INDIANAPOLIS, May 6, 2024
/PRNewswire/ -- Simon®, a real estate investment
trust engaged in the ownership of premier shopping, dining,
entertainment and mixed-use destinations, today reported results
for the quarter ended March 31,
2024.
"We delivered strong results to start the year," said
David Simon, Chairman, Chief
Executive Officer and President. "Leasing momentum and cash flow
growth continued. We successfully sold our remaining investment in
Authentic Brands Group, generating total gross proceeds of
$1.45 billion, including the sale of
a portion of our interest in the fourth quarter of 2023.
Today, we raised our quarterly dividend and are increasing the
mid-point of our full-year 2024 guidance."
Results for the Quarter
- Net income attributable to common stockholders was $731.7 million, or $2.25 per diluted share, as compared to
$451.8 million, or $1.38 per diluted share in 2023.
- Net income for the first quarter of 2024 includes after-tax net
gains of $303.9 million, or
$0.81 per diluted share, primarily
resulting from the sale of the Company's remaining ownership
interest in Authentic Brands Group.
- Funds From Operations ("FFO") was $1.334
billion, or $3.56 per diluted
share as compared to $1.026 billion,
or $2.74 per diluted share in the
prior year, including the gains referenced above.
- Domestic property Net Operating Income ("NOI") increased 3.7%
and portfolio NOI increased 3.9% compared to the prior year
period.
U.S. Malls and Premium Outlets Operating Statistics
- Occupancy at March 31, 2024 was
95.5%, a 1.1% increase compared to 94.4% at March 31, 2023.
- Base minimum rent per square foot was $57.53 at March 31,
2024, compared to $55.84 at
March 31, 2023, an increase of
3.0%.
- Reported retailer sales per square foot was $745 for the trailing 12 months ended
March 31, 2024.
Balance Sheet Liquidity
As of March 31, 2024, Simon had approximately
$11.2 billion of liquidity consisting
of $3.1 billion of cash on hand,
including its share of joint venture cash, and $8.1 billion of available capacity under its
revolving credit facilities.
Dividends
Today, Simon's Board of Directors declared a
quarterly common stock dividend of $2.00 for the second quarter of 2024. This
is an increase of $0.15, or 8.1%
year-over-year. The dividend will be payable on June 28, 2024 to shareholders of record on
June 7, 2024.
Simon's Board of Directors declared the quarterly dividend on
its 8 3/8% Series J Cumulative Redeemable Preferred Stock (NYSE:
SPGPrJ) of $1.046875 per share,
payable on June 28, 2024 to
shareholders of record on June 14,
2024.
2024 Guidance
The Company currently estimates net
income to be within a range of $7.38
to $7.53 per diluted share and FFO to
be within a range of $12.75 to
$12.90 per diluted share for the year
ending December 31, 2024.
The following table provides the GAAP to non-GAAP reconciliation
for the expected range of estimated net income attributable to
common stockholders per diluted share to FFO per diluted share:
|
For the year ending
December 31, 2024
|
|
|
|
Low
|
High
|
|
End
|
End
|
|
Estimated net income
attributable to common stockholders
|
|
|
|
per diluted share
|
$7.38
|
$7.53
|
|
Depreciation and
amortization including Simon's share
|
|
|
|
of unconsolidated
entities
|
5.40
|
5.40
|
|
Gain on acquisition of
controlling interest, sale or
|
|
|
|
disposal of, or recovery on,
assets and interest in
|
|
|
|
unconsolidated entities and
impairment, net
|
(0.03)
|
(0.03)
|
|
|
|
|
Estimated FFO per
diluted share
|
$12.75
|
$12.90
|
Conference Call
Simon will hold a conference call to
discuss the quarterly financial results today from 5:00 p.m. to 6:00 p.m. Eastern Time, Monday, May 6, 2024. A live webcast of the
conference call will be accessible in listen-only mode at
investors.simon.com. An audio replay of the conference call
will be available until May 13,
2024. To access the audio replay, dial 1-844-512-2921
(international +1-412-317-6671) passcode 13745980.
