Early Access

10-KPeriod: FY2020

SIMON PROPERTY GROUP INC. Annual Report, Year Ended Dec 31, 2020

Filed February 25, 2021For Securities:SPGSPG-PJ

Summary

Simon Property Group Inc. (SPG) filed its 10-K for the fiscal year ending December 30, 2020, on February 24, 2021. The report details the company's operations as a real estate investment trust (REIT) focused on premier shopping, dining, entertainment, and mixed-use destinations, primarily malls, Premium Outlets, and The Mills. The company owns or has interests in 203 income-producing properties in the U.S. and 31 international properties. The 2020 fiscal year was significantly impacted by the COVID-19 pandemic, leading to temporary property closures and a reduction in lease income due to tenant bankruptcies and rent deferrals. Despite these challenges, Simon Property Group maintained its strong portfolio occupancy rates and demonstrated resilience through cost-reduction efforts and strategic financial management. The company continues to focus on its core business while managing its debt and capital structure effectively.

Financial Highlights

30 data points
Beta

Revenue

$4.61B

Net Income

$1.11B

0.2% Net Margin

EPS (Diluted)

$3.59

Total Assets

$34.79B

Cash & Equivalents

$1.01B

Free Cash Flow

$2.33B

Financial Statements
Beta
Revenue$4.61B
Operating Expenses$2.64B
Operating Income$1.97B
Interest Expense$784.40M
Net Income$1.11B
EPS (Basic)$3.59
Shares Outstanding (Basic)308.74M
Shares Outstanding (Diluted)308.74M

Key Highlights

  • 1As of December 31, 2020, Simon Property Group owned or had interests in 203 income-producing properties in the U.S., including 99 malls, 69 Premium Outlets, and 14 Mills properties.
  • 2The company also held ownership interests in 31 international Premium Outlets and Designer Outlet properties.
  • 3Due to the COVID-19 pandemic, the company experienced a significant reduction in cash rent collections and granted rent deferrals or abatements to tenants representing less than 16.0% of U.S. portfolio gross contractual rents for Q2-Q4 2020.
  • 4Ending occupancy for U.S. Malls and Premium Outlets decreased slightly to 91.3% as of December 31, 2020, from 95.1% in the prior year, primarily due to tenant bankruptcy activity.
  • 5The company's effective overall borrowing rate decreased to 2.98% at December 31, 2020, from 3.16% in the prior year.
  • 6Simon Property Group announced new 2035 emissions targets approved by the Science Based Target Initiative (SBTi), including reducing scope 1 and 2 emissions by 68% and scope 3 emissions by 21%.
  • 7The company received an 'A' score from CDP's annual climate change questionnaire, recognizing its strong sustainability performance.

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