Simon Property Group said diluted earnings per share and diluted earnings per unit increased $6.98 in 2024 to $0.28 compared with $7.26 in 2023, citing improved operating performance and a gain on the sale of its remaining interest in Authentic Brands Group among the factors.

1. 01

   Simon Property Group said diluted earnings per share and diluted earnings per unit increased $6.98 in 2024 to $0.28 compared with $7.26 in 2023, citing improved operating performance and a gain on the sale of its remaining interest in Authentic Brands Group among the factors.

2. 02

   The company said it recognized a pre-tax gain of $414.8 million on the sale of its remaining interest in ABG in Q1 2024 and a non-cash pre-tax gain of $100.5 million in Q4 related to J.C. Penney's acquisition of the retail operations of SPARC Group. In Q4, it also recorded an other-than-temporary impairment charge of $57.0 million representing pre-development costs associated with an unconsolidated joint venture development project.

3. 03

   Simon Property Group said net cash flow from operating activities and distributions of capital from unconsolidated entities totaled $4.1 billion in 2024. The company paid stockholder dividends and unitholder distributions of approximately $3.0 billion in the same year, and its balance of cash and cash equivalents increased $231.4 million to $1.4 billion.

4. 04

   Simon Property Group said as of December 31, 2024 it had an aggregate available borrowing capacity of approximately $8.2 billion under the Credit Facilities and no outstanding balance under the Commercial Paper program. Unsecured debt consisted of $19.1 billion of senior unsecured notes of the Operating Partnership and $323.7 million outstanding under the Credit Facility.

Key figures

Fiscal year ended December 31, 2024

Revenue

$6.0B

Operating income

$3.1B

Net income

$2.7B

EPS

$7.26

Operating cash flow

$3.8B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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