SIMON PROPERTY GROUP INC /DE/ 10-K form for the fiscal year ended 2023-12-31, page 86: 
Simon Property Group, Inc.


Consolidated Balance Sheets

(Dollars in thousands, except share amounts)
|    |                                                                                                                                                                      |    |              |             |              |    |             |
|---:|:---------------------------------------------------------------------------------------------------------------------------------------------------------------------|:---|:-------------|:------------|:-------------|:---|:------------|
|  0 | ​                                                                                                                                                                    | ​  | ​            | ​           | ​            | ​  | ​           |
|  1 | ​                                                                                                                                                                    |    | December 31, |             | December 31, |    |             |
|  2 | ​                                                                                                                                                                    |    | 2023         |             | 2022         |    |             |
|  3 | ASSETS:                                                                                                                                                              | ​  | ​            | ​           | ​            | ​  | ​           |
|  4 | Investment properties, at cost                                                                                                                                       | ​  | $            | 39,285,138  | ​            | $  | 38,326,912  |
|  5 | Less - accumulated depreciation                                                                                                                                      | ​  |              | 17,716,788  | ​            |    | 16,563,749  |
|  6 | ​                                                                                                                                                                    | ​  |              | 21,568,350  | ​            |    | 21,763,163  |
|  7 | Cash and cash equivalents                                                                                                                                            | ​  |              | 1,168,991   | ​            |    | 621,628     |
|  8 | Short-term investments                                                                                                                                               | ​  | ​            | 1,000,000   | ​            | ​  | -           |
|  9 | Tenant receivables and accrued revenue, net                                                                                                                          | ​  |              | 826,126     | ​            |    | 823,540     |
| 10 | Investment in TRG, at equity                                                                                                                                         | ​  |              | 3,049,719   | ​            |    | 3,074,345   |
| 11 | Investment in Klépierre, at equity                                                                                                                                   | ​  |              | 1,527,872   | ​            |    | 1,561,112   |
| 12 | Investment in other unconsolidated entities, at equity                                                                                                               | ​  | ​            | 3,540,648   | ​            | ​  | 3,511,263   |
| 13 | Right-of-use assets, net                                                                                                                                             | ​  | ​            | 484,073     | ​            | ​  | 496,930     |
| 14 | Deferred costs and other assets                                                                                                                                      | ​  |              | 1,117,716   | ​            |    | 1,159,293   |
| 15 | Total assets                                                                                                                                                         | ​  | $            | 34,283,495  | ​            | $  | 33,011,274  |
| 16 | LIABILITIES:                                                                                                                                                         | ​  | ​            | ​           | ​            | ​  | ​           |
| 17 | Mortgages and unsecured indebtedness                                                                                                                                 | ​  | $            | 26,033,423  | ​            | $  | 24,960,286  |
| 18 | Accounts payable, accrued expenses, intangibles, and deferred revenues                                                                                               | ​  |              | 1,693,248   | ​            |    | 1,491,583   |
| 19 | Cash distributions and losses in unconsolidated entities, at equity                                                                                                  | ​  |              | 1,760,922   | ​            |    | 1,699,828   |
| 20 | Dividend payable                                                                                                                                                     | ​  | ​            | 1,842       | ​            | ​  | 1,997       |
| 21 | Lease liabilities                                                                                                                                                    | ​  | ​            | 484,861     | ​            | ​  | 497,953     |
| 22 | Other liabilities                                                                                                                                                    | ​  |              | 621,601     | ​            |    | 535,736     |
| 23 | Total liabilities                                                                                                                                                    | ​  |              | 30,595,897  | ​            |    | 29,187,383  |
| 24 | Commitments and contingencies                                                                                                                                        | ​  | ​            | ​           | ​            | ​  | ​           |
| 25 | Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests                                                            | ​  |              | 195,949     | ​            |    | 212,239     |
| 26 | EQUITY:                                                                                                                                                              | ​  | ​            | ​           | ​            | ​  | ​           |
| 27 | Stockholders' Equity                                                                                                                                                 | ​  | ​            | ​           | ​            | ​  | ​           |
| 28 | 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): | ​  | ​            | ​           | ​            | ​  | ​           |
| 29 | 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                | ​  |              | 41,106      | ​            |    | 41,435      |
| 30 | Common stock, $0.0001 par value, 511,990,000 shares authorized, 342,895,886 and 342,905,419 issued and outstanding, respectively                                     | ​  |              | 33          | ​            |    | 34          |
| 31 | Class B common stock, $0.0001 par value, 10,000 shares authorized, 8,000 issued and outstanding                                                                      | ​  |              | -           | ​            |    | -           |
| 32 | Capital in excess of par value                                                                                                                                       | ​  |              | 11,406,236  | ​            |    | 11,232,881  |
| 33 | Accumulated deficit                                                                                                                                                  | ​  |              | (6,095,576) | ​            |    | (5,926,974) |
| 34 | Accumulated other comprehensive loss                                                                                                                                 | ​  |              | (172,787)   | ​            |    | (164,873)   |
| 35 | Common stock held in treasury, at cost, 16,983,364 and 15,959,628 shares, respectively                                                                               | ​  |              | (2,156,178) | ​            |    | (2,043,979) |
| 36 | Total stockholders' equity                                                                                                                                           | ​  |              | 3,022,834   | ​            |    | 3,138,524   |
| 37 | Noncontrolling interests                                                                                                                                             | ​  |              | 468,815     | ​            |    | 473,128     |
| 38 | Total equity                                                                                                                                                         | ​  |              | 3,491,649   | ​            |    | 3,611,652   |
| 39 | Total liabilities and equity                                                                                                                                         | ​  | $            | 34,283,495  | ​            | $  | 33,011,274  |
The accompanying notes are an integral part of these statements.
​

86



, SIMON PROPERTY GROUP INC /DE/ 10-K form for the fiscal year ended 2023-12-31, page 87: 
Simon Property Group, Inc.


