SIMON PROPERTY GROUP, INC. 
INDIANAPOLIS, Jan. 31, 2017 /PRNewswire/ -- Simon, a global leader in retail real estate, today reported results for the quarter and twelve months ended December 31, 2016.
Results for the Year[1]
-- Net income attributable to common stockholders was $1.836 billion, or
$5.87 per diluted share, as compared to $1.824 billion, or $5.88 per
diluted share, in the prior year period. Results for 2016 include a
charge of $136.8 million or $0.38 per diluted share related to the
redemption of certain senior notes of Simon Property Group, L.P. The
2015 results include a net gain of $166.2 million, or $0.46 per diluted
share.
-- Funds from Operations ("FFO") was $3.793 billion, or $10.49 per diluted
share, as compared to $3.571 billion, or $9.86 per diluted share, in the
prior year period, an increase of 6.4%. The 2016 results include the
$0.38 per diluted share charge on the extinguishment of debt. The 2015
results include a net $0.11 per diluted share charge ($0.33 charge
related to the redemption of certain senior notes in 2015 net of $0.22
of gain upon sale of marketable securities).
-- Growth in comparable FFO per diluted share for the twelve months ended
December 31, 2016 was 9.0%.
Results for the Quarter[1]
-- Net income attributable to common stockholders was $394.4 million, or
$1.26 per diluted share, as compared to $392.3 million, or $1.27 per
diluted share, in the prior year period. Results for the fourth quarter
of 2016 and 2015 each include a charge related to the redemption of
senior notes of $0.38 and $0.33 per diluted share, respectively.
-- FFO was $912.2 million, or $2.53 per diluted share, as compared to
$866.5 million, or $2.40 per diluted share, in the prior year period, an
increase of 5.4%. FFO in the fourth quarter of 2016 and 2015 includes
the aforementioned charges on the extinguishment of debt.
-- Growth in comparable FFO per diluted share for the three months ended
December 31, 2016 was 6.6%.
[1] For a reconciliation of FFO and net income per diluted share on a comparable basis, please see Footnote J of the Footnotes to Unaudited Financial Information.
"I am pleased with our strong fourth quarter results, concluding another very successful and productive year for our company," said David Simon, Chairman and Chief Executive Officer. "In 2016, we opened three new centers, delivered four significant property transformations and completed several major financing transactions that reinforced our industry-leading balance sheet. We are also pleased to again announce an increase in our quarterly dividend to $1.75 per share, growth of 6.1% from last quarter and year-over-year increase of 9.4%."
U.S. Malls and Premium Outlets Operating Statistics
-- Occupancy was 96.8% at December 31, 2016 compared to 96.1% at December
31, 2015.
-- Base minimum rent per square foot was $51.59 at December 31, 2016, an
increase of 5.4% compared to the prior year period.
-- Leasing spread per square foot for the trailing 12-months ended December
31, 2016 was $7.82, an increase of 12.7%.
Portfolio Net Operating Income ("NOI") and Comparable Property NOI
Total portfolio NOI growth for the twelve months ended December 31, 2016 was 6.7% and was 5.6% for the three months ended December 31, 2016. Total portfolio NOI includes comparable property NOI, NOI from new development, redevelopment, expansion and acquisitions, NOI from international properties and our share of NOI from investments. Comparable property NOI growth for the twelve months ended December 31, 2016 was 3.6% and was 3.8% for the three months ended December 31, 2016.
Dividends
Today Simon's Board of Directors declared a quarterly common stock dividend of $1.75 per share. This is an increase of $0.10 from the previous quarter, and a year-over-year increase of 9.4%. The dividend will be payable on February 28, 2017 to stockholders of record on February 14, 2017.
Simon's Board of Directors 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, 2017 to stockholders of record on March 17, 2017.
Development Activity
During the fourth quarter, we opened two significant new development projects:
-- On October 27(th), we opened Clarksburg Premium Outlets, in Clarksburg,
Maryland, a 392,000 square foot center with more than 85 retailers
featuring high-quality designer and name brands serving the greater
Washington D.C. area. Simon owns a 66% interest in this center.
