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Simon Property Group Reports Fourth Quarter and Full Year 2020 Results

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INDIANAPOLIS, Feb. 8, 2021 /PRNewswire/ -- Simon, a global leader in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today reported results for the quarter and twelve months ended December 31, 2020.

Simon (PRNewsfoto/Simon)
Simon (PRNewsfoto/Simon)

"2020 was a difficult year for all those affected by COVID-19, including our Company," said David Simon, Chairman, Chief Executive Officer and President. "We feel confident we have turned the corner, and we expect growth in earnings and cash flow in 2021."

"Even with the unprecedented operating environment over the past year, we:

  • generated over $2.3 billion in operating cash flow;

  • acquired an 80% interest in The Taubman Realty Group;

  • made strategic investments in widely recognized retail brands at attractive valuations and have already made significant progress in repositioning these brands and increasing their operating cash flow;

  • raised over $13 billion in the debt and equity markets;

  • opened two new international shopping destinations, expanded two others and completed three domestic redevelopments;

  • granted approximately $400 million in tenant rent abatements to support small and local businesses, regional entrepreneurs and restauranteurs;

  • paid nearly $700 million in real estate taxes (an increase from 2019) despite losing approximately 13,500 shopping days in our domestic portfolio during the year as a result of the restrictive governmental orders placed on our retail real estate and

  • returned more than $2 billion to shareholders in cash dividends paid."

Results for the Year

  • Net income attributable to common stockholders was $1.109 billion, or $3.59 per diluted share for the twelve months ended December 31, 2020. Results for 2020 include non-cash impairment charges, partially offset by a gain on sale, of $115.0 million, or $0.32 per diluted share.

  • Funds From Operations ("FFO") was $3.237 billion, or $9.11 per diluted share for the year ended 2020. FFO for the year ended 2020 was negatively impacted by $2.67 per diluted share primarily due to reduced revenues from the Company's domestic and international operations caused by the impact of the COVID-19 pandemic, partially offset by cost reduction initiatives.

  • Portfolio net operating income ("NOI") for the full year 2020 declined 17.1%. The year-over-year decline is primarily due to reduced revenues from tenant rent abatements, higher uncollectible rents, lower sales-based rents and a reduction in ancillary property income, including Simon Brand Ventures sponsorship income, partially offset by cost reduction initiatives. The Company did not amortize any rent abatements; instead, abatements were expensed in the period granted.

Results for the Quarter

  • Net income attributable to common stockholders was $271.5 million, or $0.86 per diluted share for the three months ended December 31, 2020. The current year period includes a non-cash impairment charge, partially offset by a gain on sale, of $16.8 million, or $0.05 per diluted share.

  • FFO was $786.6 million, or $2.17 per diluted share. FFO in the current year period was negatively impacted by $0.95 primarily due to reduced revenues from the Company's domestic and international operations caused by the impact of the COVID-19 pandemic, partially offset by cost reduction initiatives.

  • Portfolio NOI for the three months ended December 31, 2020 declined 23.9%.

U.S. Malls and Premium Outlets Operating Statistics

  • Occupancy was 91.3% at December 31, 2020.

  • Base minimum rent per square foot was $55.80 at December 31, 2020, an increase of 2.2% year-over-year.

Business Update
As of February 5, 2021, the Company has collected from its U.S. retail portfolio, 90% of its net billed rents for the second, third and fourth quarters, combined.

($ millions)

Q2 2020


through


Q4 2020

U.S. Managed Portfolio Gross Contractual Rents

$4,762

Rent Write-Offs Related to Tenants in Bankruptcy

(102)

Net Contractual Rents

4,660

Deferrals Agreed

(341)

Abatements Granted

(410)

Net Billed Rents

3,909

Collected

$3,520

Collected as percent of Net Billed Rents

90%

Amounts are presented on a gross basis, not at the Company's share. U.S. managed portfolio gross contractual rents do not include any prior period deferrals or sales-based rents. Amounts above relate to the contractual rents in the stated periods. Abatements reduced Lease Income in the period they were granted or agreed.

