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Simon Property Group Reports Fourth Quarter Results And Raises Quarterly Dividend

INDIANAPOLIS, Jan. 31, 2014 /PRNewswire/ -- Simon Property Group, Inc. (NYSE: SPG) today reported results for the quarter and twelve months ended December 31, 2013.

Results for the Quarter

  • Funds from Operations ("FFO") was $894.8 million, or $2.47 per diluted share, as compared to $827.4 million, or $2.29 per diluted share, in the prior year period. The FFO increase on a per diluted share basis was 7.9%.
  • Net income attributable to common stockholders was $381.6 million, or $1.23 per diluted share, as compared to $315.4 million, or $1.01 per diluted share, in the prior year period.

Results for the Year

  • Funds from Operations ("FFO") was $3.206 billion, or $8.85 per diluted share, as compared to $2.885 billion, or $7.98 per diluted share, in the prior year period. The FFO increase on a per diluted share basis was 10.9%.
  • Net income attributable to common stockholders was $1.316 billion, or $4.24 per diluted share, as compared to $1.431 billion, or $4.72 per diluted share, in the prior year period. Results for 2012 include primarily non-cash net gains from acquisitions and dispositions of $1.41 per diluted share.

"This was an excellent quarter and year for Simon Property Group, capped off by our twentieth anniversary as a public company in December.  Over that 20-year period, we delivered a total return to shareholders of 1,915%," said David Simon, Chairman and CEO. "We produced strong financial and operating results in the fourth quarter, led by 5.5% growth in comparable property net operating income for our U.S. Malls and Premium Outlets. We also completed our acquisition of ownership interests in the European designer outlet business of McArthurGlen and opened significant redevelopments and expansions at several of our properties."

U.S. Malls and Premium Outlets Operating Statistics


As of



December 31,

%


2013

2012

Increase

Occupancy(1)

96.1%

95.3%

+ 80 basis points

Total Sales per sq. ft. (2)

$582

$568

2.5%

Base Minimum Rent per sq. ft. (1)

$42.34

$40.73

4.0%

Releasing Spread per sq. ft. (1)(3)

$8.94

$5.21

+ $3.73

Releasing Spread (percentage change) (1)(3)

16.8%

10.8%

+ 600 basis points





(1)

Represents mall stores in Malls and all owned square footage in Premium Outlets.

(2)

Trailing 12-month sales per square foot for mall stores less than 10,000 square feet in Malls and all owned square footage in Premium Outlets.

(3)

Same space measure that compares opening and closing rates on individual spaces leased during trailing 12-month period.

Dividends

Today the Company announced that the Board of Directors declared a quarterly common stock dividend of $1.25 per share.  This is an increase of $0.05 from the previous quarter, and a year over year increase of 8.7%.  The dividend will be payable on February 28, 2014 to stockholders of record on February 14, 2014.

The Company also declared the quarterly dividend on its 8 3/8% Series J Cumulative Redeemable Preferred Stock (NYSE:SPGPrJ) of $1.046875 per share, payable on March 31, 2014 to stockholders of record on March 17, 2014.

Development Activity

In early October, we opened The Shops at Nanuet, a 750,000 square foot open-air, state-of-the-art center located in Rockland County, New York.  This project, which was 98% leased at opening, transformed the property from an enclosed mall to a main-street outdoor shopping destination providing customers with a wide variety of fashion and specialty retail, dining and entertainment opportunities.

During the fourth quarter, the Company completed expansions at the following properties:

  • Orlando Premium Outlets – Vineland Ave (Orlando, Florida) – 105,000 square feet, 100% leased at opening
  • Johor Premium Outlets (Johor, Malaysia) – 90,000 square feet, 100% leased at opening
  • Walt Whitman Shops (Huntington Station, New York) – 74,000 square feet, 100% leased at opening

We started construction on the transformational redevelopment and expansion of Roosevelt Field in Garden City, New York, during the fourth quarter, which will include the addition of Neiman Marcus.  Redevelopment and expansion projects, including the addition of new anchors, are underway at 25 properties in the U.S., Asia and Mexico. The Company's share of the cost of these projects is approximately $1.1 billion.

