1998 Annual Report
ANNUAL REPORT Simon Property Group, Inc. CORPORATE PROFILE Simon Property Group, Inc. (NYSE: SPG), headquartered in Indianapolis, Indiana, is a self-administered and self- managed real estate investment trust (REIT). Through subsidiary partner- ships, it is engaged primarily in the ownership, development, manage- ment, leasing, acquisition and expan- sion of income-producing, market- dominant retail properties, primarily regional malls, community shopping centers and specialty retail centers. At December 31, 1998, the Company owned or had an interest in 242 prop- erties comprising regional malls, com- munity shopping centers and specialty and mixed-use properties containing 166 million square feet of gross leasable area (GLA) in 35 states. Simon Prop- erty Group (Simon), together with its affiliated management company, man- ages approximately 180 million square feet of GLA in retail and mixed-use projects and attracts over 2.3 billion shopping visits annually to its properties. Simon is the largest publicly traded retail real estate company in North America with a total market capitali- zation at December 31, 1998, of nearly $17 billion. FINANCIAL HIGHLIGHTS December 31, 1998(1) 1997(1) % change HIGHLIGHTS Total Revenue $ 1,405,559 $1,054,167 33.3% OF 1998 Total EBITDA of the Simon Group $ 1,361,703 $ 940,028 44.9% ○ ○ ○○○○○○○○○○○○○○ Funds from Operations (FFO) of IN THOUSANDS, EXCEPT PER the Simon Group (2) $ 544,481 $ 415,128 31.2% SHARE AMOUNTS. PLEASE Funds from Operations per Share(2) $ 2.85 $ 2.58 10.5% REFER TO COMPLETE FINANCIAL STATEMENTS ON Regional Mall Occupancy(3) 90.0% 87.3% 2.7% PAGES 43-83.
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