Simon Property Group Inc (SPG) 8-K Earnings Release, Regulated Disclosure


EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION FOR THE QUARTER ENDED SEPTEMBER 30, 2018			PAGE

Earnings Release⁽¹⁾			2-13
Overview
The Company			14
Stock Information, Credit Ratings and Senior Unsecured Debt Covenants			15
Financial Data
Selected Financial and Equity Information			16
Net Operating Income (NOI) Composition			17
Net Operating Income Overview			18
Reconciliations of Non-GAAP Financial Measures			19
Consolidated Net Income to NOI			19
FFO of the Operating Partnership to Funds Available for Distribution (Our Share)			20
Other Income, Other Expense and Capitalized Interest			21
Operational Data
U.S. Malls and Premium Outlets Operating Information			22
The Mills and International Operating Information			23
U.S. Malls and Premium Outlets Lease Expirations			24
U.S. Malls and Premium Outlets Top Tenants			25
Development Activity
Capital Expenditures			26
Development Activity Summary			27-28
Development Activity Report			29-30
U.S. Tenant Openings of Note			31-33
Densification Projects			34
Balance Sheet Information
Common and Preferred Stock Information			35
Changes in Common Share and Limited Partnership Unit Ownership			35
Preferred Stock/Units Outstanding			35
Credit Profile			36
Summary of Indebtedness			37
Total Debt Amortization and Maturities by Year (Our Share)			38
Property and Debt Information			39-48
Other
Non-GAAP Pro-Rata Financial Information			49

(1): Includes reconciliation of consolidated net income to funds from operations.


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Contacts:		FOR IMMEDIATE RELEASE
Tom Ward	317-685-7330 Investors
Les Morris	317-263-7711 Media

SIMON PROPERTY GROUP REPORTS RECORD THIRD QUARTER 2018 RESULTS AND RAISES FULL YEAR 2018 GUIDANCE

INDIANAPOLIS, October 25, 2018 - Simon, a global leader in premier shopping, dining and entertainment destinations, today reported results for the quarter ended September 30, 2018.

RESULTS FOR THE QUARTER

•: Net income attributable to common stockholders was $556.3 million, or $1.80 per diluted share, as compared to $513.8 million, or $1.65 per diluted share, in the prior year period.
•: Funds from Operations ("FFO") was $1.086 billion, or $3.05 per diluted share, as compared to $1.035 billion, or $2.89 per diluted share, in the prior year period, an increase of 5.5% per diluted share.

RESULTS FOR THE NINE MONTHS

•: Net income attributable to common stockholders was $1.724 billion, or $5.57 per diluted share, as compared to $1.374 billion, or $4.41 per diluted share, in the prior year period.
•: FFO was $3.173 billion, or $8.90 per diluted share, as compared to $2.905 billion, or $8.09 per diluted share, in the prior year period, a 10.0% increase per diluted share.

"We produced another excellent quarter highlighted by strong financial and operational performance, the very successful openings of Denver Premium Outlets and the expansion of Shisui Premium Outlets, and another increase to our full-year 2018 guidance," said David Simon, Chairman and CEO.


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U.S. MALLS AND PREMIUM OUTLETS OPERATING STATISTICS

•: Reported retailer sales per square foot for the trailing 12-months ended September 30, 2018 was $650, an increase of 4.5%.
•: Occupancy was 95.5% at September 30, 2018.
•: Base minimum rent per square foot was $53.88 at September 30, 2018, an increase of 2.8% compared to the prior year period.
•: Leasing spread per square foot for the trailing 12-months ended September 30, 2018 was $7.59, an increase of 13.9%.

PORTFOLIO NET OPERATING INCOME ("NOI") AND COMPARABLE PROPERTY NOI

Total portfolio NOI growth for the nine months ended September 30, 2018 was 4.1%. 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 nine months ended September 30, 2018 was 2.3%.

DIVIDENDS

Today, Simon's Board of Directors declared a quarterly common stock dividend of $2.00 per share. This is an 8.1% increase year-over-year. The dividend will be payable on November 30, 2018 to shareholders of record on November 16, 2018. The Company will pay $7.90 per share in common stock dividends in 2018, a 10.5% increase year-over-year.

Simon's Board of Directors also declared the quarterly dividend on its 8³/8% Series J Cumulative Redeemable Preferred Stock (NYSE: SPGPrJ) of $1.046875 per share, payable on December 31, 2018 to shareholders of record on December 17, 2018.


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DEVELOPMENT ACTIVITY

On September 27, 2018, we opened Denver Premium Outlets (Thornton, CO), a 330,000 square-foot LEED-certified center featuring a dynamic mix of merchandise, amenities and experiences. Simon owns 100% of this center.

During the quarter, the 68,000 square-foot, phase three expansion of Shisui Premium Outlets opened featuring new fashion and sports brands, in vogue cafes and an outdoor garden area. Simon owns 40% of this center.

Construction continues on three new international development projects including:

•: Queretaro Premium Outlets (Queretaro, Mexico); scheduled to open in spring 2019. Simon owns a 50% interest in this project.
•: Malaga Designer Outlet (Malaga, Spain); scheduled to open in summer 2019. Simon owns a 46% interest in this project.
•: Cannock Designer Outlet (Cannock, United Kingdom); scheduled to open in spring 2020. Simon owns a 20% interest in this project.

