Simon Property Group, Inc
(NYSE:SPG)

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 peo...

Website: http://www.simon.com

Founded: 1993

Full Time Employees: 3,500

Sector: Real Estate

Industry: REIT-Retail

Real Estate REIT

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At a glance:

Bull Thesis:

Bear Thesis:

Main Competitors:

Moat:

Income Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2007-06-30	2007-03-31	2006-09-30	2006-06-30	2006-03-31	2005-09-30	2005-06-30	2001-09-30	2001-06-30	2001-03-31

revenue:
lease income	1,452,930,000	1,379,454,000	1,367,428,000	1,431,524,000	1,339,824,000	1,315,740,000	1,302,671,000	1,362,455,000	1,298,737,000	1,254,958,000	1,248,185,000	1,287,140,000	1,215,470,000	1,194,700,000	1,207,867,000	1,224,913,000	1,207,923,000	1,158,825,000	1,145,058,000	1,032,795,000	993,831,000	1,013,510,000	1,262,232,000	1,356,239,000	1,308,908,000	1,298,567,000	1,280,058,000
management fees and other revenues	36,925,000	37,931,000	33,792,000	37,147,000	33,461,000	33,186,000	29,455,000	33,484,000	30,055,000	33,507,000	28,949,000	31,853,000	28,654,000	28,811,000	27,587,000	28,102,000	27,024,000	26,061,000	25,296,000	25,337,000	21,345,000	21,035,000	29,166,000	29,174,000	27,976,000	28,248,000	27,544,000	30,780,000	28,784,000	28,541,000	28,181,000	30,399,000	28,946,000	31,367,000	30,547,000	34,277,000	41,721,000	17,542,000	20,875,000	20,780,000	19,399,000	20,169,000	19,746,000	17,505,000
other income	111,717,000	81,074,000	71,792,000	113,561,000	107,425,000	109,340,000	110,464,000	131,499,000	82,156,000	81,136,000	73,715,000	80,904,000	71,662,000	56,331,000	60,468,000	73,122,000	61,607,000	69,260,000	69,597,000	73,297,000	45,498,000	27,496,000	61,962,000	103,202,000	79,670,000	70,371,000	145,232,000	84,091,000	90,563,000	97,820,000	98,108,000	77,182,000	90,161,000	68,338,000	61,299,000	77,558,000	54,370,000	59,686,000	71,896,000	42,158,000	51,439,000	42,298,000	42,914,000	40,074,000	32,016,000	26,654,000	24,267,000
total revenue	1,601,572,000	1,498,459,000	1,473,012,000	1,582,232,000	1,480,710,000	1,458,266,000	1,442,590,000	1,527,438,000	1,410,948,000	1,369,601,000	1,350,849,000	1,399,897,000	1,315,786,000	1,279,842,000	1,295,922,000	1,326,137,000	1,296,554,000	1,254,146,000	1,239,951,000	1,131,429,000	1,060,674,000	1,062,041,000	1,353,360,000	1,488,615,000	1,416,554,000	1,397,186,000	1,452,834,000	1,460,742,000	1,409,005,000	1,388,358,000	1,399,814,000	1,427,692,000	1,403,638,000	1,361,548,000	1,345,763,000	1,425,966,000	1,357,168,000	855,932,000	852,141,000	818,736,000	798,738,000	787,649,000	786,769,000	756,262,000	499,240,000	487,640,000	489,815,000
yoy	8.16%	2.76%	2.11%	3.59%	4.94%	6.47%	6.79%	9.11%	7.23%	7.01%	4.24%	5.56%	1.48%	2.05%	4.51%	17.21%	22.24%	18.09%	-8.38%	-23.99%	-25.12%	-23.99%	-6.85%	1.91%	0.54%	0.64%	3.79%	2.31%	0.38%	1.97%	4.02%	0.12%	3.42%	59.07%	57.93%	74.17%	69.91%	8.67%	8.31%	8.26%	59.99%	61.52%	60.63%
qoq	6.88%	1.73%	-6.90%	6.86%	1.54%	1.09%	-5.55%	8.26%	3.02%	1.39%	-3.50%	6.39%	2.81%	-1.24%	-2.28%	2.28%	3.38%	1.14%	9.59%	6.67%	-0.13%	-21.53%	-9.09%	5.09%	1.39%	-3.83%	-0.54%	3.67%	1.49%	-0.82%	-1.95%	1.71%	3.09%	1.17%	-5.62%	5.07%	58.56%	0.44%	4.08%	2.50%	1.41%	0.11%	4.03%	51.48%	2.38%	-0.44%
expenses:
property operating	149,811,000	139,816,000	136,821,000	131,233,000	141,114,000	131,292,000	126,114,000	122,793,000	136,541,000	118,263,000	111,748,000	127,206,000	120,858,000	112,408,000	103,664,000	124,472,000	108,556,000	96,073,000	86,619,000	81,675,000	91,236,000	70,620,000	105,624,000	113,741,000	121,735,000	106,119,000	111,549,000	115,216,000	119,021,000	102,951,000	113,448,000	112,951,000	118,807,000	107,371,000	104,048,000	104,479,000	120,099,000	112,122,000	109,227,000	118,185,000	107,257,000	105,947,000	116,994,000	100,916,000	80,990,000	82,224,000	78,626,000
depreciation and amortization	338,639,000	339,058,000	328,051,000	327,591,000	320,365,000	310,016,000	307,369,000	320,256,000	315,259,000	319,534,000	307,059,000	317,181,000	301,754,000	298,273,000	310,163,000	319,864,000	311,381,000	315,732,000	315,738,000	331,851,000	333,755,000	324,140,000	328,262,000	324,310,000	334,944,000	352,606,000	328,643,000	329,145,000	316,175,000	320,198,000	316,936,000	325,187,000	317,037,000	322,396,000	310,832,000	336,717,000	311,757,000	230,611,000	215,271,000	211,390,000	211,363,000	209,447,000	204,106,000	206,444,000	111,173,000	106,726,000	106,492,000
real estate taxes	115,400,000	105,315,000	107,452,000	108,793,000	93,999,000	96,640,000	109,210,000	103,331,000	115,456,000	111,837,000	111,159,000	109,613,000	109,932,000	111,989,000	111,691,000	111,153,000	117,094,000	114,695,000	116,012,000	110,067,000	112,311,000	117,221,000	117,543,000	118,600,000	118,031,000	115,914,000	115,459,000	112,790,000	119,315,000	111,449,000	114,187,000	107,976,000	111,953,000	113,415,000	106,659,000	110,374,000	111,727,000	79,063,000	79,182,000	73,427,000	70,404,000	81,805,000	74,776,000	71,783,000	45,819,000	48,714,000	52,787,000
repairs and maintenance	25,595,000	26,238,000	30,142,000	31,748,000	23,019,000	24,524,000	25,728,000	29,420,000	22,660,000	23,002,000	22,174,000	29,602,000	21,639,000	20,050,000	22,304,000	34,265,000	21,735,000	19,036,000	21,355,000	23,376,000	18,971,000	14,080,000	24,431,000	26,743,000	23,979,000	21,850,000	27,922,000	26,081,000	23,632,000	22,191,000	27,684,000	24,246,000	25,352,000	21,700,000	25,601,000	27,638,000	23,178,000	28,744,000	29,007,000	23,910,000	24,839,000	25,955,000	22,877,000	24,904,000	17,286,000	19,332,000	19,727,000
advertising and promotion	38,645,000	36,310,000	34,257,000	43,505,000	34,138,000	38,828,000	28,081,000	40,633,000	28,809,000	33,745,000	24,159,000	35,364,000	27,102,000	20,064,000	25,263,000	26,618,000	38,635,000	19,565,000	29,486,000	37,646,000	14,751,000	12,689,000	33,527,000	41,216,000	36,583,000	35,420,000	37,125,000	43,262,000	36,688,000	36,491,000	34,800,000	42,415,000	36,006,000	36,496,000	35,948,000	38,896,000	35,695,000	20,410,000	18,884,000	17,718,000	20,541,000	17,402,000	21,003,000	18,687,000	14,049,000	12,618,000	13,806,000
home and regional office costs	64,282,000	57,564,000	65,066,000	58,721,000	53,351,000	50,481,000	60,723,000	53,113,000	47,679,000	50,006,000	56,820,000	41,168,000	43,711,000	47,516,000	52,197,000	52,295,000	48,667,000	47,699,000	35,999,000	41,248,000	39,960,000	36,090,000	54,370,000	45,217,000	45,865,000	46,467,000	52,560,000	30,584,000	32,714,000	32,316,000	41,064,000	24,244,000	31,451,000	36,476,000	42,979,000	37,867,000	41,606,000	29,270,000	33,699,000	32,703,000	32,652,000	30,336,000	27,068,000	30,802,000
general and administrative	16,091,000	14,298,000	12,629,000	15,602,000	9,171,000	10,839,000	9,132,000	10,278,000	9,070,000	10,058,000	9,107,000	9,994,000	7,784,000	9,360,000	7,833,000	9,600,000	6,909,000	7,254,000	6,576,000	5,366,000	3,016,000	7,296,000	6,894,000	7,332,000	8,032,000	10,359,000	9,136,000	10,830,000	12,172,000	10,913,000	12,628,000	11,883,000	13,014,000	13,074,000	14,001,000	19,939,000	15,154,000	6,119,000	3,899,000	4,422,000	5,005,000	4,493,000	4,993,000	4,459,000
other	40,195,000	35,663,000	30,978,000	29,293,000	37,784,000	41,545,000	41,053,000	55,475,000	41,240,000	45,231,000	45,900,000	45,564,000	30,810,000	33,421,000	42,416,000	56,338,000	31,253,000	29,369,000	23,554,000	38,152,000	42,650,000	29,037,000	27,840,000	34,580,000	22,083,000	27,820,000	20,102,000	40,029,000	26,913,000	10,875,000	31,502,000	28,799,000	57,055,000	21,812,000	23,814,000	50,098,000	22,508,000	14,618,000	13,464,000	15,264,000	12,162,000	13,066,000	12,486,000	11,107,000	12,621,000	6,608,000	6,896,000