Consolidated Statements of Operations and Comprehensive Income

(Dollars in thousands, except per share amounts)
|    |                                                                                                                                                              |    |                    |           |      |    |           |    |    |           |
|---:|:-------------------------------------------------------------------------------------------------------------------------------------------------------------|:---|:-------------------|:----------|:-----|:---|:----------|:---|:---|:----------|
|  0 | ​                                                                                                                                                            | ​  | ​                  | ​         | ​    | ​  | ​         | ​  | ​  | ​         |
|  1 | ​                                                                                                                                                            | ​  | For the Year       |           |      |    |           |    |    |           |
|  2 | ​                                                                                                                                                            | ​  | Ended December 31, |           |      |    |           |    |    |           |
|  3 | ​                                                                                                                                                            |    | 2023               |           | 2022 |    | 2021      |    |    |           |
|  4 | REVENUE:                                                                                                                                                     | ​  | ​                  | ​         | ​    | ​  | ​         | ​  | ​  | ​         |
|  5 | Lease income                                                                                                                                                 | ​  | $                  | 5,164,335 | ​    | $  | 4,905,175 | ​  | $  | 4,736,719 |
|  6 | Management fees and other revenues                                                                                                                           | ​  |                    | 125,995   | ​    |    | 116,904   | ​  |    | 106,483   |
|  7 | Other income                                                                                                                                                 | ​  |                    | 368,506   | ​    |    | 269,368   | ​  |    | 273,587   |
|  8 | Total revenue                                                                                                                                                | ​  |                    | 5,658,836 | ​    |    | 5,291,447 | ​  |    | 5,116,789 |
|  9 | EXPENSES:                                                                                                                                                    | ​  | ​                  | ​         | ​    | ​  | ​         | ​  | ​  | ​         |
| 10 | Property operating                                                                                                                                           | ​  |                    | 489,346   | ​    |    | 464,135   | ​  |    | 415,720   |
| 11 | Depreciation and amortization                                                                                                                                | ​  |                    | 1,262,107 | ​    |    | 1,227,371 | ​  |    | 1,262,715 |
| 12 | Real estate taxes                                                                                                                                            | ​  |                    | 441,783   | ​    |    | 443,224   | ​  |    | 458,953   |
| 13 | Repairs and maintenance                                                                                                                                      | ​  |                    | 97,257    | ​    |    | 93,595    | ​  |    | 96,391    |
| 14 | Advertising and promotion                                                                                                                                    | ​  |                    | 127,346   | ​    |    | 107,793   | ​  |    | 114,303   |
| 15 | Home and regional office costs                                                                                                                               | ​  |                    | 207,618   | ​    |    | 184,592   | ​  |    | 184,660   |
| 16 | General and administrative                                                                                                                                   | ​  |                    | 38,513    | ​    |    | 34,971    | ​  |    | 30,339    |
| 17 | Other                                                                                                                                                        | ​  |                    | 187,844   | ​    |    | 152,213   | ​  |    | 140,518   |
| 18 | Total operating expenses                                                                                                                                     | ​  |                    | 2,851,814 | ​    |    | 2,707,894 | ​  |    | 2,703,599 |
| 19 | OPERATING INCOME BEFORE OTHER ITEMS                                                                                                                          | ​  |                    | 2,807,022 | ​    |    | 2,583,553 | ​  |    | 2,413,190 |
| 20 | Interest expense                                                                                                                                             | ​  |                    | (854,648) | ​    |    | (761,253) | ​  |    | (795,712) |
| 21 | Loss on extinguishment of debt                                                                                                                               | ​  | ​                  | -         | ​    | ​  | -         | ​  | ​  | (51,841)  |
| 22 | Gain on disposal, exchange, or revaluation of equity interests, net (Notes 3 and 6)                                                                          | ​  | ​                  | 362,019   | ​    | ​  | 121,177   | ​  | ​  | 178,672   |
| 23 | Income and other tax expense                                                                                                                                 | ​  |                    | (81,874)  | ​    |    | (83,512)  | ​  |    | (157,199) |
| 24 | Income from unconsolidated entities                                                                                                                          | ​  |                    | 375,663   | ​    |    | 647,977   | ​  |    | 782,837   |
| 25 | Unrealized gains (losses) in fair value of publicly traded equity instruments and derivative instrument, net                                                 | ​  | ​                  | 11,892    | ​    | ​  | (61,204)  | ​  | ​  | (8,095)   |
| 26 | (Loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | ​  |                    | (3,056)   | ​    |    | 5,647     | ​  |    | 206,855   |
| 27 | CONSOLIDATED NET INCOME                                                                                                                                      | ​  | ​                  | 2,617,018 | ​    | ​  | 2,452,385 | ​  | ​  | 2,568,707 |
| 28 | Net income attributable to noncontrolling interests                                                                                                          | ​  |                    | 333,892   | ​    |    | 312,850   | ​  |    | 319,076   |
| 29 | Preferred dividends                                                                                                                                          | ​  |                    | 3,337     | ​    |    | 3,337     | ​  |    | 3,337     |
| 30 | NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS                                                                                                               | ​  | $                  | 2,279,789 | ​    | $  | 2,136,198 | ​  | $  | 2,246,294 |
| 31 | BASIC AND DILUTED EARNINGS PER COMMON SHARE:                                                                                                                 | ​  | ​                  | ​         | ​    | ​  | ​         | ​  | ​  | ​         |
| 32 | Net income attributable to common stockholders                                                                                                               | ​  | $                  | 6.98      | ​    | $  | 6.52      | ​  | $  | 6.84      |
| 33 | ​                                                                                                                                                            | ​  | ​                  | ​         | ​    | ​  | ​         | ​  | ​  | ​         |
| 34 | Consolidated Net Income                                                                                                                                      | ​  | $                  | 2,617,018 | ​    | $  | 2,452,385 | ​  | $  | 2,568,707 |
| 35 | Unrealized gain on derivative hedge agreements                                                                                                               | ​  |                    | 18,350    | ​    |    | 54,808    | ​  |    | 51,114    |
| 36 | Net gain reclassified from accumulated other comprehensive loss into earnings                                                                                | ​  |                    | (4,084)   | ​    |    | (1,595)   | ​  |    | (7,285)   |
| 37 | Currency translation adjustments                                                                                                                             | ​  |                    | (26,513)  | ​    |    | (28,119)  | ​  |    | (38,772)  |
| 38 | Changes in available-for-sale securities and other                                                                                                           | ​  |                    | 2,254     | ​    |    | (2,009)   | ​  |    | (1,014)   |
| 39 | Comprehensive income                                                                                                                                         | ​  |                    | 2,607,025 | ​    |    | 2,475,470 | ​  |    | 2,572,750 |
| 40 | Comprehensive income attributable to noncontrolling interests                                                                                                | ​  |                    | 331,814   | ​    |    | 315,622   | ​  |    | 319,629   |
| 41 | Comprehensive income attributable to common stockholders                                                                                                     | ​  | $                  | 2,275,211 | ​    | $  | 2,159,848 | ​  | $  | 2,253,121 |
​
The accompanying notes are an integral part of these statements.
​