Construction also continues on significant redevelopment and expansion projects at other properties including Town Center at Boca Raton, Toronto Premium Outlets, The Shops at Riverside (Hackensack, NJ) and Southdale Center (Edina (Minneapolis), MN).

During the third quarter, construction started on significant expansion projects at Paju Premium Outlets (Seoul, South Korea) and Tosu Premium Outlets (Kyushu, Japan).

Subsequent to quarter end, construction started on a transformative mixed-use redevelopment at Phipps Plaza. The dynamic, reimagined development is headlined by the arrival of Nobu Hotel and Restaurant Atlanta, along with a 90,000 square-foot Life Time healthy living and entertainment destination and a unique, curated dining experience. A 13-story, 350,000 square-foot Class A office building, One Phipps Plaza, is yet another element of the redevelopment.


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FINANCING ACTIVITY

During the first nine months of 2018, the Company closed on 13 mortgage loans totaling approximately $3.0 billion, (U.S. dollar equivalent), of which Simon's share is approximately $1.3 billion. The weighted average interest rate and weighted average term on these loans is 3.83% and 8.4 years, respectively.

As of September 30, 2018, Simon had more than $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.

2018 GUIDANCE

The Company currently estimates net income to be within a range of $7.50 to $7.54 per diluted share for the year ending December 31, 2018 and that FFO will be within a range of $12.09 to $12.13 per diluted share.

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, 2018

	LOW END		HIGH END

Estimated net income attributable to common stockholders per diluted share	$	7.50	$	7.54
Depreciation and amortization including Simon's share of unconsolidated entities		5.00		5.00
Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net		(0.41)		(0.41)

Estimated FFO per diluted share	$	12.09	$	12.13


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CONFERENCE CALL

Simon will hold a conference call to discuss the quarterly financial results today at 8:30 a.m. Eastern Time, Thursday, October 25, 2018. 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 November 1, 2018. To access the audio replay, dial 1-855-859-2056 (international 404-537-3406) passcode 5597981.

SUPPLEMENTAL MATERIALS AND WEBSITE

Supplemental information on our third quarter 2018 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, 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.


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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: 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; decreases in market rental rates; the intensely competitive market environment in the retail industry; the inability to lease newly developed properties and renew leases and relet space at existing properties on favorable terms; risks related to international activities, including, without limitation, the impact, if any, of the United Kingdom's exit from the European Union; changes to applicable laws or regulations or the interpretation thereof; 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; 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 and foreign exchange rates for foreign currencies; changes in the value of our investments in foreign entities; our ability to hedge interest rate and currency risk; 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; environmental liabilities; changes in insurance costs, the availability of comprehensive insurance coverage; security breaches that could compromise our information technology or infrastructure; natural disasters; the potential for terrorist activities; 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 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 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. For more information, visit simon.com.


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

	FOR THE THREE MONTHS ENDED SEPTEMBER 30,				FOR THE NINE MONTHS ENDED SEPTEMBER 30,

	2018		2017		2018		2017
REVENUE:
Minimum rent	$	864,514	$	861,184	$	2,581,792	$	2,559,535
Overage rent		39,601		36,634		104,533		94,601
Tenant reimbursements		385,543		386,713		1,138,855		1,146,156
Management fees and other revenues		28,784		28,946		85,506		90,860
Other income		90,563		90,161		286,491		219,796

Total revenue		1,409,005		1,403,638		4,197,177		4,110,948

EXPENSES:
Property operating		119,021		118,807		335,420		330,226
Depreciation and amortization		316,175		317,037		953,309		950,265
Real estate taxes		119,315		111,953		344,950		332,027
Repairs and maintenance		23,632		25,352		73,507		72,654
Advertising and promotion		36,688		36,006		107,979		108,450
Provision for credit losses		4,984		2,895		13,915		10,765
Home and regional office costs		32,714		31,451		106,093		110,906
General and administrative		12,172		13,014		35,713		40,089
Other		26,913		57,055		69,293		102,678

Total operating expenses		691,614		713,570		2,040,179		2,058,060

OPERATING INCOME		717,391		690,068		2,156,998		2,052,888
Interest expense		(199,469)		(199,032)		(611,585)		(604,408)
Loss on extinguishment of debt		—		—		—		(128,618)
Income and other taxes		(10,118)		(14,511)		(26,475)		(16,981)
Income from unconsolidated entities		134,408		116,110		325,263		277,212
Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net		—		—		144,949		4,989

CONSOLIDATED NET INCOME		642,212		592,635		1,989,150		1,585,082
Net income attributable to noncontrolling interests		85,111		78,018		262,722		209,070
Preferred dividends		834		834		2,503		2,503

NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	556,267	$	513,783	$	1,723,925	$	1,373,509



BASIC AND DILUTED EARNINGS PER COMMON SHARE:
Net income attributable to common stockholders	$	1.80	$	1.65	$	5.57	$	4.41


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

	SEPTEMBER 30, 2018		DECEMBER 31, 2017

ASSETS:
Investment properties, at cost	$	36,943,299	$	36,393,464
Less — accumulated depreciation		12,638,409		11,935,949