total operating expenses	788,658,000	754,262,000	745,396,000	746,486,000	712,941,000	704,165,000	707,410,000	735,299,000	716,714,000	711,676,000	688,126,000	715,692,000	663,590,000	653,081,000	675,531,000	734,605,000	684,230,000	649,423,000	635,339,000	669,381,000	656,650,000	611,173,000	698,491,000	711,739,000	711,252,000	716,555,000	702,496,000	706,653,000	691,614,000	650,683,000	697,881,000	678,240,000	713,570,000	675,399,000	669,092,000	725,466,000	680,977,000	522,381,000	503,175,000	497,412,000	488,689,000	488,445,000	487,171,000	467,414,000	284,614,000	278,470,000	281,238,000
operating income before other items	812,914,000	744,197,000	727,616,000	835,746,000	767,769,000	754,101,000	735,180,000	792,139,000	694,234,000	657,925,000	662,723,000	684,205,000	652,196,000	626,761,000	620,391,000	591,532,000	612,324,000	604,723,000	604,612,000	462,048,000	404,024,000	450,868,000	654,869,000	776,876,000	705,302,000	680,631,000	750,338,000
interest expense	-242,790,000	-232,724,000	-226,995,000	-227,415,000	-226,424,000	-221,338,000	-230,623,000	-224,923,000	-212,210,000	-218,086,000	-199,429,000	-200,900,000	-187,878,000	-187,316,000	-185,159,000	-193,505,000	-199,772,000	-200,419,000	-202,016,000	-197,855,000	-201,858,000	-197,061,000	-187,627,000	-189,812,000	-202,382,000	-198,425,000	-198,733,000	-204,338,000	-199,469,000	-206,624,000	-205,492,000	-204,985,000	-199,032,000	-207,174,000	-198,202,000	-209,506,000	-214,861,000	-243,654,000	-222,478,000	206,195,000	200,743,000	204,072,000	202,530,000	199,153,000	149,030,000	149,969,000	157,925,000
gain due to disposal, exchange, or revaluation of equity interests	-8,871,000	104,499,000	-23,992,000
income and other tax expense	-15,114,000	-35,107,000		31,908,000	-2,605,000			-41,622,000	-43,218,000			-7,792,000	-8,256,000	-24,346,000
income from unconsolidated entities	143,916,000	122,875,000	30,359,000	140,947,000	58,504,000	42,214,000	-34,342,000	167,828,000	95,480,000	90,455,000	21,900,000	213,634,000	163,086,000	190,073,000	81,184,000	220,699,000	198,524,000	348,545,000	15,069,000	63,260,000	61,823,000	44,322,000	50,465,000	127,658,000	119,706,000	106,542,000	90,444,000	149,987,000	134,408,000	100,828,000	90,026,000	123,058,000	116,110,000	92,017,000	69,085,000	94,344,000	83,374,000	7,459,000	21,773,000			19,692,000	18,662,000	14,456,000	6,833,000	13,970,000	11,742,000
unrealized gains in fair value of publicly traded equity instruments and derivative instrument	2,243,000	-50,455,000		36,740,000	-49,345,000	2,405,000	-7,192,000
gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment	10,398,000	-9,604,000		-82,570,000	-1,228,000	-2,986,000	10,966,000	6,841,000	-5,541,000			4,768,000	17,262,000	-17,875,000	1,491,000	5,255,000	108,543,000		93,057,000
consolidated net income	702,696,000	643,681,000	477,860,000	771,759,000	546,671,000	569,435,000	841,155,000	859,496,000	680,762,000	557,505,000	519,255,000	772,748,000	621,847,000	569,480,000	488,310,000	573,730,000	778,648,000	705,869,000	510,460,000	312,726,000	168,646,000	290,548,000	505,404,000	590,416,000	628,724,000	572,102,000	631,947,000	833,193,000	642,212,000	631,414,000	715,524,000	659,821,000	592,635,000	441,373,000	551,075,000	455,603,000	587,940,000
net income attributable to noncontrolling interests	95,688,000	86,714,000	63,327,000	103,694,000	70,676,000	75,136,000	108,619,000	111,182,000	85,789,000	70,328,000	66,594,000	98,128,000	81,975,000	71,903,000	60,846,000	69,655,000	97,878,000	87,778,000	63,766,000	40,409,000	21,886,000	35,501,000	66,965,000	79,388,000	83,636,000	75,944,000	82,638,000	119,563,000	85,111,000	83,576,000	94,036,000	87,871,000	78,018,000	58,549,000	72,505,000	60,338,000	82,362,000
preferred dividends	834,000	834,000	834,000	834,000	834,000	834,000	834,000	834,000	834,000	834,000	834,000	834,000	834,000	834,000	834,000	834,000	834,000	834,000	834,000	834,000	834,000	834,000	834,000	834,000	834,000	834,000	834,000	834,000	834,000	834,000	834,000	834,000	834,000	834,000	834,000	834,000	834,000	-14,303,000	-14,406,000	-18,403,000							-9,185,000
net income attributable to common stockholders	606,174,000	556,133,000	413,699,000	667,231,000	475,161,000	493,465,000	731,702,000	747,480,000	594,139,000	486,343,000	451,827,000	673,786,000	539,038,000	496,743,000	426,630,000	503,241,000	679,936,000	617,257,000	445,860,000	271,483,000	145,926,000	254,213,000	437,605,000	510,194,000	544,254,000	495,324,000	548,475,000	712,796,000	556,267,000	547,004,000	620,654,000	571,116,000	513,783,000	381,990,000	477,736,000	394,431,000	504,744,000
basic and diluted earnings per common share:
unrealized gain on derivative hedge agreements	1,907,000	-18,593,000	-13,833,000	26,772,000	-54,297,000	16,272,000	27,744,000	-43,955,000	41,314,000	15,320,000	5,672,000	-25,519,000	35,470,000	28,024,000	16,833,000	5,748,000	8,280,000	1,239,000	35,847,000	-55,514,000	-49,175,000	-24,332,000	22,473,000	-19,293,000	12,907,000	-7,022,000	9,342,000	1,278,000	5,241,000	21,260,000						55,823,000	-1,256,000
net gain reclassified from accumulated other comprehensive loss into earnings	-1,579,000	-1,455,000	-1,455,000	-1,455,000	-1,289,000	-1,268,000	-1,611,000	-2,215,000	-671,000	-697,000	-501,000	-404,000	-403,000	-401,000	-387,000	-1,755,500	-404,000	-475,000	-6,143,000
currency translation adjustments	-31,013,000	-21,976,000	-16,640,000	-8,614,000	7,946,000	-16,185,000	-17,429,000	8,233,000	-1,059,000	-32,936,000	-751,000	21,363,000	-26,143,000	-24,644,000	1,305,000	2,196,000	-11,199,000	-5,886,000	-23,883,000	46,271,000	20,525,000	-15,904,000	-23,604,000	12,806,000	-6,288,000	-3,623,000	-4,744,000	-11,241,000	-10,763,000	-38,126,000	13,092,000	2,951,000	12,922,000	16,745,000	13,148,000	-47,534,000	1,447,000	1,075,000	120,000	760,000	846,000			247,000
changes in available-for-sale securities and other	1,812,000	-211,000	1,098,000	-2,308,000	2,096,000	-86,000	-626,000	1,351,000	-361,000	1,070,000	194,000	-390,000	-546,000	-552,000	-521,000	-710,000	-71,000	82,000	-316,000	-65,000	-27,000	-552,000	824,000	-433,000	468,000	539,000	144,000	461,000	-22,000	222,000	-289,000	-591,000	6,787,000	-1,152,000	689,000	-10,183,000	1,313,000
comprehensive income	673,823,000	601,446,000	447,030,000	786,154,000	501,127,000	568,168,000	849,233,000	822,910,000	719,985,000	540,262,000	523,869,000	767,798,000	630,225,000	571,907,000	505,540,000	580,701,000	775,254,000	700,829,000	515,965,000	304,747,000	139,492,000	249,282,000	504,617,000	593,869,000	636,898,000	563,082,000	637,777,000	824,782,000	638,259,000	616,955,000	724,334,000	660,646,000	584,384,000	437,860,000	566,279,000	457,594,000	592,643,000	78,336,000	112,339,000	111,921,000	108,879,000	123,632,000	90,047,000	165,662,000	51,056,000	45,000,000	32,026,000
comprehensive income attributable to noncontrolling interests	91,803,000	81,042,000	59,216,000	104,777,000	64,567,000	74,978,000	109,705,000	106,397,000	90,031,000	68,197,000	67,189,000	97,503,000	83,007,000	72,130,000	62,982,000	70,538,000	97,451,000	87,178,000	64,462,000	40,638,000	18,074,000	30,060,000	66,874,000	79,849,000	84,662,000	74,704,000	83,411,000	118,577,000	84,466,000	81,654,000	95,140,000	88,110,000	76,935,000	58,065,000	74,425,000	60,623,000	82,982,000
comprehensive income attributable to common stockholders	582,020,000	520,404,000	387,814,000	681,377,000	436,560,000	493,190,000	739,528,000	716,513,000	629,954,000	472,065,000	456,680,000	670,295,000	547,218,000	499,777,000	442,558,000	510,163,000	677,803,000	613,651,000	451,503,000	264,109,000	121,418,000	219,222,000	437,743,000	514,020,000	552,236,000	488,378,000	554,366,000	706,205,000	553,793,000	535,301,000	629,194,000	572,536,000	507,449,000	379,795,000	491,854,000	396,971,000	509,661,000
income and other tax benefit			7,637,000			-4,961,000	-47,603,000			-10,487,000	13,453,000				1,435,000	-48,832,000	-67,262,000	-47,003,000	5,898,000	1,572,000	-2,779,000	62,000	5,783,000								-6,220,000				3,521,000
unrealized losses in fair value of publicly traded equity instruments and derivative instrument			-36,765,000
gain on disposal, exchange, or revaluation of equity interests				103,692,250			414,769,000	167,390,000	158,192,000	36,437,000

