2021 Q4 Form 10-K Financial Statement

#000155837022001845 Filed on February 24, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2021
Revenue $1.326B $1.297B $5.117B
YoY Change 17.21% 22.24% 11.05%
Cost Of Revenue $269.9M $247.4M $971.1M
YoY Change 25.47% 11.18% 9.45%
Gross Profit $1.056B $1.049B $4.146B
YoY Change 15.27% 25.17% 11.44%
Gross Profit Margin 79.65% 80.92% 81.02%
Selling, General & Admin $88.51M $94.21M $329.3M
YoY Change 5.0% 63.28% 12.43%
% of Gross Profit 8.38% 8.98% 7.94%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $340.8M $320.3M $1.326B
YoY Change 0.97% -5.73% -2.15%
% of Gross Profit 32.26% 30.53% 31.98%
Operating Expenses $464.7M $436.8M $1.733B
YoY Change 2.29% 0.61% -0.91%
Operating Profit $591.5M $612.3M $2.413B
YoY Change 28.02% 51.56% 22.38%
Interest Expense $46.06M $199.8M $795.7M
YoY Change -134.35% -1.03% 1.44%
% of Operating Profit 7.79% 32.63% 32.97%
Other Income/Expense, Net -$48.83M -$67.26M -$157.2M
YoY Change -3152.0% 2302.21% -3517.37%
Pretax Income $573.7M $778.6M $2.569B
YoY Change 83.48% 361.83% 101.1%
Income Tax
% Of Pretax Income
Net Earnings $573.7M $778.6M $2.569B
YoY Change 83.46% 361.71% 101.1%
Net Earnings / Revenue 43.26% 60.06% 50.2%
Basic Earnings Per Share $1.53 $2.07 $6.84
Diluted Earnings Per Share $1.53 $2.07 $6.846M
COMMON SHARES
Basic Shares Outstanding 328.6M 328.6M 328.6M
Diluted Shares Outstanding 328.6M 328.6M 328.6M

Balance Sheet

Concept 2021 Q4 2021 Q3 2021
SHORT-TERM ASSETS
Cash & Short-Term Investments $533.9M $438.4M $533.9M
YoY Change -47.24% -59.48% -47.24%
Cash & Equivalents $533.9M $438.4M $533.9M
Short-Term Investments
Other Short-Term Assets $538.2M
YoY Change 15.49%
Inventory
Prepaid Expenses
Receivables $919.7M $935.1M $919.7M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.454B $1.373B $1.992B
YoY Change -35.37% -45.8% -26.64%
LONG-TERM ASSETS
Property, Plant & Equipment $22.82B $23.08B $22.82B
YoY Change -3.61% -3.42% -3.61%
Goodwill $20.10M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $8.387B $8.386B $8.808B
YoY Change 7.74% 410.82% 7.71%
Other Assets $1.121B $1.106B $109.2M
YoY Change 3.61% -2.92% -35.79%
Total Long-Term Assets $32.32B $32.57B $31.79B
YoY Change -0.66% 11.83% -0.89%
TOTAL ASSETS
Total Short-Term Assets $1.454B $1.373B $1.992B
Total Long-Term Assets $32.32B $32.57B $31.79B
Total Assets $33.78B $33.95B $33.78B
YoY Change -2.9% 7.22% -2.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.433B $1.325B $1.433B
YoY Change 9.24% 1.97% 9.24%
Accrued Expenses $547.7M $509.1M $547.7M
YoY Change 6.36% -1.53% 6.36%
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 $3.515B $3.409B $3.515B
YoY Change -9.67% -11.23% -9.67%
LONG-TERM LIABILITIES
Long-Term Debt $25.32B $25.58B $25.32B
YoY Change -5.25% 1.77% -5.25%
Other Long-Term Liabilities $506.9M $525.4M $506.9M
YoY Change -1.38% 9.91% -1.38%
Total Long-Term Liabilities $25.83B $26.11B $25.83B
YoY Change -5.17% 1.92% -5.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.515B $3.409B $3.515B
Total Long-Term Liabilities $25.83B $26.11B $25.83B
Total Liabilities $29.38B $29.52B $30.42B
YoY Change -5.63% 0.2% -4.19%
SHAREHOLDERS EQUITY
Retained Earnings -$5.824B -$5.789B
YoY Change -4.57% -2.75%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.361B $3.378B $3.361B
YoY Change
Total Liabilities & Shareholders Equity $33.78B $33.95B $33.78B
YoY Change -2.9% 7.22% -2.9%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2021
OPERATING ACTIVITIES
Net Income $573.7M $778.6M $2.569B
YoY Change 83.46% 361.71% 101.1%
Depreciation, Depletion And Amortization $340.8M $320.3M $1.326B
YoY Change 0.97% -5.73% -2.15%
Cash From Operating Activities $884.9M $874.7M $3.637B
YoY Change -1.14% 41.7% 56.33%
INVESTING ACTIVITIES
Capital Expenditures -$108.5M -$190.8M -$527.9M
YoY Change 23.11% 226.17% 9.05%
Acquisitions
YoY Change
Other Investing Activities $54.56M $24.51M -$24.83M
YoY Change -101.59% -146.25% -99.29%
Cash From Investing Activities -$53.90M -$166.3M -$552.8M
YoY Change -98.47% 49.14% -86.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $10.08B
YoY Change -22.22%
Cash From Financing Activities -735.5M -1.561B -3.562B
YoY Change -128.82% -42.82% -278.66%
NET CHANGE
Cash From Operating Activities 884.9M 874.7M 3.637B