The Company's outlet business continues its robust expansion with four new Premium Outlets under construction:

  • Charlotte Premium Outlets in Charlotte, North Carolina is a 400,000 square foot center scheduled to open in July of 2014.  The Company owns a 50% interest in this project.
  • Twin Cities Premium Outlets in Eagan, Minnesota is a 410,000 square foot center scheduled to open in August of 2014.  The Company owns a 35% interest in this project.
  • Montreal Premium Outlets in Mirabel, Quebec, Canada is a 360,000 square foot center scheduled to open in October of 2014.  The Company owns a 50% interest in this project.
  • Vancouver Designer Outlet in Vancouver, British Columbia, Canada is a 242,000 square foot center scheduled to open in April of 2015.  The Company owns a 45% interest in this project.

Acquisitions and Dispositions

As previously announced, the Company completed the closing of its acquisition of ownership interests in four existing McArthurGlen Designer Outlets: Parndorf (Vienna, Austria), La Reggia (Naples, Italy), Noventa di Piave (Venice, Italy) and Roermond (Roermond, the Netherlands) during the fourth quarter.  The Company also owns an interest in the existing Ashford Designer Outlet in Kent, UK, Vancouver Designer Outlet (currently under construction), and a 50% ownership in McArthurGlen's management and development company. McArthurGlen is a leader in upscale, European designer outlet centers.

During the fourth quarter, the Company completed the sale of four assets – two community/lifestyle centers and two outlets.

In January, 2014, we acquired our joint venture partners' remaining interest in Kravco Simon Investments, a portfolio of 10 assets.  This transaction included the remaining interest in King of Prussia Mall, bringing our ownership to 100%.

Financing Activity

On October 2, 2013, Simon Property Group, L.P., the Company's majority-owned operating partnership subsidiary, issued €750 million 7-year senior unsecured notes at 2.375%.  This was the Company's first offering in the euro-denominated debt market.  Net proceeds from the public offering were used to repay euro-denominated borrowings under the Company's unsecured revolving credit facility and for general corporate purposes. 

The Company was also active in the secured debt markets in 2013.  During the fourth quarter, we closed or locked rates on 10 new loans totaling approximately $2.2 billion, of which SPG's share is $1.0 billion.  The weighted average interest rate on these new loans is 4.00% and the weighted average term is 7.4 years.  For the year, we closed or locked rates on 30 new loans totaling approximately $5.1 billion, of which SPG's share is $3.0 billion. The weighted average interest rate on these new loans is 3.31% and the weighted average term is 7.5 years.

In January, 2014, Simon Property Group, L.P., completed a $1.2 billion senior unsecured notes offering with a weighted average duration of 7.5 years and an average coupon rate of 2.975%.  The offering was comprised of $600 million of 2.20% five-year senior notes and $600 million of 3.75% ten-year senior notes.  Net proceeds from the public offering were used to repay debt and for general corporate purposes.

Spin Off

In December, 2013, Simon Property Group announced a plan to spin off all of its strip center business and 44 smaller enclosed malls into an independent, publicly traded REIT.  In conjunction with this transaction, we filed a Form 10 on December 24, 2013.  We continue to expect the transaction will be effective in the second quarter of 2014.

2014 Guidance

The Company estimates that FFO will be within a range of $9.50 to $9.60 per diluted share for the year ending December 31, 2014, and net income will be within a range of $4.55 to $4.65 per diluted share.   

The following table provides the reconciliation for the expected range of estimated net income available to common stockholders per diluted share to estimated FFO per diluted share:

For the year ending December 31, 2014                                                                         


Low

High


End

End




Estimated net income available to common stockholders per diluted share

$4.55

$4.65




Depreciation and amortization including the Company's share of unconsolidated entities

4.95

4.95




Estimated FFO per diluted share

$9.50

$9.60

 

This guidance does not take into consideration any impact from the previously mentioned spin-off transaction.

Conference Call

Simon Property Group will hold a conference call to discuss our financial results today at 10:00 a.m. Eastern Time, Friday, January 31, 2014.  Live streaming audio of the conference call will be accessible at investors.simon.com. An online replay will be available until February 14, 2014 at investors.simon.com.  

Supplemental Materials and Website

The Company has provided supplemental information on its fourth quarter performance at investors.simon.com. This information has also been furnished to the SEC in a current report on Form 8-K.

