8-KOther Events

SIMON PROPERTY GROUP INC. 8-K Report (Jun 12, 2003)

Filed June 12, 2003For Securities:SPGSPG-PJ

Summary

Simon Property Group, Inc. (SPG) has filed a Current Report on Form 8-K to re-issue its historical financial statements for the fiscal years ended December 31, 2002, 2001, and 2000. This re-issuance is in accordance with the adoption of SFAS No. 145, which mandates the reclassification of extraordinary items to continuing operations. This change, detailed in Note 15 of the updated financial statements (Exhibit 99.1), does not impact the reported net income available to common shareholders. The filing also updates the company's disclosure of non-GAAP financial measures, specifically Funds from Operations and Earnings Before Interest, Taxes, Depreciation and Amortization, to comply with Regulation G.

Key Highlights

  • 1SPG is re-issuing historical financial statements for fiscal years 2000-2002 due to the adoption of SFAS No. 145.
  • 2SFAS No. 145 requires reclassification of extraordinary items to continuing operations.
  • 3This accounting change has no effect on reported net income available to common shareholders.
  • 4The updated financial information is provided as Exhibit 99.1 to the 8-K filing.
  • 5SPG is updating its disclosure of non-GAAP Financial Measures (Funds from Operations, EBITDA) to comply with Regulation G.
  • 6The Management's Discussion and Analysis (MD&A) is also updated to reflect these changes.

Frequently Asked Questions

The primary reason for this filing is to re-issue SPG's historical financial statements for fiscal years 2000 through 2002 to reflect the adoption of SFAS No. 145. This new accounting standard requires the reclassification of extraordinary items as a component of continuing operations, rather than as separate extraordinary items.

No, the company explicitly states that this reclassification has no effect on Simon Property's reported net income available to common shareholders. It is purely an accounting adjustment to align with the new SFAS No. 145 standard.

The updated financial information, including the reclassified financial statements and an updated Management's Discussion and Analysis (MD&A), is attached to this 8-K filing as Exhibit 99.1. This exhibit includes Selected Financial Data, MD&A, and the Financial Statements themselves.

In addition to the SFAS No. 145 adjustments, SPG is also updating its disclosure of non-GAAP Financial Measures, specifically Funds from Operations and Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), within the MD&A. This update ensures compliance with Regulation G.