Cash From Investing Activities -53.90M -166.3M -552.8M
Cash From Financing Activities -735.5M -1.561B -3.562B
Net Change In Cash 95.51M -852.4M -477.7M
YoY Change -235.1% -61.67% -239.57%
FREE CASH FLOW
Cash From Operating Activities $884.9M $874.7M $3.637B
Capital Expenditures -$108.5M -$190.8M -$527.9M
Free Cash Flow $993.4M $1.066B $4.165B
YoY Change 1.04% 57.67% 48.19%

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OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
51114000
CY2021 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-38772000
CY2021 spg Changes In Available For Sale Securities And Other
ChangesInAvailableForSaleSecuritiesAndOther
-1014000
CY2021 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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7285000
CY2021 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
4043000
CY2021 spg Distributions Made To Common Stockholders And Limited Partners
DistributionsMadeToCommonStockholdersAndLimitedPartners
2203404000
CY2021 spg Distributions To Other Noncontrolling Interest Holders
DistributionsToOtherNoncontrollingInterestHolders
2708000
CY2021 spg Net Income Loss Attributable To Preferred Interest In Operating Partnership
NetIncomeLossAttributableToPreferredInterestInOperatingPartnership
1915000
CY2021 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
-3419000
CY2021 spg Net Income Loss Excluding Amount Attributable To Preferred Interests In Operating Partnership
NetIncomeLossExcludingAmountAttributableToPreferredInterestsInOperatingPartnership
2570211000
CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3852985000
CY2021 us-gaap Nature Of Operations
NatureOfOperations
<p style="font-family:'Arial','Helvetica','sans-serif';font-size:8.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 6pt 0pt;"><b style="font-weight:bold;">1. Organization</b></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:8.5pt;line-height:1.31;text-align:justify;text-indent:26.65pt;margin:0pt 0pt 6pt 0pt;">Simon Property Group, Inc. 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, or the Internal Revenue Code. REITs will generally not be liable for U.S. federal corporate income taxes as long as they distribute not less than 100% of their REIT taxable income. Simon Property Group, L.P. is our majority-owned Delaware partnership subsidiary that owns all of our real estate properties and other assets. Unless stated otherwise or the context otherwise requires, references to "Simon" mean Simon Property Group, Inc. and references to the "Operating Partnership" mean Simon Property Group, L.P.  References to "we," "us" and "our" mean collectively Simon, the Operating Partnership and those entities/subsidiaries owned or controlled by Simon and/or the Operating Partnership. Unless otherwise indicated, these notes to consolidated financial statements apply to both Simon and the Operating Partnership. According to the Operating Partnership's partnership agreement, the Operating Partnership is required to pay all expenses of Simon.</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:8.5pt;line-height:1.31;text-align:justify;text-indent:26.65pt;margin:0pt 0pt 6pt 0pt;">We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets®, and The Mills®.  As of December 31, 2021, we owned or held an interest in 199 income-producing properties in the United States, which consisted of 95 malls, 69 Premium Outlets, 14 Mills, six lifestyle centers, and 15 other retail properties in 37 states and Puerto Rico. We also own an 80% noncontrolling interest in the Taubman Realty Group, LLC, or TRG, which has an interest in 24 regional, super-regional, and outlet malls in the U.S. and Asia. Internationally, as of December 31, 2021, we had ownership interests in 33 Premium Outlets and Designer Outlet properties primarily located in Asia, Europe, and Canada. As of December 31, 2021, we also owned a 22.4% equity stake in Klépierre SA, or Klépierre, a publicly traded, Paris-based real estate company which owns, or has an interest in, shopping centers located in 14 countries in Europe.