We routinely post important information online at our investor relations website, investors.simon.com. We use this website, press releases, SEC filings, quarterly conference calls, presentations and webcasts to disclose material, non-public information in accordance with Regulation FD. We encourage members of the investment community to monitor these distribution channels for material disclosures.  Any information accessed through our website is not incorporated by reference into, and is not a part of, this document.

Non-GAAP Financial Measures

This press release includes FFO and comparable property net operating income growth, which are financial performance measures not defined by generally accepted accounting principles in the United States ("GAAP"). Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in this press release and in the Company's supplemental information for the quarter. FFO and comparable property net operating income growth are financial performance measures widely used in the REIT industry. Our definitions of these non-GAAP measures may not be the same as similar measures reported by other REITs.

Forward-Looking Statements

Certain statements made in this press release may be deemed "forward‑looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward‑looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be attained, and it is possible that actual results may differ materially from those indicated by these forward‑looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: the Company's ability to meet debt service requirements, the availability and terms of financing, changes in the Company's credit rating, changes in market rates of interest and foreign exchange rates for foreign currencies, changes in value of investments in foreign entities, the ability to hedge interest rate and currency risk, risks associated with the acquisition, development, expansion, leasing and management of properties, general risks related to retail real estate, the liquidity of real estate investments, environmental liabilities, international, national, regional and local economic conditions, changes in market rental rates, trends in the retail industry, relationships with anchor tenants, the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise, risks relating to joint venture properties, costs of common area maintenance, and the intensely competitive market environment in the retail industry, risks related to international activities, insurance costs and coverage, terrorist activities, changes in economic and market conditions and maintenance of our status as a real estate investment trust. The Company discusses these and other risks and uncertainties under the heading "Risk Factors" in our annual and quarterly reports filed with the SEC.  The Company undertakes no duty or obligation to update or revise these forward‑looking statements, whether as a result of new information, future developments, or otherwise unless required by law.

About Simon Property Group

Simon Property Group, Inc. (NYSE:SPG) is an S&P 100 company and a global leader in the retail real estate industry.  The Company currently owns or has an interest in more than 325 retail real estate properties in North America, Asia and Europe comprising approximately 243 million square feet. We are headquartered in Indianapolis, Indiana and employ approximately 5,500 people in the U.S.  For more information, visit www.simon.com.

  











Simon Property Group, Inc. and Subsidiaries


Unaudited Consolidated Statements of Operations

(Dollars in thousands, except per share amounts)















For the Three Months


For the Twelve Months



Ended December 31,


Ended December 31,



2013


2012


2013


2012











REVENUE:









Minimum rent

$ 850,082


$ 808,533


$ 3,201,958


$ 3,015,866


Overage rent

89,015


85,449


223,473


195,726


Tenant reimbursements

383,072


361,006


1,442,907


1,340,307


Management fees and other revenues

31,816


35,438


126,972


128,366


Other income

62,275


54,005


174,828


199,819


Total revenue

1,416,260


1,344,431


5,170,138


4,880,084











EXPENSES:









Property operating

121,039


116,619


475,133


469,755


Depreciation and amortization

329,183


350,353


1,290,528


1,257,569


Real estate taxes

112,640


108,094


444,899


419,267


Repairs and maintenance

36,224


37,306


120,803


116,168


Advertising and promotion

44,866


41,028


126,210


118,790


Provision for credit losses

3,531


7,538


7,737


12,809


Home and regional office costs

34,911


28,907


140,931


123,926


General and administrative

15,327


14,358


59,803


57,144


Marketable and non-marketable securities charges and









  realized gains, net

-


(6,426)


-


(6,426)


Other

25,993


32,056


88,405


90,482


Total operating expenses

723,714


729,833


2,754,449


2,659,484











OPERATING INCOME

692,546


614,598


2,415,689


2,220,600











Interest expense

(287,657)


(291,492)


(1,137,139)


(1,127,025)


Income and other taxes

(9,790)


(6,008)


(39,734)


(15,880)


Income from unconsolidated entities

46,596


35,294


205,259


131,907


Gain upon acquisition of controlling interests, sale or









disposal of assets and interests in unconsolidated 









entities, and impairment charge on investment in









unconsolidated entities, net

7,609


18,104


107,515


510,030

(A)