Supplemental Materials and Website
Supplemental
information on our first quarter 2024 performance is available at
investors.simon.com. This information has also been furnished to
the SEC in a current report on Form 8-K.
We routinely post important information online on our investor
relations website, investors.simon.com. We use this website, press
releases, SEC filings, quarterly conference calls, presentations
and webcasts to disclose material, non-public information in
accordance with Regulation FD. We encourage members of the
investment community to monitor these distribution channels for
material disclosures. Any information accessed through our
website is not incorporated by reference into, and is not a part
of, this document.
Non-GAAP Financial Measures
This press release includes FFO, FFO per share and portfolio NOI
growth which are financial performance measures not defined by
generally accepted accounting principles in the United States ("GAAP"). Reconciliations of
these non-GAAP financial measures to the most directly comparable
GAAP measures are included in this press release and in Simon's
supplemental information for the quarter. FFO and NOI growth
are financial performance measures widely used in the REIT
industry. Our definitions of these non-GAAP measures may not be the
same as similar measures reported by other REITs.
Forward-Looking Statements
Certain statements made in this press release may be deemed
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Although the Company
believes the expectations reflected in any forward-looking
statements are based on reasonable assumptions, the Company can
give no assurance that its expectations will be attained, and it is
possible that the Company's actual results may differ materially
from those indicated by these forward-looking statements due to a
variety of risks, uncertainties and other factors. Such factors
include, but are not limited to: changes in economic and market
conditions that may adversely affect the general retail
environment, including but not limited to those caused by
inflation, recessionary pressures, wars, escalating geopolitical
tensions as a result of the war in Ukraine and the conflicts in the Middle East, and supply chain disruptions; the
inability to 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; an increase in vacant space
at our properties; the potential for violence, civil unrest,
criminal activity or terrorist activities at our properties;
natural disasters; the availability of comprehensive insurance
coverage; the intensely competitive market environment in the
retail industry, including e-commerce; security breaches that could
compromise our information technology or infrastructure; reducing
emissions of greenhouse gases; environmental liabilities; our
international activities subjecting us to risks that are different
from or greater than those associated with our domestic operations,
including changes in foreign exchange rates; our continued ability
to maintain our status as a REIT; changes in tax laws or
regulations that result in adverse tax consequences; risks
associated with the acquisition, development, redevelopment,
expansion, leasing and management of properties; the inability to
lease newly developed properties on favorable terms; the loss of
key management personnel; uncertainties regarding the impact of
pandemics, epidemics or public health crises, and the associated
governmental restrictions on our business, financial condition,
results of operations, cash flow and liquidity; changes in market
rates of interest; the impact of our substantial indebtedness on
our future operations, including covenants in the governing
agreements that impose restrictions on us that may affect our
ability to operate freely; any disruption in the financial markets
that may adversely affect our ability to access capital for growth
and satisfy our ongoing debt service requirements; any change in
our credit rating; risks relating to our joint venture properties,
including guarantees of certain joint venture indebtedness; and
general risks related to real estate investments, including the
illiquidity of real estate investments.
The Company discusses these and other risks and uncertainties
under the heading "Risk Factors" in its annual and quarterly
periodic reports filed with the SEC. The Company may update
that discussion in subsequent other periodic reports, but except as
required by law, the Company undertakes no duty or obligation to
update or revise these forward-looking statements, whether as a
result of new information, future developments, or otherwise.
About Simon
Simon® is a real estate
investment trust engaged in the ownership of premier shopping,
dining, entertainment and mixed-use destinations and an S&P 100
company (Simon Property Group, NYSE: SPG). Our properties across
North America, Europe and Asia provide community gathering places for
millions of people every day and generate billions in annual
sales.
|
Simon Property
Group, Inc.
