered probable and the amount can be reasonably estimated.
Lease Commitments
As of September 30, 2024, we are subject to ground leases that cover all or a portion of
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Simon Property Group, Inc.
Simon Property Group, L.P.
Condensed Notes to Consolidated Financial Statements
(Unaudited)
(Dollars in thousands, except share, per share, unit and per unit amounts
and where indicated in millions or billions)
are subject to leases with termination dates ranging from 2024 to 2034. These office leases generally require us to make fixed annual rental payments plus pay our share of common area, real estate taxes, and utility expenses. Some of our ground and office leases include escalation clauses. All of our lease arrangements are classified as operating leases. We incurred ground lease expense and office lease expense, which are included in other expense and home office and regional expense, respectively, as follows:
For the Three Months Ended | For the Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
| 2024 |
| 2023 |
| 2024 |
| 2023 | |||||
Operating Lease Cost | ||||||||||||
Fixed lease cost | $ | | $ | | $ | | $ | | ||||
Variable lease cost | | | | | ||||||||
Total operating lease cost | $ | | $ | | $ | | $ | |
For the Nine Months Ended | ||||||
September 30, | ||||||
| 2024 |
| 2023 | |||
Other Information | ||||||
Cash paid for amounts included in the measurement of lease liabilities | ||||||
Operating cash flows from operating leases | $ | | $ | | ||
Weighted-average remaining lease term - operating leases | ||||||
Weighted-average discount rate - operating leases |
Minimum lease payments due under these leases for years ending December 31, excluding applicable extension options and renewal options unless reasonably certain of exercise and any sublease income, are as follows:
2024 |
| $ | |
2025 |
| | |
2026 |
| | |
2027 |
| | |
2028 |
| | |
Thereafter |
| | |
$ | | ||
Impact of discounting | ( | ||
Operating lease liabilities | $ | |
Guarantees of Indebtedness
Joint venture debt is the liability of the joint venture and is typically secured by the joint venture property, which is non-recourse to us. In addition to the guarantee disclosed in Note 6, as of September 30, 2024 and December 31, 2023, the Operating Partnership guaranteed joint venture related mortgage indebtedness of $
Concentration of Credit Risk
Our U.S. Malls, Premium Outlets, and The Mills rely upon anchor tenants to attract customers; however, anchors do not contribute materially to our financial results as many anchors own their spaces. All material operations are within the United States and no customer or tenant accounts for
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion should be read in conjunction with the consolidated financial statements and notes thereto included in this report.
Overview
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. According to the Operating Partnership’s partnership agreement, the Operating Partnership is required to pay all expenses of Simon. 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.
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 September 30, 2024, we owned or held an interest in 196 income-producing properties in the United States, which consisted of 93 malls, 70 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 22 regional, super-regional, and outlet malls in the U.S. and Asia. In addition, we have redevelopment and expansion projects, including the addition of anchors, big box tenants, and restaurants, underway at properties in North America, Europe and Asia. Internationally, as of September 30, 2024, we had ownership in 35 Premium Outlets and Designer Outlet properties primarily located in Asia, Europe, and Canada. As of September 30, 2024, we also owned a 22.4% equity stake in Klépierre SA, or Klépierre, a publicly traded, Paris-based real estate company which owns, or has an interest in, shopping centers located in 14 countries in Europe. We also have interests in investments in retail operations (J.C. Penney, SPARC Group, and Phoenix Retail LLC), an e-commerce venture (Rue Gilt Groupe, or RGG), and Jamestown (a global real estate investment and management company), collectively, our other platform investments.
We generate the majority of our lease income from retail tenants including consideration received from:
● | fixed minimum lease consideration and fixed common area maintenance (CAM) reimbursements, and |
● | variable lease consideration primarily based on tenants’ sales, as well as reimbursements for real estate taxes, utilities, marketing and certain other items. |
Revenues of our management company, after intercompany eliminations, consist primarily of management fees that are typically based upon the revenues of the property being managed.
We invest in real estate properties to maximize total financial return which includes both operating cash flows and capital appreciation. We seek growth in earnings, funds from operations, or FFO, and cash flows by enhancing the profitability and operation of our properties and investments. We seek to accomplish this growth through the following:
● | attracting and retaining high quality tenants and utilizing economies of scale to reduce operating expenses, |
● | expanding and re-tenanting existing highly productive locations at competitive rental rates, |
● | selectively acquiring or increasing our interests in high quality real estate assets or portfolios of assets, |
● | generating consumer traffic in our retail properties through marketing initiatives and strategic corporate alliances, including creating mixed-use destinations, and |
● | selling selective non-core assets. |
We also grow by generating supplemental revenues from the following activities:
● | establishing our properties as leading market resource providers for retailers and other businesses and consumer-focused corporate alliances, including payment systems (such as handling fees relating to the sales of bank-issued prepaid cards), national marketing alliances, static and digital media initiatives, business development, sponsorship, and events, |
● | offering property operating services to our tenants and others, including waste handling and facility services, and the provision of energy services, |
● | selling or leasing land adjacent to our properties, commonly referred to as “outlots” or “outparcels,” and |
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● | generating interest income on cash deposits and investments in loans, including those made to related entities. |
We focus on high quality real estate across the retail real estate spectrum. We expand or redevelop properties to enhance profitability and market share of existing assets when we believe the investment of our capital meets our risk-reward criteria. We selectively develop new properties in markets we believe are not adequately served by existing retail outlet properties.
We routinely review and evaluate acquisition opportunities based on their ability to enhance our portfolio. Our international strategy includes partnering with established real estate companies and financing international investments with local currency to minimize foreign exchange risk.
To support our growth, we employ a three-fold capital strategy:
● | provide the capital necessary to fund growth, |
● | maintain sufficient flexibility to access capital in many forms, both public and private, including but not limited to, having in place, the Operating Partnership’s $5.0 billion unsecured revolving credit facility, or the Credit Facility, its $3.5 billion supplemental unsecured revolving credit facility, or the Supplemental Facility, and together, the Credit Facilities and its global unsecured commercial paper note program, or the Commercial Paper program, of $2.0 billion, or the non-U.S. dollar equivalent thereof, and |
● | manage our overall financial structure in a fashion that preserves our investment grade credit ratings. |
We consider FFO, Real Estate FFO, net operating income, or NOI, and portfolio NOI to be key measures of operating performance that are not specifically defined by accounting principles generally accepted in the United States, or GAAP. We use these measures internally to evaluate the operating performance of our portfolio and provide a basis for comparison with other real estate companies. Reconciliations of these measures to the most comparable GAAP measure are included below in this discussion.
Results Overview
Diluted earnings per share and diluted earnings per unit increased $0.54 during the first nine months of 2024 to $5.22 from $4.68 for the same period last year. The increase in diluted earnings per share and diluted earnings per unit was primarily attributable to:
● | improved operating performance and solid core business fundamentals in 2024, as discussed below, |
● | a pre-tax gain during the first quarter of 2024 on the sale of all our remaining interests in Authentic Brands Group, or ABG, of $414.8 million, or $1.11 per diluted share/unit, partially offset by a non-cash pre-tax gain in 2023 on disposal exchange, or revaluation of equity interests of $194.6 million, or $0.52 per diluted share/unit, |
● | increased lease income of $156.4 million, or $0.42 per diluted share/unit, and |
● | increased other income of $90.2 million, or $0.24 per diluted share/unit, the majority of which is due to increased interest income of $83.8 million, or $0.22 per diluted share/unit, and an increase in land sales of $9.7 million, or $0.03 per diluted share/unit, partially offset by distributions and other activity of $3.3 million, or $0.01 per diluted share/unit, partially offset by, |
● | decreased income from unconsolidated entities of $141.5 million, or $0.38 per diluted share/unit, the majority of which is due to unfavorable year-over-year operations from other platform investments, partially offset by improved operations and core fundamentals in our other unconsolidated entities, |
● | unrealized unfavorable changes in fair value of publicly traded equity instruments and derivative instrument of $74.2 million, or $0.20 per diluted share/unit, |
● | increased interest expense of $48.7 million, or $0.13 per diluted share/unit, primarily due to new USD and Euro bond issuances subsequent to the third quarter of 2023 as well as increases to rates on variable rate mortgages, and |
● | increased income and other tax expense of $14.9 million, or $0.04 per diluted share/unit, primarily due to a $103.7 million, or $0.28 per diluted share/unit, tax impact as a result of the gain on disposal, exchange, or revaluation of equity interests transaction noted above during the first quarter of 2024, partially offset by the tax impact in 2023 from the SPARC and ABG dilution gains of $49.1 million and a tax benefit related to unfavorable year-over-year operations from other platform investments. |
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Portfolio NOI increased 4.6% for the nine month period in 2024 over the prior year period primarily as a result of improved operations in our domestic and international portfolios compared to the prior year. Average base minimum rent for U.S. Malls and Premium Outlets increased 2.3% to $57.71 psf as of September 30, 2024, from $56.41 psf as of September 30, 2023. Ending occupancy for our U.S. Malls and Premium Outlets increased 1.0% to 96.2% as of September 30, 2024, from 95.2% as of September 30, 2023.