CONSOLIDATED NET INCOME

449,304


370,496


1,551,590


1,719,632











Net income attributable to noncontrolling interests 

66,915


54,279


231,949


285,136


Preferred dividends

834


834


3,337


3,337











NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS

$ 381,555


$ 315,383


$ 1,316,304


$ 1,431,159




















BASIC EARNINGS PER COMMON SHARE:









Net income attributable to common stockholders

$ 1.23


$ 1.01


$ 4.24


$ 4.72











DILUTED EARNINGS PER COMMON SHARE:









Net income attributable to common stockholders

$ 1.23


$ 1.01


$ 4.24


$ 4.72











  





Simon Property Group, Inc. and Subsidiaries

Unaudited Consolidated Balance Sheets

(Dollars in thousands, except share amounts)








December 31,

December 31,


2013

2012

ASSETS:



Investment properties at cost

$ 35,126,344

$ 34,252,521

Less - accumulated depreciation

10,067,743

9,068,388


25,058,601

25,184,133

Cash and cash equivalents

1,716,863

1,184,518

Tenant receivables and accrued revenue, net

581,482

521,301

Investment in unconsolidated entities, at equity

2,433,399

2,108,966

Investment in Klepierre, at equity

2,014,415

2,016,954

Deferred costs and other assets

1,519,814

1,570,734

Total assets

$ 33,324,574

$ 32,586,606




LIABILITIES:



Mortgages and unsecured indebtedness

$ 23,588,531

$ 23,113,007

Accounts payable, accrued expenses, intangibles, and deferred revenues

1,374,113

1,374,172

Cash distributions and losses in partnerships and joint ventures, at equity

1,091,591

724,744

Other liabilities

257,222

303,588

Total liabilities

26,311,457

25,515,511




Commitments and contingencies



Limited partners' preferred interest in the Operating Partnership and noncontrolling



redeemable interests in properties

190,485

178,006




EQUITY:



Stockholders' Equity



Capital stock (850,000,000 total shares authorized,  $ 0.0001 par value, 238,000,000



shares of excess common stock, 100,000,000 authorized shares of preferred stock):






Series J 8 3/8% cumulative redeemable preferred stock, 1,000,000 shares authorized,



796,948 issued and outstanding with a liquidation value of $ 39,847

44,390

44,719




Common stock, $ 0.0001 par value, 511,990,000 shares authorized, 314,251,245 and



313,658,419 issued and outstanding, respectively

31

31




Class B common stock, $ 0.0001 par value, 10,000 shares authorized, 8,000



issued and outstanding

-

-




Capital in excess of par value

9,217,363

9,175,724

Accumulated deficit

(3,218,686)

(3,083,190)

Accumulated other comprehensive loss

(75,795)

(90,900)

Common stock held in treasury at cost, 3,650,680 and 3,762,595 shares, respectively

(117,897)

(135,781)

Total stockholders' equity

5,849,406

5,910,603

Noncontrolling interests

973,226

982,486

Total equity

6,822,632

6,893,089

Total liabilities and equity

$ 33,324,574

$ 32,586,606




  










Simon Property Group, Inc. and Subsidiaries

Unaudited Joint Venture Statements of Operations

(Dollars in thousands)











For the Three Months


For the Year


Ended December 31,


Ended December 31,


2013


2012


2013


2012









Revenue:








  Minimum rent

$ 465,138


$ 395,853


$ 1,666,886


$ 1,487,554

  Overage rent

52,207


47,987


180,772


176,609

  Tenant reimbursements

196,313


182,866


765,357


691,564

  Other income

77,599


50,012


200,104


171,698

    Total revenue

791,257


676,718


2,813,119


2,527,425









Operating Expenses:








  Property operating

133,991


125,375


498,485


477,338

  Depreciation and amortization

138,474


132,803


528,317


508,083

  Real estate taxes

52,515


46,121


212,667


178,739

  Repairs and maintenance

20,960


19,894


69,116


65,163

  Advertising and promotion

18,175


15,575


62,339


55,175

  (Recovery of) provision for credit losses

(485)


2,071


1,287


1,824

  Other

45,986


42,376


156,115


170,510

    Total operating expenses

409,616


384,215


1,528,326


1,456,832









Operating Income

381,641


292,503


1,284,793


1,070,593









Interest expense

(241,331)


(147,818)


(694,904)


(599,400)