-- On November 3(rd), we opened the 500,000 square foot retail component to
Brickell City Centre in Miami, Florida. Simon owns a 25% interest in
this center and leases and manages the center.
Construction continues on six other new development projects scheduled to open in 2017, including:
-- The Shops at Clearfork (Fort Worth, Texas); scheduled to open in
September. Simon owns a 45% interest in this project.
-- Provence Designer Outlet (Miramas, France); scheduled to open in April.
Simon owns a 90% interest in this project.
-- Siheung Premium Outlets (Siheung (Seoul), South Korea); scheduled to
open in May. Simon owns a 50% interest in this project.
-- Genting Highlands Premium Outlets (Kuala Lumpur, Malaysia); scheduled to
open in May. Simon owns a 50% interest in this project.
-- Norfolk Premium Outlets (Norfolk, Virginia); scheduled to open in June.
Simon owns a 65% interest in this project.
-- Premium Outlet Collection Edmonton IA (Edmonton, Alberta, Canada);
scheduled to open in October. Simon owns a 50% interest in this project.
Construction also continues on significant redevelopment and expansion projects including The Westchester, The Galleria in Houston, La Plaza Mall, The Shops at Riverside, Woodbury Common Premium Outlets, Allen Premium Outlets and Toronto Premium Outlets.
At quarter-end, redevelopment and expansion projects, including the addition of new anchors, were underway at 29 properties in the U.S., Canada and Europe. Simon's share of the costs of all new development and redevelopment projects under construction at quarter-end was approximately $1.6 billion.
Financing Activity
The Company was active in both the unsecured and secured credit markets in 2016 continuing to lower our effective borrowing costs and extend our maturity profile.
The Company completed three senior notes offerings, two in U.S. dollars and the other in Euros, totaling $3.8 billion (U.S. dollar equivalent), with a weighted average coupon rate of 2.86% and weighted average term of 11.4 years.
During the year, we retired five series of senior notes comprising approximately $1.9 billion at a weighted average coupon rate of 6.50%. The three new notes offerings had a weighted average coupon rate approximately 360 basis points lower than the notes that were retired during the year.
The Company also increased the availability under its supplemental revolving credit facility by $750 million during the year, resulting in $7.5 billion of total revolving credit capacity.
With regard to secured debt activity, we completed 27 mortgage loans totaling approximately $4.3 billion, (U.S. dollar equivalent), of which Simon's share is $3.0 billion. The weighted average interest rate and weighted average term on these loans is 3.67% and 9.4 years, respectively.
As of December 31, 2016, Simon had over $7.0 billion of liquidity consisting of cash on hand, including its share of joint venture cash, and available capacity under its revolving credit facilities.
Common Stock Repurchase Program
During the quarter ended December 31, 2016, the Company repurchased 1,409,197 shares of its common stock at an average price of $181.12 per share. Since the program's inception in April 2015, the Company has repurchased a total of 3,312,537 shares of its common stock at an average price of $180.59 per share.
2017 Guidance
The Company currently estimates net income to be within a range of $6.45 to $6.55 per diluted share for the year ending December 31, 2017 and that FFO will be within a range of $11.45 to $11.55 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, 2017
-------------------------------------
Low High
End End
--- ---
Estimated net income available to
common stockholders per diluted
share $6.45 $6.55
Depreciation and amortization
including Simon's share of
unconsolidated entities 5.00 5.00
---- ----
Estimated FFO per diluted share $11.45 $11.55
====== ======
Conference Call
Simon will hold a conference call to discuss the quarterly financial results today at 11:00 a.m. Eastern Time, Tuesday, January 31, 2017. 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 7, 2017. To access the audio replay, dial 1-855-859-2056 (international 404-537-3406) passcode 37060619.