Unaudited
Consolidated Statements of Operations
(Dollars in
thousands, except per share amounts)
|
|
|
|
|
|
|
For the Three Months
|
|
|
|
Ended March 31,
|
|
|
|
2024
|
2023
|
|
|
|
|
|
|
|
|
REVENUE:
|
|
|
|
|
|
Lease
income
|
$
1,302,671
|
$ 1,248,185
|
|
|
|
Management fees and
other revenues
|
29,455
|
28,949
|
|
|
|
Other
income
|
110,464
|
73,715
|
|
|
|
Total revenue
|
1,442,590
|
1,350,849
|
|
|
|
|
|
|
|
|
EXPENSES:
|
|
|
|
|
|
Property
operating
|
126,114
|
111,748
|
|
|
|
Depreciation and
amortization
|
307,369
|
307,059
|
|
|
|
Real estate
taxes
|
109,210
|
111,159
|
|
|
|
Repairs and
maintenance
|
25,728
|
22,174
|
|
|
|
Advertising and
promotion
|
28,081
|
24,159
|
|
|
|
Home and regional
office costs
|
60,723
|
56,820
|
|
|
|
General and
administrative
|
9,132
|
9,107
|
|
|
|
Other
|
41,053
|
45,900
|
|
|
|
Total operating expenses
|
707,410
|
688,126
|
|
|
|
|
|
|
|
|
OPERATING INCOME BEFORE OTHER
ITEMS
|
735,180
|
662,723
|
|
|
|
|
|
|
|
|
Interest
expense
|
(230,623)
|
(199,429)
|
|
|
|
Gain on disposal,
exchange, or revaluation of equity interests, net
|
414,769
|
-
|
|
|
|
Income and other tax
(expense) benefit
|
(47,603)
|
13,453
|
|
|
|
(Loss) income from
unconsolidated entities
|
(34,342)
|
21,900
|
|
|
|
Unrealized (losses)
gains in fair value of publicly traded equity instruments
and
|
|
|
|
|
|
derivative instrument,
net
|
(7,192)
|
20,608
|
|
|
|
Gain on acquisition of
controlling interest, sale or disposal of, or recovery
on,
|
|
|
|
|
|
assets and interests
in unconsolidated entities and impairment, net
|
10,966
|
-
|
|
|
|
|
|
|
|
|
CONSOLIDATED NET INCOME
|
841,155
|
519,255
|
|
|
|
|
|
|
|
|
Net income attributable
to noncontrolling interests
|
108,619
|
66,594
|
|
|
|
Preferred
dividends
|
834
|
834
|
|
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE TO COMMON
STOCKHOLDERS
|
$
731,702
|
$ 451,827
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC AND DILUTED EARNINGS PER COMMON
SHARE:
|
|
|
|
|
|
Net income attributable to common
stockholders
|
$
2.25
|
$ 1.38
|
|
|
|
|
|
|
|
|
Simon Property
Group, Inc.
Unaudited
Consolidated Balance Sheets
(Dollars in
thousands, except share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
December
31,
|
|
|
|
2024
|
2023
|
|
|
|
ASSETS:
|
|
|
|
|
|
Investment properties,
at cost
|
$
39,494,402
|
$ 39,285,138
|
|
|
|
Less - accumulated
depreciation
|
18,014,303
|
17,716,788
|
|
|
|
21,480,099
|
21,568,350
|
|
|
|
Cash and cash
equivalents
|
1,251,105
|
1,168,991
|
|
|
|
Short-term
investments
|
1,300,000
|
1,000,000
|
|
|
|
Tenant receivables and
accrued revenue, net
|
793,437
|
826,126
|
|
|
|
Investment in TRG, at
equity
|
3,004,129
|
3,049,719
|
|
|
|
Investment in
Klépierre, at equity
|
1,447,515
|
1,527,872
|
|
|
|
Investment in other
unconsolidated entities, at equity
|
2,770,652
|
3,540,648
|
|
|
|
Right-of-use assets,
net
|
524,920
|
484,073
|
|
|
|
Deferred costs and
other assets
|
1,124,834
|
1,117,716
|
|
|
|
Total assets
|
$
33,696,691
|
$ 34,283,496
|
|
|
|
|
|
|
|
|
LIABILITIES:
|
|
|
|
|
|
Mortgages and
unsecured indebtedness
|
$
25,519,340
|
$ 26,033,423
|
|
|
|
Accounts payable,
accrued expenses, intangibles, and deferred revenues
|