</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:8.5pt;line-height:1.31;text-align:justify;text-indent:26.65pt;margin:0pt 0pt 6pt 0pt;">We generate the majority of our lease income from retail, dining, entertainment and other tenants including consideration received from:</p><table style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:8.5pt;line-height:1.31;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:26.65pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:8.5pt;vertical-align:text-top;white-space:nowrap;width:9.35pt;padding:0pt;">●</td><td style="padding:0pt;"><span style="font-family:'Arial','Helvetica','sans-serif';font-size:8.5pt;font-style:normal;font-weight:normal;">Fixed minimum lease consideration and fixed common area maintenance (CAM) reimbursements and,</span></td></tr></table><table style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:8.5pt;line-height:1.31;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:26.65pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:8.5pt;vertical-align:text-top;white-space:nowrap;width:9.35pt;padding:0pt;">●</td><td style="padding:0pt;"><span style="font-family:'Arial','Helvetica','sans-serif';font-size:8.5pt;font-style:normal;font-weight:normal;">Variable lease consideration primarily based on tenants’ sales, as well as reimbursements for real estate taxes, utilities, marketing, and certain other items.</span></td></tr></table><div style="margin-top:6pt;"/><p style="font-family:'Arial','Helvetica','sans-serif';font-size:8.5pt;line-height:1.31;text-align:justify;text-indent:26.65pt;margin:0pt 0pt 6pt 0pt;">Revenues of our management company, after intercompany eliminations, consist primarily of management fees that are typically based upon the revenues of the property being managed.</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:8.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 6pt 26.65pt;">We also grow by generating supplemental revenues from the following activities:</p><table style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:8.5pt;line-height:1.31;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:26.65pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:8.5pt;vertical-align:text-top;white-space:nowrap;width:9.35pt;padding:0pt;">●</td><td style="padding:0pt;"><span style="font-family:'Arial','Helvetica','sans-serif';font-size:8.5pt;font-style:normal;font-weight:normal;">establishing our properties as leading market resource providers for retailers and other businesses and consumer-focused corporate alliances, including payment systems (such as handling fees relating to the sales of bank-issued prepaid cards), national marketing alliances, static and digital media initiatives, business development, sponsorship, and events,</span></td></tr></table><table style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:8.5pt;line-height:1.31;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:26.65pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:8.5pt;vertical-align:text-top;white-space:nowrap;width:9.35pt;padding:0pt;">●</td><td style="padding:0pt;"><span style="font-family:'Arial','Helvetica','sans-serif';font-size:8.5pt;font-style:normal;font-weight:normal;">offering property operating services to our tenants and others, including waste handling and facility services, and the provision of energy services,</span></td></tr></table><table style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:8.5pt;line-height:1.31;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:26.65pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:8.5pt;vertical-align:text-top;white-space:nowrap;width:9.35pt;padding:0pt;">●</td><td style="padding:0pt;"><span style="font-family:'Arial','Helvetica','sans-serif';font-size:8.5pt;font-style:normal;font-weight:normal;">selling or leasing land adjacent to our properties, commonly referred to as “outlots” or “outparcels,” and</span></td></tr></table><table style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:8.5pt;line-height:1.31;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:26.65pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:8.5pt;vertical-align:text-top;white-space:nowrap;width:9.35pt;padding:0pt;">●</td><td style="padding:0pt;"><span style="font-family:'Arial','Helvetica','sans-serif';font-size:8.5pt;font-style:normal;font-weight:normal;">generating interest income on cash deposits and investments in loans, including those made to related entities.</span></td></tr></table><div style="margin-top:6pt;"/><p style="font-family:'Arial','Helvetica','sans-serif';font-size:8.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 6pt 270pt;"><span style="margin-left:0pt;visibility:hidden;">​</span></p>
