Early Access

10-Q/APeriod: Q2 FY2015

SIMON PROPERTY GROUP INC. Quarterly Report (Amendment) for Q2 Ended Jun 30, 2015

Filed January 13, 2016For Securities:SPGSPG-PJ

Summary

Simon Property Group, Inc. (SPG) filed an amended 10-Q for the quarter ended June 30, 2015, primarily to correct the accounting for a non-cash gain. The company recognized a $206.9 million non-cash gain related to its equity method investment in Klépierre SA, which should have been recorded in the first quarter of 2015. This gain stemmed from Klépierre's acquisition of Corio N.V., which diluted SPG's ownership interest. Despite this accounting adjustment, the company's core operational performance showed positive trends. Total revenue for the six months increased to $2.57 billion from $2.34 billion in the prior year. Diluted earnings per share also saw a significant increase to $3.26 from $2.41, partly due to this gain and other investment activities. The company's operational metrics, such as same-store NOI growth and sales per square foot, indicated a healthy underlying business. Overall, investors can view this filing as a correction of a prior accounting entry that does not fundamentally alter the company's operational strength or financial trajectory. Key performance indicators such as revenue, EPS, and operational metrics continue to show positive momentum.

Financial Highlights

26 data points
Beta

Revenue

$1.35B

Net Income

$472.94M

0.4% Net Margin

EPS (Diluted)

$1.52

Total Assets

$30.29B

Cash & Equivalents

$565.66M

Free Cash Flow

$808.51M

Financial Statements
Beta
Revenue$1.35B
Operating Expenses$646.73M
Operating Income$702.38M
Interest Expense$230.97M
Net Income$472.94M
EPS (Basic)$1.52
Shares Outstanding (Basic)310.50M

Key Highlights

  • 1Recognized a $206.9 million non-cash gain in Q1 2015 related to its investment in Klépierre SA due to Klépierre's acquisition of Corio N.V.
  • 2Total revenue for the six months ended June 30, 2015, increased to $2.57 billion, up from $2.34 billion in the prior year period.
  • 3Diluted earnings per common share increased to $3.26 for the six months ended June 30, 2015, from $2.41 in the comparable prior year period.
  • 4Comparable property NOI for U.S. Malls and Premium Outlets grew by 3.5% for the six-month period.
  • 5Total sales per square foot for U.S. Malls and Premium Outlets increased by 2.0% to $620 psf.
  • 6Average base minimum rent for U.S. Malls and Premium Outlets increased by 4.9% to $48.07 psf.
  • 7Ending occupancy for U.S. Malls and Premium Outlets was 96.1% as of June 30, 2015.

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