Simon Property(SPG) - 2025 Q1 - Quarterly Report

Financial Performance - Total revenue for Q1 2025 was $1,473,012, an increase of 2.1% compared to$ 1,442,590 in Q1 2024[28] - Lease income rose to $1,367,428, up from$ 1,302,671, reflecting a growth of 5.0% year-over-year[28] - Consolidated net income decreased to $477,860, down 43.2% from$ 841,155 in the same quarter last year[28] - Net income attributable to common stockholders was $413,699, compared to$ 731,702 in Q1 2024, representing a decline of 43.5%[28] - Basic and diluted earnings per common share fell to $1.27 from$ 2.25, a decrease of 43.8% year-over-year[28] - Comprehensive income for Q1 2025 was $447,030, a decrease from$ 849,233 in Q1 2024[42] - Consolidated net income for TRG was $49.8 million in Q1 2025, a significant drop of 60.1% compared to$ 124.9 million in Q1 2024[107] Assets and Liabilities - Total assets increased to $32,501,143 from$ 32,405,691, reflecting a growth of 0.3%[26] - Total liabilities rose to $29,233,568, up from$ 28,806,239, indicating an increase of 1.5%[26] - As of March 31, 2025, total assets amounted to $32,501,143, an increase from$ 32,405,691 on December 31, 2024, reflecting a growth of approximately 0.3%[39] - Total liabilities rose to $29,233,568 as of March 31, 2025, up from$ 28,806,239 on December 31, 2024, indicating an increase of approximately 1.5%[39] - The total partners' equity decreased to $3,004,061 as of March 31, 2025, down from$ 3,393,264 on December 31, 2024, indicating a decline of approximately 11.5%[39] Cash Flow - Cash and cash equivalents at the end of the period were $1,380,008, a slight decrease from$ 1,400,345 at the beginning of the period[30] - Net cash provided by operating activities was $827,218, an increase from$ 773,103 in Q1 2024[30] - The company reported a net cash used in investing activities of $377,866, compared to a net cash provided of$ 693,371 in the same quarter last year[30] - Cash and cash equivalents slightly decreased to $1,380,008 as of March 31, 2025, from$ 1,400,345 on December 31, 2024[39] Investments and Acquisitions - The company completed the acquisition of two luxury outlet destinations in Italy for a total cash consideration of $392.4 million on January 30, 2025[95] - In the fourth quarter of 2024, Simon Property Group acquired the remaining interest in Smith Haven Mall for$ 56.1 million, consolidating the property with an investment property recorded at $170.1 million[96] - During 2024, the company disposed of interests in two consolidated retail properties, generating combined proceeds of$ 55.2 million, resulting in a net loss of $67.2 million[98] Equity and Dividends - The company paid a common stock dividend of$ 2.10 per share for the first quarter of 2025, an increase from $1.95 per share in the first quarter of 2024[141] - The company has a common stock repurchase plan authorized for up to$ 2.0 billion, which commenced on February 8, 2024[140] Joint Ventures and Partnerships - As of March 31, 2025, the company held joint venture interests in 80 properties, indicating a strategy of risk diversification in real estate investments[102] - The company manages day-to-day operations of 48 out of 80 joint venture properties[58] Compensation and Incentives - Compensation expense related to LTIP and LTI programs was approximately $10.4 million for the three months ended March 31, 2025, compared to$ 5.6 million for the same period in 2024, indicating a year-over-year increase of 85.7%[156] - The company awarded 105,682 shares of restricted stock at a grant date fair market value of $166.08 per share on April 1, 2025, with recognition of grant date fair value over a three-year vesting period[157] Market and Risk Management - The company evaluates investments for impairment and determined no material adjustment in carrying value was required for the three months ended March 31, 2025[65] - No material changes in market risk assumptions or results since December 31, 2024[252]