SIMON PROPERTY GROUP INC /DE/ 10-K form for the fiscal year ended 2023-12-31, page 61: |    |    |                                                                                                                                                |
|---:|:---|:-----------------------------------------------------------------------------------------------------------------------------------------------|
|  0 | ●  | a non-cash gain in 2022 on the disposal, exchange, or revaluation of equity interests, net of $121.2 million, or $0.32 per diluted share/unit, |
|    |    |                                                                                                                                                                                                 |
|---:|:---|:------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  0 | ●  | increased interest expense in 2023 of $93.4 million, or $0.25 per diluted share/unit, primarily due to new USD and EUR bond issuances as well as increases to rates on variable rate mortgages, |
|    |    |                                                                                     |
|---:|:---|:------------------------------------------------------------------------------------|
|  0 | ●  | increased other expenses in 2023 of $35.6 million, or $0.10 per diluted share/unit, |
|    |    |                                                                                                        |
|---:|:---|:-------------------------------------------------------------------------------------------------------|
|  0 | ●  | increased depreciation and amortization in 2023 of $34.7 million, or $0.09 per diluted share/unit, and |
|    |    |                                                                                                  |
|---:|:---|:-------------------------------------------------------------------------------------------------|
|  0 | ●  | increased property operating expenses in 2023 of $25.2 million, or $0.07 per diluted share/unit. |

Portfolio NOI increased 4.9% in 2023 as compared to 2022. Average base minimum rent for U.S. Malls and Premium Outlets increased 3.1% to $56.82 psf as of December 31, 2023, from $55.13 psf as of December 31, 2022. Ending occupancy for our U.S. Malls and Premium Outlets increased 0.9% to 95.8% as of December 31, 2023, from 94.9% as of December 31, 2022, primarily due to strong leasing demand.



Our effective overall borrowing rate at December 31, 2023 on our consolidated indebtedness increased 27 basis points to 3.49% as compared to 3.22% at December 31, 2022. This increase was primarily due to an increase in the effective overall borrowing rate on variable rate debt of 198 basis points (5.91% at December 31, 2023 as compared to 3.93% at December 31, 2022) due to increasing benchmark rates, partially offset by a decrease in the amount of our variable rate debt and an increase in fixed rate debt. The weighted average years to maturity of our consolidated indebtedness was 8.1 years and 7.5 years at December 31, 2023 and 2022, respectively.
Our financing activity for the year ended December 31, 2023 included:
|    |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|---:|:---|:-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  0 | ●  | the Operating Partnership completing on November 14, 2023, the issuance of €750.0 million senior unsecured bonds ($808.0 million U.S. dollar equivalent) with a maturity date of November 14, 2026 and a fixed interest rate of 3.50%. The bonds are exchangeable into shares of Klépierre at the option of the holder of the bond at an initial common price of €27.2092. We may elect to settle the exchange with cash instead of shares. Proceeds were used to repay €750.0 million ($815.4 million U.S. dollar equivalent) outstanding under the Supplemental Facility on November 17, 2023. |
|    |    |                                                                                                                                                                                                                                                                                                    |
|---:|:---|:---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  0 | ●  | the Operating Partnership completing on November 9, 2023, the issuance of the following senior unsecured notes: $500 million with a fixed interest rate of 6.25% and $500 million with a fixed interest rate of 6.65%, with maturity dates of January 15, 2034 and January 15, 2054, respectively. |
|    |    |                                                                                                   |
|---:|:---|:--------------------------------------------------------------------------------------------------|
|  0 | ●  | borrowing $180.0 million under the Credit Facility and subsequently unencumbering two properties, |

|    |    |                                                                                                                        |
|---:|:---|:-----------------------------------------------------------------------------------------------------------------------|
|  0 | ●  | completing, on June 1, 2023 the redemption at par of the Operating Partnership's $600 million 2.75% notes at maturity, |

|    |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|---:|:---|:----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  0 | ●  | the Operating Partnership completing on March 8, 2023, the issuance of the following senior unsecured notes: $650 million with a fixed interest rate of 5.5% and $650 million with a fixed interest rate of 5.85%, with maturity dates of March 8, 2033 and March 8, 2053, respectively. A portion of the net proceeds were used to fund the optional redemption at par of the Operating Partnerships $500 million floating interest rate notes due January 2024 on March 13, 2023, and |
|    |    |                                                                                                                                                                                             |
|---:|:---|:--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  0 | ●  | Amending, restating, extending, and increasing our existing $4.0 billion unsecured revolving credit facility on March 14, 2023 with a new $5.0 billion unsecured revolving credit facility. |

United States Portfolio Data

The portfolio data discussed in this overview includes the following key operating statistics: ending occupancy, and average base minimum rent per square foot. We include acquired properties in this data beginning in the year of acquisition and remove disposed properties in the year of disposition. For comparative information purposes, we separate the information related to The Mills and TRG from our other U.S. operations. We also do not include any information for properties located outside the United States.

