Summary
Simon Property Group, Inc. (SPG) filed an 8-K on July 31, 2019, to furnish a press release detailing their financial results for the quarter and six months ended June 30, 2019. The filing primarily incorporates by reference an earnings release (Exhibit 99.1) which includes both GAAP and non-GAAP financial and operating information. Investors should note that the company continues to provide key performance indicators such as Funds From Operations (FFO) and Net Operating Income (NOI), which are standard in the REIT industry and considered important for assessing operational performance and for comparison with peers. Reconciliations to GAAP measures are available within the furnished exhibit.
Key Highlights
- 1SPG furnished an 8-K on July 31, 2019, including an earnings press release for the period ending June 30, 2019.
- 2The earnings release (Exhibit 99.1) contains unaudited financial results for the quarter and six months ended June 30, 2019.
- 3Key non-GAAP financial measures like Funds From Operations (FFO) and Net Operating Income (NOI) are provided.
- 4The company believes FFO and NOI offer valuable insights into operating performance and allow for peer comparison.
- 5Reconciliations of non-GAAP measures to their most comparable GAAP measures are included in the furnished exhibit.
- 6Information furnished is not filed for the purposes of Section 18 of the Exchange Act and is not incorporated into future SEC filings.
- 7No new financial statements were filed as part of this specific 8-K.
Frequently Asked Questions
The main purpose of this 8-K filing is to formally report and furnish Simon Property Group's earnings press release and supplemental financial and operating information for the quarter and six months ended June 30, 2019.
FFO and NOI are non-GAAP financial measures commonly used in the Real Estate Investment Trust (REIT) industry. FFO is often seen as a better measure of a REIT's operating performance than net income, while NOI reflects the profitability of income-producing real estate. SPG provides these to offer investors a clearer view of operational performance and to facilitate comparisons with other REITs.
The detailed financial results, including non-GAAP measures like FFO and NOI, along with their reconciliations to the most comparable GAAP measures, are found in the press release furnished as Exhibit 99.1 to this 8-K filing.
The information in this report and the accompanying exhibit is being 'furnished,' not 'filed.' This means it is generally not subject to the same liability or incorporation by reference into future filings under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as explicitly provided for.