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2020 Annual Report

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2020 Annual Report 2020 ANNUAL REPORT ANNUAL REPORT 2020 1 FINANCIAL HIGHLIGHTS YEAR ENDED DECEMBER 31. 2020 2019 OPERATING DATA (in millions) Consolidated Revenue $ 4,608 $ 5,755 Funds from Operations (FFO) $ 3,237 $ 4,272 PER SHARE DATA Net Income Per Diluted Share $ 3.59 $ 6.81 FFO Per Diluted Share $ 9.11 $ 12.04 Dividends Declared Per Share $ 6.00 $ 8.30 Common Stock Price at December 31 $ 85.28 $ 148.96 STOCK AND LIMITED PARTNERSHIP UNITS OUTSTANDING Shares of Common Stock (in thousands) 328,502 306,869 Limited Partnership Units (in thousands) 47,322 46,740 Total Common Stock and Limited Partnership Units 375,824 353,609 Total Equity Capitalization (in millions) $ 32,132 $ 52,757 Total Market Capitalization(1) (in millions) $ 65,833 $ 83,959 OTHER DATA(2) Total Number of Properties in the U.S. 203 204 U.S. Square Footage (in thousands) 179,919 181,162 Total Number of International Properties 31 29 International Square Footage (in thousands) 10,845 10,104 (1) Includes our share of consolidated and joint venture debt. (2) We also owned an 80% interest in The Taubman Realty Group (TRG), which owns 24 regional, super-regional, and outlet malls in the U.S. and Asia. Consolidated Our Share of FFO Per Dividends Revenue Total NOI Diluted Share Declared $ in billions $ in billions Per Share 6 61 65 7 44 . .53 5 5.16 10.49 12.13 12.04 6.50 5 5 5.72 5.79 7.90 8.30 $ 4 $ 4.56 $ 9.11 $ 6.00 $ $ $ $ 11.21 $ $ $ $5 $ $ $ 5.53 $ $ $ 7.15 $ $ 16 17 18 19 20 16 17 18 19 20 16 17 18 19 20 16 17 18 19 20 This annual report contains a number of forward-looking statements. For more information, refer to the Company’s fourth quarter and full-year 2020 results and SEC filings on our website at investors.simon.com. This report also references non-GAAP financial measures including funds from operations, or FFO, and net operating income, or NOI. These financial measures are commonly used in the real estate industry and we believe they provide useful information to investors when used in conjunction with GAAP measures. For a definition of FFO and reconciliations of each of the non-GAAP measures used in this report to the most directly comparable GAAP measure, refer to the Company’s fourth quarter and full-year 2020 results, SEC filings and Non-GAAP Reconciliations section under Financials at investors.simon.com. For more Scan the QR code information, for Simon’s 2020 visit simon.com Sustainability Report. FROM THE CHAIRMAN, CEO & PRESIDENT DEAR FELLOW SHAREHOLDERS, 2020 was a very difficult year for all affected by COVID-19, including your company, Simon Property Group (“SPG”, “Simon” or the “Company”). When I wrote last year, as COVID-19 reached the U.S. and a global pandemic was declared, I was not in a position to know precisely how it would affect us. I certainly did not expect it would result in the closure of our entire domestic portfolio, the loss of approximately 13,500 shopping days, and an over 20% reduction in our cash flow for the year. However, I did know that your Simon management team would be focused, prudent, level-headed and compassionate, and the safety of our shoppers and employees would be our number one priority. I also knew, based on previous experiences, that as we navigated this crisis, our Company would persevere and ultimately gain strength. I am proud to say that through the resilience and resolve of the entire Simon team, this has been the case. Though the pandemic is clearly not over, I do believe that for our Company the worst is behind us and, in 2021, we will begin to rebuild our free cash flow. Just like the American people, our Company is optimistic about our future prospects. Business was off to a good start in early 2020, with operating We were also the first to begin the thoughtful reopening metrics and underlying portfolio fundamentals trending at of our U.S. properties, subject to the various governmental or above our expectations. On March 11, the World Health restrictions. The health and safety of the communities Organization (WHO) declared COVID-19 a pandemic, and we serve will always be our highest priority. As part of as states, counties and local governments began to impose the reopening process, we developed and published a restrictive orders, we quickly cooperated and were the first comprehensive COVID-19 Exposure Control Policy in in our industry to temporarily close our U.S. properties to conjunction with leading experts in the fields of epidemiology protect shoppers and the communities we serve from the and environmental health and safety in order to create the rapid spread of COVID-19. most effective safety standards. These protocols met or exceeded the guidelines published by the Centers for Not knowing how long this might last, we took immediate Disease Control (CDC) and