		24,304,890		24,457,515
Cash and cash equivalents		695,718		1,482,309
Tenant receivables and accrued revenue, net		722,730		742,672
Investment in unconsolidated entities, at equity		2,281,688		2,266,483
Investment in Klépierre, at equity		1,776,655		1,934,676
Deferred costs and other assets		1,298,012		1,373,983

Total assets	$	31,079,693	$	32,257,638



LIABILITIES:
Mortgages and unsecured indebtedness	$	23,678,264	$	24,632,463
Accounts payable, accrued expenses, intangibles, and deferred revenues		1,268,099		1,269,190
Cash distributions and losses in unconsolidated entities, at equity		1,534,550		1,406,378
Other liabilities		503,342		520,363

Total liabilities		26,984,255		27,828,394

Commitments and contingencies
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties		197,937		190,480
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 83/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding with a liquidation value of $39,847		42,830		43,077

Common stock, $0.0001 par value, 511,990,000 shares authorized, 320,411,571 and 320,322,774 issued and outstanding, respectively		32		32

Class B common stock, $0.0001 par value, 10,000 shares authorized, 8,000 issued and outstanding		—		—

Capital in excess of par value		9,736,720		9,614,748
Accumulated deficit		(4,896,754)		(4,782,173)
Accumulated other comprehensive loss		(118,593)		(110,453)
Common stock held in treasury, at cost, 11,115,156 and 9,163,920 shares, respectively		(1,380,619)		(1,079,063)

Total stockholders' equity		3,383,616		3,686,168
Noncontrolling interests		513,885		552,596

Total equity		3,897,501		4,238,764

Total liabilities and equity	$	31,079,693	$	32,257,638


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Simon Property Group, Inc.
Unaudited Joint Venture Combined Statements of Operations
(Dollars in thousands)

	FOR THE THREE MONTHS ENDED SEPTEMBER 30,				FOR THE NINE MONTHS ENDED SEPTEMBER 30,

	2018		2017		2018		2017
REVENUE:
Minimum rent	$	483,685	$	466,601	$	1,443,617	$	1,383,361
Overage rent		52,417		52,560		163,144		150,376
Tenant reimbursements		222,153		215,774		666,068		644,020
Other income		73,259		74,208		232,747		210,287

Total revenue		831,514		809,143		2,505,576		2,388,044
OPERATING EXPENSES:
Property operating		151,873		145,288		437,718		410,301
Depreciation and amortization		161,964		156,682		488,098		469,884
Real estate taxes		60,654		54,668		197,497		185,228
Repairs and maintenance		20,035		18,811		63,968		59,512
Advertising and promotion		20,318		19,837		65,425		63,871
Provision for credit losses		1,300		1,063		13,378		7,629
Other		43,916		45,174		143,533		133,558

Total operating expenses		460,060		441,523		1,409,617		1,329,983

OPERATING INCOME		371,454		367,620		1,095,959		1,058,061
Interest expense		(163,855)		(149,746)		(505,540)		(438,393)
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net		—		—		25,792		—

NET INCOME	$	207,599	$	217,874	$	616,211	$	619,668



Third-Party Investors' Share of Net Income	$	101,750	$	110,581	$	304,174	$	314,531



Our Share of Net Income		105,849		107,293		312,037		305,137
Amortization of Excess Investment (A)		(21,526)		(22,608)		(64,447)		(68,045)
Our Share of Gain on Sale or Disposal of, or Recovery on, Assets and Interests in Unconsolidated Entities, net		—		—		(9,672)		—

Income from Unconsolidated Entities (B)	$	84,323	$	84,685	$	237,918	$	237,092

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.


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Simon Property Group, Inc.
Unaudited Joint Venture Combined Balance Sheets
(Dollars in thousands)

	SEPTEMBER 30, 2018		DECEMBER 31, 2017

Assets:
Investment properties, at cost	$	18,632,287	$	18,328,747
Less - accumulated depreciation		6,672,267		6,371,363

		11,960,020		11,957,384
Cash and cash equivalents		1,013,153		956,084
Tenant receivables and accrued revenue, net		403,315		403,125
Deferred costs and other assets		395,144		355,585

Total assets	$	13,771,632	$	13,672,178



Liabilities and Partners' Deficit:
Mortgages	$	15,231,476	$	14,784,310
Accounts payable, accrued expenses, intangibles, and deferred revenue		903,599		1,033,674
Other liabilities		351,116		365,857

Total liabilities		16,486,191		16,183,841
Preferred units		67,450		67,450
Partners' deficit		(2,782,009)		(2,579,113)

Total liabilities and partners' deficit	$	13,771,632	$	13,672,178



Our Share of:
Partners' deficit	$	(1,204,237)	$	(1,144,620)
Add: Excess Investment (A)		1,614,277		1,733,063

Our net Investment in unconsolidated entities, at equity	$	410,040	$	588,443

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.


