SIMON PROPERTY GROUP INC /DE/ 10-K form for the fiscal year ended 2023-12-31, page 62: The following table sets forth these key operating statistics for the combined U.S. Malls and Premium Outlets:
|    |    |                                                                            |
|---:|:---|:---------------------------------------------------------------------------|
|  0 | ●  | properties that are consolidated in our consolidated financial statements, |
|    |    |                                                                                        |
|---:|:---|:---------------------------------------------------------------------------------------|
|  0 | ●  | properties we account for under the equity method of accounting as joint ventures, and |
|    |    |                                                                        |
|---:|:---|:-----------------------------------------------------------------------|
|  0 | ●  | the foregoing two categories of properties on a total portfolio basis. |

|    |                                           |    |      |       |            |               |      |    |            |    |               |    |    |       |    |
|---:|:------------------------------------------|:---|:-----|:------|:-----------|:--------------|:-----|:---|:-----------|:---|:--------------|:---|:---|:------|:---|
|  0 | ​                                         | ​  | ​    | ​     | ​          | ​             | ​    | ​  | ​          | ​  | ​             | ​  | ​  | ​     | ​  |
|  1 | ​                                         | ​  | ​    | ​     | ​          | %/Basis Point | ​    | ​  | ​          | ​  | %/Basis Point | ​  | ​  | ​     | ​  |
|  2 | ​                                         |    | 2023 |       | Change (1) |               | 2022 |    | Change (1) |    | 2021          | ​  |    |       |    |
|  3 | U.S. Malls and Premium Outlets:           | ​  | ​    | ​     | ​          | ​             | ​    | ​  | ​          | ​  | ​             | ​  | ​  | ​     | ​  |
|  4 | Ending Occupancy                          | ​  | ​    | ​     | ​          | ​             | ​    | ​  | ​          | ​  | ​             | ​  | ​  | ​     | ​  |
|  5 | Consolidated                              | ​  | ​    | 95.7% | ​          | 80 bps        | ​    | ​  | 94.9%      | ​  | 140 bps       | ​  | ​  | 93.5% | ​  |
|  6 | Unconsolidated                            | ​  | ​    | 96.1% | ​          | 120 bps       | ​    | ​  | 94.9%      | ​  | 180 bps       | ​  | ​  | 93.1% | ​  |
|  7 | Total Portfolio                           | ​  | ​    | 95.8% | ​          | 90 bps        | ​    | ​  | 94.9%      | ​  | 150 bps       | ​  | ​  | 93.4% | ​  |
|  8 | Average Base Minimum Rent per Square Foot | ​  | ​    | ​     | ​          | ​             | ​    | ​  | ​          | ​  | ​             | ​  | ​  | ​     | ​  |
|  9 | Consolidated                              | ​  | $    | 55.47 | ​          | 2.8%          | ​    | $  | 53.95      | ​  | 2.6%          | ​  | $  | 52.59 | ​  |
| 10 | Unconsolidated                            | ​  | $    | 60.59 | ​          | 3.8%          | ​    | $  | 58.36      | ​  | 1.4%          | ​  | $  | 57.55 | ​  |
| 11 | Total Portfolio                           | ​  | $    | 56.82 | ​          | 3.1%          | ​    | $  | 55.13      | ​  | 2.3%          | ​  | $  | 53.91 | ​  |
| 12 | U.S. TRG:                                 | ​  | ​    | ​     | ​          | ​             | ​    | ​  | ​          | ​  | ​             | ​  | ​  | ​     | ​  |
| 13 | Ending Occupancy                          | ​  |      | 95.7% | ​          | 120 bps       | ​    |    | 94.5%      | ​  | 330 bps       | ​  |    | 91.2% | ​  |
| 14 | Average Base Minimum Rent per Square Foot | ​  | $    | 65.01 | ​          | 5.3%          | ​    | $  | 61.76      | ​  | 5.2%          | ​  | $  | 58.69 | ​  |
| 15 | The Mills:                                | ​  | ​    | ​     | ​          | ​             | ​    | ​  | ​          | ​  | ​             | ​  | ​  | ​     | ​  |
| 16 | Ending Occupancy                          | ​  |      | 97.8% | ​          | -40 bps       | ​    |    | 98.2%      | ​  | 60 bps        | ​  |    | 97.6% | ​  |
| 17 | Average Base Minimum Rent per Square Foot | ​  | $    | 36.38 | ​          | 4.3%          | ​    | $  | 34.89      | ​  | 3.2%          | ​  | $  | 33.80 | ​  |

|    |     |                                                                                                                                                        |
|---:|:----|:-------------------------------------------------------------------------------------------------------------------------------------------------------|
|  0 | (1) | Percentages may not recalculate due to rounding. Percentage and basis point changes are representative of the change from the comparable prior period. |

Ending Occupancy Levels and Average Base Minimum Rent per Square Foot.
 Ending occupancy is the percentage of gross leasable area, or 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. Base minimum rent per square foot 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.

Current Leasing Activities

During the twelve months ended December 31, 2023, we signed 1,185 new leases and 1,841 renewal leases (excluding mall anchors and majors, new development, redevelopment and leases with terms of one year or less) with a fixed minimum rent across our U.S. Malls and Premium Outlets portfolio, comprising approximately 10.9 million square feet, of which 8.3 million square feet related to consolidated properties. During 2022, we signed 1,262 new leases and 1,517 renewal leases with a fixed minimum rent, comprising approximately 9.1 million square feet, of which 7.0 million square feet related to consolidated properties. The average annual initial base minimum rent for new leases was $66.39 per square foot in 2023 and $55.41 per square foot in 2022 with an average tenant allowance on new leases of $64.31 per square foot and $53.01 per square foot, respectively.


