2014 Q1 Form 10-Q Financial Statement

#000104746914004661 Filed on May 07, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1 2012 Q4
Revenue $1.315B $1.215B $1.344B
YoY Change 8.22% 8.59% 14.78%
Cost Of Revenue $219.0M $199.6M $262.0M
YoY Change 9.72% -12.88% 11.54%
Gross Profit $938.0M $861.2M $1.082B
YoY Change 8.92% -3.23% 15.59%
Gross Profit Margin 71.33% 70.88% 80.51%
Selling, General & Admin $72.80M $68.50M $84.30M
YoY Change 6.28% 1.03% -2.77%
% of Gross Profit 7.76% 7.95% 7.79%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $330.6M $322.0M $361.0M
YoY Change 2.67% 7.87% 23.08%
% of Gross Profit 35.25% 37.39% 33.35%
Operating Expenses $377.1M $358.7M $466.1M
YoY Change 5.13% -3.86% 15.54%
Operating Profit $615.9M $557.7M $614.6M
YoY Change 10.43% 7.93% 14.58%
Interest Expense $268.2M $285.0M -$249.8M
YoY Change -5.92% 10.44% 16.29%
% of Operating Profit 43.54% 51.11% -40.64%
Other Income/Expense, Net -$6.900M -$13.10M -$14.10M
YoY Change -47.33% 555.0% 1466.67%
Pretax Income $359.6M $278.6M $370.5M
YoY Change 29.07% -64.36% -16.16%
Income Tax $6.938M $13.19M $0.00
% Of Pretax Income 1.93% 4.74% 0.0%
Net Earnings $401.1M $334.5M $370.5M
YoY Change 19.92% -57.22% 1.84%
Net Earnings / Revenue 30.5% 27.53% 27.56%
Basic Earnings Per Share $1.10 $0.91 $1.01
Diluted Earnings Per Share $1.10 $0.91 $1.01
COMMON SHARES
Basic Shares Outstanding 310.6M shares 310.0M shares 303.1M shares
Diluted Shares Outstanding 310.6M shares 310.0M shares 303.1M shares

Balance Sheet

Concept 2014 Q1 2013 Q1 2012 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.013B $830.0M $1.185B
YoY Change 22.05% -5.79% 48.31%
Cash & Equivalents $1.013B $830.0M $1.185B
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $530.0M $454.0M $521.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.543B $1.284B $1.706B
YoY Change 20.17% -1.08% 32.66%
LONG-TERM ASSETS
Property, Plant & Equipment $25.29B $25.09B $25.18B
YoY Change 0.79% -0.97% 18.41%
Goodwill $20.10M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $2.348B $2.002B $2.109B
YoY Change 17.29% -49.77% 53.04%
Other Assets $1.565B $1.520B $1.571B
YoY Change 2.96% -15.51% -3.86%
Total Long-Term Assets $31.21B $30.60B $30.88B
YoY Change 1.99% -1.66% 23.86%
TOTAL ASSETS
Total Short-Term Assets $1.543B $1.284B $1.706B
Total Long-Term Assets $31.21B $30.60B $30.88B
Total Assets $32.76B $31.89B $32.59B
YoY Change 2.73% -1.64% 24.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.259B $1.231B $1.374B
YoY Change 2.27% 9.13% 25.82%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.398B $2.056B $2.099B
YoY Change 16.63% 11.86% 17.39%
LONG-TERM LIABILITIES
Long-Term Debt $23.19B $22.57B $23.11B
YoY Change 2.72% -1.0% 25.3%
Other Long-Term Liabilities $199.0M $434.0M $482.0M
YoY Change -54.15% -10.52% 9.79%
Total Long-Term Liabilities $23.39B $23.01B $23.60B
YoY Change 1.65% -1.2% 24.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.398B $2.056B $2.099B
Total Long-Term Liabilities $23.39B $23.01B $23.60B
Total Liabilities $25.78B $24.88B $25.52B
YoY Change 3.65% -5.56% 25.05%
SHAREHOLDERS EQUITY
Retained Earnings -$3.273B -$3.165B -$3.083B
YoY Change 3.42% -5.18%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $117.7M $134.3M $135.8M
YoY Change -12.38% -10.99%
Treasury Stock Shares 3.649M shares 3.753M shares 3.763M shares
Shareholders Equity $5.874B $5.846B $5.911B
YoY Change
Total Liabilities & Shareholders Equity $32.76B $31.89B $32.59B
YoY Change 2.73% -1.64% 24.3%