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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 SEPTEMBER 30,				FOR THE NINE MONTHS ENDED SEPTEMBER 30,
	2018		2017		2018		2017
Consolidated Net Income (D)	$	642,212	$	592,635	$	1,989,150	$	1,585,082
Adjustments to Arrive at FFO:
Depreciation and amortization from consolidated properties		313,245		313,194		944,615		939,468
Our share of depreciation and amortization from unconsolidated entities, including Klépierre and HBS		131,573		134,998		403,777		401,692
Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net		—		—		(144,949)		(4,989)
Unrealized change in fair value of equity instruments		5,452		—		(1,212)		—
Net (income) loss attributable to noncontrolling interest holders in properties		(497)		550		(684)		721
Noncontrolling interests portion of depreciation and amortization		(4,380)		(4,605)		(13,564)		(12,821)
Preferred distributions and dividends		(1,313)		(1,313)		(3,939)		(3,939)

FFO of the Operating Partnership (E)	$	1,086,292	$	1,035,459	$	3,173,194	$	2,905,214



Diluted net income per share to diluted FFO per share reconciliation:
Diluted net income per share	$	1.80	$	1.65	$	5.57	$	4.41
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		1.23		1.24		3.74		3.69
Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net		—		—		(0.41)		(0.01)
Unrealized change in fair value of equity instruments		0.02		—		—		—

Diluted FFO per share (F)	$	3.05	$	2.89	$	8.90	$	8.09




Details for per share calculations:
FFO of the Operating Partnership (E)	$	1,086,292	$	1,035,459	$	3,173,194	$	2,905,214
Diluted FFO allocable to unitholders		(142,710)		(136,632)		(416,694)		(382,660)

Diluted FFO allocable to common stockholders (G)	$	943,582	$	898,827	$	2,756,500	$	2,522,554



Basic and Diluted weighted average shares outstanding		309,294		310,853		309,740		311,740
Weighted average limited partnership units outstanding		46,779		47,263		46,822		47,290

Basic and Diluted weighted average shares and units outstanding		356,073		358,116		356,562		359,030



Basic and Diluted FFO per Share (F)	$	3.05	$	2.89	$	8.90	$	8.09
Percent Change		5.5%				10.0%


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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 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 HBS Global Properties. Amounts included in Footnote 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-Q.
(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"). 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, 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, disposal or property insurance recoveries of, or any impairment relating to, previously depreciated retail operating properties. We include in FFO gains and losses realized from the sale of land, outlot buildings, equity instruments, 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 $1.2 million and $2.4 million for the three months ended September 30, 2018 and 2017, respectively, and $3.9 million and $10.1 million for the nine months ended September 30, 2018 and 2017, respectively.
-: Straight-line adjustments increased income by $6.8 million and $11.8 million for the three months ended September 30, 2018 and 2017, respectively, and $21.8 million and $27.1 million for the nine months ended September 30, 2018 and 2017, respectively.
-: Amortization of fair market value of leases from acquisitions increased income by $0.6 million and $1.4 million for the three months ended September 30, 2018 and 2017, respectively, and $3.0 million and $4.6 million for the nine months ended September 30, 2018 and 2017, respectively.

(E)

Includes a loss on the extinguishment of debt of $128.6 million for the nine months ended September 30, 2017.

(F)

Includes Basic and Diluted FFO per share related to a loss on the extinguishment of debt of $0.36 for the nine months ended September 30, 2017.

(G)

Includes Diluted FFO allocable to common stockholders related to a loss on the extinguishment of debt of $111.7 million for the nine months ended September 30, 2017.


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OVERVIEW

THE COMPANY

Simon Property Group, Inc. (NYSE:SPG) is a self-administered and self-managed real estate investment trust ("REIT"). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc., the Operating Partnership, and its subsidiaries. We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets®, The Mills®, and International Properties. At September 30, 2018, we owned or had an interest in 235 properties comprising 191 million square feet in North America, Asia and Europe. Additionally, at September 30, 2018, we had a 21.2% ownership interest in Klépierre, a publicly traded, Paris-based real estate company, which owns shopping centers in 16 European countries.

This package was prepared to provide operational and balance sheet information as of September 30, 2018 for the Company and the Operating Partnership.

Certain statements made in this Supplemental Package may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained, and it is possible that our 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: 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; decreases in market rental rates; the intensely competitive market environment in the retail industry; the inability to lease newly developed properties and renew leases and relet space at existing properties on favorable terms; risks related to international activities, including, without limitation, the impact of the United Kingdom's vote to leave the European Union; changes to applicable laws or regulations or the interpretation thereof; 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; 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 and foreign exchange rates for foreign currencies; changes in the value of our investments in foreign entities; our ability to hedge interest rate and currency risk; 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; environmental liabilities; changes in insurance costs, the availability of comprehensive insurance coverage; security breaches that could compromise our information technology or infrastructure; natural disasters; the potential for terrorist activities; and the loss of key management personnel. We discuss these and other risks and uncertainties under the heading "Risk Factors" in our annual and quarterly periodic reports filed with the SEC. We may update that discussion in subsequent other periodic reports, but, except as required by law, we undertake no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.

Any questions, comments or suggestions regarding this Supplemental Information should be directed to Tom Ward, Senior Vice President of Investor Relations (tom.ward@simon.com or 317.685.7330).