Acquisition of Taubman Centers, Inc.
In December, the Company completed its acquisition of an 80% ownership interest in The Taubman Realty Group ("TRG"). Under the terms of the transaction, Simon, through its operating partnership, Simon Property Group, L.P., acquired all of Taubman Centers, Inc. ("TCO") common stock for $43.00 per share in cash, and the Taubman family sold approximately one-third of its ownership interest at the transaction price and remains a 20% partner in TRG.

Total consideration for the acquisition, including the redemption of TCO's 6.5% Series J Cumulative Preferred Shares and its 6.25% Series K Cumulative Preferred Shares, was approximately $3.45 billion and was funded with existing liquidity, including proceeds from Simon's issuance of 22,137,500 shares of its common stock which was completed in November 2020.

Capital Markets and Balance Sheet Liquidity
During the fourth quarter, the Company completed a public offering of 22,137,500 shares of its common stock. Net proceeds from the offering were approximately $1.56 billion.

Subsequent to the end of the quarter, the Company completed a two tranche senior notes offering totaling $1.5 billion. Combined, the two new issues of senior notes had a weighted average term of 8.4 years and a weighted average coupon rate of 1.96%.

As of December 31, 2020, Simon had more than $8.2 billion of liquidity consisting of $1.5 billion of cash on hand, including its share of joint venture cash, and $6.7 billion of available capacity under its revolving credit facilities, net of $623 million outstanding under its U.S. commercial paper program.

Dividends
The Company paid its fourth quarter 2020 common stock dividend of $1.30 per share, in cash, on January 22, 2021. Simon's Board of Directors will declare a common stock cash dividend for the first quarter of 2021 on or before March 31, 2021.

Simon's Board of Directors 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, 2021 to shareholders of record on March 17, 2021.

2021 Guidance
The Company currently estimates net income to be within a range of $4.60 to $4.85 per diluted share and that FFO will be within a range of $9.50 to $9.75 per diluted share for the year ending December 31, 2021. This guidance range assumes no further government mandated shutdowns of the Company's domestic retail properties.

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

For the year ending December 31, 2021





Low


High


End


End

Estimated net income attributable to common stockholders
per diluted share

$4.60


$4.85

Depreciation and amortization including Simon's share
of unconsolidated entities

4.90


4.90





Estimated FFO per diluted share

$9.50


$9.75

Conference Call
Simon will hold a conference call to discuss the quarterly financial results today at 5:00 p.m. Eastern Time, Monday, February 8, 2021. A live webcast of the conference call will be accessible in listen-only mode at investors.simon.com. An audio replay of the conference call will be available until February 15, 2021. To access the audio replay, dial 1-855-859-2056 (international 404-537-3406) passcode 9827795.

Supplemental Materials and Website
Supplemental information on our fourth quarter 2020 performance is available 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 on 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, FFO per share and portfolio 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 Simon's supplemental information for the quarter. FFO and 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 the Company's 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: uncertainties regarding the impact of the COVID-19 pandemic and governmental restrictions intended to prevent its spread on our business, financial condition, results of operations, cash flow and liquidity and our ability to access the capital markets, satisfy our debt service obligations and make distributions to our stockholders; changes in economic and market conditions that may adversely affect the general retail environment; the potential loss of anchor stores or major tenants; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; the intensely competitive market environment in the retail industry, including e-commerce; an increase in vacant space at our properties; the inability to lease newly developed properties and renew leases and relet space at existing properties on favorable terms; our international activities subjecting us to risks that are different from or greater than those associated with our domestic operations, including changes in foreign exchange rates; risks associated with the acquisition, development, redevelopment, expansion, leasing and management of properties; general risks related to real estate investments, including the illiquidity of real estate investments; the impact of our substantial indebtedness on our future operations, including covenants in the governing agreements that impose restrictions on us that may affect our ability to operate freely; any disruption in the financial markets that may adversely affect our ability to access capital for growth and satisfy our ongoing debt service requirements; any change in our credit rating; changes in market rates of interest; the transition of LIBOR to an alternative reference rate; our continued ability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; risks relating to our joint venture properties, including guarantees of certain joint venture indebtedness; environmental liabilities; natural disasters; the availability of comprehensive insurance coverage; the potential for terrorist activities; security breaches that could compromise our information technology or infrastructure; and the loss of key management personnel. The Company discusses these and other risks and uncertainties under the heading "Risk Factors" in its annual and quarterly periodic reports filed with the SEC. The Company may update that discussion in subsequent other periodic reports, but except as required by law, 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.