CY2021Q4 spg Joint Venture Properties Number
JointVenturePropertiesNumber
84
CY2021Q4 spg Joint Venture Properties Managed Number
JointVenturePropertiesManagedNumber
53
CY2021Q4 spg Joint Venture Properties Number
JointVenturePropertiesNumber
84
CY2021Q4 spg International Joint Venture Properties
InternationalJointVentureProperties
23
CY2021Q4 spg Joint Venture Properties Managed By Others
JointVenturePropertiesManagedByOthers
31
CY2021Q4 us-gaap Land
Land
3639353000
CY2020Q4 us-gaap Land
Land
3700023000
CY2021Q4 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
33857863000
CY2020Q4 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
33908615000
CY2021Q4 spg Investment Land Building And Building Improvements
InvestmentLandBuildingAndBuildingImprovements
37497216000
CY2020Q4 spg Investment Land Building And Building Improvements
InvestmentLandBuildingAndBuildingImprovements
37608638000
CY2021Q4 us-gaap Fixtures And Equipment Gross
FixturesAndEquipmentGross
435150000
CY2020Q4 us-gaap Fixtures And Equipment Gross
FixturesAndEquipmentGross
441558000
CY2021Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
37932366000
CY2020Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
38050196000
CY2021Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
15621127000
CY2020Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
14891937000
CY2021Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
22311239000
CY2020Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
23158259000
CY2021Q4 us-gaap Development In Process
DevelopmentInProcess
797519000
CY2020Q4 us-gaap Development In Process
DevelopmentInProcess
773061000
CY2021 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
31204000
CY2020 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
22917000
CY2019 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
33342000
CY2021Q4 us-gaap Equity Securities Fv Ni
EquitySecuritiesFvNi
142200000
CY2020Q4 us-gaap Equity Securities Fv Ni
EquitySecuritiesFvNi
41900000
CY2021Q4 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueAmount
217200000
CY2020Q4 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueAmount
309300000
CY2021Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
60900000
CY2020Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
40500000
CY2021Q4 spg Number Of Instruments Categorized As Level Three
NumberOfInstrumentsCategorizedAsLevelThree
0
CY2021 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Arial','Helvetica','sans-serif';font-size:8.5pt;line-height:1.31;text-align:justify;margin:12pt 0pt 6pt 26.65pt;"><span style="font-style:italic;font-weight:bold;">Use of Estimates</span></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:8.5pt;line-height:1.31;text-align:justify;text-indent:26.65pt;margin:0pt 0pt 6pt 0pt;">We prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States, or GAAP. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reported period. Our actual results could differ from these estimates.</p>
CY2021 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2021Q4 us-gaap Deferred Costs Leasing Net
DeferredCostsLeasingNet
109155000
CY2020Q4 us-gaap Deferred Costs Leasing Net
DeferredCostsLeasingNet
169651000
CY2021Q4 spg Finite Lived Intangible Asset Acquired In Place Leases Net
FiniteLivedIntangibleAssetAcquiredInPlaceLeasesNet
14107000
CY2020Q4 spg Finite Lived Intangible Asset Acquired In Place Leases Net
FiniteLivedIntangibleAssetAcquiredInPlaceLeasesNet
3905000
CY2021Q4 spg Finite Lived Intangible Asset Off Market Lease Favorable Net
FiniteLivedIntangibleAssetOffMarketLeaseFavorableNet
19171000
CY2020Q4 spg Finite Lived Intangible Asset Off Market Lease Favorable Net
FiniteLivedIntangibleAssetOffMarketLeaseFavorableNet
31053000
CY2021Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
60855000
CY2020Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
40496000
CY2021Q4 us-gaap Goodwill
Goodwill
20098000
CY2020Q4 us-gaap Goodwill
Goodwill
20098000
CY2021Q4 spg Other Marketable Securities And Cost Method Investments