Our effective overall borrowing rate at September 30, 2024 on our consolidated indebtedness increased 21 basis points to 3.61% as compared to 3.40% at September 30, 2023. This is primarily due to an increase in the effective overall borrowing rate on the fixed rate debt of 25 basis points, due to increasing benchmark rates. The weighted average years to maturity of our consolidated indebtedness was 8.0 years and 8.1 years at September 30, 2024 and December 31, 2023, respectively.
Our financing activity for the nine months ended September 30, 2024 included:
● | the Operating Partnership completing, on September 26, 2024, the issuance of $1.0 billion senior unsecured notes with a fixed interest rate of 4.75% and a maturity date of September 26, 2034, |
● | amending, restating, and extending our $3.5 billion unsecured revolving credit facility on September 19, 2024, |
● | completing, on September 13, 2024, the redemption at par of the Operating Partnership’s $1.0 billion 2.00% senior unsecured notes at maturity, and |
● | completing, on February 1, 2024, the redemption at par of the Operating Partnership’s $600 million 3.75% senior unsecured notes at maturity. |
Subsequent to September 30, 2024, we completed the redemption at par of the Operating Partnerships $900 million 3.38% senior unsecured notes at maturity on October 1, 2024.
United States Portfolio Data
The portfolio data discussed in this overview includes the following key operating statistics: ending occupancy and average base minimum rent per square foot. We include acquired properties in this data beginning in the year of acquisition and remove disposed properties in the year of disposition. For comparative purposes, we separate the information related to The Mills from our other U.S. operations. We also do not include any information for properties located outside the United States.
The following table sets forth these key operating statistics for the combined U.S. Malls and Premium Outlets:
● | properties that are consolidated in our consolidated financial statements, |
● | properties we account for under the equity method of accounting as joint ventures, and |
● | the foregoing two categories of properties on a total portfolio basis. |
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| September 30, |
| September 30, |
| %/Basis Points | |||
2024 | 2023 | Change (1) | ||||||
U.S. Malls and Premium Outlets: | ||||||||
Ending Occupancy | ||||||||
Consolidated |
| 96.2% | 95.2% | 100 bps | ||||
Unconsolidated |
| 96.2% | 95.2% | 100 bps | ||||
Total Portfolio |
| 96.2% | 95.2% | 100 bps | ||||
Average Base Minimum Rent per Square Foot | ||||||||
Consolidated | $ | 56.18 | $ | 55.17 | 1.8% | |||
Unconsolidated | $ | 62.04 | $ | 59.86 | 3.6% | |||
Total Portfolio | $ | 57.71 | $ | 56.41 | 2.3% | |||
U.S. TRG: | ||||||||
Ending Occupancy |
| 94.2% |
| 93.4% | 80 bps | |||
Average Base Minimum Rent per Square Foot | $ | 66.74 | $ | 61.83 | 7.9% | |||
The Mills: | ||||||||
Ending Occupancy |
| 98.6% |
| 97.4% | 120 bps | |||
Average Base Minimum Rent per Square Foot | $ | 37.56 | $ | 35.94 | 4.5% |
(1) | Percentages may not recalculate due to rounding. Percentage and basis point changes are representative of the change from the comparable prior period. |
Ending Occupancy Levels and Average Base Minimum Rent per Square Foot. Ending occupancy is the percentage of gross leasable area, or 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. Base minimum rent per square foot 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.
Current Leasing Activities
During the nine months ended September 30, 2024, we signed 877 new leases and 1,750 renewal leases (excluding mall anchors and majors, new development, redevelopment and leases with terms of one year or less) with a fixed minimum rent across our U.S. Malls and Premium Outlets portfolio, comprising approximately 9.3 million square feet, of which 7.2 million square feet related to consolidated properties. During the comparable period in 2023, we signed 922 new leases and 1,440 renewal leases with a fixed minimum rent, comprising approximately 8.5 million square feet, of which 6.5 million square feet related to consolidated properties. The average annual initial base minimum rent for new leases was $65.45 per square foot in 2024 and $68.22 per square foot in 2023 with an average tenant allowance on new leases of $55.73 per square foot and $67.77 per square foot, respectively.
Japan Data
The following are selected key operating statistics for our Premium Outlets in Japan. The information used to prepare these statistics has been supplied by the managing venture partner.
| September 30, |
| September 30, |
| %/Basis Points |
| |||
2024 | 2023 | Change | |||||||
Ending Occupancy |
| 99.8 | % | 99.9 | % | -10 bps | |||
Average Base Minimum Rent per Square Foot |
| ¥ | 5,499 | ¥ | 5,502 | -0.05 | % |
Results of Operations
The following acquisitions, dispositions and openings of consolidated properties affected our consolidated results in the comparative periods:
● | On August 15, 2024, we opened Tulsa Premium Outlets, a 338,472 square foot center in Tulsa, Oklahoma. We own 100% of this center. |
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● | On February 6, 2024, we acquired an additional interest in Miami International Mall from a joint venture partner, resulting in the consolidation of this property. |
● | On April 27, 2023, we opened Paris-Giverny Designer Outlet, a 228,000 square foot center in Vernon, France. We own a 74% interest in this center. |
The following acquisitions, dispositions and openings of equity method investments and properties affected our income from unconsolidated entities in the comparative periods:
● | During the first quarter of 2024, we disposed all of our remaining interest in ABG. |
● | During 2023, ABG completed multiple capital transactions which resulted in the dilution of our ownership and multiple deemed disposals of proportional interest of our investment. In addition, we sold a portion of our interest in ABG on November 29, 2023. These transactions reduced our ownership from 12.3% to 9.6% as of December 31, 2023. |
● | During the third quarter of 2023, we disposed of our interest in one unconsolidated retail property through foreclosure in satisfaction of its $114.8 million non-recourse loan. We recognized no gain or loss in connection with this disposal. |
● | On September 7, 2023, we acquired an additional 4% ownership in TRG for approximately $199.6 million by issuing 1,725,000 units in the Operating Partnership, bringing our noncontrolling ownership interest in TRG to 84%. |
● | During the third quarter of 2023, SPARC Group issued equity to a third party resulting in the dilution of our ownership to 33.3% and a deemed disposal of a proportional interest of our investment. As a result, we recognized a non-cash pre-tax gain on the deemed disposal of $145.8 million. |
For the purposes of the following comparison between the three and nine months ended September 30, 2024 and 2023, the above transactions are referred to as the property transactions. In the following discussions of our results of operations, “comparable” refers to properties we owned or held interests in and operated in both of the periods under comparison.
Three months ended September 30, 2024 vs. Three months ended September 30, 2023
Lease income increased $41.1 million, due to an increase in fixed lease income of $51.1 million primarily due to an increase in fixed minimum lease consideration and higher occupancy, partially offset by a decrease in variable lease income based on tenant sales of $10.0 million.