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OVERVIEW

STOCK INFORMATION

The Company's common stock and one series of preferred stock are traded on the New York Stock Exchange under the following symbols:


	Common Stock	SPG
	8.375% Series J Cumulative Redeemable Preferred	SPGPrJ
CREDIT RATINGS
	Standard & Poor's
	Corporate	A	(Stable Outlook)
	Senior Unsecured	A	(Stable Outlook)
	Commercial Paper	A1	(Stable Outlook)
	Preferred Stock	BBB+	(Stable Outlook)
	Moody's
	Senior Unsecured	A2	(Stable Outlook)
	Commercial Paper	P1	(Stable Outlook)
	Preferred Stock	A3	(Stable Outlook)

SENIOR UNSECURED DEBT COVENANTS ⁽¹⁾


	Required	Actual	Compliance

Total Debt to Total Assets ⁽¹⁾	£65%	39%	Yes
Total Secured Debt to Total Assets ⁽¹⁾	£50%	18%	Yes
Fixed Charge Coverage Ratio	>1.5X	5.1X	Yes
Total Unencumbered Assets to Unsecured Debt	³125%	288%	Yes

(1): Covenants for indentures dated June 7, 2005 and later. Total Assets are calculated in accordance with the indenture and essentially represent net operating income (NOI) divided by a 7.0% capitalization rate plus the value of other assets at cost.


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SELECTED FINANCIAL AND EQUITY INFORMATION
(In thousands, except as noted)


		THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,

		2018		2017		2018		2017
Financial Highlights
Total Revenue - Consolidated Properties	$	1,409,005	$	1,403,638	$	4,197,177	$	4,110,948
Consolidated Net Income	$	642,212	$	592,635	$	1,989,150	$	1,585,082
Net Income Attributable to Common Stockholders	$	556,267	$	513,783	$	1,723,925	$	1,373,509
Basic and Diluted Earnings per Common Share (EPS)	$	1.80	$	1.65	$	5.57	$	4.41
Funds from Operations (FFO) of the Operating Partnership	$	1,086,292	$	1,035,459	$	3,173,194	$	2,905,214
Basic and Diluted FFO per Share (FFOPS)	$	3.05	$	2.89	$	8.90	$	8.09
Dividends/Distributions per Share/Unit	$	2.00	$	1.80	$	5.90	$	5.30


Stockholders' Equity Information		AS OF SEPTEMBER 30, 2018		AS OF DECEMBER 31, 2017
Limited Partners' Units Outstanding at end of period		47,213		46,879
Common Shares Outstanding at end of period		309,304		311,167

Total Common Shares and Limited Partnership Units Outstanding at end of period		356,517		358,046



Weighted Average Limited Partnership Units Outstanding		46,822		47,260
Weighted Average Common Shares Outstanding:
Basic and Diluted - for purposes of EPS and FFOPS		309,740		311,517

Debt Information
Share of Consolidated Debt	$	23,501,273	$	24,465,117
Share of Joint Venture Debt		7,160,084		7,011,525

Share of Total Debt	$	30,661,357	$	31,476,642




Market Capitalization
Common Stock Price at end of period	$	176.75	$	171.74
Common Equity Capitalization, including Limited Partnership Units	$	63,014,428	$	61,490,902
Preferred Equity Capitalization, including Limited Partnership Preferred Units		82,081		82,527

Total Equity Market Capitalization	$	63,096,509	$	61,573,429



Total Market Capitalization - Including Share of Total Debt	$	93,757,866	$	93,050,071

Debt to Total Market Capitalization		32.7%		33.8%


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NET OPERATING INCOME (NOI) COMPOSITION ⁽¹⁾
For the Nine Months Ended September 30, 2018

(1): Based on our share of total NOI and does not reflect any property, entity or corporate-level debt.
(2): Includes Klépierre, international Premium Outlets, international Designer Outlets and distributions from other international investments.
(3): Includes Lifestyle Centers.


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NET OPERATING INCOME OVERVIEW ⁽¹⁾
(In thousands)


		FOR THE THREE MONTHS ENDED SEPTEMBER 30,			% GROWTH		FOR THE NINE MONTHS ENDED SEPTEMBER 30,			% GROWTH

		2018		2017			2018		2017
Comparable Property NOI ⁽²⁾	$	1,383,043	$	1,350,935	2.4%	$	4,105,374	$	4,012,996	2.3%
NOI from New Development, Redevelopment, Expansion and Acquisitions ⁽³⁾		15,732		19,882			52,448		60,364
International Properties ⁽⁴⁾		124,512		110,217			370,185		307,798
Our share of NOI from Investments ⁽⁵⁾		94,781		83,658			233,799		192,604

Portfolio NOI	$	1,618,068	$	1,564,692	3.4%	$	4,761,806	$	4,573,762	4.1%
Corporate and Other NOI Sources ⁽⁶⁾		88,583		94,837			308,163		300,935

Combined NOI	$	1,706,651	$	1,659,529		$	5,069,969	$	4,874,697
Less: Joint Venture Partners' Share of NOI		281,223		274,604			835,734		804,919

Our Share of Total NOI	$	1,425,428	$	1,384,925		$	4,234,235	$	4,069,778

(1): All amounts are presented at gross values unless otherwise indicated as our share. See reconciliation on following page.
(2): Includes Malls, Premium Outlets, The Mills and Lifestyle Centers opened and operating as comparable for the period.
(3): Includes total property NOI for properties undergoing redevelopment as well as incremental NOI for expansion properties not yet included in comparable properties.
(4): Includes International Premium Outlets (except for Canadian International Premium Outlets included in Comparable NOI), International Designer Outlets and distributions from other international investments.
(5): Includes our share of NOI of Klépierre, HBS, and other corporate investments.
(6): Includes income components excluded from Portfolio NOI and Comparable Property NOI (domestic lease termination income, interest income, land sale gains, straight line rent, above/below market lease adjustments), gains on sale of equity instruments, unrealized gains and losses on equity instruments, Simon management company revenues, and other assets.