unrealized gains in fair value of publicly traded equity instruments								5,012,250	-6,175,000	5,617,000	20,608,000
loss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment										-4,356,000
loss on extinguishment of debt																-20,289,000	-28,593,000		-2,959,000															-128,618,000
gain on sale or exchange of equity interests
unrealized losses in fair value of equity instruments												-15,853,000	-14,563,000		-31,032,000	26,000	-4,944,000		-3,201,000
unrealized gains in fair value of equity instruments														-17,817,000				23,000		-5,031,250	-1,279,000	202,000	-19,048,000	-1,211,500	2,154,000	-12,317,000
gain on exchange of equity interests																39,957,000	159,828,000
gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment																				-16,792,000	-91,285,000	-7,845,000		2,061,000	10,141,000	2,681,000
net (gain) loss reclassified from accumulated other comprehensive loss into earnings																				1,329,000	-477,000	-478,000	-480,000									2,181,000	-19,362,000
gain on sale or disposal of assets and interests in unconsolidated entities																							962,000
income and other taxes																								-6,745,000	-6,197,000	-7,010,000	-10,102,000	-10,423,000	-10,118,000	-10,137,000		-6,362,000	-14,511,000	-5,990,000		-1,052,000	-6,325,000
net income reclassified from accumulated other comprehensive loss into earnings																								815,250	1,087,000	1,086,000	1,088,000				2,153,000			2,439,000	2,620,000
minimum rent																												906,730,000	864,514,000	857,106,000	860,172,000	880,474,000	861,184,000	851,552,000	846,798,000	874,938,000	842,801,000	522,086,000	510,865,000	500,589,000	485,826,000	488,088,000	478,631,000	470,387,000	312,349,000	307,406,000	307,151,000
overage rent																												57,656,000	39,601,000	31,942,000	32,990,000	52,870,000	36,634,000	29,764,000	28,204,000	61,252,000	40,089,000	18,634,000	17,892,000	21,931,000	15,297,000	16,059,000	18,506,000	14,423,000	8,568,000	7,130,000	9,883,000
tenant reimbursements																												381,485,000	385,543,000	372,949,000	380,363,000	386,767,000	386,713,000	380,527,000	378,915,000	377,941,000	378,187,000	237,984,000	230,613,000	233,278,000	226,777,000	221,035,000	226,972,000	213,873,000	146,307,000	146,450,000	148,514,000
benefit from credit losses																												-1,284,000	4,984,000		5,632,000			2,659,000	5,210,000			1,424,000	542,000	393,000					2,676,000
operating income																												539,249,500	717,391,000	737,675,000	701,933,000	749,452,000	690,068,000	686,149,000	676,671,000	700,500,000	676,191,000	333,551,000	348,966,000	321,324,000	310,049,000	299,204,000	299,598,000	288,848,000	214,626,000	209,170,000	208,577,000
yoy																												-28.05%	3.96%	7.51%	3.73%	6.99%	2.05%	105.71%	93.91%	118.00%	118.09%	11.48%	16.48%	11.24%	44.46%	43.04%	43.64%
qoq																												-24.83%	-2.75%	5.09%	-6.34%	8.61%	0.57%	1.40%	-3.40%	3.59%	102.72%	-4.42%	8.60%	3.64%	3.62%	-0.13%	3.72%	34.58%	2.61%	0.28%
operating margin %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	36.92%	50.91%	53.13%	50.14%	52.49%	49.16%	50.39%	50.28%	49.12%	49.82%	38.97%	40.95%	39.25%	38.82%	37.99%	38.08%	38.19%	42.99%	42.89%	42.58%
gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment																												143,878,000		9,672,000
net income (gain) reclassified from accumulated other comprehensive loss into earnings																												1,091,000	1,591,000							3,885,000	3,199,000
provision for credit losses																														3,299,000													2,868,000			2,248,000	2,904,000
net loss reclassified from accumulated other comprehensive loss into earnings																														2,185,000
gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities and impairment																															135,277,000
unrealized loss on derivative hedge agreements																															-6,146,000	-7,849,000	-8,598,000	-21,545,000	-1,253,000
benefit from (recovery of) credit losses																																2,691,250	2,895,000
gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities																																-1,342,000		4,989,000		8,094,000	49,561,000
(recovery of) benefit from credit losses																																				1,965,250	-747,000
minority interest in income of consolidated entities																																						-3,136,000	-2,910,000
income tax benefit (expense) of taxable reit subsidiaries																																						528,000
gain on sales of assets and interests in unconsolidated entities																																						500,000		9,457,000
limited partners’ interest in the operating partnership																																						-15,448,000	-25,878,000	24,962,000	21,920,000	27,588,000	19,860,000	42,018,000
preferred distributions of the operating partnership																																						-5,597,000	-5,239,000	6,893,000	6,928,000	6,826,000	6,882,000	7,350,000
income from continuing operations																																						74,203,000	112,949,000	144,794,000	130,134,000	156,841,000	108,705,000	101,298,000
discontinued operations, net of limited partners’ interest																																						17,000	-162,000
gain on sale of discontinued operations, net of limited partners’ interest
net income																																						74,220,000	112,787,000	112,995,000	101,263,000	122,590,000	92,883,000	173,218,000	52,915,000	45,964,000	39,467,000
yoy																																						-39.46%	21.43%	-34.77%	91.37%	166.71%	135.34%
qoq																																						-34.19%	-0.18%	11.59%	-17.40%	31.98%	-46.38%	227.35%	15.12%	16.46%
net income margin %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	8.67%	13.24%	13.80%	12.68%	15.56%	11.81%	22.90%	10.60%	9.43%	8.06%
net income available to common stockholders																																						59,917,000	98,381,000	94,592,000	82,868,000	104,017,000	74,358,000	154,811,000
basic earnings per common share:
discontinued operations																																											40	430
diluted earnings per common share:
unrealized gain on interest rate hedge agreements																																						2,610,000	-365,000	-3,178,000	6,382,000	2,672,000				111,000
net income on derivative instruments reclassified from accumulated other comprehensive income into interest expense																																						430,000	375,000	398,000	722,000	238,000	118,000
income tax expense of taxable reit subsidiaries																																							-1,285,000	-2,536,000
gain on sales interests in unconsolidated entities
loss on sale of discontinued operations, net of limited partners’ interest
income before minority interest																																								115,129,000	109,306,000	95,132,000	97,068,000	89,695,000	65,596,000	59,201,000	50,652,000
minority interest																																								-3,154,000							-2,238,000
income before unconsolidated entities																																								109,439,000	102,653,000	92,568,000	90,043,000	86,842,000	62,979,000	56,058,000	51,125,000
income from unconsolidated entities and beneficial interests																																								25,898,000	19,882,000
results of operations from discontinued operations																																								56,000		191,000	5,315,000	1,596,000
gain on disposal or sale of discontinued operations																																									112,000		5,605,000	119,692,000
income before allocation to limited partners																																								144,850,000	130,111,000	157,004,000	119,625,000	222,586,000	69,592,000	70,028,000	61,204,000
less:
provision for (recovery of) credit losses																																									4,466,000
gain on sales of interests in unconsolidated entities																																									7,599,000	34,350,000
(recovery of) provision for credit losses
income from beneficial interests																																										10,231,000
other loss
gain on sales of assets and other																																												2,134,000
net income on derivative instruments reclassified from accumulated other comprehensive loss into interest expense
gain on sales of assets, net of asset write downs of 0, 0, and 10,572, respectively
income before extraordinary items and cumulative effect of accounting change																																													69,812,000		190
extraordinary items - debt related transactions																																															-25,000
cumulative effect of accounting change																																														70,028,000	-1,638,000
limited partners' interest in the spg operating partnership																																													13,842,000	13,895,000	11,491,000
preferred distributions of the spg operating partnership																																													2,835,000	2,835,000	2,912,000
preferred dividends of subsidiary																																														7,334,000	7,334,000
net income available to common shareholders																																													36,416,000	36,787,000	30,282,000
basic weighted-average shares outstanding																																													172,746,000	172,485,000	172,001,000
diluted weighted-average shares outstanding																																													173,031,000	172,805,000	172,178,000
unrealized losses on interest rate hedge agreements
net incomees on derivative instruments reclassified from accumulated other comprehensive income into interest expense																																													1,183,000
unrealized gains on investments																																													1,980,000
gain (loss) on sales of assets, net of asset write downs of 0, 10,572, 0, and 10,572, respectively
income before extraordinary items and
income before extraordinary items and cumulative effect of
accounting change																																														210
net losses on derivative instruments reclassified from accumulated other comprehensive income into interest expense																																														905,000	758,000
unrealized gain on investment
the accompanying notes are an integral part of these statements.
gain on sales of assets																																															2,711,000
income before extraordinary items
and cumulative effect of accounting change																																															62,867,000
unrealized loss on interest rate hedge agreements																																															-6,204,000
unrealized loss on investment