About Simon
Simon is a global leader in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.

Simon Property Group, Inc.
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,


2020

2019


2020

2019







REVENUE:






Lease income

$ 1,032,795

$ 1,356,238


$ 4,302,367

$ 5,243,771

Management fees and other revenues

25,336

29,174


96,882

112,942

Other income

73,298

103,203


208,254

398,476

Total revenue

1,131,429

1,488,615


4,607,503

5,755,189







EXPENSES:






Property operating

81,675

113,741


349,154

453,145

Depreciation and amortization

331,851

324,310


1,318,008

1,340,503

Real estate taxes

110,067

118,600


457,142

468,004

Repairs and maintenance

23,376

26,743


80,858

100,495

Advertising and promotion

37,646

41,216


98,613

150,344

Home and regional office costs

41,249

45,217


171,668

190,109

General and administrative

5,366

7,333


22,572

34,860

Other

38,152

34,579


137,679

109,898

Total operating expenses

669,382

711,739


2,635,694

2,847,358







OPERATING INCOME BEFORE OTHER ITEMS

462,047

776,876


1,971,809

2,907,831







Interest expense

(197,855)

(189,813)


(784,400)

(789,353)

Loss on extinguishment of debt

-

(116,256)


-

(116,256)

Income and other tax benefit (expense)

1,572

(6,744)


4,637

(30,054)

Income from unconsolidated entities

63,260

127,657


219,870

444,349

Unrealized gains (losses) in fair value of equity instruments

494

(3,365)


(19,632)

(8,212)

(Loss) gain on sale or disposal of, or recovery on,






assets and interests in unconsolidated entities and impairment, net

(16,792)

2,061


(114,960)

14,883







CONSOLIDATED NET INCOME

312,726

590,416


1,277,324

2,423,188







Net income attributable to noncontrolling interests

40,409

79,388


164,760

321,604

Preferred dividends

834

834


3,337

3,337







NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS

$ 271,483

$ 510,194


$ 1,109,227

$ 2,098,247













BASIC AND DILUTED EARNINGS PER COMMON SHARE:






Net income attributable to common stockholders

$ 0.86

$ 1.66


$ 3.59

$ 6.81

Simon Property Group, Inc.
Unaudited Consolidated Balance Sheets
(Dollars in thousands, except share amounts)









December 31,

December 31,


2020

2019

ASSETS:



Investment properties, at cost

$ 38,050,196

$ 37,804,495

Less - accumulated depreciation

14,891,937

13,905,776


23,158,259

23,898,719

Cash and cash equivalents

1,011,613

669,373

Tenant receivables and accrued revenue, net

1,236,734

832,151

Investment in unconsolidated entities, at equity

2,603,571

2,371,053

Investment in Klépierre, at equity

1,729,690

1,731,649

Investment in TRG, at equity

3,451,897

-

Right-of-use assets, net

512,914

514,660

Deferred costs and other assets

1,082,168

1,214,025

Total assets

$ 34,786,846

$ 31,231,630




LIABILITIES:



Mortgages and unsecured indebtedness

$ 26,723,361

$ 24,163,230

Accounts payable, accrued expenses, intangibles, and deferred revenues

1,311,925

1,390,682

Cash distributions and losses in unconsolidated entities, at equity

1,577,393

1,566,294

Dividend payable

486,922

-

Lease liabilities

515,492

516,809

Other liabilities

513,515

464,304

Total liabilities

31,128,608

28,101,319




Commitments and contingencies



Limited partners' preferred interest in the Operating Partnership and noncontrolling



redeemable interests in properties

185,892

219,061




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

42,091

42,420




Common stock, $ 0.0001 par value, 511,990,000 shares authorized, 342,849,037 and



320,435,256 issued and outstanding, respectively

34

32




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



issued and outstanding

-

-




Capital in excess of par value

11,179,688

9,756,073

Accumulated deficit

(6,102,314)

(5,379,952)

Accumulated other comprehensive loss

(188,675)

(118,604)

Common stock held in treasury, at cost, 14,355,621 and 13,574,296 shares, respectively

(1,891,352)

(1,773,571)

Total stockholders' equity

3,039,472

2,526,398

Noncontrolling interests

432,874

384,852

Total equity

3,472,346

2,911,250

Total liabilities and equity

$ 34,786,846

$ 31,231,630

Simon Property Group, Inc.