Supplemental Materials and Website
Supplemental information on our fourth quarter 2016 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 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, FFO per share, comparable FFO per share, comparable earnings per share, portfolio net operating income growth 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 Simon'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 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: the Company's ability to meet debt service requirements, the availability and terms of financing, changes in the Company's credit rating or outlook, 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, security breaches that could compromise our information technology or infrastructure or personally identifiable data of customers of our retail properties, 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, the intensely competitive market environment in the retail industry, costs of common area maintenance, risks related to international activities, including, without limitation, the impact of the United Kingdom's vote to leave the European Union, insurance costs and coverage, the loss of key management personnel, 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 its annual and quarterly periodic reports filed with the SEC. The Company may update that discussion in its 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 retail real estate ownership, management and development and an S&P100 company (Simon Property Group) (NYSE: SPG). Our industry-leading retail properties and investments across North America, Europe and Asia provide shopping experiences for millions of consumers every day and generate billions in annual retail sales. For more information, visit simon.com.
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,
2016 2015 2016 2015
---- ---- ---- ----
REVENUE:
Minimum rent $874,937 $832,396 $3,358,498 $3,142,347
Overage rent 61,253 70,651 161,508 194,070
Tenant reimbursements 377,941 367,921 1,494,804 1,445,623
Management fees and other revenues 34,277 44,792 143,875 158,466
Other income 77,558 64,861 276,544 325,597
Total revenue 1,425,966 1,380,621 5,435,229 5,266,103
--------- --------- --------- ---------
EXPENSES:
Property operating 104,479 110,564 432,394 425,983
Depreciation and amortization 336,717 304,325 1,252,673 1,177,568
Real estate taxes 110,374 105,321 439,030 432,840
Repairs and maintenance 27,638 27,770 99,723 101,369
Advertising and promotion 38,896 36,127 142,801 134,854
(Recovery of) provision for credit
losses (542) 463 7,319 6,635
Home and regional office costs 37,867 42,362 158,406 154,816
General and administrative 19,939 15,147 65,082 60,329
Other 50,097 28,812 116,973 102,836
Total operating expenses 725,465 670,891 2,714,401 2,597,230
------- ------- --------- ---------
OPERATING INCOME 700,501 709,730 2,720,828 2,668,873
Interest expense (209,508) (230,896) (857,554) (923,697)
Loss on extinguishment of debt (136,777) (120,953) (136,777) (120,953)
Income and other taxes (1,052) (6,731) (29,678) (20,170)
Income from unconsolidated
entities 94,344 81,517 353,334 284,806
Gain upon acquisition of controlling interests and sale or
disposal of assets
and interests in unconsolidated
entities, net 8,094 27,250 84,553 250,516
CONSOLIDATED NET INCOME 455,602 459,917 2,134,706 2,139,375
Net income attributable to
noncontrolling interests 60,337 66,786 295,810 311,655
Preferred dividends 834 834 3,337 3,337
NET INCOME ATTRIBUTABLE TO COMMON
STOCKHOLDERS $394,431 $392,297 $1,835,559 $1,824,383
======== ======== ========== ==========
BASIC AND DILUTED EARNINGS PER COMMON SHARE:
Net income attributable to common
stockholders $1.26 $1.27 $5.87 $5.88
===== ===== ===== =====
Simon Property Group, Inc.