Income from Continuing Operations

140,310


144,685


589,889


471,193









Gain (loss) from operations of discontinued joint venture interests

385


457


46


(20,311)

Gain (loss) on disposal of discontinued operations, net

26,228


(450)


51,164


(5,354)

Net Income

$ 166,923


$ 144,692


$ 641,099


$ 445,528









Third-party investors' share of net income

$   89,782


$   76,823


$ 353,708


$ 239,931









Our share of net income

77,141


67,869


287,391


205,597

Amortization of Excess Investment (B)

(27,460)


(28,341)


(102,875)


(83,400)

Our share of loss on sale or disposal of assets and








  interests in unconsolidated entities, net

-


-


-


9,245

Income from Unconsolidated Entities (C)

$   49,681


$   39,528


$ 184,516


$ 131,442

















Note: The above financial presentation does not include any information related to our investment in Klepierre S.A. ("Klepierre"). 

           For additional information, see footnote C.










  





Simon Property Group, Inc. and Subsidiaries

Unaudited Joint Venture Balance Sheets

(Dollars in thousands)








BALANCE SHEETS

December 31,


December 31,


2013


2012

Assets:




Investment properties, at cost

$ 15,824,689


$ 14,607,291

Less - accumulated depreciation

5,294,578


4,926,511


10,530,111


9,680,780

Cash and cash equivalents

792,751


619,546

Tenant receivables and accrued revenue, net

310,320


252,774

Investment in unconsolidated entities, at equity

38,352


39,589

Deferred costs and other assets

586,622


438,399

Total assets

$ 12,258,156


$ 11,031,088





Liabilities and Partners' Deficit:




Mortgages

$ 13,024,257


$ 11,584,863

Accounts payable, accrued expenses, intangibles, and deferred revenues

849,107


672,483

Other liabilities

514,822


447,132

Total liabilities

14,388,186


12,704,478





Preferred units

67,450


67,450

Partners' deficit

(2,197,480)


(1,740,840)

Total liabilities and partners' deficit

$ 12,258,156


$ 11,031,088





Our Share of:




Partners' deficit

$ (717,776)


$ (799,911)

Add: Excess Investment (B)

2,059,584


2,184,133

Our net Investment in Joint Ventures

$ 1,341,808


$ 1,384,222





Note: The above financial presentation does not include any information related to our investment in

Klepierre.  For additional information, see footnote C attached hereto.









  














Simon Property Group, Inc. and Subsidiaries


Unaudited Reconciliation of Non-GAAP Financial Measures (D)


(Amounts in thousands, except per share amounts)















Reconciliation of Consolidated Net Income to FFO 
















For the Three Months


For the Twelve Months







Ended December 31, 


Ended December 31,







2013


2012


2013


2012















Consolidated Net Income (E)

$  449,304


$  370,496


$  1,551,590


$  1,719,632


Adjustments to Arrive at FFO:























Depreciation and amortization from consolidated 










     properties 

324,478


346,594


1,273,646


1,242,741



Our share of depreciation and amortization from










     unconsolidated entities, including Klepierre

134,768


134,692


511,200


456,011



Gain upon acquisition of controlling interests, sale or disposal










     of assets and interests in unconsolidated entities, and 










     impairment charge on investment in unconsolidated entities, net

(7,609)


(18,104)


(107,515)


(510,030)



Net income attributable to noncontrolling interest holders in










     properties

(2,474)


(2,092)


(8,990)


(8,520)



Noncontrolling interests portion of depreciation and amortization

(2,391)


(2,831)


(8,986)


(9,667)



Preferred distributions and dividends

(1,313)


(1,313)


(5,252)


(5,252)


FFO of the Operating Partnership

$  894,763


$  827,442


$  3,205,693


$  2,884,915




























Diluted Net Income Per Share to Diluted FFO Per Share Reconciliation:









Diluted net income per share

$       1.23


$       1.01


$          4.24


$          4.72



Depreciation and amortization from consolidated properties










     and our share of depreciation and amortization from 










     unconsolidated entities, including Klepierre, net of noncontrolling 










     interests portion of depreciation and amortization

1.26


1.33


4.91


4.67



Gain upon acquisition of controlling interests, sale or disposal










     of assets and interests in unconsolidated entities, and 










     impairment charge on investment in unconsolidated entities, net

(0.02)


