Simon 2019 Annual Report
FINANCIAL HIGHLIGHTS
Year ended December 31. Dollars in millions, except per share figures.
2019
2018
$
5,755
Consolidated Revenue
$
5,645
6.81
Net Income Per Diluted Share Funds from Operations (FFO)
7.87
4,272 12.04
4,325
FFO Per Diluted Share Dividends Per Share
12.13 7.90
8.30
148.96 52,757 83,959
Common Stock Price at December 31
167.99 59,855 90,156
Total Equity Capitalization Total Market Capitalization (1)
(1) Includes our share of consolidated and joint venture debt.
Consolidated Revenue Consolidated Revenue $ in billions $ in billions
Dividends Per Share Dividends Per Share
Our Share of Total NOI Our Share of Total NOI $ in billions $ in billions
FFO Per Diluted Share FFO Per Diluted Share
Comparable FFO Per Diluted Share Comparable FFO Per Diluted Share
$ 8.30 $ 8.30
$ 12.37 $ 12.37
$ 12.13 $ 12.13
$ 11.85 $ 11.85
$ 7.90 $ 7.90
$ 12.04 $ 12.04
$ 11.45 $ 11.45
$ 11.21 $ 11.2
$ 5.79 $ 5.79
$ 5.72 $ 5.72
$ 7.15 $ 7.15
$ 5.76 $ 5.76
$ 5.65 $ 5.65
$ 10.74 $ 10.74
$ 5.53 $ 5.53
$ 5.54 $ 5.53
$ 10.49 $ 10.49
$ 5.44 $ 5.44
$ 5.16 $ 5.16
$ 9.84 $ 9.84
$ 9.86 $ 9.86
$ 5.27 $ 5.27
$ 6.50 $ 6.50
$ 4.96 $ 4.96
$ 6.05 $ 6.05
19 18 17 16 15 19 18 17 16 15
19 18 17 16 15 19 18 17 16 15
19 18 17 16 15 19 18 17 16 15
19 18 17 16 15 19 18 17 16 15
19 18 17 16 15 19 18 17 16 15
This annual report contains a number of forward-looking statements. For more information, refer to the Company’s fourth quarter and full-year 2019 results and SEC filings on our website at investors.simon.com . This report also references non-GAAP financial measures including funds from operations, or FFO, Comparable FFO per diluted share and net operating income, or NOI. These financial measures are commonly used in the real estate industry and we believe they provide useful information to investors when used in conjunction with GAAP measures. For a definition of FFO and reconciliations of each of the non-GAAP measures used in this report to the most directly comparable GAAP measure, refer to the Company’s fourth quarter and full-year 2019 results, SEC filings and Non-GAAP Reconciliations section under Financials at investors.simon.com .
TOTAL RETURN PERFORMANCE
200
$ 173.86
150
$ 141.61
100
$ 100.56
Simon Property Group, Inc. FTSE NAREIT Equity REIT Index S&P 500 Index
50
2014
2015
2016
2017
2018
2019
2019 ANNUAL RETURN
COMPOUND ANNUAL RETURN
YEAR-END
2014
2015
2016
2017
2018
2019
3-YEAR 5-YEAR
Simon Property Group, Inc. FTSE NAREIT Equity REIT Index
$ 100.00 $ 110.23
$ 104.15
$ 105.16
$ 107.83
$ 100.56
−6.7% −1.2% 0.1% 26.0% 8.1% 7.2% 31.5% 15.3% 11.7%
100.00 100.00
103.20 101.38
111.99 113.51
117.84 138.29
112.39 132.23
141.61 173.86
S&P 500 Index
The line graph above compares the percentage change in the cumulative total shareholder return on our common stock as compared to the cumulative total return of the S&P 500 Index and the FTSE NAREIT Equity REIT Index for the period December 31, 2014 through December 31, 2019. The graph assumes an investment of $100 on December 31, 2014, a reinvestment of dividends and actual increase in the market value of the common stock relative to an initial investment of $100. The comparisons in this table are required by the Securities and Exchange Commission and are not intended to forecast or be indicative of possible future performance.
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