1,527,859
|
1,693,248
|
|
|
|
Cash distributions and
losses in unconsolidated entities, at equity
|
1,724,494
|
1,760,922
|
|
|
|
Dividend
payable
|
1,412
|
1,842
|
|
|
|
Lease
liabilities
|
525,681
|
484,861
|
|
|
|
Other
liabilities
|
635,781
|
621,601
|
|
|
|
Total liabilities
|
29,934,567
|
30,595,897
|
|
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
Limited partners'
preferred interest in the Operating Partnership and
noncontrolling
|
|
|
|
|
|
redeemable
interests
|
177,528
|
195,949
|
|
|
|
|
|
|
|
|
EQUITY:
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
|
Capital stock (total
shares authorized, $0.0001 par value, 238,000,000
|
|
|
|
|
|
shares of excess
common stock, 850,000,000 authorized shares of preferred
stock):
|
|
|
|
|
|
|
|
|
|
|
Series J 8 3/8%
cumulative redeemable preferred stock, 1,000,000 shares
authorized,
|
|
|
|
|
|
796,948 issued and
outstanding with a liquidation value of $39,847
|
41,024
|
41,106
|
|
|
|
|
|
|
|
|
Common stock, $0.0001
par value, 511,990,000 shares authorized, 342,895,886
and
|
|
|
|
|
|
342,895,886 issued and
outstanding, respectively
|
33
|
33
|
|
|
|
|
|
|
|
|
Class B common stock,
$0.0001 par value, 10,000 shares authorized, 8,000
|
|
|
|
|
|
issued and
outstanding
|
-
|
-
|
|
|
|
|
|
|
|
|
Capital in excess of
par value
|
11,370,740
|
11,406,236
|
|
|
|
Accumulated
deficit
|
(5,987,514)
|
(6,095,576)
|
|
|
|
Accumulated other
comprehensive loss
|
(165,796)
|
(172,787)
|
|
|
|
Common stock held in
treasury, at cost, 16,960,060 and 16,983,364 shares,
respectively
|
(2,152,382)
|
(2,156,178)
|
|
|
|
Total stockholders'
equity
|
3,106,105
|
3,022,834
|
|
|
|
Noncontrolling
interests
|
478,491
|
468,815
|
|
|
|
Total equity
|
3,584,596
|
3,491,649
|
|
|
|
Total liabilities and equity
|
$
33,696,691
|
$ 34,283,495
|
|
|
|
|
|
|
|
|
|
|
|
Simon Property Group, Inc.
Unaudited Joint Venture Combined Statements of
Operations
(Dollars in thousands)
|
|
|
|
|
|
|
|
For the Three Months
Ended March 31,
|
|
2024
|
2023
|
|
|
|
|
REVENUE:
|
|
|
|
Lease
income
|
$
752,030
|
$ 735,048
|
|
Other
income
|
90,992
|
90,046
|
|
Total
revenue
|
843,022
|
825,094
|
|
|
|
|
OPERATING EXPENSES:
|
|
|
|
Property
operating
|
161,044
|
154,922
|
|
Depreciation and
amortization
|
159,815
|
164,473
|
|
Real estate
taxes
|
63,180
|
64,004
|
|
Repairs and
maintenance
|
19,492
|
18,774
|
|
Advertising and
promotion
|
21,663
|
20,710
|
|
Other
|
54,881
|
53,310
|
|
Total operating
expenses
|
480,075
|
476,193
|
|
|
|
|
OPERATING INCOME BEFORE OTHER
ITEMS
|
362,947
|
348,901
|
|
|
|
|
Interest
expense
|
(176,751)
|
(168,206)
|
|
|
|
|
NET INCOME
|
$
186,196
|
$ 180,695
|
|
|
|
|
Third-Party Investors' Share of Net
Income
|
$
94,370
|
$ 90,259
|
|
|
|
|
Our Share of Net Income
|
91,826
|
90,436
|
|
Amortization of Excess Investment
(A)
|
(14,697)
|
(14,921)
|
|
|
|
|
Income from Unconsolidated Entities
(B)
|
$
77,129
|
$ 75,515
|
|
|
|
|
Note: The above
financial presentation does not include any information related to
our investments in Klépierre S.A.
|
|
("Klépierre"), The Taubman Realty Group ("TRG") and other platform
investments. For additional information, see footnote B.
|
|
|
Simon Property
Group, Inc.