Unaudited Consolidated Balance Sheets
(Dollars in thousands, except share amounts)
December 31, December 31,
2016 2015
---- ----
ASSETS:
Investment properties,
at cost $35,226,089 $33,463,124
Less -accumulated
depreciation 10,865,754 9,915,386
24,360,335 23,547,738
Cash and cash
equivalents 560,059 701,134
Tenant receivables and
accrued revenue, net 664,619 624,605
Investment in
unconsolidated
entities, at equity 2,367,583 2,481,574
Investment in
Klépierre, at equity 1,797,394 1,943,363
Deferred costs and
other assets 1,353,588 1,266,768
Total assets $31,103,578 $30,565,182
=========== ===========
LIABILITIES:
Mortgages and
unsecured
indebtedness $22,977,104 $22,416,682
Accounts payable,
accrued expenses,
intangibles, and
deferred revenues 1,214,022 1,323,801
Cash distributions and
losses in
partnerships and
joint ventures, at
equity 1,359,738 1,368,544
Other liabilities 455,040 214,249
Total liabilities 26,005,904 25,323,276
---------- ----------
Commitments and contingencies
Limited partners' preferred interest in the Operating
Partnership and noncontrolling
redeemable interests
in properties 137,762 25,537
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 43,405 43,733
Common stock, $ 0.0001 par value, 511,990,000 shares
authorized, 319,823,322 and
314,806,914 issued and
outstanding,
respectively 32 31
Class B common stock, $ 0.0001 par value, 10,000 shares
authorized, 8,000
issued and outstanding - -
Capital in excess of
par value 9,523,086 9,384,450
Accumulated deficit (4,459,387) (4,266,930)
Accumulated other
comprehensive loss (114,126) (252,686)
Common stock held in
treasury, at cost,
6,756,748 and
5,394,345 shares,
respectively (682,562) (437,134)
Total stockholders'
equity 4,310,448 4,471,464
Noncontrolling
interests 649,464 744,905
Total equity 4,959,912 5,216,369
Total liabilities and
equity $31,103,578 $30,565,182
=========== ===========
Simon Property Group, Inc.
Unaudited Joint Venture Statements of Operations
(Dollars in thousands)
For the Three Months Ended For the Twelve Months Ended
December 31, December 31,
2016 2015 2016 2015
---- ---- ---- ----
REVENUE:
Minimum rent $472,245 $475,967 $1,823,674 $1,801,023
Overage rent 59,047 55,058 200,638 191,249
Tenant reimbursements 216,160 201,959 862,155 799,420
Other income 68,739 66,126 237,782 236,726
Total revenue 816,191 799,110 3,124,249 3,028,418
OPERATING EXPENSES:
Property operating 136,284 132,270 538,002 530,798
Depreciation and amortization 154,045 159,358 588,666 594,973
Real estate taxes 58,126 58,336 239,917 231,154
Repairs and maintenance 20,350 19,921 76,380 73,286
Advertising and promotion 26,766 21,288 88,956 75,773
Provision for credit losses 2,162 1,217 7,603 4,153
Other 49,786 47,289 183,435 169,504
Total operating expenses 447,519 439,679 1,722,959 1,679,641
------- ------- --------- ---------
OPERATING INCOME 368,672 359,431 1,401,290 1,348,777
Interest expense (141,473) (149,792) (585,958) (593,187)
Gain on sale or disposal of
assets and interests in
unconsolidated entities - 31,397 101,051 67,176
NET INCOME $227,199 $241,036 $916,383 $822,766
======== ======== ======== ========
Third-Party Investors' Share
of Net Income $115,353 $108,559 $452,844 $405,456
======== ======== ======== ========
Our Share of Net Income 111,846 132,477 463,539 417,310
Amortization of Excess
Investment (A) (23,542) (23,407) (94,213) (94,828)
Our Share of Gain on Sale or Disposal of Assets and Interests in
Unconsolidated Entities, net - (27,250) (22,636) (43,589)
Our Share of Gain on Sale or Disposal of Assets and Interests
Included in Other Income in the
Consolidated Financial
Statements - - (36,153) -
Income from Unconsolidated
Entities (B) $88,304 $81,820 $310,537 $278,893
======= ======= ======== ========
Note: The above financial presentation does not include any information related to our investments in Klépierre S.A.
("Klépierre") and HBS Global Properties ("HBS"). For additional information, see footnote B.
Simon Property Group, Inc.
