Simon Property Group, Inc.

NYSE-SPG

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Income Statement	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Property Revenue	5,631.3	5,389.8	5,164.3	4,905.2	4,736.7	4,302.4	5,243.8	5,158.4	5,109.1	5,014.8	4,782
Minimum Rent
Overage Rent
Tenant Reimbursements
Lease Income
Service and Other Revenue	523.9	574	494.5	386.3	380.1	305.1	511.4	486.9	418.2	420.4	484.1
Management Fees and Other Revenues
Other Income
Total Revenues	6,155.3	5,963.8	5,658.8	5,291.4	5,116.8	4,607.5	5,755.2	5,645.3	5,527.3	5,435.2	5,266.1
Total Revenues %Chg	4.2%	5.4%	6.9%	3.4%	11.1%	-19.9%	1.9%	2.1%	1.7%	3.2%	8.1%
Total Revenue
Property Expenses	671.4	634.8	586.6	557.7	512.1	430	553.6	550.2	540.1	532.1	527.4
Property Operating
Repairs and Maintenance
Service and Other Expenses	113.7	105	97.3	93.6	96.4	80.9	100.5	99.6	96.9	99.7	101.4
Repairs and Maintenance
Total Property Expenses	785.1	739.8	683.9	651.3	608.5	510.9	654.1	649.8	637	631.8	628.7
Property Taxes	437	408.6	441.8	443.2	459	457.1	468	457.7	440	439	432.8
Real Estate Taxes
Gross Profit	4,933.2	4,815.4	4,533.2	4,196.9	4,049.3	3,639.5	4,633.1	4,537.7	4,450.4	4,364.4	4,204.5
Gross Profit Margin	80.1%	80.7%	80.1%	79.3%	79.1%	79%	80.5%	80.4%	80.5%	80.3%	79.8%
Selling, General & Administrative Expenses	457	412.6	373.5	327.4	329.3	292.9	375.3	334.5	338	366.3	350
Advertising and Promotion
Home and Regional Office Costs
General and Administrative
Depreciation & Amortization Expenses	1,333.3	1,265.3	1,262.1	1,227.4	1,262.7	1,318	1,340.5	1,282.5	1,275.5	1,252.7	1,177.6
Depreciation and Amortization
Other Operating Expenses	136.1	149.7	187.8	152.2	140.5	137.7	104.9	94.1	131.5	124.3	109.5
Provision for Credit Losses
Impairment Charge
Transaction Expenses
Other
Operating Profit	3,120.5	3,092.8	2,807	2,583.6	2,413.2	1,971.8	2,912.8	2,926.3	2,802.3	2,720.8	2,668.9
Operating Income Before Other Items
Operating Margin	50.7%	51.9%	49.6%	48.8%	47.2%	42.8%	50.6%	51.8%	50.7%	50.1%	50.7%
Net Gains on Disposal of Properties	-81.8	-75.8	-3.1	5.6	206.9	-115	14.9	288.8	3.6	84.6	250.5
Gain on Acquisition of Controlling Interest, Sale or Disposal Of, or Recovery On, Assets and Interests in Unconsolidated Entities and Impairment, Net
Interest and Investment Income	438.1	207.3	375.7	648	782.8	219.9	444.3	475.3	400.3	353.3	284.8
Income from Unconsolidated Entities
Impairment Charge from Investments in Unconsolidated Entities
Interest Expense	-929.9	-905.8	-854.6	-761.3	-795.7	-784.4	-789.4	-815.9	-809.4	-857.6	-923.7
Interest Expense
Non-Operating Income	59.8	433.8	373.9	60	118.7	-19.6	-129.4	-15.2	-128.6	-136.8	-121
Marketable and Non-Marketable Securities Charges and Realized Gains, Net
Loss on Extinguishment of Debt
Gain on Disposal, Exchange, or Revaluation of Equity Interests, Net
Gain Due to Disposal, Exchange, or Revaluation of Equity Interests, Net
Unrealized Gains in Fair Value of Publicly Traded Equity Instruments and Derivative Instrument, Net
Impairment Charge from Investments in Unconsolidated Entities
Total Non-Operating Income	-513.8	-340.5	-108.1	-47.7	312.7	-699.1	-459.5	-67.1	-534.1	-556.4	-509.3
Income Before Provision for Income Taxes	2,606.7	2,752.3	2,698.9	2,535.9	2,725.9	1,272.7	2,453.2	2,859.2	2,268.2	2,164.4	2,159.5
Provision for Income Taxes	10.7	23.3	81.9	83.5	157.2	-4.6	30.1	36.9	23.3	29.7	20.2
Income and Other Tax Expense
Consolidated Net Income	2,596	2,729	2,617	2,452.4	2,568.7	1,277.3	2,423.2	2,822.3	2,244.9	2,134.7	2,139.4
Consolidated Net Income
Net Income Attributable to Minority Interests and Other	349.4	358.1	333.9	312.9	319.1	164.8	321.6	382.3	296.9	295.8	311.7
Net Income Attributable to Noncontrolling Interests
Net Income Attributable to Preferred Dividends	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3
Preferred Dividends
Net Income Attributable to Discontinued Operations	—	—	—	—	—	—	—	—	—	—	—
Loss on Sale of Discontinued Operations
Discontinued Operations
Loss on Sale of Discontinued Operations
Discontinued Operations Transaction Expenses
Discontinued Operations
Net Income Attributable to Common Shareholders	2,243.2	2,367.6	2,279.8	2,136.2	2,246.3	1,109.2	2,098.2	2,436.7	1,944.6	1,835.6	1,824.4
Net Income Attributable to Common Stockholders
Basic EPS	6.9	7.3	7	6.5	6.8	3.6	6.8	7.9	6.2	5.9	5.9
Diluted EPS	6.9	7.3	7	6.5	6.8	3.6	6.8	7.9	6.2	5.9	5.9
Basic Weighted Average Shares Outstanding	326.4	326.1	326.7	327.9	375.9	308.7	308.1	309.6	311.5	314.6	312.3
Total Shares Outstanding	326.5	326.3	325.9	327	328.6	328.5	306.9	309	311.2	319.8	314.8
Diluted Weighted Average Shares Outstanding	326.4	326.1	326.7	327.9	375.9	308.7	308.1	309.6	311.5	314.6	312.3
EBITDA	4,579.1	4,452.7	4,140.6	3,875.7	3,739.1	3,326.8	4,307	4,276.1	4,159.7	4,048.8	3,908.1
Effective Tax Rate	0.4%	0.8%	3%	3.3%	5.8%	-0.4%	1.2%	1.3%	1%	1.4%	0.9%