are more robust than the and decisive actions to aggressively reduce operating costs measures deployed by many of the “essential businesses” and increase our financial resources. The following are some and online-only retailers’ fulfillment centers that were of the significant actions we took: allowed to remain open during the COVID-19 crisis. We led • Suspended or eliminated more than $1 billion of capital the effort for our local economies to get back to business, for redevelopment and new development projects in the while delivering an elevated standard of safety. In fact, over U.S. and internationally; 200 of our properties have received the International WELL • Significantly reduced property operating expenses and all Building Institute’s WELL Health-Safety Rating for Facility non-essential corporate spending; Operations and Management. • Made very difficult decisions affecting employees, including We clearly had a lot to balance including the safety of our a reduction in force and furloughing certain field and employees and the communities in which we operate, retailer corporate personnel due to the closure of our properties as needs, the payment of real estate taxes that our communities a result of governmental stay-at-home orders; rely on, and of course the Company’s financial results. • Increased our financial resources through an amended Though we weren’t perfect by any stretch, we walked that and extended credit facility with a $6 billion facility that balance beam with our heads held high. On the real estate tax included a $2 billion term loan; and front, I do hope that assessors will begin to level the playing • Reduced our dividend. field when it comes to assessing our real estate versus other commercial real estate. We pay more than our fair share. ANNUAL REPORT 2020 I In an operating environment that is constantly changing, I • 2020 was a record year for retailer bankruptcies and continue to be impressed by the Simon team’s commitment the related square footage lost due to the pandemic. to drive our business forward, often under very trying As retailers evaluate their physical store footprint, we circumstances. The team withstood COVID-19, onerous believe they will continue to gravitate to our portfolio of and inconsistent restrictive governmental orders, wildfires, well-located and high productivity centers. As the economy hurricanes, civil unrest and many other difficult challenges continues to recover, and as the pandemic recedes, we last year. Even in this unprecedented operating environment, expect to rebuild our occupancy levels. we accomplished a great deal in 2020, including: • The worldwide pandemic had a material negative impact on our international operations. • Generated over $2.3 billion in operating cash flow; • Acquired an 80% interest in The Taubman Realty Group (“TRG”). TRG has a portfolio that is first class RETURNING CAPITAL TO SHAREHOLDERS in terrific markets; • Capital returned to shareholders in 2020 totaled over • Made strategic investments in widely recognized retail $2.3 billion, including common stock dividends of $6.00 brands at attractive valuations; per share, or more than $2.1 billion in total. • Raised over $13 billion in the debt and equity markets; and • Our dividend is well covered. • Returned more than $2 billion to shareholders in • Proudly, we have paid more than $34 billion in dividends cash dividends. over our history as a public company. I want to thank my colleagues for their support and nose to the grindstone work ethic as we manage through the BALANCE SHEET pandemic. We have turned the corner and I am looking • Prudent balance sheet management is a fundamental forward to getting back to a more stable world. The strength of our Company and is central to our ability Company’s results in 2020 were only possible through to execute our long-term strategy and deal effectively the ongoing ingenuity, flexibility and determination of with crises. our employees. • We were very active in the debt and equity capital markets, raising more than $13 billion: FINANCIAL RESULTS AND OPERATING METRICS – Amended and extended our credit facility with a Our financial results in 2020 were negatively impacted $6 billion facility that included a $2 billion term loan, due to the pandemic and the closure of our properties and which was used to fund the TRG acquisition. subsequent restrictions placed on our properties after the – Issued $3.5 billion of senior notes, including a reopening. Despite this we were profitable! $1.5 billion offering in January 2021, addressing all • Consolidated revenues were $4.608 billion. our 2021 unsecured maturities. • Net income was $1.109 billion, or $3.59 per diluted share. – Issued €750 million of notes in March 2021 at 1.125% • Funds from Operations (“FFO”) was $3.237 billion, or for a 12-year term.
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