Unaudited Joint Venture Balance Sheets
(Dollars in thousands)
December 31, December 31,
2016 2015
---- ----
Assets:
Investment properties, at cost $17,549,078 $17,186,884
Less - accumulated depreciation 5,892,960 5,780,261
11,656,118 11,406,623
Cash and cash equivalents 778,455 818,805
Tenant receivables and accrued
revenue, net 348,139 354,133
Deferred costs and other assets 351,098 482,024
Total assets $13,133,810 $13,061,585
=========== ===========
Liabilities and Partners' Deficit:
Mortgages $14,237,576 $13,827,215
Accounts payable, accrued expenses,
intangibles, and deferred revenue 867,003 985,159
Other liabilities 325,078 468,005
Total liabilities 15,429,657 15,280,379
Preferred units 67,450 67,450
Partners' deficit (2,363,297) (2,286,244)
Total liabilities and partners'
deficit $13,133,810 $13,061,585
=========== ===========
Our Share of:
Partners' deficit $(1,018,755) $(854,563)
Add: Excess Investment (A) 1,791,691 1,788,749
Our net Investment in unconsolidated
entities, at equity $772,936 $934,187
======== ========
Note: The above financial presentation does not include any information related to our
investments in Klépierre and
HBS Global Properties. 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,
------------ ------------
2016 2015 2016 2015
---- ---- ---- ----
Consolidated Net Income (D) $455,602 $459,917 $2,134,706 $2,139,375
Adjustments to Arrive at FFO:
Depreciation and amortization from consolidated
properties 330,708 299,346 1,236,476 1,160,916
Our share of depreciation and amortization from
unconsolidated entities, including Klépierre and HBS 140,046 137,515 527,976 533,330
Gain upon acquisition of controlling interests and sale or
disposal
of assets and interests in unconsolidated entities, net (E) (8,094) (27,250) (80,154) (250,516)
Net income attributable to noncontrolling interest holders
in
properties (563) (845) (7,218) (2,984)
Noncontrolling interests portion of depreciation and
amortization (4,159) (906) (13,583) (3,632)
Preferred distributions and dividends (1,313) (1,313) (5,252) (5,252)
-------------------
FFO of the Operating Partnership (G) $912,227 $866,464 $3,792,951 $3,571,237
======== ======== ========== ==========
Diluted net income per share to diluted FFO per share reconciliation:
Diluted net income per share $1.26 $1.27 $5.87 $5.88
Depreciation and amortization from consolidated properties
and our share of depreciation and amortization from
unconsolidated
entities, including Klépierre and HBS, net of noncontrolling
interests portion of depreciation and amortization 1.29 1.20 4.84 4.67
Gain upon acquisition of controlling interests and sale or
disposal
of assets and interests in unconsolidated entities, net (F) (0.02) (0.07) (0.22) (0.69)
Diluted FFO per share (H) $2.53 $2.40 $10.49 $9.86
===== ===== ====== =====
Details for per share calculations:
FFO of the Operating Partnership (G) $912,227 $866,464 $3,792,951 $3,571,237
Diluted FFO allocable to unitholders (119,780) (124,266) (512,361) (514,044)
-------- -------- -------- --------
Diluted FFO allocable to common stockholders (I) $792,447 $742,198 $3,280,590 $3,057,193
======== ======== ========== ==========
Basic and Diluted weighted average shares outstanding 313,685 309,419 312,691 310,103
Weighted average limited partnership units outstanding 47,502 51,816 48,836 52,141
Basic and Diluted weighted average shares and units outstanding 361,187 361,235 361,527 362,244
======= ======= ======= =======
Basic and Diluted FFO per Share (H) $2.53 $2.40 $10.49 $9.86
Percent Change 5.4% 6.4%
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
properties.
(B) 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 investments in Klépierre and HBS
Global Properties. Amounts included in Footnotes D below exclude
our share of related activity for our investments in Klépierre and
HBS Global Properties. 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, FFO per
share, comparable FFO per share and comparable EPS. 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.
(D) Includes our share of:
- Gains on land sales of $8.8 million and $1.5 million for the three
months ended December 31, 2016 and 2015, respectively, and $14.0
million and $6.1 million for the twelve months ended December 31,
2016 and 2015, respectively.