(0.05)


(0.30)


(1.41)


Diluted FFO per share

$       2.47


$       2.29


$          8.85


$          7.98















Details for per share calculations:






















FFO of the Operating Partnership

$  894,763


$  827,442


$  3,205,693


$  2,884,915


Diluted FFO allocable to unitholders

(128,419)


(119,633)


(460,923)


(464,567)


Diluted FFO allocable to common stockholders

$  766,344


$  707,809


$  2,744,770


$  2,420,348















Basic weighted average shares outstanding

310,434


309,417


310,255


303,137


Adjustments for dilution calculation:









   Effect of stock options

-


1


-


1















Diluted weighted average shares outstanding

310,434


309,418


310,255


303,138


Weighted average limited partnership units outstanding

52,021


52,297


52,101


58,186















Diluted weighted average shares and units outstanding

362,455


361,715


362,356


361,324















Basic and Diluted FFO per Share

$       2.47


$       2.29


$          8.85


$          7.98


    Percent Change

7.9%




10.9%






























 

Simon Property Group, Inc. and Subsidiaries

Footnotes to Unaudited Reconciliation of Non-GAAP Financial Measures












Notes:  





















(A)

2012 primarily represents non-cash gains resulting from our acquisition/disposition activity and the remeasurement of our previously held interest to fair value for those properties in which we now have a controlling interest.












(B)

Excess investment represents the unamortized difference of our investment over equity in the underlying net assets of the related partnerships and joint ventures shown therein.  The Company generally amortizes excess investment over the life of the related properties.












(C)

The Unaudited Joint Venture Statements of Operations do not include any operations or our share of net income or excess investment amortization related to our investment in Klepierre.  Amounts included in Footnotes E below exclude our share of related activity for our investment in Klepierre.  For further information, reference should be made to financial information in Klepierre's public filings and additional discussion and analysis in our Form 10-K.












(D)

This report contains measures of financial or operating performance that are not specifically defined by GAAP, including FFO and FFO per share.  FFO is a performance measure that is standard in the REIT business.  We believe FFO provides investors with additional information concerning our operating performance and a basis to compare our performance with those of other REITs.  We also use these measures internally to monitor the operating performance of our portfolio. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs.













We determine FFO based upon the definition set forth by the National Association of Real Estate Investment Trusts ("NAREIT"). We determine FFO to be our share of consolidated net income computed in accordance with GAAP, excluding real estate-related depreciation and amortization, excluding gains and losses from extraordinary items, excluding gains and losses from the sales or disposals of, or any impairment charges related to, previously depreciated retail operating properties, plus the allocable portion of FFO of unconsolidated joint ventures based upon economic ownership interest, and all determined on a consistent basis in accordance with GAAP. 













We have adopted NAREIT's clarification of the definition of FFO that requires it to include the effects of nonrecurring items not classified as extraordinary, cumulative effect of accounting changes, or a gain or loss resulting from the sale or disposal of, or any impairment charges relating to, previously depreciated retail operating properties. We include in FFO gains and losses realized from the sale of land, outlot buildings, marketable and non-marketable securities, and investment holdings of non-retail real estate. However, you should understand that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income determined in accordance with GAAP as a measure of operating performance, and is not an alternative to cash flows as a measure of liquidity.












(E)

Includes our share of: 















-

Gains on land sales of $2.2 million and $7.9 million for the three months ended December 31, 2013 and 2012, respectively, and $7.6 million and $19.6 million for the twelve months ended December 31, 2013 and 2012, respectively












-

Straight-line adjustments to minimum rent of $18.1 million and $12.6 million for the three months ended December 31, 2013 and 2012, respectively, and $57.8 million and $44.3 million for the twelve months ended December 31, 2013 and 2012, respectively












-

Amortization of fair market value of leases from acquisitions of $5.8 million and $4.8 million for the three months ended December 31, 2013 and 2012, and $27.7 million and $21.0 million for the twelve months ended December 31, 2013 and 2012, respectively



-

Debt premium amortization of $9.6 million and $12.1 million for the three months ended December 31, 2013 and 2012, respectively, and $41.9 million and $41.8 million for the twelve months ended December 31, 2013 and 2012, respectively

 

SOURCE Simon Property Group, Inc.

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