OtherMarketableSecuritiesAndCostMethodInvestments
359459000
CY2020Q4 spg Other Marketable Securities And Cost Method Investments
OtherMarketableSecuritiesAndCostMethodInvestments
351176000
CY2021Q4 spg Prepaid Expense Notes Receivable And Other Assets
PrepaidExpenseNotesReceivableAndOtherAssets
538166000
CY2020Q4 spg Prepaid Expense Notes Receivable And Other Assets
PrepaidExpenseNotesReceivableAndOtherAssets
465789000
CY2021Q4 us-gaap Deferred Costs And Other Assets
DeferredCostsAndOtherAssets
1121011000
CY2020Q4 us-gaap Deferred Costs And Other Assets
DeferredCostsAndOtherAssets
1082168000
CY2021Q4 us-gaap Deferred Costs Leasing Gross
DeferredCostsLeasingGross
358287000
CY2020Q4 us-gaap Deferred Costs Leasing Gross
DeferredCostsLeasingGross
407288000
CY2021Q4 us-gaap Deferred Costs Leasing Accumulated Amortization
DeferredCostsLeasingAccumulatedAmortization
249132000
CY2020Q4 us-gaap Deferred Costs Leasing Accumulated Amortization
DeferredCostsLeasingAccumulatedAmortization
237637000
CY2021Q4 us-gaap Deferred Costs Leasing Net
DeferredCostsLeasingNet
109155000
CY2020Q4 us-gaap Deferred Costs Leasing Net
DeferredCostsLeasingNet
169651000
CY2021 spg Amortization Of Finance Lease Cost
AmortizationOfFinanceLeaseCost
43028000
CY2020 spg Amortization Of Finance Lease Cost
AmortizationOfFinanceLeaseCost
51349000
CY2019 spg Amortization Of Finance Lease Cost
AmortizationOfFinanceLeaseCost
57201000
CY2021Q4 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
21600000
CY2020Q4 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
28700000
CY2021Q4 us-gaap Below Market Lease Amortization Income Next Twelve Months
BelowMarketLeaseAmortizationIncomeNextTwelveMonths
5957000
CY2021Q4 spg Increase Decrease Amortization To Rental Income Next Twelve Months
IncreaseDecreaseAmortizationToRentalIncomeNextTwelveMonths
-1920000
CY2021Q4 us-gaap Below Market Lease Amortization Income Year Two
BelowMarketLeaseAmortizationIncomeYearTwo
4470000
CY2021Q4 spg Increase Decrease Amortization To Rental Income Year Two
IncreaseDecreaseAmortizationToRentalIncomeYearTwo
-1041000
CY2021Q4 us-gaap Below Market Lease Amortization Income Year Three
BelowMarketLeaseAmortizationIncomeYearThree
3510000
CY2021Q4 spg Increase Decrease Amortization To Rental Income Year Three
IncreaseDecreaseAmortizationToRentalIncomeYearThree
-223000
CY2021Q4 us-gaap Below Market Lease Amortization Income Year Four
BelowMarketLeaseAmortizationIncomeYearFour
2374000
CY2021Q4 spg Increase Decrease Amortization To Rental Income Year Four
IncreaseDecreaseAmortizationToRentalIncomeYearFour
810000
CY2021Q4 us-gaap Below Market Lease Amortization Income Year Five
BelowMarketLeaseAmortizationIncomeYearFive
1581000
CY2021Q4 spg Increase Decrease Amortization To Rental Income Year Five
IncreaseDecreaseAmortizationToRentalIncomeYearFive
1122000
CY2021Q4 us-gaap Below Market Lease Amortization Income After Year Five
BelowMarketLeaseAmortizationIncomeAfterYearFive
3721000
CY2021Q4 spg Increase Decrease Amortization To Rental Income Year After Year Five
IncreaseDecreaseAmortizationToRentalIncomeYearAfterYearFive
3694000
CY2021Q4 us-gaap Below Market Lease Net
BelowMarketLeaseNet
21613000
CY2021Q4 spg Amortization Lease Income Expense
AmortizationLeaseIncomeExpense
2442000
CY2021Q4 us-gaap Number Of Credit Risk Derivatives Held
NumberOfCreditRiskDerivativesHeld
0
CY2021Q4 spg Unamortized Loss On Treasury Locks And Terminated Hedges Accumulated Other Comprehensive Income Loss
UnamortizedLossOnTreasuryLocksAndTerminatedHedgesAccumulatedOtherComprehensiveIncomeLoss
6900000
CY2020Q4 spg Unamortized Loss On Treasury Locks And Terminated Hedges Accumulated Other Comprehensive Income Loss
UnamortizedLossOnTreasuryLocksAndTerminatedHedgesAccumulatedOtherComprehensiveIncomeLoss
8700000
CY2021Q4 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
InterestRateCashFlowHedgeGainLossToBeReclassifiedDuringNext12MonthsNet
1000000.0
CY2021Q4 us-gaap Aoci Loss Cash Flow Hedge Cumulative Gain Loss After Tax
AociLossCashFlowHedgeCumulativeGainLossAfterTax
-10000000.0
CY2020Q4 us-gaap Aoci Loss Cash Flow Hedge Cumulative Gain Loss After Tax
AociLossCashFlowHedgeCumulativeGainLossAfterTax
-53200000
CY2021Q4 us-gaap Minority Interest In Operating Partnerships
MinorityInterestInOperatingPartnerships