61



, 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 30: 
NEW YORK

As of December 31, 2023, our New York segment consisted of 26.7 million square feet in 60 properties. The 26.7 million square feet is comprised of 20.4 million square feet of Manhattan office in 30 of the properties, 2.4 million square feet of Manhattan street retail in 50 of the properties, 1,662 units in five residential properties, and our 32.4% interest in Alexander's, which owns five properties in the greater New York metropolitan area, including 731 Lexington Avenue, the 1.1 million square foot Bloomberg, L.P. headquarters building, and The Alexander, a 312-unit apartment tower in Queens. The New York segment also includes nine garages totaling 1.6 million square feet (4,685 spaces).
As of December 31, 2023, the occupancy rate for our New York segment was 89.4%.
Occupancy and weighted average annual rent per square foot:
Office:

|    |                    |                   |                       |            |                               |               |                                                      |      |    |       |       |
|---:|:-------------------|:------------------|:----------------------|:-----------|:------------------------------|:--------------|:-----------------------------------------------------|:-----|:---|:------|:------|
|  1 |                    |                   |                       |            | Vornado's Ownership Interest  |               |                                                      |      |    |       |       |
|  2 | As of December 31, | Total Square Feet | In ServiceSquare Feet |            | In ServiceSquare FeetAt Share | OccupancyRate | WeightedAverage Annual Escalated RentPer Square Foot |      |    |       |       |
|  3 | 2023               | 20,383,000        |                       | 18,699,000 |                               | 16,001,000    |                                                      | 90.7 | %  | $     | 86.30 |
|  4 | 2022               | 19,902,000        |                       | 18,724,000 |                               | 16,028,000    |                                                      | 91.9 | %  | 83.98 |       |
|  5 | 2021               | 20,630,000        |                       | 19,442,000 |                               | 16,757,000    |                                                      | 92.2 | %  | 80.01 |       |
|  6 | 2020               | 20,586,000        |                       | 18,361,000 |                               | 15,413,000    |                                                      | 93.4 | %  | 79.05 |       |
|  7 | 2019               | 20,666,000        |                       | 19,070,000 |                               | 16,195,000    |                                                      | 96.9 | %  | 76.26 |       |

Retail:

|    |                    |                   |                       |           |                               |               |                                                      |      |    |        |        |
|---:|:-------------------|:------------------|:----------------------|:----------|:------------------------------|:--------------|:-----------------------------------------------------|:-----|:---|:-------|:-------|
|  1 |                    |                   |                       |           | Vornado's Ownership Interest  |               |                                                      |      |    |        |        |
|  2 | As of December 31, | Total Square Feet | In ServiceSquare Feet |           | In ServiceSquare FeetAt Share | OccupancyRate | WeightedAverage Annual Escalated RentPer Square Foot |      |    |        |        |
|  3 | 2023               | 2,394,000         |                       | 2,123,000 |                               | 1,684,000     |                                                      | 74.9 | %  | $      | 224.88 |
|  4 | 2022               | 2,556,000         |                       | 2,289,000 |                               | 1,851,000     |                                                      | 74.4 | %  | 215.72 |        |
|  5 | 2021               | 2,693,000         |                       | 2,267,000 |                               | 1,825,000     |                                                      | 80.7 | %  | 214.22 |        |
|  6 | 2020               | 2,690,000         |                       | 2,275,000 |                               | 1,805,000     |                                                      | 78.8 | %  | 226.38 |        |
|  7 | 2019               | 2,712,000         |                       | 2,300,000 |                               | 1,842,000     |                                                      | 94.5 | %  | 209.86 |        |

Occupancy and average monthly rent per unit:
Residential:

|    |                    |                       |       |                              |               |                              |      |    |       |       |
|---:|:-------------------|:----------------------|:------|:-----------------------------|:--------------|:-----------------------------|:-----|:---|:------|:------|
|  1 |                    |                       |       | Vornado's Ownership Interest |               |                              |      |    |       |       |
|  2 | As of December 31, | Total Number of Units |       | TotalNumber of Units         | OccupancyRate | Average MonthlyRent Per Unit |      |    |       |       |
|  3 | 2023               |                       | 1,974 |                              | 939           |                              | 96.8 | %  | $     | 4,115 |
|  4 | 2022               |                       | 1,976 |                              | 941           |                              | 96.7 | %  | 3,882 |       |
|  5 | 2021               |                       | 1,986 |                              | 951           |                              | 97.0 | %  | 3,776 |       |
|  6 | 2020               |                       | 1,995 |                              | 960           |                              | 84.9 | %  | 3,714 |       |
|  7 | 2019               |                       | 1,996 |                              | 960           |                              | 97.5 | %  | 3,902 |       |

30




, 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 profitability of the New York Office segment of Vornado Realty Trust with the U.S. Malls and Premium Outlets segment of Simon Property Group for the year 2023.
Answer: For the year 2023, Vornado Realty Trust's New York Office segment contributed $727 million to NOI at share. The segment had an occupancy rate of 90.7%.
Simon Property Group's 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 segment's lease income increased by $259.2 million due to higher fixed minimum lease consideration and occupancy.
While Vornado's New York Office segment shows a significant contribution to NOI, Simon's U.S. Malls and Premium Outlets segment demonstrates strong occupancy and rental growth, indicating robust profitability.