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2007-06-30	2007-03-31	2006-09-30	2006-06-30	2006-03-31	2005-09-30	2005-06-30	2001-09-30	2001-06-30	2001-03-31

assets:
investment properties, at cost	42,619,293,000	42,353,405,000	40,837,785,000	40,242,392,000	39,939,215,000	39,664,271,000	39,494,402,000	39,285,138,000	38,951,669,000	38,749,494,000	38,505,497,000	38,326,912,000	37,982,665,000	37,890,484,000	37,903,758,000	37,932,366,000	37,984,645,000	37,938,181,000	37,786,371,000	38,050,196,000	38,074,281,000	37,972,093,000	37,901,273,000	37,804,495,000	37,590,061,000	37,458,909,000	37,193,798,000	37,092,670,000	36,943,299,000	36,429,603,000	36,383,699,000	36,393,464,000	35,925,315,000	35,695,397,000	35,309,727,000	35,226,089,000	35,154,142,000	23,631,847,000	23,400,940,000	22,227,899,000	22,004,082,000	21,827,364,000	21,600,472,000	21,161,935	13,215,751,000
less - accumulated depreciation	20,335,226,000	20,017,666,000	19,296,503,000	19,047,078,000	18,625,523,000	18,298,345,000	18,014,303,000	17,716,788,000	17,410,320,000	17,126,186,000	16,823,305,000	16,563,749,000	16,245,409,000	15,982,792,000	15,804,885,000	15,621,127,000	15,410,030,000	15,176,790,000	14,881,480,000	14,891,937,000	14,692,374,000	14,389,809,000	14,088,615,000	13,905,776,000	13,707,832,000	13,444,275,000	13,119,895,000	12,884,539,000	12,638,409,000	12,354,966,000	12,074,719,000	11,935,949,000	11,665,931,000	11,378,345,000	11,079,988,000	10,865,754,000	10,622,781,000
cash and cash equivalents	1,552,577,000	1,231,437,000	1,380,008,000	1,400,345,000	2,170,102,000	1,234,433,000	1,251,105,000	1,168,991,000	769,031,000	837,465,000	1,155,423,000	621,628,000	601,520,000	541,240,000	514,929,000	533,936,000	438,423,000	1,290,799,000	935,837,000	1,011,613,000	1,082,313,000	3,306,100,000	3,724,853,000	669,373,000	3,647,230,000	479,776,000	436,802,000	514,335,000	695,718,000	714,247,000	367,207,000	1,482,309,000	508,405,000	488,614,000	513,400,000	560,059,000	814,747,000	381,175,000	339,953,000	322,952,000	330,285,000	299,037,000	422,791,000	375,575	152,824,000	8,690,000	6,705,000
tenant receivables and accrued revenue	819,487,000	777,538,000	779,888,000	796,513,000	767,756,000	793,107,000	793,437,000	826,126,000	757,612,000	738,170,000	779,702,000	823,540,000	794,599,000	828,876,000	819,829,000	919,654,000	935,053,000	952,731,000	1,016,902,000	1,236,734,000	1,452,295,000	1,457,695,000	793,490,000	832,151,000	775,617,000	736,362,000	733,159,000	763,815,000	722,730,000	681,551,000	686,158,000	742,672,000	686,617,000	640,080,000	621,600,000	664,619,000	626,423,000	324,776,000	339,341,000	312,948,000	307,969,000	323,107,000	306,897,000	310,606	269,271,000
investment in trg, at equity	2,895,019,000	2,952,066,000	3,015,484,000	3,069,297,000	2,870,048,000	2,930,647,000	3,004,129,000	3,049,719,000	3,106,062,000	2,978,024,000	3,062,030,000	3,074,345,000	3,150,169,000	3,218,986,000	3,276,296,000	3,305,102,000	3,396,169,000	3,415,996,000	3,436,304,000	3,451,897,000
investment in klépierre, at equity	1,489,548,000	1,534,383,000	1,398,028,000	1,384,267,000	1,463,679,000	1,450,789,000	1,447,515,000	1,527,872,000	1,456,649,000	1,542,634,000	1,541,743,000	1,561,112,000	1,378,050,000	1,446,460,000	1,636,946,000	1,661,943,000	1,672,858,000	1,706,661,000	1,646,429,000	1,729,690,000	1,641,680,000	1,644,020,000	1,628,343,000	1,731,649,000	1,614,109,000	1,718,402,000	1,676,635,000	1,769,488,000	1,776,655,000	1,772,155,000	2,011,919,000	1,934,676,000	1,907,632,000	1,830,484,000	1,821,994,000	1,797,394,000
investment in other unconsolidated entities, at equity	2,590,008,000	2,613,543,000	2,554,065,000	2,670,739,000	2,628,159,000	2,649,551,000	2,770,652,000	3,540,648,000	3,617,515,000	3,439,251,000	3,440,532,000	3,511,263,000	3,116,422,000	3,105,378,000	3,126,897,000	3,075,375,000	2,972,049,000	2,746,162,000	2,517,495,000
right-of-use assets	529,116,000	515,455,000	517,531,000	519,607,000	521,386,000	523,232,000	524,920,000	484,073,000	489,989,000	492,253,000	494,591,000	496,930,000	497,490,000	499,699,000	501,910,000	504,119,000	506,236,000	508,371,000	510,642,000	512,914,000	515,004,000	517,061,000	519,175,000	514,660,000
deferred costs and other assets	1,442,365,000	1,335,441,000	1,314,857,000	1,369,609,000	1,241,096,000	1,129,286,000	1,124,834,000	1,117,716,000	1,226,395,000	1,167,891,000	1,141,583,000	1,159,293,000	1,174,857,000	1,185,705,000	1,130,747,000	1,121,011,000	1,105,736,000	1,100,745,000	1,098,004,000	1,082,168,000	1,139,041,000	1,133,064,000	1,227,953,000	1,214,025,000	1,803,483,000	1,641,996,000	1,723,968,000	1,210,040,000	1,298,012,000	1,297,717,000	1,374,640,000	1,373,983,000	1,338,834,000	1,368,625,000	1,384,667,000	1,353,588,000	1,359,668,000	1,132,490,000	1,116,000,000	995,973,000	922,349,000	978,451,000	1,049,512,000	1,200,889	273,703,000
total assets	33,602,187,000	33,295,602,000	32,501,143,000	32,405,691,000	33,275,918,000	33,376,971,000	33,696,691,000	34,283,495,000	32,964,602,000	32,818,996,000	33,297,796,000	33,011,274,000	32,795,363,000	33,079,036,000	33,451,427,000	33,777,379,000	33,946,139,000	34,827,856,000	34,411,504,000	34,786,846,000	31,661,575,000	34,026,170,000	34,121,114,000	31,231,630,000	33,844,226,000	30,732,915,000	30,841,776,000	30,686,223,000	31,079,693,000	30,843,140,000	31,017,860,000	32,257,638,000	31,032,410,000	30,965,966,000	30,946,093,000	31,103,578,000	31,668,848,000	22,884,263,000	23,743,590,000	21,003,618,000	20,915,867,000	21,016,967,000	21,339,884,000	21,318,066
liabilities:
mortgages and unsecured indebtedness	25,789,055,000	25,401,250,000	24,753,200,000	24,264,495,000	25,417,558,000	25,287,745,000	25,519,340,000	26,033,423,000	24,916,760,000	24,990,480,000	25,569,968,000	24,960,286,000	24,640,370,000	24,885,968,000	25,169,837,000	25,321,022,000	25,584,372,000	26,231,704,000	26,156,520,000	26,723,361,000	25,139,682,000	27,268,883,000	27,553,413,000	24,163,230,000	26,643,879,000	23,324,679,000	23,185,965,000	23,305,535,000	23,678,264,000	23,505,002,000	23,647,623,000	24,632,463,000	23,410,357,000	23,422,685,000	23,149,053,000	22,977,104,000	23,078,515,000
accounts payable, accrued expenses, intangibles, and deferred revenues	1,648,577,000	1,630,964,000	1,487,366,000	1,712,465,000	1,619,747,000	1,627,309,000	1,527,859,000	1,693,248,000	1,626,333,000	1,543,848,000	1,351,870,000	1,491,583,000	1,421,443,000	1,337,984,000	1,208,643,000	1,433,216,000	1,324,603,000	1,230,595,000	1,195,851,000	1,311,925,000	1,299,062,000	1,216,831,000	1,253,757,000	1,390,682,000	1,324,110,000	1,227,799,000	1,157,477,000	1,316,861,000	1,268,099,000	1,230,775,000	1,180,851,000	1,269,190,000	1,290,382,000	1,205,267,000	1,081,185,000	1,214,022,000	1,240,713,000	1,113,213,000	1,082,809,000	1,036,219,000	976,823,000	1,013,283,000	1,098,773,000	1,016,179
cash distributions and losses in unconsolidated entities, at equity	1,747,430,000	1,746,426,000	1,729,919,000	1,680,431,000	1,733,935,000	1,729,001,000	1,724,494,000	1,760,922,000	1,758,175,000	1,749,960,000	1,703,448,000	1,699,828,000	1,698,917,000	1,709,379,000	1,749,692,000	1,573,105,000	1,573,563,000	1,565,366,000	1,565,394,000	1,577,393,000	1,565,642,000	1,576,679,000	1,611,795,000	1,566,294,000	1,568,150,000	1,567,474,000	1,559,534,000	1,536,111,000	1,534,550,000	1,531,136,000	1,421,879,000	1,406,378,000	1,388,128,000
dividend payable	2,386,000	2,057,000	1,736,000	2,410,000	2,069,000	1,737,000	1,412,000	1,842,000	3,347,000	2,885,000	2,436,000	1,997,000	2,733,000	2,327,000	1,850,000	1,468,000	1,452,000	527,508,000	489,396,000	486,922,000	458,144,000	458,150,000
lease liabilities	529,708,000	516,065,000	518,174,000	520,283,000	522,091,000	523,966,000	525,681,000	484,861,000	490,825,000	493,193,000	495,573,000	497,953,000	500,197,000	502,440,000	504,684,000	506,931,000	509,071,000	511,211,000	513,351,000	515,492,000	517,454,000	519,416,000	521,378,000	516,809,000
other liabilities	910,495,000	907,770,000	743,173,000	626,155,000	658,282,000	620,500,000	635,781,000	621,601,000	556,289,000	511,400,000	497,210,000	535,736,000	495,142,000	543,936,000	525,849,000	540,912,000	525,361,000	546,619,000	463,458,000	513,515,000	478,182,000	463,380,000	457,624,000	464,304,000	1,001,048,000	1,017,966,000	1,012,976,000	500,597,000	503,342,000	499,598,000	532,491,000	520,363,000	514,205,000	492,143,000	459,926,000	455,040,000	493,615,000								111,961,000
total liabilities	30,627,651,000	30,204,532,000	29,233,568,000	28,806,239,000	29,953,682,000	29,790,258,000	29,934,567,000	30,595,897,000	29,351,729,000	29,291,766,000	29,620,505,000	29,187,383,000	28,758,802,000	28,982,034,000	29,160,555,000	29,376,654,000	29,518,422,000	30,613,003,000	30,383,970,000	31,128,608,000	29,458,166,000	31,503,339,000	31,397,967,000	28,101,319,000	30,537,187,000	27,137,918,000	26,915,952,000	26,659,104,000	26,984,255,000	26,766,511,000	26,782,844,000	27,828,394,000	26,603,072,000	26,490,428,000	26,050,241,000	26,005,904,000	26,182,685,000	17,973,187,000	18,671,036,000	15,691,793,000	15,511,677,000	15,516,453,000	15,723,553,000	15,538,848	9,450,317,000	6,168,000	4,010,000
commitments and contingencies
limited partners’ preferred interest in the operating partnership and noncontrolling redeemable interests	244,965,000	243,504,000	241,766,000	184,729,000	182,879,000	188,699,000	177,528,000	195,949,000	202,465,000	226,659,000	224,419,000	212,239,000	559,482,000	566,080,000	558,305,000	547,740,000	553,025,000	507,414,000	511,698,000
equity:
stockholders’ equity
capital stock
series j 83/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding with a liquidation value of 39,847	40,531,000	40,614,000	40,696,000	40,778,000	40,860,000	40,942,000	41,024,000	41,106,000	41,188,000	41,270,000	41,352,000	41,435,000	41,517,000	41,599,000	41,681,000	41,763,000	41,845,000	41,927,000	42,009,000	42,091,000	42,173,000	42,256,000	42,338,000	42,420,000	42,502,000	42,584,000	42,666,000	42,748,000	42,830,000	42,912,000	42,994,000	43,077,000	43,159,000	43,241,000	43,323,000	43,405,000	43,487,000