- Straight-line adjustments increased minimum rent by $12.5 million
and $17.5 million for the three months ended December 31, 2016 and
2015, respectively, and $56.8 million and $65.7 million for the
twelve months ended December 31, 2016 and 2015, respectively.
- Amortization of fair market value of leases from acquisitions
increased income by $2.3 million and $7.2 million for the three
months ended December 31, 2016 and 2015, respectively, and $9.6
million and $17.2 million for the twelve months ended December 31,
2016 and 2015, respectively.
- Debt premium amortization of $5.1 million and $4.5 million for the
three months ended December 31, 2016 and 2015, respectively, and
$19.0 million and $22.5 million for the twelve months ended
December 31, 2016 and 2015, respectively.
(E) Gain upon acquisition of controlling interests and sale or disposal
of assets and interests in unconsolidated entities for the three
and twelve months ended December 31, 2016 was $8.1 million and
$84.6 million, respectively. Noncontrolling interest portion of
the gain for the three and twelve months ended December 31, 2016
was $0.0 million and $4.4 million, respectively.
(F) Includes noncontrolling interests gain upon acquisition of
controlling interests and sale or disposal of assets and interests
in unconsolidated entities of $0.01 per share for the twelve
months ended December 31, 2016.
(G) Includes FFO of the operating partnership related to a loss on the
extinguishment of debt of $136.8 million for the three and twelve
months ended December 31, 2016. Includes FFO of the operating
partnership related to a loss on the extinguishment of debt of
$121.0 million for the three and twelve months ended December 31,
2015 and FFO related to the gain upon sale of marketable
securities of $80.2 million for the twelve months ended December
31, 2015.
(H) Includes Basic and Diluted FFO per share related to a loss on the
extinguishment of debt of $0.38 for the three and twelve months
ended December 31, 2016. Includes Basic and Diluted FFO per share
related to a loss on the extinguishment of debt of $0.33 for the
three and twelve months ended December 31, 2015 and FFO related to
the gain upon sale of marketable securities of $0.22 for the
twelve months ended December 31, 2015.
(I) Includes Diluted FFO allocable to common stockholders related to a
loss on the extinguishment of debt of $118.3 million for the three
and twelve months ended December 31, 2016. Includes Diluted FFO
allocable to common stockholders related to a loss on the
extinguishment of debt of $103.6 million for the three and twelve
months ended December 31, 2015.
(J) Reconciliation of reported earnings per share to comparable
earnings per share and FFO per share to comparable FFO per share:
THREE MONTHS TWELVE MONTHS
ENDED ENDED
DECEMBER 31, DECEMBER 31,
------------ ------------
2016 2015 2016 2015
---- ---- ---- ----
Reported
earnings per
share $1.26 $1.27 $5.87 $5.88
Less: Gain upon
sale of marketable
securities - - - (0.22)
Less: Non-cash
gain on equity
method investment - - - (0.57)
Add: Loss on
extinguishment
of debt 0.38 0.33 0.38 0.33
Comparable
earnings per
share $1.64 $1.60 $6.25 $5.42
===== ===== ===== =====
Comparable
earnings per
share growth 2.5% 15.3%
THREE MONTHS TWELVE MONTHS
ENDED ENDED
DECEMBER 31, DECEMBER 31,
------------ ------------
2016 2015 2016 2015
---- ---- ---- ----
Reported
FFO per
share $2.53 $2.40 $10.49 $9.86
Less: Gain upon
sale of marketable
securities - - - (0.22)
Add: Loss on
extinguishment
of debt 0.38 0.33 0.38 0.33
Comparable FFO
per share $2.91 $2.73 $10.87 $9.97
===== ===== ====== =====
Comparable FFO
per share
growth 6.6% 9.0%
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/simon-property-group-reports-fourth-quarter-and-full-year-2016-results-and-raises-quarterly-dividend-300399162.html
SOURCE Simon Property Group, Inc.