477292000
CY2020Q4 us-gaap Minority Interest In Operating Partnerships
MinorityInterestInOperatingPartnerships
431784000
CY2021Q4 us-gaap Other Minority Interests
OtherMinorityInterests
14241000
CY2020Q4 us-gaap Other Minority Interests
OtherMinorityInterests
1090000
CY2021Q4 us-gaap Minority Interest
MinorityInterest
491533000
CY2020Q4 us-gaap Minority Interest
MinorityInterest
432874000
CY2021Q4 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
-175100000
CY2020Q4 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
-136200000
CY2019Q4 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
-160400000
CY2021 us-gaap Revenue Recognition Leases
RevenueRecognitionLeases
<p style="font-family:'Arial','Helvetica','sans-serif';font-size:8.5pt;line-height:1.31;text-align:justify;margin:0pt 0pt 6pt 26.65pt;"><span style="font-style:italic;font-weight:bold;">Revenue Recognition</span></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:8.5pt;line-height:1.31;text-align:justify;text-indent:26.65pt;margin:0pt 0pt 6pt 0pt;">We, as a lessor, retain substantially all of the risks and benefits of ownership of the investment properties and account for our leases as operating leases. We accrue fixed lease income on a straight-line basis over the terms of the leases when we believe substantially all lease income, including the related straight-line rent receivable, is probable of collection. Substantially all of our retail tenants are also required to pay overage rents based on sales over a stated base amount during the lease year. We recognize this variable lease consideration only when each tenant’s sales exceed the applicable sales threshold. We amortize any tenant inducements as a reduction of lease income utilizing the straight-line method over the term of the related lease or occupancy term of the tenant, if shorter. </p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:8.5pt;line-height:1.31;text-align:justify;text-indent:26.65pt;margin:0pt 0pt 6pt 0pt;">We structure our leases to allow us to recover a significant portion of our property operating, real estate taxes, repairs and maintenance, and advertising and promotion expenses from our tenants. A substantial portion of our leases, other than those for anchor stores, require the tenant to reimburse us for a substantial portion of our operating expenses, including common area maintenance, or CAM, real estate taxes and insurance.  Such property operating expenses typically include utility, insurance, security, janitorial, landscaping, food court and other administrative expenses. This significantly reduces our exposure to increases in costs and operating expenses resulting from inflation or otherwise. For substantially all of our leases in the U.S. mall portfolio, we receive a fixed payment from the tenant for the CAM component which is recognized as lease income on a straight-line basis over the term of the lease beginning with the adoption of ASC 842. When not reimbursed by the fixed CAM component, CAM expense reimbursements are based on the tenant’s proportionate share of the allocable operating expenses and CAM capital expenditures for the property. We accrue all variable reimbursements from tenants for recoverable portions of all of these expenses as variable lease consideration in the period the applicable expenditures are incurred. We recognize differences between estimated recoveries and the final billed amounts in the subsequent year. These differences were not material in any period presented. Our advertising and promotional costs are expensed as incurred.  Provisions for credit losses that are not probable of collection are recognized as a reduction of lease income.  </p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:8.5pt;line-height:1.31;text-align:justify;text-indent:26.65pt;margin:0pt 0pt 6pt 0pt;">In April 2020, the FASB staff released guidance focused on treatment of concessions related to the effects of COVID-19 on the application of lease modification guidance in Accounting Standards Codification (ASC) 842, “Leases.” The guidance provides a practical expedient to forgo the associated reassessments required by ASC 842 when changes to a lease result in similar or lower future consideration.  