8-KEarnings & ResultsRegulation FDExhibits & Filings

SIMON PROPERTY GROUP INC. 8-K Report, Financial Results (Apr 29, 2011)

Filed April 29, 2011For Securities:SPGSPG-PJ

Summary

Simon Property Group, Inc. (SPG) filed an 8-K on April 29, 2011, to report its financial and operational results for the quarter ended March 31, 2011. The report primarily incorporates by reference a press release detailing earnings and a supplemental information package offering additional ownership and operational data as of March 31, 2011. Investors should note that the company is presenting and discussing several non-GAAP financial measures, including Funds from Operations (FFO), FFO as adjusted, diluted FFO per share, diluted FFO per share as adjusted, and Net Operating Income (NOI). While these measures are standard within the REIT industry and are used by SPG internally for performance monitoring and comparison with peers, they are not a substitute for GAAP-defined metrics like net income or cash flows. Reconciliations to the most directly comparable GAAP measures are provided within the supplemental materials.

Key Highlights

  • 1SPG filed an 8-K on April 29, 2011, to disclose Q1 2011 earnings and operational information.
  • 2The filing incorporates by reference an earnings press release for the quarter ended March 31, 2011.
  • 3A supplemental information package with ownership and operational data as of March 31, 2011, was also made available.
  • 4The report highlights the use of non-GAAP financial measures such as Funds from Operations (FFO) and Net Operating Income (NOI).
  • 5SPG emphasizes that FFO and NOI are standard REIT metrics used for performance comparison and internal monitoring.
  • 6The company clarifies that non-GAAP measures are not replacements for GAAP metrics and reconciliations are provided.
  • 7No new financial statements were included in this 8-K filing; the key information was in the referenced exhibits.

Frequently Asked Questions

The main purpose of this 8-K filing is to report Simon Property Group's earnings and financial condition for the quarter ended March 31, 2011, by incorporating a press release and a supplemental information package.

SPG uses non-GAAP measures like Funds from Operations (FFO) and Net Operating Income (NOI) because they are standard in the REIT industry and provide additional insight into operating performance and a basis for comparison with other REITs. They also use 'as adjusted' versions to exclude certain charges for better period-to-period comparison.

No, the non-GAAP financial measures presented are not considered official financial statements under GAAP and should not be used as a substitute for GAAP metrics like net income or cash flows. SPG provides reconciliations to the most comparable GAAP measures.

The filing references a supplemental information package that provides additional details on ownership and operational information concerning SPG, its subsidiary Simon Property Group, L.P., and its properties as of March 31, 2011.