87



, SIMON PROPERTY GROUP INC /DE/ 10-K form for the fiscal year ended 2023-12-31, page 88: 
Simon Property Group, Inc.


Consolidated Statements of Cash Flows


(Dollars in thousands)

|    |                                                                                                                                                               |    |                    |             |      |    |             |    |    |              |
|---:|:--------------------------------------------------------------------------------------------------------------------------------------------------------------|:---|:-------------------|:------------|:-----|:---|:------------|:---|:---|:-------------|
|  0 | ​                                                                                                                                                             | ​  | ​                  | ​           | ​    | ​  | ​           | ​  | ​  | ​            |
|  1 | ​                                                                                                                                                             | ​  | For the Year       |             |      |    |             |    |    |              |
|  2 | ​                                                                                                                                                             | ​  | Ended December 31, |             |      |    |             |    |    |              |
|  3 | ​                                                                                                                                                             |    | 2023               |             | 2022 |    | 2021        |    |    |              |
|  4 | CASH FLOWS FROM OPERATING ACTIVITIES:                                                                                                                         | ​  | ​                  |             |      | ​  |             |    | ​  |              |
|  5 | Consolidated Net Income                                                                                                                                       | ​  | $                  | 2,617,018   | ​    | $  | 2,452,385   | ​  | $  | 2,568,707    |
|  6 | Adjustments to reconcile consolidated net income to net cash provided by operating activities                                                                 | ​  | ​                  | ​           | ​    | ​  | ​           | ​  | ​  | ​            |
|  7 | Depreciation and amortization                                                                                                                                 | ​  |                    | 1,333,584   | ​    |    | 1,292,113   | ​  |    | 1,325,895    |
|  8 | Loss on debt extinguishment                                                                                                                                   | ​  | ​                  | -           | ​    | ​  | -           | ​  | ​  | 51,841       |
|  9 | Loss (gain) on acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | ​  |                    | 3,056       | ​    |    | (5,647)     | ​  |    | (206,855)    |
| 10 | Gain on disposal, exchange, or revaluation of equity interests, net                                                                                           | ​  | ​                  | (362,019)   | ​    | ​  | (121,177)   | ​  | ​  | (178,672)    |
| 11 | Unrealized (gains) losses in fair value of publicly traded equity instruments and derivative instrument, net                                                  | ​  | ​                  | (11,892)    | ​    | ​  | 61,204      | ​  | ​  | 8,095        |
| 12 | Straight-line lease loss                                                                                                                                      | ​  |                    | 9,866       | ​    |    | 25,234      | ​  |    | 22,619       |
| 13 | Income from unconsolidated entities                                                                                                                           | ​  |                    | (375,663)   | ​    |    | (647,977)   | ​  |    | (782,837)    |
| 14 | Distributions of income from unconsolidated entities                                                                                                          | ​  |                    | 458,709     | ​    |    | 561,583     | ​  |    | 436,881      |
| 15 | Changes in assets and liabilities                                                                                                                             | ​  | ​                  | ​           | ​    | ​  | ​           | ​  | ​  | ​            |
| 16 | Tenant receivables and accrued revenue, net                                                                                                                   | ​  |                    | (11,802)    | ​    |    | 63,350      | ​  |    | 265,352      |
| 17 | Deferred costs and other assets                                                                                                                               | ​  |                    | 24,423      | ​    |    | (104,567)   | ​  |    | (77,592)     |
| 18 | Accounts payable, accrued expenses, intangibles, deferred revenues and other                                                                                  | ​  |                    | 245,513     | ​    |    | 190,103     | ​  |    | 203,968      |
| 19 | Net cash provided by operating activities                                                                                                                     | ​  |                    | 3,930,793   | ​    |    | 3,766,604   | ​  |    | 3,637,402    |
| 20 | CASH FLOWS FROM INVESTING ACTIVITIES:                                                                                                                         | ​  | ​                  | ​           | ​    | ​  | ​           | ​  | ​  | ​            |
| 21 | Acquisitions                                                                                                                                                  | ​  |                    | (65,829)    | ​    |    | (203,364)   | ​  |    | (257,080)    |
| 22 | Funding of loans to related parties                                                                                                                           | ​  |                    | (15,250)    | ​    |    | (132,857)   | ​  |    | (15,848)     |
| 23 | Repayments of loans to related parties                                                                                                                        | ​  |                    | 16,188      | ​    |    | 82,371      | ​  |    | 14,027       |
| 24 | Capital expenditures, net                                                                                                                                     | ​  |                    | (793,283)   | ​    |    | (650,024)   | ​  |    | (527,935)    |
| 25 | Cash impact from the consolidation of properties                                                                                                              | ​  |                    | -           | ​    |    | 20,988      | ​  |    | 5,595        |
| 26 | Net proceeds from sale of assets                                                                                                                              | ​  |                    | -           | ​    |    | 59,658      | ​  |    | 3,000        |