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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(In thousands, except as noted)


RECONCILIATION OF NET INCOME TO NOI

		THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,

		2018		2017		2018		2017
Reconciliation of NOI of consolidated entities:
Consolidated Net Income	$	642,212	$	592,635	$	1,989,150	$	1,585,082
Income and other tax expense		10,118		14,511		26,475		16,981
Interest expense		199,469		199,032		611,585		604,408
Income from unconsolidated entities		(134,408)		(116,110)		(325,263)		(277,212)
Loss on extinguishment of debt		–		–		–		128,618
Gain upon acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net		–		–		(144,949)		(4,989)

Operating Income		717,391		690,068		2,156,998		2,052,888
Depreciation and amortization		316,175		317,037		953,309		950,265
Home and regional office costs		32,714		31,451		106,093		110,906
General and administrative		12,172		13,014		35,713		40,089

NOI of consolidated entities	$	1,078,452	$	1,051,570	$	3,252,113	$	3,154,148



Reconciliation of NOI of unconsolidated entities:
Net Income	$	207,599	$	217,874	$	616,211	$	619,668
Interest expense		163,855		149,746		505,540		438,393
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net		–		–		(25,792)		–

Operating Income		371,454		367,620		1,095,959		1,058,061
Depreciation and amortization		161,964		156,682		488,098		469,884

NOI of unconsolidated entities	$	533,418	$	524,302	$	1,584,057	$	1,527,945



Add: Our share of NOI from Klépierre, HBS and other corporate investments		94,781		83,657		233,799		192,604

Combined NOI	$	1,706,651	$	1,659,529	$	5,069,969	$	4,874,697


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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(In thousands, except as noted)


RECONCILIATION OF FFO OF THE OPERATING PARTNERSHIP TO FUNDS AVAILABLE FOR DISTRIBUTION (OUR SHARE)

		THREE MONTHS ENDED SEPTEMBER 30, 2018		NINE MONTHS ENDED SEPTEMBER 30, 2018
FFO of the Operating Partnership	$	1,086,292	$	3,173,194
Non-cash impacts to FFO⁽¹⁾		10,208		29,927

FFO of the Operating Partnership excluding non-cash impacts		1,096,500		3,203,121
Tenant allowances		(51,557)		(144,898)
Operational capital expenditures		(49,331)		(110,255)

Funds available for distribution	$	995,612	$	2,947,968

(1): Non-cash impacts to FFO of the Operating Partnership include:



		THREE MONTHS ENDED SEPTEMBER 30, 2018		NINE MONTHS ENDED SEPTEMBER 30, 2018
Deductions:
Straight-line rent	$	(6,739)	$	(21,762)
Fair value of debt amortization		8		16
Fair market value of lease amortization		(619)		(2,985)
Additions:
Stock based compensation expense		8,371		25,113
Mortgage, financing fee and terminated swap amortization expense		9,187		29,545

	$	10,208	$	29,927

This report contains measures of financial or operating performance that are not specifically defined by generally accepted accounting principles (GAAP) in the United States, including FFO, FFO per share, funds available for distribution, net operating income (NOI), portfolio NOI, and comparable property NOI. FFO and NOI are performance measures that are standard in the REIT business. We believe FFO and NOI provide investors with additional information concerning our operating performance and a basis to compare our performance with the performance 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.

The non-GAAP financial measures used in this report should not be considered as alternatives to net income as a measure of our operating performance or to cash flows computed in accordance with GAAP as a measure of liquidity nor are they indicative of cash flows from operating and financial activities. Reconciliations of other non-GAAP measures used in this report to the most-directly comparable GAAP measure are included in the tables on pages 18 – 20 and in the Earnings Release for the latest period.


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OTHER INCOME, OTHER EXPENSE AND CAPITALIZED INTEREST
(In thousands)


		THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,

		2018		2017		2018		2017
Consolidated Properties
Other Income
Interest, dividend and distribution income ⁽¹⁾	$	12,628	$	8,601	$	42,626	$	17,355
Lease settlement income		9,839		13,284		41,473		36,420
Gains on land sales		1,232		1,790		3,247		9,534
Realized gains on sales of marketable securities		–		21,541		–		21,541
Other ⁽²⁾		66,864		44,945		199,145		134,946

Totals	$	90,563	$	90,161	$	286,491	$	219,796




Other Expense
Ground leases	$	10,466	$	9,933	$	31,726	$	30,340
Unrealized change in fair value of equity instruments ⁽³⁾		5,452		–		(1,212)		–
Professional fees and other		10,995		47,122		38,779		72,338

Totals	$	26,913	$	57,055	$	69,293	$	102,678


Capitalized Interest		THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,

		2018		2017		2018		2017
Interest Capitalized during the Period:
Our Share of Consolidated Properties	$	5,928	$	4,831	$	15,184	$	20,460
Our Share of Joint Venture Properties	$	436	$	543	$	1,668	$	1,771

(1): Includes distributions from other international investments.
(2): Includes ancillary property revenues, gift cards, marketing, media, parking and sponsorship revenues, gains on sale of non-retail investments, non-real estate investments and other miscellaneous income items.
(3): Relates to period value fluctuations of Washington Prime Group ("WPG") equity and amounts not included in FFO.