Cashflow Statement

Concept 2014 Q1 2013 Q1 2012 Q4
OPERATING ACTIVITIES
Net Income $401.1M $334.5M $370.5M
YoY Change 19.92% -57.22% 1.84%
Depreciation, Depletion And Amortization $330.6M $322.0M $361.0M
YoY Change 2.67% 7.87% 23.08%
Cash From Operating Activities $661.5M $550.5M $686.0M
YoY Change 20.15% -3.92% 35.36%
INVESTING ACTIVITIES
Capital Expenditures -$207.7M -$199.9M -$212.7M
YoY Change 3.9% 60.95% 45.59%
Acquisitions
YoY Change
Other Investing Activities -$19.80M $187.7M $376.2M
YoY Change -110.55% -106.15% 36.95%
Cash From Investing Activities -$227.5M -$12.23M $163.3M
YoY Change 1760.43% -99.61% 27.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$1.137B -$892.8M -117.4M
YoY Change 27.4% -133.26% -71.53%
NET CHANGE
Cash From Operating Activities $661.5M $550.5M 686.0M
Cash From Investing Activities -$227.5M -$12.23M 163.3M
Cash From Financing Activities -$1.137B -$892.8M -117.4M
Net Change In Cash -$703.5M -$354.6M 731.9M
YoY Change 98.42% -532.91% 228.35%
FREE CASH FLOW
Cash From Operating Activities $661.5M $550.5M $686.0M
Capital Expenditures -$207.7M -$199.9M -$212.7M
Free Cash Flow $869.2M $750.4M $898.7M
YoY Change 15.82% 7.64% 37.65%