common stock, 0.0001 par value...	33,000	33,000	33,000	33,000	33,000	33,000	33,000	33,000	34,000	34,000	34,000	34,000	34,000	34,000	34,000	34,000	34,000	34,000	34,000	34,000	32,000	32,000	32,000	32,000	32,000	32,000	32,000	32,000	32,000	32,000	32,000	32,000	32,000	32,000	32,000	32,000	32,000
class b common stock, 0.0001 par value...
capital in excess of par value	11,618,355,000	11,593,787,000	11,594,691,000	11,583,051,000	11,343,428,000	11,362,588,000	11,370,740,000	11,406,236,000	11,392,636,000	11,211,425,000	11,231,471,000	11,232,881,000	11,231,483,000	11,218,057,000	11,213,621,000	11,212,990,000	11,201,333,000	11,193,774,000	11,177,207,000	11,179,688,000	9,761,978,000	9,763,059,000	9,768,175,000	9,756,073,000	9,748,255,000	9,723,378,000	9,706,021,000	9,700,418,000	9,736,720,000	9,657,810,000	9,647,272,000	9,614,748,000	9,597,812,000	9,587,026,000	9,558,328,000	9,523,086,000	9,478,309,000	5,028,287,000	5,029,030,000	4,985,389,000	4,975,936,000	4,963,224,000	5,025,282,000	5,016,631	3,320,622,000	27,832,000	27,807,000
accumulated deficit	-6,934,926,000	-6,837,606,000	-6,709,618,000	-6,382,515,000	-6,358,449,000	-6,155,936,000	-5,987,514,000	-6,095,576,000	-6,218,936,000	-6,189,540,000	-6,069,767,000	-5,926,974,000	-6,046,981,000	-6,012,757,000	-5,948,261,000	-5,823,708,000	-5,789,329,000	-5,931,119,000	-6,087,013,000	-6,102,314,000	-5,953,166,000	-5,703,183,000	-5,583,485,000	-5,379,952,000	-5,223,093,000	-5,122,281,000	-4,979,489,000	-4,893,069,000	-4,896,754,000	-4,833,826,000	-4,774,442,000	-4,782,173,000	-4,776,512,000	-4,731,402,000	-4,559,037,000	-4,459,387,000	-4,349,705,000	-1,957,262,000	-1,829,520,000				-1,512,944,000				-13,666,000
accumulated other comprehensive loss	-281,298,000	-256,308,000	-219,745,000	-193,026,000	-206,340,000	-166,904,000	-165,796,000	-172,787,000	-140,987,000	-175,967,000	-160,854,000	-164,873,000	-160,549,000	-167,895,000	-170,094,000	-185,186,000	-191,274,000	-188,307,000	-183,866,000	-188,675,000	-180,468,000	-155,126,000	-119,301,000	-118,604,000	-121,596,000	-128,743,000	-120,962,000	-126,017,000	-118,593,000	-115,285,000	-102,747,000	-110,453,000	-111,039,000	-103,872,000	-100,843,000	-114,126,000	-115,832,000
common stock held in treasury, at cost, 16,598,627 and 16,675,701 shares, respectively	-2,093,084,000
total stockholders’ equity	2,349,611,000	2,451,508,000	2,605,575,000	2,941,925,000	2,713,136,000	2,944,586,000	3,106,105,000	3,022,834,000	2,952,734,000	2,871,637,000	3,003,513,000	3,138,524,000	3,021,525,000	3,071,332,000	3,255,647,000	3,361,452,000	3,378,098,000	3,231,798,000	3,064,233,000	3,039,472,000	1,752,851,000	2,029,340,000	2,181,599,000	2,526,398,000	2,672,529,000	2,919,665,000	3,212,959,000	3,296,681,000	3,383,616,000	3,371,024,000	3,505,906,000	3,686,168,000	3,685,142,000	3,726,715,000	4,107,267,000	4,310,448,000	4,628,997,000	3,826,872,000	3,951,317,000	4,103,992,000	4,170,311,000	4,245,147,000	4,328,859,000	4,452,280
noncontrolling interests	379,960,000	396,058,000	420,234,000	472,798,000	426,221,000	453,428,000	478,491,000	468,815,000	457,674,000	428,934,000	449,359,000	473,128,000	455,554,000	459,590,000	476,920,000	491,533,000	496,594,000	475,641,000	451,603,000	432,874,000	263,365,000	306,099,000	329,354,000	384,852,000	407,623,000	444,007,000	486,983,000	500,275,000	513,885,000	507,604,000	527,430,000	552,596,000	557,464,000	564,444,000	621,738,000	649,464,000	697,816,000
total equity	2,729,571,000	2,847,566,000	3,025,809,000	3,414,723,000	3,139,357,000	3,398,014,000	3,584,596,000	3,491,649,000	3,410,408,000	3,300,571,000	3,452,872,000	3,611,652,000	3,477,079,000	3,530,922,000	3,732,567,000	3,852,985,000	3,874,692,000	3,707,439,000	3,515,836,000	3,472,346,000	2,016,216,000	2,335,439,000	2,510,953,000	2,911,250,000	3,080,152,000	3,363,672,000	3,699,942,000	3,796,956,000	3,897,501,000	3,878,628,000	4,033,336,000	4,238,764,000	4,242,606,000	4,291,159,000	4,729,005,000	4,959,912,000	5,326,813,000
total liabilities and equity	33,602,187,000	33,295,602,000	32,501,143,000	32,405,691,000	33,275,918,000	33,376,971,000	33,696,691,000	34,283,495,000	32,964,602,000	32,818,996,000	33,297,796,000	33,011,274,000	32,795,363,000	33,079,036,000	33,451,427,000	33,777,379,000	33,946,139,000	34,827,856,000	34,411,504,000	34,786,846,000	31,661,575,000	34,026,170,000	34,121,114,000	31,231,630,000	33,844,226,000	30,732,915,000	30,841,776,000	30,686,223,000	31,079,693,000	30,843,140,000	31,017,860,000	32,257,638,000	31,032,410,000	30,965,966,000	30,946,093,000	31,103,578,000	31,668,848,000
common stock held in treasury, at cost, 16,575,924 and 16,675,701 shares, respectively		-2,089,012,000
common stock held in treasury, at cost, 16,645,358 and 16,675,701 shares, respectively			-2,100,482,000
				21,195,314,000			21,480,099,000	21,568,350,000	21,541,349,000	21,623,308,000	21,682,192,000	21,763,163,000	21,737,256,000	21,907,692,000	22,098,873,000	22,311,239,000	22,574,615,000	22,761,391,000	22,904,891,000	23,158,259,000	23,381,907,000	23,582,284,000	23,812,658,000	23,898,719,000	23,882,229,000	24,014,634,000
short-term investments					300,000,000	1,300,000,000	1,300,000,000	1,000,000,000
common stock held in treasury, at cost, 16,675,701 and 16,983,364 shares, respectively				-2,106,396,000	-2,106,396,000
common stock held in treasury, at cost, 16,855,456 and 16,983,364 shares, respectively						-2,136,137,000
common stock held in treasury, at cost, 16,960,060 and 16,983,364 shares, respectively							-2,152,382,000
common stock held in treasury, at cost, 16,983,364 and 15,959,628 shares, respectively								-2,156,178,000
common stock held in treasury, at cost, 16,661,258 and 15,959,628 shares, respectively									-2,121,201,000
common stock held in treasury, at cost, 15,709,631 and 15,959,628 shares, respectively										-2,015,585,000
common stock held in treasury, at cost, 15,916,949 and 15,959,628 shares, respectively											-2,038,723,000
investments held in trust - special purpose acquisition company													345,000,000	345,000,000	345,000,000	345,000,000	345,000,000	345,000,000	345,000,000
common stock held in treasury, at cost, 15,959,628 and 14,295,983 shares, respectively												-2,043,979,000	-2,043,979,000
common stock held in treasury, at cost, 15,553,702 and 14,295,983 shares, respectively														-2,007,706,000
common stock held in treasury, at cost, 14,266,824 and 14,295,983 shares, respectively															-1,881,334,000
common stock held in treasury, at cost, 14,295,983 and 14,355,621 shares, respectively																-1,884,441,000
common stock held in treasury, at cost, 14,296,445 and 14,355,621 shares, respectively																	-1,884,511,000	-1,884,511,000
common stock held in treasury, at cost, 14,317,645 and 14,355,621 shares, respectively																			-1,884,138,000
investment in unconsolidated entities, at equity																				2,603,571,000	2,449,335,000	2,385,946,000	2,414,642,000	2,371,053,000	2,121,558,000	2,141,745,000	2,197,309,000	2,220,414,000	2,281,688,000	2,302,833,000	2,268,956,000	2,266,483,000	2,331,538,000	2,321,111,000	2,374,693,000	2,367,583,000	2,439,554,000	1,852,819,000	1,874,255,000	1,492,522,000	1,523,529,000	1,567,230,000	1,598,391,000	1,709,899	1,361,750,000	6,921,000	6,987,000
limited partners’ preferred interest in the operating partnership and noncontrolling redeemable interests in properties																				185,892,000	187,193,000	187,392,000	212,194,000	219,061,000	226,887,000	231,325,000	225,882,000	230,163,000	197,937,000	198,001,000	201,680,000	190,480,000	186,732,000	184,379,000	166,847,000	137,762,000	159,350,000
common stock held in treasury, at cost, 14,355,621 and 13,574,296 shares, respectively																				-1,891,352,000
common stock held in treasury, at cost, 14,667,884 and 13,574,296 shares, respectively																					-1,917,698,000	-1,917,698,000
common stock held in treasury, at cost, 14,819,950 and 13,574,296 shares, respectively																							-1,926,160,000
common stock held in treasury, at cost, 13,574,296 and 11,402,103 shares, respectively																								-1,773,571,000	-1,773,571,000
common stock held in treasury, at cost, 12,421,713 and 11,402,103 shares, respectively																										-1,595,305,000
common stock held in treasury, at cost, 11,449,963 and 11,402,103 shares, respectively																											-1,435,309,000
common stock held in treasury, at cost, 11,402,103 and 9,163,920 shares, respectively																												-1,427,431,000
common stock held in treasury, at cost, 11,115,156 and 9,163,920 shares, respectively																													-1,380,619,000	-1,380,619,000
common stock held in treasury, at cost, 10,638,880 and 9,163,920 shares, respectively																															-1,307,203,000
common stock held in treasury, at cost, 9,163,920 and 6,756,748 shares, respectively																																-1,079,063,000
common stock held in treasury, at cost, 9,094,827 and 6,756,748 shares, respectively																																	-1,068,310,000	-1,068,310,000
cash distributions and losses in partnerships and joint ventures, at equity																																		1,370,333,000	1,360,077,000	1,359,738,000	1,369,842,000	232,802,000	250,737,000	233,902,000	224,984,000	205,983,000	116,213,000	111,694	43,706,000
common stock held in treasury, at cost, 7,629,046 and 6,756,748 shares, respectively																																			-834,536,000