Unaudited Joint Venture Combined Statements of Operations

(Dollars in thousands)
















For the Three Months Ended
December 31,


For the Twelve Months Ended
December 31,


2020

2019


2020

2019







REVENUE:






Lease income

$ 624,516

$ 802,746


$ 2,544,134

$ 3,088,594

Other income

85,284

88,060


300,634

322,398

Total revenue

709,800

890,806


2,844,768

3,410,992







OPERATING EXPENSES:






Property operating

136,616

152,320


519,979

587,062

Depreciation and amortization

179,719

169,693


692,424

681,764

Real estate taxes

64,864

65,314


262,351

266,013

Repairs and maintenance

19,061

23,491


68,722

85,430

Advertising and promotion

24,764

25,808


67,434

89,660

Other

55,888

53,374


163,710

196,178

Total operating expenses

480,912

490,000


1,774,620

1,906,107







OPERATING INCOME BEFORE OTHER ITEMS

228,888

400,806


1,070,148

1,504,885







Interest expense

(152,703)

(163,074)


(616,332)

(636,988)

Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net

-

3,022


-

24,609







NET INCOME

$ 76,185

$ 240,754


$ 453,816

$ 892,506







Third-Party Investors' Share of Net Income

$ 32,731

$ 128,618


$ 226,364

$ 460,696







Our Share of Net Income

43,454

112,136


227,452

431,810

Amortization of Excess Investment (A)

(19,953)

(21,143)


(82,097)

(83,556)

Our Share of Gain on Sale or Disposal of Assets and Interests in






Other Income in the Consolidated Financial Statements

-

-


-

(9,156)

Our Share of Gain on Sale or Disposal of, or Recovery on, Assets and Interests in






Unconsolidated Entities, net

-

(1,133)


-

(1,133)







Income from Unconsolidated Entities (B)

$ 23,501

$ 89,860


$ 145,355

$ 337,965







Note: The above financial presentation does not include any information related to our investments in Klépierre S.A.

("Klépierre") and The Taubman Realty Group ("TRG"). For additional information, see footnote B.

Simon Property Group, Inc

Unaudited Joint Venture Combined Balance Sheets

(Dollars in thousands)












December 31,

December 31,



2020

2019


Assets:




Investment properties, at cost

$ 20,079,476

$ 19,525,665


Less - accumulated depreciation

8,003,863

7,407,627



12,075,613

12,118,038


Cash and cash equivalents

1,169,422

1,015,864


Tenant receivables and accrued revenue, net

749,231

510,157


Right-of-use assets, net

185,598

185,302


Deferred costs and other assets

380,087

384,663


Total assets

$ 14,559,951

$ 14,214,024






Liabilities and Partners' Deficit:




Mortgages

$ 15,569,485

$ 15,391,781


Accounts payable, accrued expenses, intangibles, and deferred revenue

969,242

977,112


Lease liabilities

188,863

186,594


Other liabilities

426,321

338,412


Total liabilities

17,153,911

16,893,899






Preferred units

67,450

67,450


Partners' deficit

(2,661,410)

(2,747,325)


Total liabilities and partners' deficit

$ 14,559,951

$ 14,214,024






Our Share of:




Partners' deficit

$ (1,130,713)

$ (1,196,926)


Add: Excess Investment (A)

1,399,757

1,525,903


Our net Investment in unconsolidated entities, at equity

$ 269,044

$ 328,977



Note: The above financial presentation does not include any information related to our investments in Klépierre and TRG.


For additional information, see footnote B.


Simon Property Group, Inc.