Total other income increased $25.3 million, primarily due to a $28.6 million increase in interest income, a $4.6 million increase in land sale activity and a $0.6 million increase in other income sources, partially offset by an $8.5 million decrease in mixed use and franchise operations income.
Property operating expense increased $4.6 million as a result of inflationary cost increases.
Real estate taxes decreased $21.5 million primarily due to successful property tax appeals, the majority of which relates to prior years.
Advertising and promotion expense increased $5.3 million primarily due to increased programming expenses.
Home and regional office costs increased $5.7 million due to increased personnel and compensation costs.
Interest expense increased $14.2 million, primarily related to an increase of $16.8 million due to new USD unsecured bond issuances, an increase of $8.0 million due to the Euro exchangeable bond issuance in 2023, and the effect of the balance increase of the Credit Facility during 2023 of $4.0 million, partially offset by a decrease of $8.0 million due to the Supplemental Facility repayment during 2023 and a decrease of $6.6 million due to USD unsecured bond payoffs during 2024 and 2023.
Gain on disposal, exchange or revaluation of equity interests, net, decreased $158.2 million due to the non-cash pre-tax gains on the deemed disposals of a portion of our investment in SPARC Group of $145.8 million and ABG of $12.4 million during 2023.
Income and other tax expense decreased $40.6 million primarily due to the tax impact in 2023 from the SPARC and ABG dilutions gains.
Income from unconsolidated entities decreased $37.0 million primarily due to lower results of operations from our other platform investments, partially offset by strong results and improved performance by our U.S. joint venture properties.
We recorded net non-cash unrealized losses of $49.3 million in 2024 compared to net non-cash unrealized losses of $6.2 million in 2023, as a result of mark-to-market activity on publicly traded equity instruments and the change in fair value of a derivative instrument.
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Simon’s net income attributable to noncontrolling interests decreased $15.1 million due to a decrease in the net income of the Operating Partnership.
Nine months ended September 30, 2024 vs. Nine months ended September 30, 2023
Lease income increased $156.4 million, primarily due to an increase in fixed minimum lease consideration and higher occupancy.
Total other income increased $90.2 million, primarily due to an $83.8 million increase in interest income, a $9.7 million increase in land sale activity, an $8.3 million increase in other income sources and a $5.8 million increase in Simon Brand Ventures and gift card revenues, partially offset by an $8.8 million decrease in mixed use and franchise operations and an $8.6 million decrease in dividend and distribution income.
Property operating expense increased $32.0 million as a result of inflationary cost increases.
Real estate taxes decreased $38.6 million primarily due to successful property tax appeals, the majority of which relates to prior years.
Advertising and promotion expense increased $14.3 million primarily due to increased programming expenses.
Home and regional office costs increased $10.1 million due to increased personnel and compensation costs.
Interest expense increased $48.7 million primarily related to an increase of $63.0 million due to new USD unsecured bond issuances, an increase of $23.9 million due to the Euro exchangeable bond issuance in 2023, the effect of the balance increase of the Credit Facility during 2023 of $7.3 million and an increase of $5.1 million on secured debt, partially offset by a decrease of $27.9 million due to USD unsecured bond payoffs during 2024 and 2023, and a decrease of $22.7 million due to the Supplemental Facility repayment during 2023.
Gain on disposal, exchange or revaluation of equity interests, net, increased $220.1 million primarily due to an increase of $414.8 million as a result of selling our remaining interest in ABG during 2024, offset by the non-cash pre-tax gains on the deemed disposals of a portion of our investment in SPARC Group of $145.8 million and ABG of $48.9 million during 2023.
Income and other tax expense increased $14.9 million primarily due to increased tax expense of $103.7 million from the gain on sale of our remaining interest in ABG during 2024, partially offset by the tax impact in 2023 from the SPARC and ABG dilutions gains of $49.1 million and a tax benefit related to unfavorable year-over-year operations from other platform investments.
Income from unconsolidated entities decreased $141.5 million primarily due to lower results of operations from our other platform investments, partially offset by strong results and improved performance by our U.S. joint venture properties.
During the first nine months of 2024, we recorded a net gain of $6.8 million, which primarily related to a gain from the disposition of a property held in our TRG portfolio, our share of which was $10.6 million, partially offset by a $6.0 million loss on the disposition of certain assets by Klépierre. During the first nine months of 2023, we recorded a net loss of $9.9 million, which primarily related to the disposition of certain assets by Klépierre.
We recorded net non-cash unrealized losses of $54.1 million in 2024 compared to net non-cash unrealized losses of $20.0 million in 2023, as a result of mark-to-market activity on publicly traded equity instruments and the change in fair value of a derivative instrument.
Simon’s net income attributable to noncontrolling interests increased $31.7 million due to an increase in the net income of the Operating Partnership.
Liquidity and Capital Resources
Because we own long-lived income-producing assets, our financing strategy relies primarily on long-term fixed rate debt. Floating rate debt comprised 0.9% of our total consolidated debt at September 30, 2024. We also enter into interest rate protection agreements from time to time to manage our interest rate risk. We derive most of our liquidity from positive net cash flow from operations and distributions of capital from unconsolidated entities that totaled $3.0 billion in the aggregate during the nine months ended September 30, 2024. The Credit Facilities and the Commercial Paper program provide alternative sources of liquidity as our cash needs vary from time to time. Borrowing capacity under these sources may be increased as discussed further below.
Our balance of cash and cash equivalents increased $1.0 billion during the first nine months of 2024 to $2.2 billion as of September 30, 2024 as a result of the operating and financing activity, as further discussed in “Cash Flows” below. Additionally, our short-term investments balances decreased $700.0 million to $300.0 million during the first nine months of 2024.
On September 30, 2024, we had an aggregate available borrowing capacity of approximately $8.1 billion under the Credit Facilities, net of outstanding borrowings of $325.1 million and letters of credit of $58.6 million. For the nine months ended
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September 30, 2024, the maximum aggregate outstanding balance under the Credit Facilities was $325.1 million and the weighted average outstanding balance was $306.3 million. The weighted average interest rate was 5.31% for the nine months ended September 30, 2024.
Simon has historically had access to public equity markets and the Operating Partnership has historically had access to private and public long and short-term unsecured debt markets and access to secured debt and private equity from institutional investors at the property level.
Our business model and Simon’s status as a REIT require us to regularly access the debt markets to raise funds for acquisition, development and redevelopment activity, and to refinance maturing debt. Simon may also, from time to time, access the equity capital markets to accomplish our business objectives. We believe we have sufficient cash on hand and availability under the Credit Facilities and the Commercial Paper program to address our debt maturities and capital needs through 2024.
Cash Flows
Our net cash flow from operating activities and distributions of capital from unconsolidated entities for the nine months ended September 30, 2024 totaled $3.0 billion. In addition, we had net repayments of debt from our debt financing and repayment activities of $806.4 million in the first nine months of 2024. These activities are further discussed below under “Financing and Debt.” During the first nine months of 2024, we also:
● | paid stockholder dividends and unitholder distributions totaling approximately $2.3 billion and preferred unit distributions totaling $3.8 million, |
● | funded consolidated capital expenditures of $537.7 million (including development and other costs of $64.3 million, redevelopment and expansion costs of $237.4 million, and tenant costs and other operational capital expenditures of $236.0 million), |
● | funded the redemption of $40.9 million Operating Partnership units, |
● | funded investments in unconsolidated entities of $35.0 million, |
● | received net proceeds from the redemption of short-term investments of $700.0 million, and |
● | received proceeds from the sale of equity instruments of $1.2 billion. |
In general, we anticipate that cash generated from operations will be sufficient to meet operating expenses, monthly debt service, recurring capital expenditures, and dividends to stockholders and/or distributions to partners necessary to maintain Simon’s REIT qualification on a long-term basis. In addition, we expect to be able to generate or obtain capital for nonrecurring capital expenditures, such as acquisitions, major building redevelopments and expansions, as well as for scheduled principal maturities on outstanding indebtedness, from the following, however a severe and prolonged disruption and instability in the global financial markets, including the debt and equity capital markets, may affect our ability to access necessary capital:
● | excess cash generated from operating performance and working capital reserves, |
● | borrowings on the Credit Facilities and Commercial Paper program, |
● | additional secured or unsecured debt financing, or |
● | additional equity raised in the public or private markets. |
We expect to generate positive cash flow from operations in 2024, and we consider these projected cash flows in our sources and uses of cash. These cash flows are principally derived from rents paid by our tenants. A significant deterioration in projected cash flows from operations could cause us to increase our reliance on available funds from the Credit Facilities and Commercial Paper program, further curtail planned capital expenditures, or seek other additional sources of financing.