We have elected to generally account for rent abatements as negative variable lease consideration in the period granted, or in the period we determine we expect to grant an abatement. Further abatements granted in the future will reduce lease income in the period we grant, or determine we expect to grant, an abatement.</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:8.5pt;line-height:1.31;text-align:justify;text-indent:26.65pt;margin:0pt 0pt 6pt 0pt;">We have agreed to deferral or abatement arrangements with a number of our tenants as a result of the COVID-19 pandemic. Discussions with our tenants are ongoing and may result in further rent deferrals, lease amendments, abatements and/or lease terminations, as we deem appropriate on a case-by-case basis based on each tenant's unique financial and operating situation. In addition, uncollected rent due from certain of our tenants is subject to ongoing litigation, the outcome of which may affect our ability to collect in full the associated outstanding receivable balances. </p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:8.5pt;line-height:1.31;text-align:justify;text-indent:26.65pt;margin:0pt 0pt 6pt 0pt;">In connection with rent deferrals or other accruals of unpaid rent payments, if we determine that rent payments are probable of collection, we will continue to recognize lease income on a straight-line basis over the lease term along with associated tenant receivables. However, if we determine that such deferred rent payments or other accrued but unpaid rent payments are not probable of collection, lease income will be recorded on the cash basis, with the corresponding tenant receivable and deferred rent receivable balances charged as a direct write-off against lease income in the period of the change in our collectability determination.  Additionally, our assessment of collectability incorporates information regarding a tenant’s financial condition that is obtained from available financial data, the expected outcome of contractual disputes and other matters, and our communications and negotiations with the tenant.</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:8.5pt;line-height:1.31;text-align:justify;text-indent:26.65pt;margin:0pt 0pt 6pt 0pt;">When a tenant seeks to reorganize its operations through bankruptcy proceedings, we assess the collectability of receivable balances. Our ongoing assessment incorporates, among other things, the timing of a tenant’s bankruptcy filing and our expectations of the assumptions by the tenant in bankruptcy proceedings of leases at the Company’s properties on substantially similar terms.  Refer to note 9 for further disclosure of lease income.  </p>
CY2021Q4 us-gaap Self Insurance Reserve
SelfInsuranceReserve
77200000
CY2020Q4 us-gaap Self Insurance Reserve
SelfInsuranceReserve
71600000
CY2021 spg Income Tax Expense Benefit For Real Estate Investment Trust
IncomeTaxExpenseBenefitForRealEstateInvestmentTrust
0
CY2021Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
259300000
CY2020Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
251100000
CY2021 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
102454000
CY2020 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
20046000
CY2019 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
21626000
CY2021 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
2246294000
CY2020 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
1109227000
CY2019 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
2098247000
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
328587137
CY2020 us-gaap Weighted Average Number Of Shares Outstanding Basic
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spg-20211231ex3212774dc.htm Edgar Link pending
spg-20211231ex3215ddd32.pdf Edgar Link pending
spg-20211231ex3221d2bfc.htm Edgar Link pending
spg-20211231ex322d632e6.pdf Edgar Link pending
spg-20211231ex42a3a0185.htm Edgar Link pending
spg-20211231ex42ea64724.pdf Edgar Link pending
spg-20211231x10k.htm Edgar Link pending
spg-20211231x10k.pdf Edgar Link pending
spg-20211231x10k_htm.xml Edgar Link completed
spg-20211231_cal.xml Edgar Link unprocessable
spg-20211231_def.xml Edgar Link unprocessable
spg-20211231_lab.xml Edgar Link unprocessable
spg-20211231_pre.xml Edgar Link unprocessable