Unaudited Joint
Venture Combined Balance Sheets
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
December 31,
|
|
|
2024
|
2023
|
|
|
Assets:
|
|
|
|
|
Investment properties,
at cost
|
$
19,151,115
|
$ 19,315,578
|
|
|
Less - accumulated
depreciation
|
8,859,314
|
8,874,745
|
|
|
10,291,801
|
10,440,833
|
|
|
Cash and cash
equivalents
|
1,331,870
|
1,372,377
|
|
|
Tenant receivables and
accrued revenue, net
|
458,425
|
505,933
|
|
|
Right-of-use assets,
net
|
117,569
|
126,539
|
|
|
Deferred costs and
other assets
|
568,838
|
537,943
|
|
|
Total
assets
|
$
12,768,503
|
$ 12,983,625
|
|
|
|
|
|
|
Liabilities and Partners'
Deficit:
|
|
|
|
|
Mortgages
|
$
14,056,723
|
$ 14,282,839
|
|
|
Accounts payable,
accrued expenses, intangibles, and deferred revenue
|
956,184
|
1,032,217
|
|
|
Lease
liabilities
|
107,873
|
116,535
|
|
|
Other
liabilities
|
363,647
|
368,582
|
|
|
Total
liabilities
|
15,484,427
|
15,800,173
|
|
|
|
|
|
|
Preferred
units
|
67,450
|
67,450
|
|
|
Partners'
deficit
|
(2,783,374)
|
(2,883,998)
|
|
|
Total liabilities and
partners' deficit
|
$
12,768,503
|
$ 12,983,625
|
|
|
|
|
|
|
Our Share of:
|
|
|
|
|
Partners'
deficit
|
$
(1,195,321)
|
$
(1,258,809)
|
|
|
Add: Excess Investment
(A)
|
1,140,083
|
1,173,852
|
|
|
Our net Investment in
unconsolidated entities, at equity
|
$
(55,238)
|
$ (84,957)
|
|
|
|
Note: The above
financial presentation does not include any information related to
our investments in Klépierre,
|
|
|
TRG and other platform investments. For additional information, see
footnote B.
|
|
|
Simon Property
Group, Inc.
Unaudited
Reconciliation of Non-GAAP Financial Measures (C)
(Amounts in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Reconciliation of Consolidated Net Income to
FFO
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
|
|
|
|
March 31,
|
|
|
|
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
Consolidated Net Income
(D)
|
$
841,155
|
|
$
519,255
|
|
Adjustments to Arrive at
FFO:
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization from consolidated
|
|
|
|
|
properties
|
|
|
303,672
|
|
304,234
|
|
Our share of
depreciation and amortization from
|
|
|
|
|
unconsolidated entities,
including Klépierre, TRG and other corporate investments
|
204,979
|
|
209,330
|
|
Gain on acquisition of
controlling interest, sale or disposal of, or recovery
on,
|
|
|
|
|
assets and interests
in unconsolidated entities and impairment,
net
|
(10,966)
|
|
-
|
|
Net loss (income)
attributable to noncontrolling interest holders
in
|
|
|
|
|
properties
|
|
|
1,470
|
|
(762)
|
|
Noncontrolling
interests portion of depreciation and amortization, gain on
consolidation of properties,
|
|
|
|
|
and loss (gain) on
disposal of properties
|
|
(5,510)
|
|
(4,775)
|
|
Preferred distributions
and dividends
|
|
(1,266)
|
|
(1,313)
|
|
FFO of the Operating
Partnership
|
$
1,333,534
|
|
$ 1,025,969
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income per share to diluted FFO per share
reconciliation:
|
|
|
|
|
Diluted net income per share
|
$
2.25
|
|
$
1.38
|
|
Depreciation and
amortization from consolidated properties
|
|
|
|
|
and our share of
depreciation and amortization from unconsolidated
|
|
|
|
|
entities, including
Klépierre, TRG and other corporate investments, net of
noncontrolling
|
|
|
|
|
interests portion of
depreciation and amortization
|
1.34
|
|
1.36
|
|
Gain on acquisition of
controlling interest, sale or disposal of, or recovery
on,
|
|
|
|
|
assets and interests
in unconsolidated entities and impairment,
net
|
(0.03)
|
|
-
|
|
Diluted FFO per share
|
$
3.56
|
|
$
2.74
|
|
|
|
|
|
|
|
|
|
Details for per share
calculations:
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO of the Operating
Partnership
|
$
1,333,534
|
|
$ 1,025,969
|
|
Diluted FFO allocable
to unitholders
|
(173,804)
|
|
(129,646)
|
|
Diluted FFO allocable
to common stockholders
|
$
1,159,730
|
|
$
896,323
|
|
|
|
|
|
|
|
|
|
Basic and Diluted
weighted average shares outstanding
|