Financing and Debt
Unsecured Debt
At September 30, 2024, our unsecured debt consisted of $20.1 billion of senior unsecured notes of the Operating Partnership and $325.1 million outstanding under the Credit Facility.
The Credit Facility has an initial borrowing capacity of $5.0 billion which may be increased in the form of additional commitments in the aggregate not to exceed $1.0 billion, for a total aggregate size of $6.0 billion, subject to obtaining additional lender commitments and satisfying certain customary conditions precedent. Borrowings may be denominated in U.S. dollars, Euro, Yen, Pounds Sterling, Canadian dollars and Australian dollars. Borrowings in currencies other than the U.S. dollar are limited to 97% of the maximum revolving credit amount, as defined. The initial maturity date of the Credit Facility is June 30, 2027. The Credit
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Facility can be extended for two additional six-month periods to June 30, 2028, at our sole option, subject to satisfying certain customary conditions precedent.
Borrowings under the Credit Facility bear interest, at our election, at either (i) (x) for Term Benchmark Loans, the Adjusted Term SOFR Rate, the applicable Local Rate, the Adjusted EURIBOR Rate, or the Adjusted TIBOR Rate, (y) for RFR Loans, if denominated in Sterling, SONIA plus a benchmark adjustment and if denominated in Dollars, Daily Simple SOFR plus a benchmark adjustment, or (z) for Daily SOFR Loans, the Adjusted Floating Overnight Daily SOFR Rate, in each case of clauses (x) through (z) above, plus a margin determined by our corporate credit rating of between 0.650% and 1.400% or (ii) for loans denominated in U.S. Dollars only, the base rate (which rate is equal to the greatest of the prime rate, the federal funds effective rate plus 0.500% or Adjusted Term SOFR Rate for one month plus 1.000%) (the “Base Rate”), plus a margin determined by our corporate credit rating of between 0.000% and 0.400%. The Credit Facility includes a facility fee determined by our corporate credit rating of between 0.100% and 0.300% on the aggregate revolving commitments under the Credit Facility. Based upon our current credit ratings, the interest rate on the Credit Facility is SOFR plus 72.5 basis points, plus a spread adjustment to account for the transition from LIBOR to SOFR.
On September 19, 2024, we amended and extended the Supplemental Facility which may be increased to $4.5 billion during its term and provides for borrowings denominated in U.S. dollars, Euro, Yen, Pounds Sterling, Canadian dollars and Australian dollars. Borrowings in currencies other than the U.S. dollar are limited to 100% of the maximum revolving credit amount, as defined. The initial maturity date of the Supplemental Facility was extended to January 31, 2029 and can be extended for an additional year to January 31, 2030 at our sole option, subject to the Company’s continued compliance with the terms thereof.
Borrowings under the Supplemental Facility bear interest, at the Company’s election, at either (i) (x) for Term Benchmark Loans, the Adjusted Term SOFR Rate, the applicable Local Rate, the Adjusted EURIBOR Rate, the Adjusted Term CORRA Rate, or the Adjusted TIBOR Rate, (y) for RFR Loans, if denominated in Sterling, SONIA plus a benchmark adjustment, if denominated in Dollars, Daily Simple SOFR plus a benchmark adjustment, and if denominated in Canadian Dollars, Daily Simple CORRA plus a benchmark adjustment or (z) for Daily SOFR Loans, the Adjusted Floating Overnight Daily SOFR Rate, in each case of clauses (x) through (z) above, plus a margin determined by the Company’s corporate credit rating of between 0.650% and 1.400% or (ii) for loans denominated in U.S. Dollars only, the base rate (which rate is equal to the greatest of the prime rate, the NYFRB Rate plus 0.500% or Adjusted Term SOFR Rate for one month plus 1.000%) (the “Base Rate”), plus a margin determined by the Company’s corporate credit rating of between 0.000% and 0.400%. The Supplemental Facility includes a facility fee determined by the Company’s corporate credit rating of between 0.100% and 0.300% on the aggregate revolving commitments under the Supplemental Facility. Based upon our current credit ratings, the interest rate on the Supplemental Facility is SOFR plus 72.5 basis points, plus a spread adjustment to account for the transition from LIBOR to SOFR.
At September 30, 2024, we had an aggregate available borrowing capacity of $8.1 billion under the Credit Facilities. The maximum aggregate outstanding balance under the Credit Facilities, during the nine months ended September 30, 2024 was $325.1 million and the weighted average outstanding balance was $306.3 million. Letters of credit of $58.6 million were outstanding under the Credit Facilities as of September 30, 2024.
The Operating Partnership also has available a Commercial Paper program. The Operating Partnership may issue unsecured commercial paper notes, denominated in U.S. dollars, Euro and other currencies. Notes issued in non-U.S. currencies may be issued by one or more subsidiaries of the Operating Partnership and are guaranteed by the Operating Partnership. Notes are sold under customary terms in the U.S. and Euro commercial paper note markets and rank (either by themselves or as a result of the guarantee described above) pari passu with the Operating Partnership’s other unsecured senior indebtedness. The Commercial Paper program is supported by the Credit Facilities and, if necessary or appropriate, we may make one or more draws under either of the Credit Facilities to pay amounts outstanding from time to time on the Commercial Paper program. On September 30, 2024, we had no outstanding balance under the Commercial Paper program. Borrowings reduce amounts otherwise available under the Credit Facilities.
On September 26, 2024, the Operating Partnership completed the issuance of $1.0 billion of senior unsecured notes with a fixed interest rate of 4.75% with a maturity date of September 26, 2034.
On September 13, 2024, the Operating Partnership completed the redemption, at par, of its $1.0 billion 2.00% senior unsecured notes at maturity.
On February 1, 2024, the Operating Partnership completed the redemption, at par, of its $600 million 3.75% senior unsecured notes at maturity.
On November 14, 2023, the Operating Partnership completed the issuance of €750.0 million senior unsecured bonds ($808.0 million U.S. dollar equivalent) with a maturity date of November 14, 2026 and a fixed interest rate of 3.50%. The bonds are exchangeable into shares of Klépierre at the option of the holder of the bond at an initial common price of €27.2092. We may elect to settle the exchange with cash instead of shares. The proceeds were used to repay €750.0 million ($815.4 million U.S.
44
dollar equivalent) outstanding under the Supplemental Facility on November 17, 2023. The exchangeable option within the bonds has been determined to meet the criteria for bifurcation as previously discussed in Note 3.
On November 9, 2023, the Operating Partnership completed the issuance of the following senior unsecured notes: $500 million with a fixed interest rate of 6.25% and $500 million with a fixed interest rate of 6.65%, with maturity dates of January 15, 2034 and January 15, 2054, respectively. The proceeds were used to redeem, at par, its $600 million 3.75% senior unsecured notes at maturity on February 1, 2024.
On June 1, 2023, the Operating Partnership completed the redemption, at par, of its $600 million 2.75% senior unsecured notes at maturity.
On April 28, 2023 the Operating Partnership completed a borrowing of $180.0 million under the Credit Facility and subsequently unencumbered two properties.
On March 8, 2023, the Operating Partnership completed the issuance of the following senior unsecured notes: $650 million with a fixed interest rate 5.50%, and $650 million with a fixed interest rate of 5.85%, with maturity dates of March 8, 2033 and March 8, 2053, respectively. The Operating Partnership used a portion of the net proceeds of the offering to fund the optional redemption of its $500 million floating rate notes due January 2024 on March 13, 2023.