| 27 | Investments in unconsolidated entities                                                                                                                        | ​  |                    | (83,961)    | ​    |    | (235,792)   | ​  |    | (56,901)     |
| 28 | Purchase of short-term investments                                                                                                                            | ​  | ​                  | (1,000,000) | ​    | ​  | -           | ​  | ​  | -            |
| 29 | Purchase of equity instruments                                                                                                                                | ​  |                    | (31,742)    | ​    |    | (66,140)    | ​  |    | (33,605)     |
| 30 | Proceeds from sales of equity instruments                                                                                                                     | ​  |                    | 304,129     | ​    |    | 26,086      | ​  |    | 65,504       |
| 31 | Insurance proceeds for property restoration                                                                                                                   | ​  | ​                  | 7,427       | ​    | ​  | -           | ​  | ​  | 7,200        |
| 32 | Distributions of capital from unconsolidated entities and other                                                                                               | ​  |                    | 299,140     | ​    |    | 472,510     | ​  |    | 243,279      |
| 33 | Net cash used in investing activities                                                                                                                         | ​  |                    | (1,363,181) | ​    |    | (626,564)   | ​  |    | (552,764)    |
| 34 | CASH FLOWS FROM FINANCING ACTIVITIES:                                                                                                                         | ​  | ​                  | ​           | ​    | ​  | ​           | ​  | ​  | ​            |
| 35 | Proceeds from sales of common stock and other, net of transaction costs                                                                                       | ​  |                    | (328)       | ​    |    | (328)       | ​  |    | (328)        |
| 36 | Purchase of shares related to stock grant recipients' tax withholdings                                                                                        | ​  | ​                  | (5,795)     | ​    | ​  | (6,788)     | ​  | ​  | (2,318)      |
| 37 | Redemption of limited partner units                                                                                                                           | ​  |                    | (13,524)    | ​    |    | (1,852)     | ​  |    | (2,220)      |
| 38 | Purchase of treasury stock                                                                                                                                    | ​  | ​                  | (140,593)   | ​    | ​  | (180,387)   | ​  | ​  | -            |
| 39 | Preferred unit redemptions                                                                                                                                    | ​  | ​                  | (2,500)     | ​    | ​  | -           | ​  | ​  | -            |
| 40 | Proceeds from the special purpose acquisition company IPO, net of transaction costs                                                                           | ​  | ​                  | -           | ​    | ​  | -           | ​  | ​  | 338,121      |
| 41 | Proceeds from (establishment of) trust account for special purpose acquisition company                                                                        | ​  |                    | -           | ​    |    | 345,000     | ​  |    | (345,000)    |
| 42 | Liquidation of special purpose acquisition company                                                                                                            | ​  |                    | -           | ​    |    | (345,000)   | ​  |    | -            |
| 43 | Distributions to noncontrolling interest holders in properties                                                                                                | ​  |                    | (41,956)    | ​    |    | (27,741)    | ​  |    | (5,024)      |
| 44 | Contributions from noncontrolling interest holders in properties                                                                                              | ​  |                    | 9,813       | ​    |    | 29,681      | ​  |    | 20,902       |
| 45 | Preferred distributions of the Operating Partnership                                                                                                          | ​  |                    | (1,900)     | ​    |    | (1,915)     | ​  |    | (1,915)      |
| 46 | Distributions to stockholders and preferred dividends                                                                                                         | ​  |                    | (2,439,233) | ​    |    | (2,264,007) | ​  |    | (2,351,764)  |
| 47 | Distributions to limited partners                                                                                                                             | ​  |                    | (355,548)   | ​    |    | (326,550)   | ​  |    | (337,021)    |
| 48 | Cash paid to extinguish debt                                                                                                                                  | ​  | ​                  | -           | ​    | ​  | -           | ​  | ​  | (50,156)     |
| 49 | Proceeds from issuance of debt, net of transaction costs                                                                                                      | ​  |                    | 3,629,840   | ​    |    | 3,449,403   | ​  |    | 9,251,217    |
| 50 | Repayments of debt                                                                                                                                            | ​  |                    | (2,658,525) | ​    |    | (3,721,864) | ​  |    | (10,076,809) |
| 51 | Net cash used in financing activities                                                                                                                         | ​  |                    | (2,020,249) | ​    |    | (3,052,348) | ​  |    | (3,562,315)  |
| 52 | INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                                                                                              | ​  |                    | 547,363     | ​    |    | 87,692      | ​  |    | (477,677)    |
| 53 | CASH AND CASH EQUIVALENTS, beginning of period                                                                                                                | ​  |                    | 621,628     | ​    |    | 533,936     | ​  |    | 1,011,613    |
| 54 | CASH AND CASH EQUIVALENTS, end of period                                                                                                                      | ​  | $                  | 1,168,991   | ​    | $  | 621,628     | ​  | $  | 533,936      |
The accompanying notes are an integral part of these statements.
​
​

88



, SIMON PROPERTY GROUP INC /DE/ 10-K form for the fiscal year ended 2023-12-31, page 89: 
Simon Property Group, Inc.