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U.S. MALLS AND PREMIUM OUTLETS OPERATING INFORMATION


		AS OF SEPTEMBER 30,

		2018		2017
Total Number of Properties		176		177
Total Square Footage of Properties (in millions)		151.8		152.9

Ending Occupancy ⁽¹⁾:
Consolidated Assets		95.5%		95.4%
Unconsolidated Assets		95.5%		94.8%
Total Portfolio		95.5%		95.3%
Total Sales per Square Foot (PSF) ⁽²⁾:
Consolidated Assets	$	633	$	608
Unconsolidated Assets	$	701	$	665
Total Portfolio	$	650	$	622
Base Minimum Rent PSF ⁽³⁾:
Consolidated Assets	$	52.19	$	50.82
Unconsolidated Assets	$	58.38	$	56.80
Total Portfolio	$	53.88	$	52.42

Open / Close Spread


			RENT PSF (BASE MINIMUM RENT & CAM)

	SQUARE FOOTAGE OF OPENINGS		AVERAGE OPENING RATE PSF (4)		AVERAGE CLOSING RATE PSF (4)		LEASING SPREAD (4)	SPREAD TO CLOSE %
9/30/18	8,084,281	$	62.33	$	54.74	$	7.59	13.9%
6/30/18	6,213,708	$	75.55	$	68.23	$	7.32	10.7%
3/31/18	6,044,658	$	75.77	$	67.32	$	8.45	12.6%
12/31/17	6,656,004	$	72.68	$	65.26	$	7.42	11.4%
9/30/17	6,254,415	$	71.50	$	64.29	$	7.21	11.2%
Occupancy Cost as a Percentage of Sales ⁽⁵⁾:
9/30/18	12.9%
6/30/18	12.9%
3/31/18	13.0%
12/31/17	13.2%
9/30/17	13.1%

(1): Ending Occupancy is the percentage of total owned square footage (GLA) which is leased as of the last day of the reporting period. We include all company owned space except for mall anchors, mall majors, mall freestanding and mall outlots in the calculation.
(2): Total Sales PSF is defined as total sales of the tenants open and operating in the center during the reporting period divided by the associated company owned and occupied GLA on a trailing 12-month basis. Includes tenant sales activity for all months a tenant is open within the trailing 12-month period. In accordance with the standard definition of sales for regional malls adopted by the International Council of Shopping Centers, stores with less than 10,000 square feet are included for malls and stores with less than 20,000 square feet are included for Premium Outlets.
(3): Base Minimum Rent PSF is the average base minimum rent charge in effect for the reporting period for all tenants that would qualify to be included in Ending Occupancy as defined above.
(4): The Open / Close Spread is a measure that compares opening and closing rates on all spaces. The Opening Rate is the initial cash Rent PSF for spaces leased during the trailing 12-month period, and includes new leases, renewals, amendments and relocations (including expansions and downsizings) if lease term is greater than one year. The Closing Rate is the final cash Rent PSF as of the month the tenant terminates or closes. Rent PSF includes Base Minimum Rent and Common Area Maintenance (CAM) rents.
(5): Occupancy Cost as a Percentage of Sales is the trailing 12-month Base Minimum Rent, plus all applicable ancillary charges, plus overage rent, if applicable (based on last 12 months of sales), divided by the trailing 12-month Total Sales PSF for the same tenants.


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THE MILLS AND INTERNATIONAL OPERATING INFORMATION


		AS OF SEPTEMBER 30,

		2018		2017
The Mills
Total Number of Properties		14		14
Total Square Footage of Properties (in millions)		21.1		21.1
Ending Occupancy⁽¹⁾		98.5%		98.1%
Total Sales PSF⁽²⁾	$	609	$	582
Base Minimum Rent PSF⁽³⁾	$	31.75	$	30.71
Leasing Spread PSF⁽⁴⁾	$	8.83	$	10.80
Leasing Spread (Percentage Change)⁽⁴⁾		18.0%		19.9%

International Properties
Premium Outlets
Total Number of Properties		19		18
Total Square Footage of Properties (in millions)		7.1		6.6
Designer Outlets
Total Number of Properties		9		9
Total Square Footage of Properties (in millions)		2.2		2.2
Statistics for Premium Outlets in Japan⁽⁵⁾
Ending Occupancy		99.6%		99.9%
Total Sales PSF	¥	106,308	¥	104,243
Base Minimum Rent PSF	¥	5,127	¥	5,056

(1): See footnote 1 on page 22 for definition, except Ending Occupancy is calculated on all company owned space.
(2): See footnote 2 on page 22 for definition; calculation methodology is the same as for malls.
(3): See footnote 3 on page 22 for definition.
(4): See footnote 4 on page 22 for definition.
(5): Information supplied by the managing venture partner; includes 9 properties.