On January 10, 2023, the Operating Partnership completed interest rate swap agreements with a combined notional value at €750.0 million to swap the interest rate of the Euro denominated borrowings outstanding under the Supplemental Facility to an all-in fixed rate of 3.81%. These interest rate swaps were terminated in connection with the repayment of these borrowings on November 14, 2023.
Mortgage Debt
Total mortgage indebtedness was $5.1 billion and $5.2 billion at September 30, 2024 and December 31, 2023, respectively.
Covenants
Our unsecured debt agreements contain financial covenants and other non-financial covenants. The Credit Facilities contain ongoing covenants relating to total and secured leverage to capitalization value, minimum earnings before interest, taxes, depreciation, and amortization, or EBITDA, and unencumbered EBITDA coverage requirements. Payment under the Credit Facilities can be accelerated if the Operating Partnership or Simon is subject to bankruptcy proceedings or upon the occurrence of certain other events. If we were to fail to comply with these covenants, after the expiration of the applicable cure periods, the debt maturity could be accelerated or other remedies could be sought by the lender, including adjustments to the applicable interest rate. As of September 30, 2024, we were in compliance with all covenants of our unsecured debt.
At September 30, 2024, our consolidated subsidiaries were the borrowers under 35 non-recourse mortgage notes secured by mortgages on 38 properties and other assets, including two separate pools of cross-defaulted and cross-collateralized mortgages encumbering a total of five properties. Under these cross-default provisions, a default under any mortgage included in the cross-defaulted pool may constitute a default under all mortgages within that pool and may lead to acceleration of the indebtedness due on each property within the pool. Certain of our secured debt instruments contain financial and other non-financial covenants which are specific to the properties that serve as collateral for that debt. If the applicable borrower under these non-recourse mortgage notes were to fail to comply with these covenants, the lender could accelerate the debt and enforce its rights against their collateral. At September 30, 2024, the applicable borrowers under these non-recourse mortgage notes were in compliance with all covenants where non-compliance could individually or in the aggregate, giving effect to applicable cross-default provisions, have a material adverse effect on our financial condition, liquidity or results of operations.
45
Summary of Financing
Our consolidated debt, adjusted to reflect outstanding derivative instruments, and the effective weighted average interest rates as of September 30, 2024 and December 31, 2023, consisted of the following (dollars in thousands):
|
| Effective |
|
| Effective |
| |||||
Adjusted Balance | Weighted | Adjusted | Weighted |
| |||||||
as of | Average | Balance as of | Average |
| |||||||
Debt Subject to | September 30, 2024 |
| Interest Rate(1) | December 31, 2023 |
| Interest Rate(1) | |||||
Fixed Rate | $ | 24,983,778 |
| 3.59% | $ | 25,705,396 |
| 3.47% | |||
Variable Rate |
| 200,286 |
| 5.82% |
| 328,027 |
| 5.91% | |||
$ | 25,184,064 |
| 3.61% | $ | 26,033,423 |
| 3.49% |
(1) | Effective weighted average interest rate excludes the impact of net discounts and debt issuance costs. |
Contractual Obligations
There have been no material changes to our outstanding capital expenditure and lease commitments previously disclosed in the combined 2023 Annual Report on Form 10-K of Simon and the Operating Partnership.
In regards to long-term debt arrangements, the following table summarizes the material aspects of these future obligations on our consolidated indebtedness as of September 30, 2024, for the remainder of 2024 and subsequent years thereafter (dollars in thousands), assuming the obligations remain outstanding through initial maturities, including applicable exercise of available extension options:
| 2024 |
| 2025-2026 |
| 2027-2028 |
| After 2028 |
| Total |
| ||||||
Long Term Debt (1) | $ | 1,016,460 | $ | 7,570,762 | $ | 3,677,378 | $ | 13,307,612 | $ | 25,572,212 | ||||||
Interest Payments (2) |
| 225,849 |
| 1,591,940 |
| 1,111,420 |
| 5,600,356 |
| 8,529,565 |
(1) | Represents principal maturities only and, therefore, excludes net discounts and debt issuance costs. |
(2) | Variable rate interest payments are estimated based on the SOFR or other applicable rate at September 30, 2024. |
Off-Balance Sheet Arrangements
Our off-balance sheet arrangements consist primarily of our investments in joint ventures which are common in the real estate industry and are described in Note 6 of the condensed notes to our consolidated financial statements. Our joint ventures typically fund their cash needs through secured debt financings obtained by and in the name of the joint venture entity. The joint venture debt is secured by a first mortgage, is without recourse to the joint venture partners, and does not represent a liability of the partners, except to the extent the partners or their affiliates expressly guarantee the joint venture debt. In addition to the guarantee disclosed in Note 6, as of September 30, 2024, the Operating Partnership guaranteed joint venture-related mortgage indebtedness of $126.6 million. Mortgages guaranteed by the Operating Partnership are secured by the property of the joint venture which could be sold in order to satisfy the outstanding obligation and which has an estimated fair value in excess of the guaranteed amount. We may elect to fund cash needs of a joint venture through equity contributions (generally on a basis proportionate to our ownership interests), advances or partner loans, although such fundings are not typically required contractually or otherwise.
Acquisitions and Dispositions
Buy-sell, marketing rights, and other exit mechanisms are common in real estate partnership agreements. Most of our partners are institutional investors who have a history of direct investment in retail real estate. We and our partners in our joint venture properties may initiate these provisions (subject to any applicable lock up or similar restrictions). If we determine it is in our stockholders’ best interests for us to purchase the joint venture interest and we believe we have adequate liquidity to execute the purchase without hindering our cash flows, then we may initiate these provisions or elect to buy our partner’s interest. If we decide to sell any of our joint venture interests, we expect to use the net proceeds to reduce outstanding indebtedness or to reinvest in development, redevelopment, or expansion opportunities.
Acquisitions. On February 6, 2024, we acquired an additional interest in Miami International Mall from a joint venture partner, resulting in the consolidation of this property. The cash consideration for this transactions was de minimis. The property is subject to a $158.0 million 6.92% fixed rate mortgage loan.
46
Dispositions. We may continue to pursue the disposition of properties that no longer meet our strategic criteria or that are not a primary retail venue within their trade area.
During 2023, we disposed of our interest in one unconsolidated retail property through foreclosure in satisfaction of the $114.8 million non-recourse mortgage loan. We recognized no gain or loss in connection with this disposal.
Joint Venture Formation and Other Investment Activity
During the second quarter of 2024, we participated in the formation of a joint venture, Phoenix Retail, LLC, to acquire the Express Retail Company and operate Express and Bonobos direct-to-consumer businesses in the United States, from the previous owner on June 21, 2024, in a bankruptcy proceeding. There was no cash consideration transferred for our 39.4% noncontrolling interest and non-cash consideration was de minimis.
During the first quarter of 2024, we sold all of our remaining interest in ABG for cash proceeds of $1.2 billion, resulting in a pre-tax gain of $414.8 million, which is included in gain on disposal, exchange, or revaluation of equity interests, net, in the consolidated statement of operations. In connection with this transaction, we recorded tax expense of $103.7 million, which is included in income and other tax (expense) benefit in the consolidated statement of operations and comprehensive income.
During the fourth quarter of 2023, we sold a portion of our interest in ABG, resulting in a pre-tax gain of $157.1 million. In connection with this transaction, we recorded tax expense of $39.3 million. Concurrently, ABG completed a capital transaction resulting in the dilution of our ownership to approximately 9.6% and a deemed disposal of a proportional interest of our investment. As a result, we recognized a non-cash pre-tax gain on the deemed disposal of $10.3 million. In connection with this transaction, we recorded deferred taxes of $2.6 million.
On September 7, 2023, we acquired an additional 4% ownership in TRG for approximately $199.6 million by issuing 1,725,000 units in the Operating Partnership, bringing our noncontrolling ownership interest in TRG to 84%.
During the third quarter of 2023, SPARC Group issued equity to a third party resulting in the dilution of our ownership to 33.3% and a deemed disposal of a proportional interest of our investment. As a result, we recognized a non-cash pre-tax gain on the deemed disposal of $145.8 million. In connection with this transaction, we recorded deferred taxes of $36.9 million.
