8-KEarnings & ResultsRegulation FDExhibits & Filings

SIMON PROPERTY GROUP INC. 8-K Report, Financial Results (Apr 30, 2019)

Filed April 30, 2019For Securities:SPGSPG-PJ

Summary

Simon Property Group, Inc. (SPG) filed an 8-K on April 30, 2019, to report its earnings for the first quarter ended March 31, 2019. The primary purpose of this filing is to furnish a press release containing financial and operating results, which is incorporated by reference. Investors should note that the press release includes non-GAAP financial measures, such as Funds From Operations (FFO), FFO per share, Funds Available for Distribution, Net Operating Income (NOI), Portfolio NOI, and Comparable Property NOI. While these are standard metrics in the Real Estate Investment Trust (REIT) sector and are used by SPG internally and by investors to compare performance against peers, they are not GAAP-compliant alternatives for measuring operating performance or liquidity. The filing explicitly states that reconciliations of these non-GAAP measures to their most comparable GAAP measures are included in the furnished exhibit.

Key Highlights

  • 1SPG released its Q1 2019 earnings and financial information on April 30, 2019.
  • 2The 8-K filing includes a furnished press release (Exhibit 99.1) detailing the company's performance for the quarter ended March 31, 2019.
  • 3The press release contains key non-GAAP financial metrics, including Funds From Operations (FFO) and Net Operating Income (NOI).
  • 4SPG utilizes these non-GAAP measures to provide additional insight into operating performance and for peer comparison.
  • 5Investors are advised that these non-GAAP measures may not be directly comparable to similar measures reported by other REITs.
  • 6Reconciliations between non-GAAP measures and their most comparable GAAP measures are provided within the furnished exhibit.
  • 7The information furnished is for informational purposes and is not considered 'filed' under Section 18 of the Securities Exchange Act of 1934.

Frequently Asked Questions

The main purpose of this 8-K filing is to officially report Simon Property Group's (SPG) earnings and provide supplemental financial and operating information for the first quarter ended March 31, 2019, through a furnished press release.

FFO and NOI are non-GAAP financial measures commonly used in the REIT industry. FFO is a widely accepted measure of REIT performance, adjusting net income for depreciation and amortization of real estate assets. NOI represents rental income less operating expenses for properties. SPG reports these measures because they provide investors with additional insight into the company's operating performance and a basis for comparing SPG's performance with other REITs.

No, the filing explicitly states that these non-GAAP financial measures (FFO, NOI, etc.) should not be considered alternatives to net income as a measure of operating performance or to cash flows computed in accordance with GAAP as a measure of liquidity. Reconciliations to the most directly comparable GAAP measures are included in the furnished exhibit.

The detailed financial results and supplemental information for the quarter ended March 31, 2019, are contained in the earnings release, which is included as Exhibit 99.1 to this 8-K filing.