common stock held in treasury, at cost, 6,756,748 and 5,394,345 shares, respectively																																				-682,562,000
investment in klepierre, at equity																																					1,897,095,000
common stock held in treasury, at cost, 5,347,551 and 5,394,345 shares, respectively																																					-427,294,000
less – accumulated depreciation																																						4,971,424,000	4,800,439,000
notes receivable from related parties																																						532,580,000	1,473,540,000
mortgages and other indebtedness																																						16,438,845,000	17,152,418,000	14,241,941,000	14,133,592,000	14,139,261,000	14,330,200,000	14,247,220	8,792,090,000
other liabilities, minority interest and accrued dividends																																						188,327,000	185,072,000	179,731,000	176,278,000	157,926,000	178,367,000	163,755
limited partners’ interest in the operating partnership																																						773,963,000	808,663,000	811,990,000	833,363,000	854,561,000	883,728,000	917,598
limited partners’ preferred interest in the operating partnership																																						310,241,000	312,574,000	395,843,000	400,516,000	400,806,000	403,744,000	409,340
stockholders’ equity:
all series of preferred stock, 100,000,000 shares authorized, 17,819,267 and 17,578,701 issued and outstanding, respectively, and with liquidation values of 890,963 and 878,935, respectively																																						897,255,000
common stock, .0001 par value...																																						23,000	23,000	23,000	23,000	23,000	23,000	23	17,000
class b common stock, .0001 par value...																																													1,000
class c common stock, .0001 par value...
accumulated other comprehensive income																																						22,906,000	18,790,000	17,377,000	18,453,000	10,835,000	4,217,000	7,053
common stock held in treasury at cost, 4,125,332 and 4,378,495 shares, respectively																																						-164,337,000
total liabilities and stockholders’ equity																																						22,884,263,000	23,743,590,000	21,003,618,000	20,915,867,000	21,016,967,000	21,339,884,000	21,318,066
all series of preferred stock, 100,000,000 shares authorized, 17,842,594 and 17,578,701 issued and outstanding, respectively, and with liquidation values of 892,130 and 878,935, respectively																																							898,119,000
common stock held in treasury at cost, 4,132,224 and 4,378,495 shares, respectively																																							-165,125,000
less — accumulated depreciation																																								4,348,676,000	4,172,347,000	3,978,222,000	3,638,179,000	3,440,838	1,774,155,000
all series of preferred stock, 100,000,000 shares authorized, 25,477,626 and 25,632,122 issued and outstanding, respectively, and with liquidation values of 1,073,881 and 1,081,606, respectively																																								1,072,252,000
common stock held in treasury at cost, 4,379,245 and 4,815,655 shares, respectively
all series of preferred stock, 100,000,000 shares authorized, 25,420,042 and 25,632,122 issued and outstanding, respectively, and with liquidation values of 1,071,002 and 1,081,606, respectively																																									1,069,388,000
all series of preferred stock, 100,000,000 shares authorized, 25,635,772 and 25,632,122 issued and outstanding, respectively, and with liquidation values of 1,081,789 and 1,081,606, respectively																																										1,080,190,000
common stock held in treasury at cost, 4,388,905 and 4,815,655 shares, respectively
all series of preferred stock, 100,000,000 shares authorized, 25,595,077 and 25,434,967 issued and outstanding, respectively, and with liquidation values of 1,079,754 and 1,071,748, respectively																																											1,078,147,000
unamortized restricted stock award																																											-35,780,000
common stock held in treasury at cost, 4,815,655 and 2,415,855 shares, respectively																																											-230,086,000
all series of preferred stock, 100,000,000 shares authorized, 25,479,963 and 25,434,967 issued and outstanding, respectively, and with liquidation values of 1,073,998 and 1,071,748, respectively
common stock held in treasury at cost, 4,000,255 and 2,415,855 shares, respectively
notes and advances receivable from management company and affiliates																																													101,557,000
note receivable from the src operating partnership
goodwill																																													37,505,000
minority interest																																													44,667,000
accounts payable and accrued expenses																																													483,239,000	4,708,000	2,578,000
accrued dividends																																													19,321,000
limited partners' interest in the spg operating partnership																																													846,310,000
limited partners' preferred interest in the spg operating partnership																																													150,852,000
preferred stock of subsidiary
shareholders' equity
all series of preferred stock, 100,000,000 shares authorized, 16,879,896 and 5,881,116 issued and outstanding, respectively. liquidation values 907,845 and 559,065, respectively.																																													877,348,000
common stock held in treasury at cost, 2,098,555 shares
total shareholders' equity																																													3,235,394,000	13,936,000	13,952,000
revenue:
minimum rent																																													312,349,000
overage rent																																													8,568,000
tenant reimbursements																																													146,307,000
other income																																													32,016,000
total revenue																																													499,240,000
expenses:
property operating																																													80,990,000
depreciation and amortization																																													111,173,000
real estate taxes																																													45,819,000
repairs and maintenance																																													17,286,000
advertising and promotion																																													14,049,000
benefit from credit losses																																													2,676,000
other																																													12,621,000
total operating expenses																																													284,614,000
operating income																																													214,626,000
interest expense																																													149,030,000
income before minority interest																																													65,596,000
gain on sales of assets, net of asset write downs of 0, 0, and 10,572, respectively
income before unconsolidated entities																																													62,979,000
income from unconsolidated entities																																													6,833,000
income before extraordinary items and cumulative effect of accounting change																																													69,812,000
extraordinary items - debt related transactions
cumulative effect of accounting change
income before allocation to limited partners																																													69,592,000
less:
preferred distributions of the spg operating partnership																																													2,835,000
preferred dividends of subsidiary
net income																																													52,915,000
preferred dividends
net income available to common shareholders																																													36,416,000
basic and diluted earnings per common share:
basic weighted-average shares outstanding																																													172,746,000
diluted weighted-average shares outstanding																																													173,031,000
unrealized losses on interest rate hedge agreements
net incomees on derivative instruments reclassified from accumulated other comprehensive income into interest expense																																													1,183,000
unrealized gains on investments																																													1,980,000
comprehensive income																																													51,056,000
accounts receivable																																														3,532,000	3,280,000
total current assets																																														12,222,000	9,985,000
investment properties, at cost, less accumulated depreciation of 1,381 and 1,341, respectively																																														5,780,000
investment in technology initiatives
other noncurrent assets																																														469,000	494,000
total current liabilities																																														4,708,000	2,578,000
note payable to the spg operating partnership																																														1,460,000	1,432,000
limited partners' interest in the src operating partnership																																														5,288,000	5,305,000
shareholders' equity:
and 1,740,443 issued and outstanding, respectively
less common stock held in treasury at cost, 20,986 shares.																																															-189,000
the accompanying notes are an integral part of these statements.
investment properties, at cost, less accumulated depreciation of 1,360 and 1,341, respectively																																															5,801,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2007-06-30	2007-03-31	2006-09-30	2006-06-30	2006-03-31	2005-09-30	2001-09-30	2001-06-30	2001-03-31