Consolidated Statements of Equity


(Dollars in thousands)

|    |                                                                                                                                                                                   |    |           |        |        |    |        |    |                   |           |             |    |            |    |                |              |        |    |             |    |    |           |    |    |             |    |
|---:|:----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:---|:----------|:-------|:-------|:---|:-------|:---|:------------------|:----------|:------------|:---|:-----------|:---|:---------------|:-------------|:-------|:---|:------------|:---|:---|:----------|:---|:---|:------------|:---|
|  0 | ​                                                                                                                                                                                 | ​  | ​         | ​      | ​      | ​  | ​      | ​  | ​                 | ​         | ​           | ​  | ​          | ​  | ​              | ​            | ​      | ​  | ​           | ​  | ​  | ​         | ​  | ​  | ​           | ​  |
|  1 | ​                                                                                                                                                                                 |    | ​         | ​      |        | ​  | ​      |    | Accumulated Other |           | ​           | ​  |            | ​  | ​              |              | ​      | ​  |             | ​  | ​  |           | ​  | ​  |             |    |
|  2 | ​                                                                                                                                                                                 | ​  | ​         | ​      | ​      | ​  | ​      | ​  | Comprehensive     | ​         | Capital in  | ​  | ​          | ​  | ​              | Common Stock | ​      | ​  | ​           | ​  | ​  | ​         |    |    |             |    |
|  3 | ​                                                                                                                                                                                 | ​  | Preferred | ​      | Common | ​  | Income | ​  | Excess of Par     | ​         | Accumulated | ​  | Held in    | ​  | Noncontrolling | ​            | Total  |    |             |    |    |           |    |    |             |    |
|  4 | ​                                                                                                                                                                                 | ​  | Stock     | ​      | Stock  | ​  | (Loss) | ​  | Value             | ​         | Deficit     | ​  | Treasury   | ​  | Interests      | ​            | Equity |    |             |    |    |           |    |    |             |    |
|  5 | ​                                                                                                                                                                                 | ​  | ​         | ​      | ​      | ​  | ​      | ​  | ​                 | ​         | ​           | ​  | ​          | ​  | ​              | ​            | ​      | ​  | ​           | ​  | ​  | ​         | ​  | ​  | ​           | ​  |
|  6 | Balance at December 31, 2020                                                                                                                                                      | ​  | $         | 42,091 | ​      | $  | 34     | ​  | $                 | (188,675) | ​           | $  | 11,179,688 | ​  | $              | (6,102,314)  | ​      | $  | (1,891,352) | ​  | $  | 432,874   | ​  | $  | 3,472,346   | ​  |
|  7 | Exchange of limited partner units (58,571 common shares, Note 8)                                                                                                                  | ​  | ​         | ​      | ​      | ​  | ​      | ​  | ​                 | ​         | ​           | ​  | 539        | ​  | ​              | ​            | ​      | ​  | ​           | ​  | ​  | (539)     | ​  | ​  | -           | ​  |
|  8 | Series J preferred stock premium amortization                                                                                                                                     | ​  | ​         | (328)  | ​      | ​  | ​      | ​  | ​                 | ​         | ​           | ​  | ​          | ​  | ​              | ​            | ​      | ​  | ​           | ​  | ​  | ​         | ​  | ​  | (328)       | ​  |
|  9 | Stock incentive program (80,012 common shares, net)                                                                                                                               | ​  | ​         | ​      | ​      | ​  | ​      | ​  | ​                 | ​         | ​           | ​  | (9,229)    | ​  | ​              | ​            | ​      | ​  | 9,229       | ​  | ​  | ​         | ​  | ​  | -           | ​  |
| 10 | Redemption of limited partner units (15,705 units)                                                                                                                                | ​  | ​         | ​      | ​      | ​  | ​      | ​  | ​                 | ​         | ​           | ​  | (2,061)    | ​  | ​              | ​            | ​      | ​  | ​           | ​  | ​  | (159)     | ​  | ​  | (2,220)     | ​  |
| 11 | Amortization of stock incentive                                                                                                                                                   | ​  | ​         | ​      | ​      | ​  | ​      | ​  | ​                 | ​         | ​           | ​  | 19,673     | ​  | ​              | ​            | ​      | ​  | ​           | ​  | ​  | ​         | ​  | ​  | 19,673      | ​  |
| 12 | Long-term incentive performance units                                                                                                                                             | ​  | ​         | ​      | ​      | ​  | ​      | ​  | ​                 | ​         | ​           | ​  | ​          | ​  | ​              | ​            | ​      | ​  | ​           | ​  | ​  | 17,755    | ​  | ​  | 17,755      | ​  |