Japan Data

The following are selected key operating statistics for our Premium Outlets in Japan. The information used to prepare these statistics has been supplied by the managing venture partner.

|    |                                           |    |              |       |               |         |              |    |               |    |              |    |    |       |
|---:|:------------------------------------------|:---|:-------------|:------|:--------------|:--------|:-------------|:---|:--------------|:---|:-------------|:---|:---|:------|
|  0 | ​                                         | ​  | ​            | ​     | ​             | ​       | ​            | ​  | ​             | ​  | ​            | ​  | ​  | ​     |
|  1 | ​                                         |    | December 31, |       | %/basis point |         | December 31, |    | %/basis point |    | December 31, |    |    |       |
|  2 | ​                                         | ​  | 2023         | ​     | Change        | ​       | 2022         | ​  | Change        | ​  | 2021         |    |    |       |
|  3 | Ending Occupancy                          | ​  | ​            | 99.7% | ​             | -10 bps | ​            | ​  | 99.8%         | ​  | 0 bps        | ​  | ​  | 99.8% |
|  4 | Average Base Minimum Rent per Square Foot | ​  | ¥            | 5,494 | ​             | -4.93%  | ​            | ¥  | 5,779         | ​  | 4.90%        | ​  | ¥  | 5,509 |

​

62



, VORNADO REALTY TRUST 10-K form for the fiscal year ended 2023-12-31, page 44: 
NOI At Share by Segment for the Years Ended December 31, 2023 and 2022 - continued

The elements of our New York and Other NOI at share for the years ended December 31, 2023 and 2022 are summarized below.

|    |                          |                                 |           |      |         |    |           |
|---:|:-------------------------|:--------------------------------|:----------|:-----|:--------|:---|:----------|
|  1 | (Amounts in thousands)   | For the Year Ended December 31, |           |      |         |    |           |
|  2 |                          | 2023                            |           | 2022 |         |    |           |
|  3 | New York:                |                                 |           |      |         |    |           |
|  4 | Office                   | $                               | 727,000   |      |         | $  | 718,686   |
|  5 | Retail                   | 188,561                         |           |      | 205,753 |    |           |
|  6 | Residential              | 21,910                          |           |      | 19,600  |    |           |
|  7 | Alexander's              | 40,098                          |           |      | 37,469  |    |           |
|  8 | Total New York           | 977,569                         |           |      | 981,508 |    |           |
| 10 | Other:                   |                                 |           |      |         |    |           |
| 11 | THE MART(1)              | 61,519                          |           |      | 96,906  |    |           |
| 12 | 555 California Street(2) | 82,965                          |           |      | 65,692  |    |           |
| 13 | Other investments        | 21,160                          |           |      | 17,942  |    |           |
| 14 | Total Other              | 165,644                         |           |      | 180,540 |    |           |
| 16 | NOI at share             | $                               | 1,143,213 |      |         | $  | 1,162,048 |

________________________________________
See notes below.
The elements of our New York and Other NOI at share - cash basis for the years ended December 31, 2023 and 2022 are summarized below.

|    |                           |                                 |           |      |         |    |           |
|---:|:--------------------------|:--------------------------------|:----------|:-----|:--------|:---|:----------|
|  1 | (Amounts in thousands)    | For the Year Ended December 31, |           |      |         |    |           |
|  2 |                           | 2023                            |           | 2022 |         |    |           |
|  3 | New York:                 |                                 |           |      |         |    |           |
|  4 | Office                    | $                               | 726,914   |      |         | $  | 715,407   |
|  5 | Retail                    | 180,932                         |           |      | 188,846 |    |           |
|  6 | Residential               | 20,588                          |           |      | 18,214  |    |           |
|  7 | Alexander's               | 41,435                          |           |      | 40,532  |    |           |
|  8 | Total New York            | 969,869                         |           |      | 962,999 |    |           |
| 10 | Other:                    |                                 |           |      |         |    |           |
| 11 | THE MART(1)               | 62,579                          |           |      | 101,912 |    |           |
| 12 | 555 California Street(2)  | 85,819                          |           |      | 67,813  |    |           |
| 13 | Other investments         | 21,569                          |           |      | 18,344  |    |           |
| 14 | Total Other               | 169,967                         |           |      | 188,069 |    |           |
| 16 | NOI at share - cash basis | $                               | 1,139,836 |      |         | $  | 1,151,068 |

________________________________________
(1)2022 includes prior period accrual adjustment related to changes in the tax-assessed value of THE MART.
(2)2023 includes our $14,103 share of the receipt of a tenant settlement, net of legal expenses.
44






Question: Compare the primary business segments of Simon Property Group and Vornado Realty Trust in terms of their contribution to total revenue for the year 2023.
Answer: Simon Property Group's primary business segments include U.S. Malls and Premium Outlets, The Mills, and U.S. TRG. For the year 2023, the U.S. Malls and Premium Outlets segment had an ending occupancy of 95.8% and an average base minimum rent per square foot of $56.82. The Mills segment had an ending occupancy of 97.8% and an average base minimum rent per square foot of $36.38. The U.S. TRG segment had an ending occupancy of 95.7% and an average base minimum rent per square foot of $65.01.
Vornado Realty Trust's primary business segments include New York Office, New York Retail, Residential, and Alexander's. For the year 2023, the New York Office segment contributed $727 million to NOI at share, the New York Retail segment contributed $188.56 million, the Residential segment contributed $21.91 million, and Alexander's contributed $40.1 million. The total NOI at share for Vornado was $1,143.21 million.