During the third quarter of 2023, ABG completed a capital transaction resulting in the dilution of our ownership to approximately 11.7% and a deemed disposal of a proportional interest of our investment. As a result, we recognized a non-cash pre-tax gain on the deemed disposal of $12.4 million. In connection with this transaction, we recorded deferred taxes of $3.1 million.
During the second quarter of 2023, ABG completed a capital transaction resulting in a dilution of our ownership and a deemed disposal of a proportional interest of our investment. As a result, we recognized a non-cash pre-tax gain on the deemed disposal of $36.4 million. In connection with this transaction, we recorded deferred taxes of $9.1 million.
Development Activity
We routinely incur costs related to construction for significant redevelopment and expansion projects at our properties. Redevelopment and expansion projects, including the addition of anchors, big box tenants, restaurants, as well as office space and residential uses are underway at properties in North America, Europe and Asia.
Construction continues on certain redevelopment and new development projects in the U.S. and internationally that are nearing completion. Our share of the costs of all new development, redevelopment and expansion projects currently under construction is approximately $1.3 billion. Simon’s share of remaining net cash funding required to complete the new development and redevelopment projects currently under construction in the remainder of 2024 and 2025 is approximately $503 million. We expect to fund these capital projects with cash flows from operations. We seek a stabilized return on invested capital in the range of 8-10% for all of our new development, expansion and redevelopment projects.
International Development Activity. We typically reinvest net cash flow from our international joint ventures to fund future international development activity. We believe this strategy mitigates some of the risk of our initial investment and our exposure to changes in foreign currencies. We have also funded most of our foreign investments with local currency-denominated borrowings that act as a natural hedge against fluctuations in exchange rates. Our consolidated net income exposure to changes in the volatility of the Euro, Yen, Peso, Won, and other foreign currencies is not material. We expect our share of estimated committed capital for international development projects to be completed with projected delivery in 2024 or 2025 is $80 million, primarily funded through reinvested joint venture cash flow and construction loans.
47
The following table describes these new development and expansion projects as well as our share of the estimated total cost as of September 30, 2024 (in millions):
Gross | Our | Our Share of | Our Share of | Projected/Actual | ||||||||||
Leasable | Ownership | Projected Net Cost | Projected Net Cost | Opening | ||||||||||
Property |
| Location |
| Area (sqft) |
| Percentage |
| (in Local Currency) |
| (in USD) (1) |
| Date | ||
New Development Projects: | ||||||||||||||
Jakarta Premium Outlets | Jakarta, Indonesia | 300,000 | 50% | IDR | 931,782 | $ | 61.5 | Mar. - 2025 | ||||||
Expansion: | ||||||||||||||
Busan Premium Outlet Phase 2 | Busan, South Korea | 184,000 | 50% | KRW | 72,933 | $ | 55.6 | Opened Sep. - 2024 |
(1) | USD equivalent based upon September 30, 2024 foreign currency exchange rates. |
Dividends, Distributions and Stock Repurchase Program
Simon paid a common stock dividend of $2.05 per share for the third quarter of 2024 and $6.00 per share for the nine months ended September 30, 2024. Simon paid common stock dividends of $5.55 per share for the nine months ended September 30, 2023. The Operating Partnership paid distributions per unit for the same amounts. On November 1, 2024, Simon’s Board of Directors declared a quarterly cash dividend for the fourth quarter of 2024 of $2.10 per share, payable on December 30, 2024 to shareholders of record on December 9, 2024. The distribution rate on units is equal to the dividend rate on common stock. In order to maintain its status as a REIT, Simon must pay a minimum amount of dividends. Simon’s future dividends and the Operating Partnership’s future distributions will be determined by Simon’s Board of Directors, in its sole discretion, based on actual and projected financial condition, liquidity and results of operations, cash available for dividends and limited partner distributions, cash reserves as deemed necessary for capital and operating expenditures, financing covenants, if any, and the amount required to maintain Simon’s status as a REIT.