| 13 | Issuance of unit equivalents and other (20,374 common shares repurchased)                                                                                                         | ​  | ​         | ​      | ​      | ​  | ​      | ​  | ​                 | ​         | ​           | ​  | 5,760      | ​  | ​              | (44,319)     | ​      | ​  | (2,318)     | ​  | ​  | 18,494    | ​  | ​  | (22,383)    | ​  |
| 14 | Unrealized gain on hedging activities                                                                                                                                             | ​  | ​         | ​      | ​      | ​  | ​      | ​  | ​                 | 44,676    | ​           | ​  | ​          | ​  | ​              | ​            | ​      | ​  | ​           | ​  | ​  | 6,438     | ​  | ​  | 51,114      | ​  |
| 15 | Currency translation adjustments                                                                                                                                                  | ​  | ​         | ​      | ​      | ​  | ​      | ​  | ​                 | (33,932)  | ​           | ​  | ​          | ​  | ​              | ​            | ​      | ​  | ​           | ​  | ​  | (4,840)   | ​  | ​  | (38,772)    | ​  |
| 16 | Changes in available-for-sale securities and other                                                                                                                                | ​  | ​         | ​      | ​      | ​  | ​      | ​  | ​                 | (886)     | ​           | ​  | ​          | ​  | ​              | ​            | ​      | ​  | ​           | ​  | ​  | (128)     | ​  | ​  | (1,014)     | ​  |
| 17 | Net gain reclassified from accumulated other comprehensive loss into earnings                                                                                                     | ​  | ​         | ​      | ​      | ​  | ​      | ​  | ​                 | (6,369)   | ​           | ​  | ​          | ​  | ​              | ​            | ​      | ​  | ​           | ​  | ​  | (916)     | ​  | ​  | (7,285)     | ​  |
| 18 | Other comprehensive income                                                                                                                                                        | ​  | ​         | ​      | ​      | ​  | ​      | ​  | ​                 | 3,489     | ​           | ​  | ​          | ​  | ​              | ​            | ​      | ​  | ​           | ​  | ​  | 554       | ​  |    | 4,043       | ​  |
| 19 | Adjustment to limited partners' interest from change in ownership in the Operating Partnership                                                                                    | ​  | ​         | ​      | ​      | ​  | ​      | ​  | ​                 | ​         | ​           | ​  | 18,620     | ​  | ​              | ​            | ​      | ​  | ​           | ​  | ​  | (18,620)  | ​  | ​  | -           | ​  |
| 20 | Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests                                                                    | ​  | ​         | ​      | ​      | ​  | ​      | ​  | ​                 | ​         | ​           | ​  | ​          | ​  | ​              | (1,926,706)  | ​      | ​  | ​           | ​  | ​  | (276,698) | ​  | ​  | (2,203,404) | ​  |
| 21 | Distribution to other noncontrolling interest partners                                                                                                                            | ​  | ​         | ​      | ​      | ​  | ​      | ​  | ​                 | ​         | ​           | ​  | ​          | ​  | ​              | ​            | ​      | ​  | ​           | ​  | ​  | (2,708)   | ​  | ​  | (2,708)     | ​  |
| 22 | Net income, excluding $1,915 attributable to preferred interests in the Operating Partnership and a $3,419 loss attributable to noncontrolling redeemable interests in properties | ​  | ​         | ​      | ​      | ​  | ​      | ​  | ​                 | ​         | ​           | ​  | ​          | ​  | ​              | 2,249,631    | ​      | ​  | ​           | ​  | ​  | 320,580   | ​  | ​  | 2,570,211   | ​  |
| 23 | Balance at December 31, 2021                                                                                                                                                      | ​  | $         | 41,763 | ​      | $  | 34     | ​  | $                 | (185,186) | ​           | $  | 11,212,990 | ​  | $              | (5,823,708)  | ​      | $  | (1,884,441) | ​  | $  | 491,533   | ​  | $  | 3,852,985   | ​  |
| 24 | Exchange of limited partner units (2,680 common shares, Note 8)                                                                                                                   | ​  | ​         | ​      | ​      | ​  | ​      | ​  | ​                 | ​         | ​           | ​  | 27         | ​  | ​              | ​            | ​      | ​  | ​           | ​  | ​  | (27)      | ​  | ​  | -           | ​  |
| 25 | Series J preferred stock premium amortization                                                                                                                                     | ​  | ​         | (328)  | ​      | ​  | ​      | ​  | ​                 | ​         | ​           | ​  | ​          | ​  | ​              | ​            | ​      | ​  | ​           | ​  | ​  | ​         | ​  | ​  | (328)       | ​  |
| 26 | Stock incentive program (208,063 common shares, net)                                                                                                                              | ​  | ​         | ​      | ​      | ​  | ​      | ​  | ​                 | ​         | ​           | ​  | (27,637)   | ​  | ​              | ​            | ​      | ​  | 27,637      | ​  | ​  | ​         | ​  | ​  | -           | ​  |
