Summary
Simon Property Group, Inc. (SPG) filed its 10-K for the fiscal year ended December 31, 2009, on February 24, 2010. The report provides a comprehensive overview of the company's extensive portfolio of retail real estate properties, including regional malls, Premium Outlet Centers, and The Mills properties across the United States and internationally. Despite the ongoing economic challenges of 2009, SPG maintained a strong operational presence. The company highlighted its diversified portfolio and strategic focus on high-quality assets, noting a high occupancy rate across its various property types. The filing also detailed SPG's robust financing structure, including a significant unsecured revolving credit facility, and its commitment to maintaining its REIT status through distributions. Investors should note the company's proactive management of debt, its investment policies, and its exposure to risks inherent in the retail and real estate markets, such as tenant bankruptcies and economic downturns.
Financial Highlights
30 data points| Revenue | $3.78B |
| Operating Expenses | $2.37B |
| Operating Income | $1.41B |
| Interest Expense | $992.07M |
| Net Income | $283.10M |
| EPS (Basic) | $1.06 |
| EPS (Diluted) | $1.05 |
| Shares Outstanding (Basic) | 267.05M |
| Shares Outstanding (Diluted) | 268.47M |
Key Highlights
- 1Simon Property Group operates a vast portfolio of 321 income-producing properties in the U.S. and 51 internationally, comprising regional malls, Premium Outlet Centers, The Mills, and community/lifestyle centers.
- 2The company reported approximately 92.1% leased GLA for its U.S. regional malls and 97.9% for its Premium Outlet Centers as of December 31, 2009.
- 3SPG entered into a new $3.565 billion unsecured revolving corporate credit facility in December 2009, with an accordion feature to expand capacity to $4.0 billion, maturing in March 2013.
- 4The company's total consolidated indebtedness (face amount) was $18.63 billion as of December 31, 2009, with approximately $12.02 billion being unsecured.
- 5In 2009, SPG's common stock experienced significant price volatility, trading between a high of $83.82 and a low of $24.27, reflecting the broader market conditions.
- 6The company declared dividends aggregating $2.70 per share for 2009, paid partly in stock and partly in cash, subject to stockholder election, while 2008 dividends were $3.60 per share paid entirely in cash.
- 7SPG is a leader in sustainability, having received the NAREIT Leader in the Light Award for the fifth consecutive year and being recognized by the Carbon Disclosure Project for its climate change disclosure practices.