On February 8, 2024, Simon's Board of Directors authorized a new common stock repurchase plan which immediately replaced the existing repurchase plan. Under the plan, Simon may repurchase up to $2.0 billion of its common stock during the two-year period commencing on February 8, 2024 and ending on February 8, 2026 in the open market or in privately negotiated transactions as market conditions warrant. As of September 30, 2024, no repurchases had been made under the new repurchase plan. As Simon repurchases shares under these programs, the Operating Partnership repurchases an equal number of units from Simon.
Forward-Looking Statements
Certain statements made in this Quarterly Report on Form 10-Q 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 renew leases and relet vacant space at existing properties on favorable terms; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; 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
48
根據法律,公司不承擔更新或修改這些前瞻性陳述的任何責任或義務,無論是因為新信息、未來發展或其他原因。
非通用會計原則財務指標
根據行業慣例,部分根據績效指標來評估房地產,例如FFO、房地產FFO、每股稀釋FFO、每股房地產FFO、NOI、有利益的合併NOI和投資組合NOI等,和我們認為這些非GAAP指標對投資者很有幫助,因為它們是REITs績效的廣泛認可指標,並為REITs之間的比較提供了相關基礎。我們也內部使用這些指標來衡量我們投資組合的運營績效。我們提供NOI的不同元件,例如投資組合NOI(與我們全球房地產投資組合的運營績效相關的有利益的合併NOI的元件),以向投資者提供分解的信息,從而進一步區分我們全球房地產投資組合的表現與公司及其他平台投資。
我們根據《國家房地產投資信托協會(NAREIT)資金運營白皮書-2018年修訂》中的定義確定FFO。我們的主要業務包括收購、持有、運營、開發和重建房地產,並配合房地產的租金。與我們主要業務有關的資產的收益和損失包括在FFO中。我們確定FFO是按照GAAP計算的我們合併凈利潤中的份額:
● | 不包括與房地產相關的折舊和攤銷。 |
● | 除了來自非常項目的收益和損失外, |
● | 不計入取得控制權、銷售、處置或財產保險賠償的收益和損失,也禁用與折舊銷售業務資產相關的任何減損, |
● | 再加上未合併合資企業的FFO之可分配部分,基於經濟所有權利益,及 |
● | 所有按照GAAP一致基礎判斷。 |
我們使用上述FFO定義來確定房地產FFO,除了來自業務運營影響的部分外
● | 其他平台投資,稅後淨額, |
● | 退出、交易或重新評估權益投資的利得或虧損,稅後淨額,和 |
● | 未實現的公開交易權益工具和衍生工具公平價值的利得或虧損, |
您應該了解,我們對這些非GAAP指標的計算可能與其他房地產投資信託報告的類似指標不可比,而這些非GAAP指標:
● | 請勿將營運現金流量定義為GAAP所規定的現金流量。 |
● | 不應將其視為依照GAAP確定的淨收入作為營運績效衡量的替代方式。 |
● | 並不是作為衡量流動性的現金流量替代方案。 |
49
以下的時間表將總FFO和房地產FFO與合併凈利潤進行對帳,對於西蒙公司,使稀釋後每股凈利潤達到稀釋後每股FFO和房地產FFO。
截至三個月結束 | 截至九個月結束 | |||||||||||
九月三十日 | 九月三十日 | |||||||||||
| 2024 |
| 2023 |
| 2024 |
| 2023 | |||||
(以千為單位) | (以千為單位) | |||||||||||
綜合凈利潤 | $ | 546,671 | $ | 680,762 | $ | 1,957,262 | $ | 1,757,522 | ||||
FFO的調整: | ||||||||||||
來自合併物業的折舊及攤銷 |
| 316,593 |
| 313,053 |
| 926,582 |
| 933,669 | ||||
我們從未納入實體的企業,包括Klépierre、TRG和其他企業投資,在折舊及攤銷中的份額 |
| 209,225 |
| 207,607 |
| 630,460 |
| 622,258 | ||||
獲得控股權、出售或處置資產及對未合併實體的利益,以及減損造成的損失(收益),淨額 |
| 1,228 |
| 5,541 |
| (6,752) |
| 9,897 | ||||
非控制權益持有人在房地產業的淨虧損 |
| 1,047 |
| 1,149 |
| 1,733 |
| 751 | ||||
折舊及攤銷、合資房地產的損益以及房地產處分的非控制權益部分 |
| (6,820) |
| (6,045) |
| (17,416) |
| (16,255) | ||||
優先派息和分紅派息 |
| (1,239) |
| (1,313) |
| (3,772) |
| (3,939) | ||||
營運夥伴的FFO | $ | 1,066,705 | $ | 1,200,754 | $ | 3,488,097 | $ | 3,303,903 | ||||
FFO allocable to limited partners | 139,191 | 152,599 | 454,729 | 418,135 | ||||||||
稀釋後的調整後基金從屬於普通股股東 | $ | 927,514 | $ | 1,048,155 | $ | 3,033,368 | $ | 2,885,768 | ||||
運營夥伴的FFO | $ | 1,066,705 | $ | 1,200,754 | $ | 3,488,097 | $ | 3,303,903 | ||||
出售、交易或股權投資重估的收益,扣除稅後淨額 | — | (118,138) | (311,077) | (145,466) | ||||||||
其他平台投資,扣除稅款 | 28,306 | 1,969 | 104,089 | 62,647 | ||||||||
公開交易的股票和衍生工具公平價值的未實現虧損(利益)淨額 | 49,345 | 6,175 | 54,132 | (20,049) | ||||||||
房地產業FFO | $ | 1,144,356 | $ | 1,090,760 | $ | 3,335,241 | $ | 3,201,035 | ||||
每股稀釋凈利潤轉換為每股稀釋款項來源之對帳: | ||||||||||||
稀釋每股盈利 | $ | 1.46 | $ | 1.82 | $ | 5.22 | $ | 4.68 | ||||
自合併物業及未納入範圍的實體(包括Klépierre、TRG以及其他企業投資),折舊及攤銷的部分,以及非控制權益部分的折舊及攤銷 |
| 1.37 |
| 1.37 |
| 4.10 |
| 4.11 | ||||
收購控股權、出售或處置、回收資產和未納入合併財務報表的實體及減損所致損益,淨額 |
| 0.01 |
| 0.01 |
| (0.02) |
| 0.03 | ||||
每股摊薄FFO | $ | 2.84 | $ | 3.20 | $ | 9.30 | $ | 8.82 | ||||
處置、交換或重新評價股權所獲得之利潤,稅後淨額 | — | (0.32) | (0.83) | (0.39) | ||||||||
其他平台投資,扣除稅款後 | 0.08 | 0.01 | 0.29 | 0.17 | ||||||||
公開交易的股票和衍生工具公平價值的未實現虧損(利益)淨額 | 0.13 | 0.02 | 0.14 | (0.05) | ||||||||
房地產業每股FFO | $ | 3.05 | $ | 2.91 | $ | 8.90 | $ | 8.55 | ||||
基本和稀釋加權平均股份 |
| 326,158 |
| 327,159 |
| 326,036 |
| 327,101 | ||||
加權平均有限合夥單位 |
| 48,939 |
| 47,658 |
| 48,876 |
| 47,396 | ||||
基本及稀釋每股及每單位平均已發行股數 |
| 375,097 |
| 374,817 |
| 374,912 |
| 374,497 |
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以下時間表將調和合併凈利潤與我們對合併淨利潤和其元件的擁有權益。
截至三個月結束 | 截至九個月結束 | |||||||||||
九月三十日 | 九月三十日 | |||||||||||
| 2024 |
| 2023 |
| 2024 |
| 2023 | |||||
(以千為單位) | (以千為單位) | |||||||||||
對合併實體的凈利潤進行調和: |
|
|
|
|
| |||||||
綜合凈利潤 | $ | 546,671 | $ | 680,762 | $ | 1,957,262 | $ | 1,757,522 | ||||
收入和其他稅費 |
| 2,605 |
| 43,218 |
| 55,170 |
| 40,252 | ||||
處分、交換或股權投資重估的權益損益 | — | (158,192) | (414,769) | (194,629) | ||||||||
利息費用 |
| 226,424 |
| 212,210 |
| 678,382 |
| 629,725 | ||||
來自未納入合併的實體的收入 |
| (58,504) |
| (95,480) |
| (66,375) |
| (207,835) | ||||
公開交易的股票和衍生工具公平價值的未實現虧損(利益)淨額 |
| 49,345 |
| 6,175 |
| 54,132 |
| (20,049) | ||||
收購控股利益、資產出售或處置、或對未合併實體的利益及減損的損失(收益),以及恢復經營資產 |
| 1,228 |
| 5,541 |
| (6,752) |
| 9,897 | ||||
其他項目前的營業利潤 |
| 767,769 |
| 694,234 |
| 2,257,050 |
| 2,014,883 | ||||
折舊與攤提 |
| 320,365 |
| 315,259 |
| 937,749 |
| 941,851 | ||||
家庭和區域辦公室成本 | 53,351 | 47,679 | 164,556 | 154,505 | ||||||||
總務與行政 | 9,171 | 9,070 | 29,141 | 28,235 | ||||||||
其他費用 (1) | -- | — | 21 | — | ||||||||
合併實體的凈利潤 | $ | 1,150,656 | $ | 1,066,242 | $ | 3,388,517 | $ | 3,139,474 | ||||
減少:非控股利益合夥人對淨利潤的份額 | (8,292) | (7,918) | (24,144) | (22,562) | ||||||||