325,912
|
|
326,954
|
|
Weighted average
limited partnership units outstanding
|
48,843
|
|
47,291
|
|
Basic and Diluted
weighted average shares and units outstanding
|
374,755
|
|
374,245
|
|
|
|
|
|
|
|
|
|
Basic and Diluted FFO
per Share
|
$
3.56
|
|
$
2.74
|
|
Percent
Change
|
29.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Simon Property Group,
Inc.
Footnotes to Unaudited
Financial Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A)
|
Excess investment
represents the unamortized difference of our investment over equity
in the underlying net assets of the related partnerships and joint
ventures shown therein. The Company generally amortizes
excess investment over the life of the related assets.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(B)
|
The Unaudited Joint
Venture Combined Statements of Operations do not include any
operations or our share of net income or excess investment
amortization related to our investments in Klépierre, TRG and other
platform investments. Amounts included in Footnote D below
exclude our share of related activity for our investments in
Klépierre, TRG and other platform investments. For further
information on Klépierre, reference should be made to financial
information in Klépierre's public filings and additional discussion
and analysis in our Form 10-K.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(C)
|
This report contains
measures of financial or operating performance that are not
specifically defined by GAAP, including FFO and FFO per
share. FFO is a performance measure that is standard in the
REIT business. We believe FFO provides investors with
additional information concerning our operating performance and a
basis to compare our performance with those of other REITs.
We also use these measures internally to monitor the operating
performance of our portfolio. Our computation of these non-GAAP
measures may not be the same as similar measures reported by other
REITs.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
We determine FFO based
upon the definition set forth by the National Association of Real
Estate Investment Trusts ("NAREIT") Funds From Operations White
Paper - 2018 Restatement. Our main business includes acquiring,
owning, operating, developing, and redeveloping real estate in
conjunction with the rental of retail real estate. Gains and
losses of assets incidental to our main business are included in
FFO. We determine FFO to be our share of consolidated net
income computed in accordance with GAAP, excluding real estate
related depreciation and amortization, excluding gains and losses
from extraordinary items, excluding gains and losses from the sale,
disposal or property insurance recoveries of, or any impairment
related to, depreciable retail operating properties, plus the
allocable portion of FFO of unconsolidated joint ventures based
upon economic ownership interest, and all determined on a
consistent basis in accordance with GAAP. However, you should
understand that FFO does not represent cash flow from operations as
defined by GAAP, should not be considered as an alternative to net
income determined in accordance with GAAP as a measure of operating
performance, and is not an alternative to cash flows as a measure
of liquidity.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(D)
|
Includes our share
of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
Gain on land sales of
$7.5 million and $4.5 million for the three months ended March 31,
2024 and 2023, respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
Straight-line
adjustments decreased income by ($4.6) million and ($7.7) million
for the three months ended March 31, 2024 and 2023,
respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
Amortization of fair
market value of leases increased income by $0.2 million and $0.1
million for the three months ended March 31, 2024 and 2023,
respectively.
|
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SOURCE Simon