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U.S. MALLS AND PREMIUM OUTLETS LEASE EXPIRATIONS ⁽¹⁾


YEAR	NUMBER OF LEASES EXPIRING	SQUARE FEET		AVG. BASE MINIMUM RENT PSF AT 9/30/18	PERCENTAGE OF GROSS ANNUAL RENTAL REVENUES ⁽²⁾

Inline Stores and Freestanding
Month to Month Leases	555	1,647,419	$	59.60	1.8%
2018 (10/1 - 12/31)	310	891,437	$	56.84	0.9%
2019	2,636	9,524,289	$	50.56	8.6%
2020	2,238	7,798,864	$	50.57	7.1%
2021	2,117	8,145,411	$	50.15	7.4%
2022	1,929	7,484,420	$	50.82	6.9%
2023	2,227	8,461,042	$	56.37	8.6%
2024	1,593	6,356,009	$	58.88	6.8%
2025	1,428	5,424,568	$	64.85	6.4%
2026	1,285	4,599,787	$	62.54	5.2%
2027	1,041	3,868,325	$	62.63	4.4%
2028	727	3,158,444	$	55.20	3.2%
2029 and Thereafter	487	2,717,915	$	44.83	2.3%
Specialty Leasing Agreements w/ terms in excess of 12 months	1,476	3,789,163	$	19.22	1.4%

Anchors
2018 (10/1 - 12/31)	3	475,106	$	8.35	0.1%
2019	12	1,264,186	$	3.69	0.1%
2020	25	2,968,085	$	4.91	0.3%
2021	12	1,422,205	$	4.74	0.1%
2022	15	2,219,546	$	6.22	0.2%
2023	19	2,568,767	$	6.44	0.3%
2024	18	1,346,016	$	9.94	0.2%
2025	12	1,219,739	$	8.37	0.2%
2026	5	633,170	$	4.97	0.1%
2027	6	920,224	$	4.16	0.1%
2028	9	857,119	$	7.43	0.1%
2029 and Thereafter	16	1,873,817	$	6.56	0.2%

(1): Does not consider the impact of renewal options that may be contained in leases.
(2): Annual rental revenues represent 2017 consolidated and joint venture combined base rental revenue.


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U.S. MALLS AND PREMIUM OUTLETS TOP TENANTS

Top Inline Store Tenants (sorted by percentage of total base minimum rent for U.S. properties)


TENANT	NUMBER OF STORES	SQUARE FEET (000's)	PERCENT OF TOTAL SQ. FT. IN U.S. PROPERTIES	PERCENT OF TOTAL BASE MINIMUM RENT FOR U.S. PROPERTIES

The Gap, Inc.	369	3,792	2.1%	3.4%
L Brands, Inc.	313	1,908	1.0%	2.2%
Ascena Retail Group Inc	449	2,499	1.4%	1.9%
PVH Corporation	240	1,469	0.8%	1.5%
Signet Jewelers, Ltd.	390	570	0.3%	1.5%
Tapestry, Inc.	243	966	0.5%	1.4%
Forever 21, Inc.	93	1,438	0.8%	1.4%
Foot Locker, Inc.	237	1,069	0.6%	1.3%
Luxottica Group SPA	387	697	0.4%	1.2%
Abercrombie & Fitch Co.	156	1,110	0.6%	1.2%

Top Anchors (sorted by percentage of total square footage in U.S. properties) ⁽¹⁾


TENANT	NUMBER OF STORES	SQUARE FEET (000's)	PERCENT OF TOTAL SQ. FT. IN U.S. PROPERTIES	PERCENT OF TOTAL BASE MINIMUM RENT FOR U.S. PROPERTIES

Macy's Inc.	117	22,449	12.3%	0.4%
J.C. Penney Co., Inc.	66	10,589	5.8%	0.3%
Dillard's, Inc.	37	6,665	3.7%	*
Sears Holdings Corporation ⁽²⁾	29	4,824	2.6%	*
Nordstrom, Inc.	28	4,679	2.6%	0.1%
Hudson's Bay Company	16	2,128	1.2%	0.1%
Dick's Sporting Goods, Inc.	30	2,070	1.1%	0.5%
Belk, Inc.	9	1,504	0.8%	*
The Neiman Marcus Group, Inc.	12	1,458	0.8%	0.1%
Target Corporation	5	751	0.4%	*
Von Maur, Inc.	5	607	0.3%	*

(1): Includes space leased and owned by anchors in U.S. Malls; does not include Bloomingdale's The Outlet Store, Neiman Marcus Last Call, Nordstrom Rack, and Saks Fifth Avenue Off 5th.
(2): Excludes 17 stores expected to close by December 31, 2018.
*: Less than one-tenth of one percent.


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CAPITAL EXPENDITURES
(In thousands)


				UNCONSOLIDATED PROPERTIES

		CONSOLIDATED PROPERTIES		TOTAL		OUR SHARE
New development projects	$	77,446	$	212,599	$	103,220
Redevelopment projects with incremental square footage and/or anchor replacement		224,385		166,782		80,386
Redevelopment projects with no incremental square footage ⁽¹⁾		93,894		38,517		16,659


Subtotal new development and redevelopment projects		395,725		417,898		200,265
Tenant allowances		117,324		57,186		27,574
Operational capital expenditures at properties:
CAM expenditures ⁽²⁾

Simon Property Group Inc (SPG) SEC Filing 8-K Material Event for the period ending Thursday, October 25, 2018

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