| 27 | Redemption of limited partner units (14,740 units)                                                                                                                                | ​  | ​         | ​      | ​      | ​  | ​      | ​  | ​                 | ​         | ​           | ​  | (1,708)    | ​  | ​              | ​            | ​      | ​  | ​           | ​  | ​  | (144)     | ​  | ​  | (1,852)     | ​  |
| 28 | Amortization of stock incentive                                                                                                                                                   | ​  | ​         | ​      | ​      | ​  | ​      | ​  | ​                 | ​         | ​           | ​  | 23,670     | ​  | ​              | ​            | ​      | ​  | ​           | ​  | ​  | ​         | ​  | ​  | 23,670      | ​  |
| 29 | Treasury stock purchase (1,830,022 shares)                                                                                                                                        | ​  | ​         | ​      | ​      | ​  | ​      | ​  | ​                 | ​         | ​           | ​  | ​          | ​  | ​              | ​            | ​      | ​  | (180,387)   | ​  | ​  | ​         | ​  | ​  | (180,387)   | ​  |
| 30 | Long-term incentive performance units                                                                                                                                             | ​  | ​         | ​      | ​      | ​  | ​      | ​  | ​                 | ​         | ​           | ​  | ​          | ​  | ​              | ​            | ​      | ​  | ​           | ​  | ​  | 14,845    | ​  | ​  | 14,845      | ​  |
| 31 | Issuance of unit equivalents and other (46,555 common shares repurchased)                                                                                                         | ​  | ​         | ​      | ​      | ​  | ​      | ​  | ​                 | ​         | ​           | ​  | (2,769)    | ​  | ​              | 21,206       | ​      | ​  | (6,788)     | ​  | ​  | 10,600    | ​  | ​  | 22,249      | ​  |
| 32 | Unrealized gain on hedging activities                                                                                                                                             | ​  | ​         | ​      | ​      | ​  | ​      | ​  | ​                 | 47,888    | ​           | ​  | ​          | ​  | ​              | ​            | ​      | ​  | ​           | ​  | ​  | 6,920     | ​  | ​  | 54,808      | ​  |
| 33 | Currency translation adjustments                                                                                                                                                  | ​  | ​         | ​      | ​      | ​  | ​      | ​  | ​                 | (24,427)  | ​           | ​  | ​          | ​  | ​              | ​            | ​      | ​  | ​           | ​  | ​  | (3,692)   | ​  | ​  | (28,119)    | ​  |
| 34 | Changes in available-for-sale securities and other                                                                                                                                | ​  | ​         | ​      | ​      | ​  | ​      | ​  | ​                 | (1,755)   | ​           | ​  | ​          | ​  | ​              | ​            | ​      | ​  | ​           | ​  | ​  | (254)     | ​  | ​  | (2,009)     | ​  |
| 35 | Net gain reclassified from accumulated other comprehensive loss into earnings                                                                                                     | ​  | ​         | ​      | ​      | ​  | ​      | ​  | ​                 | (1,393)   | ​           | ​  | ​          | ​  | ​              | ​            | ​      | ​  | ​           | ​  | ​  | (202)     | ​  | ​  | (1,595)     | ​  |
| 36 | Other comprehensive income                                                                                                                                                        | ​  | ​         | ​      | ​      | ​  | ​      | ​  | ​                 | 20,313    | ​           | ​  | ​          | ​  | ​              | ​            | ​      | ​  | ​           | ​  | ​  | 2,772     | ​  | ​  | 23,085      | ​  |
| 37 | Adjustment to limited partners' interest from change in ownership in the Operating Partnership                                                                                    | ​  | ​         | ​      | ​      | ​  | ​      | ​  | ​                 | ​         | ​           | ​  | 28,308     | ​  | ​              | ​            | ​      | ​  | ​           | ​  | ​  | (28,308)  | ​  | ​  | -           | ​  |
| 38 | Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests                                                                    | ​  | ​         | ​      | ​      | ​  | ​      | ​  | ​                 | ​         | ​           | ​  | ​          | ​  | ​              | (2,264,007)  | ​      | ​  | ​           | ​  | ​  | (326,550) | ​  | ​  | (2,590,557) | ​  |
| 39 | Distribution to other noncontrolling interest partners                                                                                                                            | ​  | ​         | ​      | ​      | ​  | ​      | ​  | ​                 | ​         | ​           | ​  | ​          | ​  | ​              | ​            | ​      | ​  | ​           | ​  | ​  | (1,362)   | ​  | ​  | (1,362)     | ​  |
| 40 | Net income, excluding $1,915 attributable to preferred interests in the Operating Partnership and $1,166 attributable to noncontrolling redeemable interests in properties        | ​  | ​         | ​      | ​      | ​  | ​      | ​  | ​                 | ​         | ​           | ​  | ​          | ​  | ​              | 2,139,535    | ​      | ​  | ​           | ​  | ​  | 309,769   | ​  | ​  | 2,449,304   | ​  |
| 41 | Balance at December 31, 2022                                                                                                                                                      | ​  | $         | 41,435 | ​      | $  | 34     | ​  | $                 | (164,873) | ​           | $  | 11,232,881 | ​  | $              | (5,926,974)  | ​      | $  | (2,043,979) | ​  | $  | 473,128   | ​  | $  | 3,611,652   | ​  |
89