合併實體的利潤貢獻 | $ | 1,142,364 | $ | 1,058,324 | $ | 3,364,373 | $ | 3,116,912 | ||||
未納入合并實體的利潤調解: | ||||||||||||
凈利潤 | $ | 204,866 | $ | 228,790 | $ | 573,710 | $ | 636,115 | ||||
利息費用 |
| 176,583 |
| 172,523 |
| 532,692 |
| 508,230 | ||||
資產出售、處置所得利潤,或對未合併實體的利息收回的淨額 |
| — |
| (19,395) |
| — |
| (20,529) | ||||
其他項目之前的營業利益 |
| 381,449 |
| 381,918 |
| 1,106,402 |
| 1,123,816 | ||||
折舊與攤提 |
| 155,472 |
| 159,560 |
| 473,394 |
| 483,361 | ||||
其他費用 (1) | 6 | -- | 6 | — | ||||||||
非合併實體的凈利潤 | $ | 536,927 | $ | 541,478 | $ | 1,579,802 | $ | 1,607,177 | ||||
減少:聯營公司合夥人分擔的凈利潤 | (282,105) | (282,640) | (829,548) | (839,316) | ||||||||
未合併實體的有利淨利潤 | $ | 254,822 | $ | 258,838 | $ | 750,254 | $ | 767,861 | ||||
加: 從TRG獲得的淨資產利益 | 128,813 | 123,164 | 380,222 | 359,178 | ||||||||
增加: 來自其他平台投資和投資的净利潤受益 | 56,525 | 109,028 | 91,423 | 238,805 | ||||||||
Beneficial interest of Combined NOI | $ | 1,582,524 | $ | 1,549,354 | $ | 4,586,272 | $ | 4,482,756 | ||||
減少: 公司和其他凈收入來源的受益權益 (2) |
| 79,832 |
| 93,715 |
| 235,258 |
| 223,379 | ||||
減少: 其他平台投資的淨利益所產生的有利利益 (3)(4) | (7,568) | 14,774 | (84,089) | 14,145 | ||||||||
減少: 來自投資的NOI的有利利益(5) | 64,093 | 63,559 | 172,555 | 169,948 | ||||||||
Beneficial interest of Portfolio NOI | $ | 1,446,167 | $ | 1,377,306 | $ | 4,262,548 | $ | 4,075,284 | ||||
投資組合凈利息變動的有利利益 | 5.0 | % | 4.6 | % |
(1) | 代表了開發前成本的核銷。 |
(2) | 包括從投資組合純收入和國內物業純收入中排除的收入元件(國內租賃終止收入、利息收入、土地出售盈利、直線租金收入、市場租金調整等),賽門管理公司收入、匯率期貨影響和其他資產。 |
(3) | 其他平台投資包括J.C. Penney、SPARC Group、RGG和Jamestown。 |
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(4) | 截至2024年9月30日止九個月,包括與SPARC相關的1890萬美元費用和與JCP相關的1430萬美元費用。截至2023年9月30日止九個月,包括我們在Reebok相關的2710萬美元購買便宜收益中的份額。 |
(5) | 包括我們對於Klépierre(按恆定貨幣計算)和其他企業投資的凈營業收入份額。 |
項目3. 關於市場風險的定性和定量披露
敏感度分析
我們在Simon和Operating Partnership的組合2023年度報告的財務狀況和業務成果的管理層討論和分析中披露了關於市場風險的定性和定量分析。自2023年12月31日以來,有關市場風險使用的假設或結果未發生重大變化。
項目4. 控制項和程序
西蒙
管理層對披露控制和程序的評估
Simon保持揭露控制和程序(如1934年證券交易法修訂版本下第13a-15(e)規定的)(the “Exchange Act”),旨在提供合理保證,在證券交易委員會或SEC的規則和表格中指定的時間內記錄,處理,總結和報告所需在我們提交的報告中應該披露的信息,並且此類信息累積並傳達給Simon的管理層,包括其適當的首席執行官和財務長,以便及時作出有關所需披露的決定。由於固有的限制,揭露控制和程序,無論設計和操作得多好,都只能提供合理的,而不是絕對的保證,揭露控制和程序的目標得以實現。
我們的管理團隊,與Simon的首席執行官和財務長一起參與,評估了Simon截至2024年9月30日的揭露控制和程序的設計和運作的有效性。根據該評估,Simon的首席執行官和財務長於2024年9月30日得出結論,Simon的揭露控制和程序在合理的保證水平上是有效的。
財務報告內部控制變更
Simon的內部財務報告控制(如1934年證券交易法修訂版本下第13a-15(f)規定的)在2024年9月30日季度內沒有發生會對Simon的內部財務報告控制產生重大影響或有合理可能產生重大影響的變化。
營運合作夥伴
管理層對揭露控制和程序的評估
營運合夥企業維持披露控制和程序(如《交易法》第13a-15(e)條規定)的設計,旨在合理保證我們根據《交易法》檔案或提交的報告中要求披露的信息在SEC的規則和表格指定的時間內記錄、處理、總結和報告,並且此類信息被積累並傳達給我們的管理層,包括Simon的首席執行官和財務長,以便及時做出有關所需披露的決定。由於固有限制,披露控制和程序無論設計和運作多好,都只能提供合理的,而非絕對的保證,以確保披露控制和程序的目標得以實現。
我們的管理層,與Simon的首席執行官和財務長合作,評估了截至2024年9月30日營運合夥企業的披露控制和程序的設計和運作的有效性。根據該評估,Simon的首席執行官和財務長得出結論,截至2024年9月30日,營運合夥企業的披露控制和程序在合理保證水平上有效。
財務報告內部控制變更
在2024年9月30日結束的季度內,沒有影響,或有可能實質影響,營運合夥企業財務報告內部控制(如《交易法》第13a-15(f)條定義)的任何變更。
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第二部分 - 其他信息
第1項 法律訴訟
我們在業務運作的日常過程中不時涉及各種法律和監管訴訟,包括但不限於商業糾紛、環保事項以及與收購和剥離等交易相關的訴訟。我們相信目前的訴訟將不會對我們的財務狀況、流動性或營運成果產生重大不利影響。當損失被認為是可能的且金額能夠合理估計時,我們會記錄負債。
第1A項。風險因素
在本報告涵蓋的時期內,Simon和營運合夥企業合併2023年度10-K表格中第I部分“風險因素”下披露的重要變化概況無變動。
第2項 未註冊的股本證券銷售,款項使用情況及發行人購買股權證券
西蒙
未註冊股權證券的銷售
2024年9月30日結束的季度內,Simon向運營夥伴的有限合夥企業發行了55,000股普通股,以便根據運營夥伴企業的合夥協議,換取相同數量的單位。普通股的發行根據1933年證券法第4(a)(2)條的規定,不受登記要求的限制。
發行人購置股權證券
2024年9月30日結束的季度內,Simon未進行任何未註冊股權證券的購買。2024年2月8日,Simon的董事會批准了一項新的普通股回購計畫,該計畫立即取代了現有的回購計畫。根據該計畫,Simon在從2024年2月8日開始並在2026年2月8日結束,可以在市場條件許可的情況下,在公開市場或私下協商的交易中回購高達20億美元。截至2024年9月30日,根據該計畫尚可購回的股份金額約為20億美元。當Simon在這些計劃下回購股份時,運營夥伴企業從Simon那裡回購相同數量的單位。
營運合作夥伴
未註冊股權證券的銷售
2024年9月30日結束的季度內,運營夥伴企業未進行任何未註冊股權證券的銷售。
發行人購置股權證券
截至2024年9月30日,營運夥伴沒有進行任何未經註冊的權益證券購買。
項目 3. 高級證券違約
暫不適用。
項目 4. 礦安全披露
暫不適用。
項目 5. 其他資訊
在本報告涵蓋的季度期間,Simon董事會的審計委員會批准了由我們獨立註冊的上市會計師事務所安永聯合會計師事務所提供的某些審計、審計相關、非審計稅務合規和稅務諮詢服務。
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項目6. 附件
展覽 |
| 附件說明 |
10.1* | 西蒙地產集團2024-2 LTIP單位獎項協議形式(參考西蒙地產公司和西蒙地產有限合夥公司2024年8月29日提交的8-k表格10.1) | |
10.2* | 西蒙地產集團L.P. 2024-2 LTIP單位指定證書形式(以上文檔已列入西蒙地產集團, 豪利的8-k表格附件10.2中,檔案日期為2024年8月29日)。 | |
10.3 | 三次修訂和重訂的35億美元信用協議日期截至2024年9月19日(以上文檔已列入西蒙地產集團, 豪利的8-k表格附件99.2中,檔案日期為2024年9月19日)。 | |
西蒙地產, Inc. — 基於Sarbanes-Oxley Act of 2002第302條,根據美國交易所法第13a-14(a)/15d-14(a)條規的執行檔。 | ||
西蒙地產, Inc. — 基於Sarbanes-Oxley Act of 2002第302條,根據美國交易所法第13a-14(a)/15d-14(a)條規的致富金融(臨時代碼)長的認證。 | ||
西蒙地產集團,L.P. — 根據《美國交易所法》第302條採納的第13a-14(a)/15d-14(a)規則,首席執行官豪利認證。 | ||
西蒙地產集團,L.P. — 根據《美國交易所法》第302條採納的第13a-14(a)/15d-14(a)規則,致富金融(臨時代碼)官豪利認證。 | ||
西蒙地產集團,Inc. — 根據《美國薩班斯—豪利法》第906條採納的18 U.S.C.第1350條,首席執行官和致富金融(臨時代碼)官認證。 | ||
西蒙地產集團,L.P. — 根據《美國薩班斯—豪利法》第906條採納的18 U.S.C.第1350條,首席執行官和致富金融(臨時代碼)官認證。 | ||
101.INS | XBRL實例文件-此實例文件不會出現在互動數據文件中,因為其XBRL標籤嵌入於內聯XBRL文件中。 | |
101.SCH | Inline XBRL分類擴充模式文件 | |
101.CAL | Inline XBRL分類擴充計算鏈接庫文件 | |
101.LAB | Inline XBRL分類擴充標記鏈接庫文件 | |
101.PRE | Inline XBRL分類擴充演示鏈接庫文件 | |
101.DEF | Inline XBRL分類擴充定義鏈接庫文件 | |
104 | 封面互動文件(格式設為內聯XBRL,並包含於101號展示) |
* 代表根據S-K法規要求必須提交的管理合同,或報酬計劃、合同或安排。
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