cash flows from operating activities:
consolidated net income	702,696,000	643,681,000	477,860,000	771,759,000	546,671,000	569,436,000	841,155,000	859,496,000	680,762,000	557,505,000	519,255,000	772,748,000	621,847,000	569,480,000	488,310,000	573,730,000	778,648,000	705,869,000	510,460,000	312,726,000	168,646,000	290,548,000	505,404,000	590,416,000	628,724,000	572,101,000	631,947,000	833,193,000	642,212,000	631,414,000	715,524,000	659,821,000	592,634,000	441,373,000	551,075,000	455,603,000
adjustments to reconcile consolidated net income to net cash from operating activities
depreciation and amortization	374,744,000	367,638,000	355,647,000	360,599,000	341,905,000	332,595,000	324,762,000	338,778,000	333,358,000	339,056,000	322,392,000	336,346,000	316,304,000	315,339,000	324,124,000	340,779,000	320,333,000	332,963,000	331,820,000	337,474,000	339,841,000	337,411,000	340,265,000	339,065,000	343,359,000	371,830,000	339,918,000	340,105,000	335,604,000	339,395,000	334,672,000		336,727,000	339,859,000	335,749,000		542,524,000	221,942,000	207,580,000			199,747,000	592,840,490	111,589,000	109,235,000	109,148,000
gain on acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment							-10,966,000
gain due to disposal, exchange, or revaluation of equity interests	8,871,000
unrealized losses in fair value of publicly traded equity instruments and derivative instrument	-2,243,000	50,455,000	36,765,000		49,345,000
straight-line lease loss	-13,703,000	-2,401,000	-1,682,000	-5,152,000	-1,776,000	3,881,000	3,849,000	1,218,000	-1,245,000	2,981,000	6,912,000	3,783,000	6,355,000	5,842,000	9,254,000	3,605,000	7,483,000	5,603,000	5,928,000	13,411,000
equity in income of unconsolidated entities	-143,916,000	-122,875,000	-30,359,000	-140,947,000	-58,503,000				-95,480,000	-90,455,000	-21,900,000	-213,634,000	-163,086,000	-190,073,000	-81,184,000	-220,699,000	-198,524,000	-348,545,000	-15,069,000	-63,260,000	-61,823,000	-44,322,000	-50,465,000	-127,658,000	-119,705,000	-106,542,000	-90,444,000	-149,987,000	-134,409,000	-100,828,000	-90,026,000		-116,111,000	-92,016,000	-69,085,000		-229,758,000	-7,459,000	-21,773,000							-11,731,000
distributions of income from unconsolidated entities	112,160,000	104,223,000	108,263,000	89,728,000	91,230,000	108,435,000	73,341,000	109,655,000	97,323,000	132,585,000	119,146,000	102,217,000	89,830,000	248,088,000	121,448,000	117,840,000	120,304,000	135,849,000	62,888,000	32,021,000	32,069,000	52,142,000	68,501,000	94,144,000	112,060,000	139,647,000	82,918,000	100,726,000	96,762,000	114,779,000	77,870,000		109,105,000	90,839,000	70,994,000		202,243,000	17,514,000	19,633,000	23,587,000	18,006,000	19,131,000	62,326,045
changes in assets and liabilities
tenant receivables and accrued revenue	-25,402,000	9,951,000	35,093,000	-19,051,000	28,589,000	-3,803,000	30,426,000	-79,739,000	5,534,000	36,629,000	25,774,000	-14,492,000	15,701,000	-27,817,000	89,958,000	4,882,000	1,421,000	55,346,000	203,703,000	209,196,000	-1,346,000	-668,522,000	44,761,000	-25,877,000	-22,247,000	11,125,000	36,842,000	-45,186,000	-32,069,000	-12,121,000	71,858,000		-26,823,000	-7,288,000	54,036,000		-11,222,000	17,913,000	49,298,000	1,907,000	16,416,000	37,741,000	68,169,050	12,413,000	-16,326,000	47,420,000
deferred costs and other assets	-117,554,000	21,576,000	48,189,000	-137,121,000	-90,944,000	-4,427,000	-3,392,000	34,415,000	-6,399,000	-7,574,000	3,981,000	-27,228,000	12,398,000	-48,523,000	-41,214,000	-26,513,000	-8,207,000	-4,856,000	-38,016,000	58,836,000	-87,621,000	31,082,000	-30,488,000	-15,998,000	-67,145,000	53,818,000	-20,013,000	-516,000	-46,915,000	34,832,000	-62,839,000		-46,399,000	12,810,000	-42,099,000		59,825,000	-4,658,000	-46,951,000							-10,265,000
accounts payable, accrued expenses, intangibles, deferred revenues and other	5,005,000	237,979,000	-226,550,000	156,307,000	-14,893,000	98,667,000	-112,837,000	106,833,000	68,489,000	196,462,000	-126,271,000	100,555,000	45,003,000	192,913,000	-148,368,000
net cash from operating activities	890,260,000	1,215,332,000	827,218,000	1,085,549,000	892,852,000	1,063,151,000	773,103,000	1,036,754,000	935,867,000	1,129,491,000	828,681,000	932,142,000	941,651,000	1,100,942,000	791,869,000	884,931,000	874,722,000	1,001,987,000	875,762,000	895,077,000	617,309,000	73,005,000	741,307,000	959,635,000	960,629,000	1,050,220,000	837,347,000	999,630,000	914,384,000	993,305,000	843,477,000		909,870,000	1,023,890,000	785,693,000		1,923,301,000	299,453,000	310,020,000			253,818,000	728,622,674	190,204,000	183,479,000	98,391,000
cash flows from investing activities:
acquisitions	-25,340,000	-543,352,000	-392,388,000					-38,117,000	0	0	-27,712,000	-173,376,000	-15,988,000			-100,000,000	0	-100,830,000	-56,250,000	-3,498,897,000	0	0	-107,797,000	0									0				-346,846,000	-17,549,000	-135,581,000
funding of loans to related parties				0	-3,000,000	-2,000,000	-106,000,000	0	-8,750,000	0	-6,500,000	0	-3,750,000	-3,750,000	-125,357,000	-429,000	-14,175,000	-750,000	-494,000	-1,843,000	0							0	0	-2,808,000	-1,833,000		-18,538,000	-30,705,000	-18,963,000
repayments of loans to related parties	4,089,000	2,082,000	7,018,000	21,195,000	3,921,000	53,090,000	4,083,000	8,044,000	3,788,000	1,443,000	2,913,000	2,740,000	2,691,000	5,010,000	71,930,000	5,646,000	8,096,000	0	285,000
capital expenditures	-205,223,000	-244,024,000	-230,201,000	-217,870,000	-186,372,000	-188,368,000	-162,974,000	-178,289,000	-227,696,000	-221,228,000	-166,070,000	-184,637,000	-156,042,000	-154,696,000	-154,649,000	-108,458,000	-190,808,000	-113,861,000	-114,808,000	-88,115,000	-58,537,000	-124,253,000	-213,214,000	-253,324,000	-219,341,000	-186,565,000	-216,781,000	-195,952,000	-251,283,000	-161,918,000	-172,756,000		-168,373,000	-170,353,000	-148,595,000		-164,582,000	-206,937,000	-205,678,000			0	0	0	0	-74,837,000
free cash flows	685,037,000	971,308,000	597,017,000	867,679,000	706,480,000	874,783,000	610,129,000	858,465,000	708,171,000	908,263,000	662,611,000	747,505,000	785,609,000	946,246,000	637,220,000	776,473,000	683,914,000	888,126,000	760,954,000	806,962,000	558,772,000	-51,248,000	528,093,000	706,311,000	741,288,000	863,655,000	620,566,000	803,678,000	663,101,000	831,387,000	670,721,000		741,497,000	853,537,000	637,098,000		1,758,719,000	92,516,000	104,342,000			253,818,000	728,622,674	190,204,000	183,479,000	23,554,000
cash impact from the consolidation of properties	713,000	38,886,000	25,281,000	35,774,000	0	0	10,454,000					0	0			0	0	0	5,595,000					0				0					0						4,073,000
investments in unconsolidated entities	-25,600,000	-14,831,000	-5,763,000	-77,698,000	-96,000	-6,938,000	-27,923,000	-39,803,000	-28,565,000	-4,929,000	-10,664,000	-282,000	71,000	-111,152,000	-124,429,000	-8,745,000	-21,388,000	-7,257,000	-19,511,000	-18,770,000	-109,118,000	-21,933,000	-41,547,000	-21,436,000	-18,404,000	-11,969,000	-11,980,000	-11,514,000	-22,587,000	-18,437,000	-10,859,000		-17,766,000	-34,531,000	-58,928,000		215,488,000	-35,890,000	-431,935,000							-13,591,000
purchase of short-term investments				0	0	0	-600,000,000
proceeds from redemption of short-term investments				300,000,000	1,000,000,000	0	300,000,000
purchase of equity instruments	-30,520,000	-3,631,000	-12,874,000	-129,387,000	-109,088,000	-2,085,000	-626,000	-12,750,000	-17,671,000			-2,487,000	-16,365,000	-40,898,000	-6,390,000	-16,836,000	-6,788,000	-9,425,000	-556,000	-2,528,000	-5,504,000	-853,000	-24,070,000
proceeds from sale of equity instruments	1,812,000	0	85,215,000	26,165,000	2,097,000
distributions of capital from unconsolidated entities and other	129,795,000	54,313,000	145,846,000	46,956,000	103,873,000	38,010,000	124,177,000	88,776,000	96,790,000	66,259,000	47,315,000	95,421,000	51,338,000	112,741,000	213,010,000	106,248,000	58,137,000	37,607,000	41,287,000	35,969,000	53,945,000	-12,081,000	172,525,000	14,459,000	71,059,000	23,135,000	120,347,000	18,602,000	69,779,000	289,767,000	69,316,000		35,686,000	240,609,000	55,398,000		359,541,000	38,178,000	74,390,000	63,253,000	110,896,000	71,647,000	227,886,712
net cash from investing activities	-150,274,000	-710,557,000	-377,866,000	8,820,000	811,335,000	-105,205,000	693,371,000	-870,576,000	-179,644,000	-153,221,000	-159,740,000	-262,474,000	-137,459,000	-126,732,000	-99,899,000	-53,900,000	-166,296,000	-194,516,000	-138,052,000	-3,518,314,000	-111,526,000	-134,878,000	-213,680,000	-490,644,000	-284,338,000	-188,163,000	-113,562,000	-27,050,000	-190,670,000	104,888,000	-123,674,000		-116,734,000	-74,848,000	-175,262,000		687,736,000	718,762,000	-2,168,271,000				110,762,087			-59,954,000
cash flows from financing activities:
proceeds from sales of common stock and other, net of transaction costs	-82,000	-82,000	-82,000	-82,000	-82,000	-82,000	-82,000	-82,000	-81,000	-82,000	-83,000	-82,000	-82,000	-82,000	-82,000	-82,000	-82,000	-82,000	-82,000	1,556,395,000	-83,000	-82,000	-82,000	-82,000	-82,000	-82,000	-82,000	-82,000	-82,000	-83,000	-82,000		-82,000	-82,000	-82,000
purchase of shares related to stock grant recipients' tax withholdings	-4,072,000	-8,252,000	-1,588,000	0	0	-6,120,000	-4,438,000	0	0	-3,171,000	-2,624,000	0	0	-3,031,000	-3,757,000	0	0			0	0			0	0	-2,706,000	-249,000	0	0	-2,635,000	-276,000		0	-2,504,000	-285,000
redemption of limited partner units	-149,000	-49,000	-6,335,000	-1,429,000	0	-148,000	-40,716,000	-2,648,000	-154,000	-7,864,000	-2,858,000	-94,000	0	-1,611,000	-147,000	-2,163,000	0	-20,000	-37,000	-19,000	-20,000	0	-16,067,000	-2,297,000	-4,414,000	0	-135,000	-73,887,000	0	-1,352,000	-6,267,000
preferred unit redemptions				0
distributions to noncontrolling interest holders in properties	-2,622,000	-1,151,000	-1,928,000	-8,331,000	-4,701,000	-1,446,000	-6,571,000	-11,954,000	-22,168,000	-2,309,000	-5,525,000	-13,197,000	-8,196,000	-5,143,000	-1,205,000	-3,384,000	-1,051,000	1,440,000	-2,029,000	-2,505,000	-1,658,000	440,000	-4,548,000	-35,618,000	-2,092,000	-2,036,000	-1,803,000	-65,439,000	-1,457,000	-1,691,000	-8,376,000		-2,786,000	-3,121,000	-3,029,000
contributions from noncontrolling interest holders in properties	449,000	182,000	2,622,000	5,296,000	1,770,000	1,007,000	1,734,000	1,749,000	0	1,605,000	6,459,000	0	10,938,000	13,910,000	4,833,000	4,166,000	4,011,000			192,000	0	0	28,000	33,000	36,000			0	45,000	92,000	24,000		53,000	64,000	172,000
preferred distributions of the operating partnership	-291,000	-292,000	-291,000	-291,000	-405,000	-432,000	-432,000	-464,000	-479,000	-478,000	-479,000	-479,000	-479,000	-478,000	-479,000	-479,000	-479,000	-478,000	-479,000	-479,000	-479,000	-478,000	-479,000	-479,000	-479,000	-478,000	-479,000	-479,000	-478,000	-479,000	-479,000		-478,000	-479,000	-479,000		-12,272,000	5,597,000	5,239,000	6,893,000	6,928,000	6,826,000	21,141,726
preferred dividends and distributions to stockholders	-702,773,000	-686,484,000	-686,102,000	-686,062,000	-669,732,000																																-1,115,451,000	-201,961,000	-201,411,000
distributions to limited partners	-109,227,000	-106,616,000	-106,934,000	-105,865,000	-100,162,000	-97,810,000	-95,349,000	-93,116,000	-89,870,000	-87,399,000	-85,163,000	-85,202,000	-82,851,000	-80,473,000	-78,024,000	-78,026,000	-137,176,000	-61,495,000	-60,324,000	-60,445,000	-60,527,000	-24,000	-98,099,000	-98,280,000	-98,275,000	-95,977,000	-96,010,000	-94,126,000	-93,581,000	-91,426,000	-91,523,000		-85,325,000	-82,835,000	-82,906,000		-140,299,000	-48,568,000	-48,970,000							-32,792,000
proceeds from issuance of debt, net of transaction costs	1,503,856,000	711,957,000	857,079,000	0	1,025,408,000	2,248,000	67,890,000	1,855,212,000	165,039,000	196,868,000	1,412,721,000	908,624,000	14,714,000	92,898,000	2,433,167,000	1,898,097,000	2,296,803,000	1,480,093,000	3,576,224,000	3,871,588,000	3,408,379,000	1,503,603,000	6,451,290,000	2,418,603,000	5,871,096,000	2,435,278,000	2,587,324,000	2,078,066,000	2,174,847,000	1,964,750,000	1,756,056,000		2,321,898,000	3,880,682,000	1,868,455,000
repayments of debt	-1,103,935,000	-562,559,000	-526,130,000	-1,067,362,000	-1,013,114,000	-218,869,000	-669,943,000	-857,360,000	-148,788,000	-785,217,000	-867,160,000	-870,741,000	-68,144,000	-260,706,000	-2,522,273,000	-1,990,892,000	-2,741,599,000	-1,454,869,000	-3,889,449,000	-2,413,598,000	-5,676,685,000	-1,858,650,000	-3,006,342,000	-4,983,475,000	-2,450,354,000	-2,345,836,000	-2,648,034,000	-2,331,743,000	-2,202,095,000	-1,934,852,000	-2,649,995,000		-2,446,243,000	-3,846,052,000	-1,738,725,000
net cash from financing activities	-418,846,000	-653,346,000	-469,689,000	-1,864,126,000	-768,518,000	-974,618,000	-1,384,360,000	233,782,000	-824,657,000	-1,294,228,000	-135,146,000	-649,560,000	-743,912,000	-947,899,000	-710,977,000	-735,518,000	-1,560,802,000	-452,509,000	-813,486,000		-2,729,570,000	-356,880,000	2,527,853,000	-3,446,848,000	2,491,163,000	-819,083,000	-801,318,000	-1,153,963,000	-742,243,000	-751,153,000	-1,834,905,000		-773,345,000	-973,828,000	-657,090,000		-1,949,239,000	-976,993,000	1,268,844,000							-126,531,000