, VORNADO REALTY TRUST 10-K form for the fiscal year ended 2023-12-31, page 63: 
VORNADO REALTY TRUST


CONSOLIDATED STATEMENTS OF INCOME


|    |                                                                     |                                 |           |      |             |      |           |             |    |           |
|---:|:--------------------------------------------------------------------|:--------------------------------|:----------|:-----|:------------|:-----|:----------|:------------|:---|:----------|
|  1 | (Amounts in thousands, except per share amounts)                    | For the Year Ended December 31, |           |      |             |      |           |             |    |           |
|  2 |                                                                     | 2023                            |           | 2022 |             | 2021 |           |             |    |           |
|  3 | REVENUES:                                                           |                                 |           |      |             |      |           |             |    |           |
|  4 | Rental revenues                                                     | $                               | 1,607,486 |      |             | $    | 1,607,685 |             | $  | 1,424,531 |
|  5 | Fee and other income                                                | 203,677                         |           |      | 192,310     |      |           | 164,679     |    |           |
|  6 | Total revenues                                                      | 1,811,163                       |           |      | 1,799,995   |      |           | 1,589,210   |    |           |
|  7 | EXPENSES:                                                           |                                 |           |      |             |      |           |             |    |           |
|  8 | Operating                                                           | (905,158)                       |           |      | (873,911)   |      |           | (797,315)   |    |           |
|  9 | Depreciation and amortization                                       | (434,273)                       |           |      | (504,502)   |      |           | (412,347)   |    |           |
| 10 | General and administrative                                          | (162,883)                       |           |      | (133,731)   |      |           | (134,545)   |    |           |
| 11 | (Expense) benefit from deferred compensation plan liability         | (12,162)                        |           |      | 9,617       |      |           | (9,847)     |    |           |
| 12 | Impairment losses, transaction related costs and other              | (50,691)                        |           |      | (31,722)    |      |           | (13,815)    |    |           |
| 13 | Total expenses                                                      | (1,565,167)                     |           |      | (1,534,249) |      |           | (1,367,869) |    |           |
| 15 | Income (loss) from partially owned entities                         | 38,689                          |           |      | (461,351)   |      |           | 130,517     |    |           |
| 16 | Income from real estate fund investments                            | 1,590                           |           |      | 3,541       |      |           | 11,066      |    |           |
| 17 | Interest and other investment income, net                           | 41,697                          |           |      | 19,869      |      |           | 4,612       |    |           |
| 18 | Income (loss) from deferred compensation plan assets                | 12,162                          |           |      | (9,617)     |      |           | 9,847       |    |           |
| 19 | Interest and debt expense                                           | (349,223)                       |           |      | (279,765)   |      |           | (231,096)   |    |           |
| 20 | Net gains on disposition of wholly owned and partially owned assets | 71,199                          |           |      | 100,625     |      |           | 50,770      |    |           |
| 21 | Income (loss) before income taxes                                   | 62,110                          |           |      | (360,952)   |      |           | 197,057     |    |           |
| 22 | Income tax (expense) benefit                                        | (29,222)                        |           |      | (21,660)    |      |           | 10,496      |    |           |
| 23 | Net income (loss)                                                   | 32,888                          |           |      | (382,612)   |      |           | 207,553     |    |           |
| 24 | Less net loss (income) attributable to noncontrolling interests in: |                                 |           |      |             |      |           |             |    |           |
| 25 | Consolidated subsidiaries                                           | 75,967                          |           |      | 5,737       |      |           | (24,014)    |    |           |
| 26 | Operating Partnership                                               | (3,361)                         |           |      | 30,376      |      |           | (7,540)     |    |           |
| 27 | Net income (loss) attributable to Vornado                           | 105,494                         |           |      | (346,499)   |      |           | 175,999     |    |           |
| 28 | Preferred share dividends                                           | (62,116)                        |           |      | (62,116)    |      |           | (65,880)    |    |           |
| 29 | Series K preferred share issuance costs                             | -                               |           |      | -           |      |           | (9,033)     |    |           |
| 30 | NET INCOME (LOSS) attributable to common shareholders               | $                               | 43,378    |      |             | $    | (408,615) |             | $  | 101,086   |
| 37 | INCOME (LOSS) PER COMMON SHARE - BASIC:                             |                                 |           |      |             |      |           |             |    |           |
| 38 | Net income (loss) per common share                                  | $                               | 0.23      |      |             | $    | (2.13)    |             | $  | 0.53      |
| 39 | Weighted average shares outstanding                                 | 191,005                         |           |      | 191,775     |      |           | 191,551     |    |           |
| 41 | INCOME (LOSS) PER COMMON SHARE - DILUTED:                           |                                 |           |      |             |      |           |             |    |           |
| 42 | Net income (loss) per common share                                  | $                               | 0.23      |      |             | $    | (2.13)    |             | $  | 0.53      |
| 43 | Weighted average shares outstanding                                 | 191,856                         |           |      | 191,775     |      |           | 192,122     |    |           |
See notes to consolidated financial statements.
63




, VORNADO REALTY TRUST 10-K form for the fiscal year ended 2023-12-31, page 64: 
VORNADO REALTY TRUST


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME


|    |                                                                           |                                 |         |      |           |      |           |          |    |         |
|---:|:--------------------------------------------------------------------------|:--------------------------------|:--------|:-----|:----------|:-----|:----------|:---------|:---|:--------|
|  1 | (Amounts in thousands)                                                    | For the Year Ended December 31, |         |      |           |      |           |          |    |         |
|  2 |                                                                           | 2023                            |         | 2022 |           | 2021 |           |          |    |         |
|  3 | Net income (loss)                                                         | $                               | 32,888  |      |           | $    | (382,612) |          | $  | 207,553 |
|  4 | Other comprehensive (loss) income:                                        |                                 |         |      |           |      |           |          |    |         |
|  5 | Change in fair value of interest rate swaps and other                     | (112,051)                       |         |      | 190,493   |      |           | 51,338   |    |         |
|  6 | Other comprehensive (loss) income of nonconsolidated subsidiaries         | (8,286)                         |         |      | 18,874    |      |           | 10,275   |    |         |
|  8 | Comprehensive (loss) income                                               | (87,449)                        |         |      | (173,245) |      |           | 269,166  |    |         |
|  9 | Less comprehensive loss (income) attributable to noncontrolling interests | 85,665                          |         |      | 19,247    |      |           | (35,602) |    |         |
| 10 | Comprehensive (loss) income attributable to Vornado                       | $                               | (1,784) |      |           | $    | (153,998) |          | $  | 233,564 |
See notes to consolidated financial statements.
64






Question: Compare the dividend policies of Simon Property Group and Vornado Realty Trust for fiscal year 2023.
Answer: Simon Property Group paid a common stock dividend of $1.90 per share in the fourth quarter of 2023 and $7.45 per share for the year ended December 31, 2023. The company aims to maintain its status as a REIT by paying dividends and has a stock repurchase program in place.
Vornado Realty Trust anticipates paying one common share dividend in the fourth quarter of 2024, consistent with its aggregate 2023 common dividend of $0.675. The company also expects to pay approximately $62 million in cash dividends on outstanding preferred shares in 2024.
Both companies prioritize maintaining their REIT status through dividend payments, with Simon Property Group having a higher dividend payout and a stock repurchase program.