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OperatingLeasesIncomeStatementMinimumLeaseRevenue
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Revenues
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109910000 USD
CY2013Q1 us-gaap Depreciation And Amortization
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109705000 USD
CY2013Q1 us-gaap Cost Of Property Repairs And Maintenance
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29725000 USD
CY2013Q1 us-gaap Marketing And Advertising Expense
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CostsAndExpenses
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18000000 USD
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OperatingIncomeLoss
557689000 USD
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CY2013Q1 us-gaap Dividends Preferred Stock
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CY2013Q1 us-gaap Profit Loss
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7070000 USD
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CY2014Q1 us-gaap Operating Leases Income Statement Minimum Lease Revenue
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CY2014Q1 us-gaap Operating Leases Income Statement Contingent Revenue
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Revenues
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CY2014Q1 us-gaap Cost Of Property Repairs And Maintenance
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36916000 USD
CY2014Q1 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
24571000 USD
CY2014Q1 us-gaap Provision For Loan Lease And Other Losses
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OperatingIncomeLoss
615872000 USD
CY2014Q1 us-gaap Interest Expense
InterestExpense
268151000 USD
CY2014Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6938000 USD
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IncomeLossFromEquityMethodInvestments
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CY2014Q1 spg Acquisition Of Controlling Interest Sale Or Disposal Of Assets And Interests In Unconsolidated Entities Gain Or Loss
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2897000 USD
CY2014Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
58621000 USD
CY2014Q1 us-gaap Dividends Preferred Stock
DividendsPreferredStock
834000 USD
CY2014Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
341648000 USD
CY2014Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.10
CY2014Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.10
CY2014Q1 us-gaap Profit Loss
ProfitLoss
401103000 USD
CY2014Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-7533000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-2697000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
13733000 USD
CY2014Q1 spg Changes In Available For Sale Securities And Other
ChangesInAvailableForSaleSecuritiesAndOther
479000 USD
CY2014Q1 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
410479000 USD
CY2014Q1 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
59782000 USD
CY2014Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
350697000 USD
CY2014Q1 dei Entity Registrant Name
EntityRegistrantName
SIMON PROPERTY GROUP INC /DE/
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001063761
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
CY2014Q1 dei Amendment Flag
AmendmentFlag
false
CY2014Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2013Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
829966000 USD
CY2012Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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1184518000 USD
CY2014Q1 spg Partners Capital Account Acquisitions Exchanges And Conversions
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84910000 USD
CY2014Q1 spg Equity Impact Of Contributions From Noncontrolling Interest Partners And Other
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7634000 USD
CY2014Q1 spg Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest Excluding Preferred Distributions
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterestExcludingPreferredDistributions
-409508000 USD
CY2014Q1 us-gaap Distribution Made To Limited Partner Cash Distributions Declared
DistributionMadeToLimitedPartnerCashDistributionsDeclared
454802000 USD
CY2014Q1 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
11731000 USD
CY2014Q1 us-gaap Nature Of Operations
NatureOfOperations
<div style="font-size:10.0pt;font-family:Times New Roman;FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;"> <p style="TEXT-ALIGN: justify; FONT-FAMILY: times;"><font size="2"><b>1. Organization</b></font></p> <p style="TEXT-ALIGN: justify; FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Simon Property Group,&#160;Inc., or Simon Property, is a Delaware corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended. REITs will generally not be liable for federal corporate income taxes as long as they continue to distribute not less than 100% of their taxable income. Simon Property Group,&#160;L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In these condensed notes to the unaudited consolidated financial statements, the terms "we", "us" and "our" refer to Simon Property, the Operating Partnership, and its subsidiaries.</font></p> <p style="TEXT-ALIGN: justify; FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;We own, develop and manage retail real estate properties, which consist primarily of malls, Premium Outlets&#174;, The Mills&#174;, and community/lifestyle centers. As of March&#160;31, 2014, we owned or held an interest in 307 income-producing properties in the United States, which consisted of 156 malls, 66 Premium Outlets, 61 community/lifestyle centers, 13 Mills, and 11 other shopping centers or outlet centers in 38 states and Puerto Rico. Internationally, as of March&#160;31, 2014, we had ownership interests in nine Premium Outlets in Japan, three Premium Outlets in South Korea, one Premium Outlet in Canada, one Premium Outlet in Mexico, and one Premium Outlet in Malaysia. In 2013, as further discussed in Note&#160;5, we acquired noncontrolling interests in five operating properties in Europe through our joint venture with McArthurGlen. Of the five properties, two are located in Italy and one each is located in Austria, the Netherlands, and the United Kingdom. Additionally, as of March&#160;31, 2014, we owned a 28.9% equity stake in Kl&#233;pierre&#160;SA, or Kl&#233;pierre, a publicly traded, Paris-based real estate company, which owns, or has an interest in, shopping centers located in 13 countries in Europe.</font></p> <p style="TEXT-ALIGN: justify; FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;On December&#160;13, 2013, we announced a plan to spin off our interests in 98 properties comprised of substantially all of our strip center business and our smaller enclosed malls into an independent, publicly traded REIT (Washington Prime Group&#160;Inc., or Washington Prime). The spin-off is expected to be effectuated through a pro rata special distribution of all of the outstanding common shares of Washington Prime to holders of Simon Property common stock as of the distribution record date, and is intended to qualify as a tax-free distribution for U.S. federal income tax purposes. At the time of the separation and distribution, Washington Prime will own a percentage of the outstanding units of partnership interest of Washington Prime Group,&#160;L.P. that is approximately equal to the percentage of outstanding units of partnership interest of the Operating Partnership, or units, owned by Simon Property. The remaining units of Washington Prime Group.&#160;L.P. will be owned by limited partners of the Operating Partnership. We expect the transaction will become effective by the end of May 2014. The transaction is subject to certain conditions, including declaration by the U.S. Securities and Exchange Commission that Washington Prime's registration statement on Form&#160;10 is effective, filing and approval of Washington Prime's listing application on the New York Stock Exchange, customary third party consents, and formal approval and declaration of the distribution by our Board of Directors, not all of which have occurred prior to the date of this filing. We may, at any time and for any reason until the proposed transaction is complete, abandon the spin-off or modify or change its terms.</font></p></div>
CY2014Q1 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
51636000 USD
CY2013Q1 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
43247000 USD
CY2013 us-gaap Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
0.08375 pure
CY2014Q1 spg Payments For Purchase Of Noncontrolling Interest In Consolidated Properties
PaymentsForPurchaseOfNoncontrollingInterestInConsolidatedProperties
89818000 USD

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