increase in cash and cash equivalents	321,140,000	-148,571,000	-20,337,000	-769,757,000	935,669,000	-16,672,000	82,114,000	399,960,000	-68,434,000	-317,958,000	533,795,000	20,108,000	60,280,000	26,311,000	-19,007,000	95,513,000	-852,376,000	354,962,000	-75,776,000	-70,700,000	-2,223,787,000	-418,753,000	3,055,480,000	-2,977,857,000
cash and cash equivalents, beginning of period	0	0	1,400,345,000	0	0	0	1,168,991,000	0	0	0	621,628,000	0	0	0	533,936,000	0	0	0	1,011,613,000	0	0	0	669,373,000	0	0	0	514,335,000	0	0	0	1,482,309,000		0	0	560,059,000									0	0	223,111,000
cash and cash equivalents, end of period	321,140,000	-148,571,000	1,380,008,000	-769,757,000	935,669,000	-16,672,000	1,251,105,000	399,960,000	-68,434,000	-317,958,000	1,155,423,000	20,108,000	60,280,000	26,311,000	514,929,000	95,513,000	-852,376,000	354,962,000	935,837,000	-70,700,000	-2,223,787,000	-418,753,000	3,724,853,000	-2,977,857,000	3,167,454,000	42,974,000	436,802,000	-181,383,000	-18,529,000	347,040,000	367,207,000		19,791,000	-24,786,000	513,400,000		433,572,000	41,222,000	339,953,000	-7,333,000	31,248,000	299,037,000		-18,626,000	45,342,000	135,017,000
loss on acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment
loss due to disposal, exchange, or revaluation of equity interests			23,992,000
unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument							7,192,000
net proceeds from sale of assets												147,000	486,000											0																					0	19,550,000
insurance proceeds for property restoration								0	2,460,000							170,000	630,000	0	6,400,000	22,452,000	7,688,000	635,000	423,000	1,875,000	849,000	1,181,000	1,757,000	2,923,000
purchase of treasury stock								-34,978,000				0	-36,273,000							0	0	0	-152,589,000	0	-178,515,000	-173,630,000	-7,628,000	-46,812,000	0	-79,395,000	-227,901,000
proceeds from (establishment of) trust account for special purpose acquisition company
liquidation of special purpose acquisition company
loss upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment					1,228,000
gain on disposal, exchange, or revaluation of equity interests					0	0	-414,769,000	-167,390,000	-158,192,000
loss (income) from unconsolidated entities							34,342,000
proceeds from sales of equity instruments							1,152,180,000	301,563,000	0	1,588,000	978,000	0	100,000	0	25,986,000					0	0
distributions to stockholders and preferred dividends							-636,453,000	-620,077,000	-622,541,000	-606,181,000	-590,434,000	-588,389,000	-573,539,000	-559,069,000	-543,010,000	-542,608,000	-954,179,000	-427,505,000	-427,472,000	-398,592,000	-398,497,000	-835,000	-645,259,000	-645,278,000	-645,758,000	-633,686,000	-634,222,000	-619,461,000	-619,442,000	-604,082,000	-606,086,000		-560,382,000	-546,404,000	-548,521,000
loss on debt extinguishment																20,289,000	28,593,000	0	2,959,000														0
unrealized (gains) losses in fair value of publicly traded equity instruments and derivative instrument
income from unconsolidated entities
proceeds from the special purpose acquisition company ipo, net of transaction costs																0	0	0	338,121,000
cash paid to extinguish debt																-20,147,000	-27,050,000	0	-2,959,000
gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment																												-143,878,000	0
unrealized (gains) losses in fair value of equity instruments									6,176,000
unrealized losses in fair value of equity instruments											-20,608,000		14,562,000	17,818,000	31,032,000	-26,000	4,944,000	-24,000	3,201,000	-493,000	1,279,000
(gain) loss on acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment
unrealized losses in fair value of publicly traded equity instruments
liquidiation of special purpose acquisition company
gain on acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities, and impairment													-17,263,000	17,875,000	-1,491,000
gain on exchange of equity interests
establishment of trust account for special purpose acquisition company																0	0	0	-345,000,000
(gain) loss upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities, and impairment
gain on sale or exchange of equity interests
(gain) loss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment																	-108,543,000
accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities																	88,098,000	119,782,000	-99,055,000	-21,626,000	124,915,000	61,842,000	-146,051,000	5,441,000	115,199,000	18,983,000	-126,523,000	52,151,000	52,106,000	45,108,000	-65,058,000		91,741,000	118,545,000	-106,868,000		-31,598,000	8,231,000	-26,392,000
gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment																			-93,057,000
gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment																				16,792,000	91,285,000			-2,061,000	-10,141,000
gain on interest in unconsolidated entity																												0	0
proceeds on loans to related parties
net cash from provided by financing activities
straight-line lease income																						5,181,000	-8,706,000	-17,459,000	-17,321,000	-20,378,000	-11,981,000
gain on sale or disposal of assets and interests in unconsolidated entities																							-962,000
unrealized losses (gains) in fair value of equity instruments																							19,048,000		-2,154,000
gains on sales of marketable securities
purchase of marketable and non-marketable securities																									-113,522,000	-13,945,000	-6,905,000	1,710,000	-14,015,000	-1,716,000	-7,542,000		-1,666,000	337,000	-4,174,000
decrease in cash and cash equivalents																										42,974,000	-77,533,000		-18,529,000	347,040,000	-1,115,102,000							41,222,000	-589,407,000							-88,094,000
unrealized change in fair value of equity instruments																											-5,317,000	16,424,000	5,452,000	-9,693,000	3,029,000
pre-development project cost charge
straight-line rent																												-3,402,000	-4,359,000	-4,288,000	-6,276,000		-9,463,000	-3,861,000	-8,109,000		-28,450,000	-4,019,000	-4,293,000							-3,285,000
proceeds from sales of marketable and non-marketable securities
(decrease)/increase in cash and cash equivalents																																	19,791,000	-24,786,000	-46,659,000
adjustments to reconcile consolidated net income to net cash from operating activities —
changes in assets and liabilities —
gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities and impairment																															-135,277,000
operating data:
total consolidated revenue
consolidated income from continuing operations
net income attributable to common stockholders - spg inc.
net income attributable to unitholders - spg l.p.
basic and diluted earnings per share/unit:
simon property group, inc.
income from continuing operations
discontinued operations
net income attributable to common stockholders
basic weighted-average shares outstanding
diluted weighted-average shares outstanding
dividends per share
simon property group, l.p.
net income attributable to unitholders
basic weighted-average units outstanding
diluted weighted-average units outstanding
distributions per unit
balance sheet data:
cash and cash equivalents
total assets
mortgages and other indebtedness
total equity
other data:
cash flow provided by:
operating activities
investing activities
financing activities
ratio of earnings to fixed charges and preferred stock dividends
funds from operations
dilutive ffo allocable to common stockholders
diluted ffo per share
ratio of earnings to fixed charges
gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities																																	0
purchase of treasury stock and limited partner units																																	0	-244,479,000	-151,690,000
spg inc.
spg l.p.
gain on sale of marketable securities
proceeds from sale of marketable and non-marketable securities
purchase of preferred stock, limited partner units and treasury stock
net income																																						74,220,000	112,787,000	112,995,000	101,263,000	122,590,000	341,316,318	52,750,000	45,923,000	40,124,000
adjustments to reconcile net income to net cash from operating activities –
gain on sales of assets and interests in unconsolidated entities
gain on disposal or sale of discontinued operations, net of limited partners’ interest
limited partners’ interest in the operating partnership																																						15,448,000	25,878,000	24,962,000	21,920,000	27,588,000	77,483,319
limited partners’ interest in the results of operations from discontinued operations																																						3,000	-41,000
minority interest																																						3,136,000	2,910,000	3,154,000	3,433,000	925,000	8,728,440	2,486,000	3,115,000	2,116,000
minority interest distributions																																						-47,915,000	-13,855,000							-4,072,000
changes in assets and liabilities –
notes receivable from related parties																																						940,960,000	-1,473,540,000
cash impact from the consolidation and de-consolidation of properties
net proceeds from sale of partnership interests, other assets and discontinued operations																																								40,475,000	8,819,000	53,864,000	329,866,954
proceeds from sales of common and preferred stock and other																																						1,531,000	751,000	-3,291,000	14,572,000	1,891,000
purchase of limited partner units																																						-12,628,000	-14,987,000
preferred stock redemptions
mortgage and other indebtedness proceeds, net of transaction costs																																						1,048,732,000	1,918,674,000	1,179,455,000	989,848,000	1,262,180,000	2,939,316,192
mortgage and other indebtedness principal payments																																						-1,758,252,000	-379,974,000
cash and cash equivalents, beginning of year																																						0	929,360,000	0	0	337,048,000	519,563,916
gain on sales of interests in unconsolidated entities
loss on disposal or sale of discontinued operations, net of limited partners’ interest
net proceeds from sale of partnership interests and discontinued operations
adjustments to reconcile net income to net cash from operating activities —
gain on disposal or sale of discontinued operations
cash impact from the de-consolidation of a property
purchase of preferred stock, limited partner units, and treasury stock
adjustments to reconcile net income to net cash from operating activities — depreciation and amortization
net cash provided by operating activities
net cash used in financing activities
loss (gain) on disposal or sale of discontinued operations																																										28,000
(gain) loss on sales of assets and other
(gain) loss on disposal or sale of discontinued operations
cash from acquisitions
proceeds from sales of common and preferred stock																																											812,238	3,087,000	3,604,000	559,000
minority interest contributions
cash and cash equivalents, end of year
adjustments to reconcile net income to net cash from operating activities—
extraordinary items																																												220,000	0	25,000
cumulative effect of accounting change																																												0	0	1,638,000
gain on sales of assets, net of asset write downs of 0 and 10,572, respectively
limited partners' interest in operating partnerships																																												13,780,000	13,878,000	11,742,000
preferred dividends of subsidiary																																												0	7,334,000	7,334,000
preferred distributions of the spg operating partnership																																												2,835,000	2,835,000	2,912,000
changes in assets and liabilities—
accounts payable, accrued expenses and other liabilities																																														-96,076,000
cash from consolidation of asp																																												0
net proceeds from sale of assets and investment
distributions from unconsolidated entities																																												33,311,000	70,907,000	41,107,000
investments in and advances (to)/from management company and affiliate																																														-32,183,000
preferred dividends and distributions to shareholders																																														-95,276,000
mortgage and other note proceeds, net of transaction costs																																												787,107,000	87,594,000	577,540,000
mortgage and other note principal payments																																														-562,244,000
adjustments to reconcile net income to net cash provided by operating activities—
gain on sales of assets, net of asset write downs of 0 and
and 10,572, respectively
the accompanying notes are an integral part of these statements.
gain on sales of assets																																														-2,711,000

Simon Property Group, Inc(NYSE:SPG)

Simon Property Group, Inc
(NYSE:SPG)