Simon 2021 Annual Report

Simon Property Group, Inc. Consolidated Statements of Operations and Comprehensive Income (Dollars in thousands, except per share amounts)

For the Year Ended December 31,

2021

2020

2019

REVENUE: Lease income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Management fees and other revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EXPENSES: Property operating . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Real estate taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repairs and maintenance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Advertising and promotion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Home and regional office costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . General and administrative. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . OPERATING INCOME BEFORE OTHER ITEMS . . . . . . . . . . . . . . . . . . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Loss on extinguishment of debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gain on sale or exchange of equity interests (Note 6). . . . . . . . . . . . . . . . . . . . . . . Income and other tax (expense) benefit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income from unconsolidated entities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Unrealized losses in fair value of equity instruments . . . . . . . . . . . . . . . . . . . . . . . . Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net . . . . . . . CONSOLIDATED NET INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net income attributable to noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . . . . Preferred dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS . . . . . . . . . . . . BASIC AND DILUTED EARNINGS PER COMMON SHARE: Net income attributable to common stockholders . . . . . . . . . . . . . . . . . . . . Consolidated Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Unrealized gain (loss) on derivative hedge agreements . . . . . . . . . . . . . . . . . . . . Net (gain) loss reclassified from accumulated other comprehensive loss into earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Currency translation adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Changes in available-for-sale securities and other . . . . . . . . . . . . . . . . . . . . . . . . Comprehensive income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Comprehensive income attributable to noncontrolling interests . . . . . . . . . . . . . . Comprehensive income attributable to common stockholders . . . . . . . . . . .

$ 4,736,719 $ 4,302,367 $ 5,243,771

106,483 273,587

96,882 208,254

112,942 398,476

5,116,789

4,607,503

5,755,189

415,720

349,154

453,145

1,262,715 458,953 96,391 114,303 184,660 30,339 140,518 (795,712) (51,841) 178,672 (157,199) 782,837 2,703,599 2,413,190

1,318,008

1,340,503

457,142 80,858 98,613 171,668 22,572 137,679

468,004 100,495 150,344 190,109 34,860 104,942

2,635,694 1,971,809 (784,400)

2,842,402 2,912,787 (789,353) (116,256)

— —

—

4,637

(30,054) 444,349 (13,168)

219,870 (19,632)

(8,095)

206,855

(114,960) 1,277,324

14,883

2,568,707

2,423,188

319,076

164,760

321,604

3,337

3,337

3,337

$ 2,246,294 $ 1,109,227 $ 2,098,247

$ 6.84 $ 3.59 $ 6.81

$ 2,568,707 $ 1,277,324 $ 2,423,188

51,114

(106,548)

(4,066)

(7,285) (38,772) (1,014)

(106)

13,634

27,288

(1,850)

180

718

2,572,750

1,198,138

2,431,624

319,629

155,646

322,627

$ 2,253,121 $ 1,042,492 $ 2,108,997

The accompanying notes are an integral part of these statements.

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