Unaudited Reconciliation of Non-GAAP Financial Measures (C)

(Amounts in thousands, except per share amounts)













Reconciliation of Consolidated Net Income to FFO














For the Three Months Ended


For the Twelve Months Ended






December 31,


December 31,






2020


2019


2020


2019













Consolidated Net Income (D)


$ 312,726


$ 590,416


$ 1,277,324


$ 2,423,188

Adjustments to Arrive at FFO:






















Depreciation and amortization from consolidated









properties



329,422


321,404


1,308,419


1,329,843


Our share of depreciation and amortization from









unconsolidated entities, including Klépierre

133,645


139,579


536,133


551,596


Loss (gain) on sale or disposal of, or recovery on,









assets and interests in unconsolidated entities and impairment, net

16,792


(2,061)


114,960


(14,883)


Unrealized (gains) losses in fair value of equity instruments

(494)


3,365


19,632


8,212


Net (gain) loss attributable to noncontrolling interest holders in









properties



(173)


(1,172)


4,378


(991)


Noncontrolling interests portion of depreciation and amortization and loss (gain) on disposal of properties

(3,966)


(4,834)


(18,631)


(19,442)


Preferred distributions and dividends

(1,313)


(1,313)


(5,252)


(5,252)

FFO of the Operating Partnership

$ 786,639


$ 1,045,384


$ 3,236,963


$ 4,272,271

























Diluted net income per share to diluted FFO per share reconciliation:








Diluted net income per share


$ 0.86


$ 1.66


$ 3.59


$ 6.81


Depreciation and amortization from consolidated properties









and our share of depreciation and amortization from unconsolidated









entities, including Klépierre, net of noncontrolling interests









portion of depreciation and amortization

1.27


1.30


5.14


5.25


Loss (gain) on sale or disposal of, or recovery on,









assets and interests in unconsolidated entities and impairment, net

0.05


(0.01)


0.32


(0.04)


Unrealized (gains) losses in fair value of equity instruments

(0.01)


0.01


0.06


0.02

Diluted FFO per share


$ 2.17


$ 2.96


$ 9.11


$ 12.04













Details for per share calculations:





















FFO of the Operating Partnership


$ 786,639


$ 1,045,384


$ 3,236,963


$ 4,272,271

Diluted FFO allocable to unitholders

(100,472)


(138,219)


(424,063)


(563,342)

Diluted FFO allocable to common stockholders

$ 686,167


$ 907,165


$ 2,812,900


$ 3,708,929













Basic and Diluted weighted average shares outstanding

316,595


306,869


308,738


307,950

Weighted average limited partnership units outstanding

46,455


46,751


46,544


46,774













Basic and Diluted weighted average shares and units outstanding

363,050


353,620


355,282


354,724













Basic and Diluted FFO per Share


$ 2.17


$ 2.96


$ 9.11


$ 12.04

Percent Change



-26.7%




-24.3%















Simon Property Group, Inc.

Footnotes to Unaudited Financial Information














Notes:

























(A)

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 assets.














(B)

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














(C)

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") Funds From Operations White Paper - 2018 Restatement. Our main business includes acquiring, owning, operating, developing, and redeveloping real estate in conjunction with the rental of real estate. Gains and losses of assets incidental to our main business are included in FFO. 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 sale, disposal or property insurance recoveries of, or any impairment related to, depreciable 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. 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.














(D)

Includes our share of:














-

(Losses) gains on land sales of ($0.1) million and $3.2 million for the three months ended December 31, 2020 and 2019, respectively, and $8.0 million and $17.3 million for the twelve months ended December 31, 2020 and 2019, respectively.














-

Straight-line adjustments (decreased) increased income by ($19.6) million and $24.9 million for the three months ended December 31, 2020 and 2019, respectively, and ($23.9) million and $90.9 million for the twelve months ended December 31, 2020 and 2019, respectively.














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Amortization of fair market value of leases from acquisitions increased income by $1.7 million and $1.4 million for the three months ended December 31, 2020 and 2019, respectively, and $5.2 million and $5.4 million for the twelve months ended December 31, 2020 and 2019, respectively.

Cision
Cision

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SOURCE Simon