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 62: 
VORNADO REALTY TRUST


CONSOLIDATED BALANCE SHEETS


|    |                                                                                                                                                           |                    |            |      |             |    |            |
|---:|:----------------------------------------------------------------------------------------------------------------------------------------------------------|:-------------------|:-----------|:-----|:------------|:---|:-----------|
|  1 | (Amounts in thousands, except unit, share and per share amounts)                                                                                          | As of December 31, |            |      |             |    |            |
|  2 |                                                                                                                                                           | 2023               |            | 2022 |             |    |            |
|  3 | ASSETS                                                                                                                                                    |                    |            |      |             |    |            |
|  4 | Real estate, at cost:                                                                                                                                     |                    |            |      |             |    |            |
|  5 | Land                                                                                                                                                      | $                  | 2,436,221  |      |             | $  | 2,451,828  |
|  6 | Buildings and improvements                                                                                                                                | 9,952,954          |            |      | 9,804,204   |    |            |
|  7 | Development costs and construction in progress                                                                                                            | 1,281,076          |            |      | 933,334     |    |            |
|  9 | Leasehold improvements and equipment                                                                                                                      | 130,953            |            |      | 125,389     |    |            |
| 10 | Total                                                                                                                                                     | 13,801,204         |            |      | 13,314,755  |    |            |
| 11 | Less accumulated depreciation and amortization                                                                                                            | (3,752,827)        |            |      | (3,470,991) |    |            |
| 12 | Real estate, net                                                                                                                                          | 10,048,377         |            |      | 9,843,764   |    |            |
| 13 | Right-of-use assets                                                                                                                                       | 680,044            |            |      | 684,380     |    |            |
| 14 | Cash and cash equivalents                                                                                                                                 | 997,002            |            |      | 889,689     |    |            |
| 15 | Restricted cash                                                                                                                                           | 264,582            |            |      | 131,468     |    |            |
| 16 | Investments in U.S. Treasury bills                                                                                                                        | -                  |            |      | 471,962     |    |            |
| 17 | Tenant and other receivables                                                                                                                              | 69,543             |            |      | 81,170      |    |            |
| 18 | Investments in partially owned entities                                                                                                                   | 2,610,558          |            |      | 2,665,073   |    |            |
| 20 | 220 Central Park South condominium units ready for sale                                                                                                   | 35,941             |            |      | 43,599      |    |            |
| 21 | Receivable arising from the straight-lining of rents                                                                                                      | 701,666            |            |      | 694,972     |    |            |
| 22 | Deferred leasing costs, net of accumulated amortization of $249,347 and $237,395                                                                          | 355,010            |            |      | 373,555     |    |            |
| 23 | Identified intangible assets, net of accumulated amortization of $98,589 and $98,139                                                                      | 127,082            |            |      | 139,638     |    |            |
| 24 | Other assets                                                                                                                                              | 297,860            |            |      | 474,105     |    |            |
| 25 |                                                                                                                                                           | $                  | 16,187,665 |      |             | $  | 16,493,375 |
| 26 | LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY                                                                                               |                    |            |      |             |    |            |
| 27 | Mortgages payable, net                                                                                                                                    | $                  | 5,688,020  |      |             | $  | 5,829,018  |
| 28 | Senior unsecured notes, net                                                                                                                               | 1,193,873          |            |      | 1,191,832   |    |            |
| 29 | Unsecured term loan, net                                                                                                                                  | 794,559            |            |      | 793,193     |    |            |
| 30 | Unsecured revolving credit facilities                                                                                                                     | 575,000            |            |      | 575,000     |    |            |
| 31 | Lease liabilities                                                                                                                                         | 732,859            |            |      | 735,969     |    |            |
| 34 | Accounts payable and accrued expenses                                                                                                                     | 411,044            |            |      | 450,881     |    |            |
| 35 | Deferred revenue                                                                                                                                          | 32,199             |            |      | 39,882      |    |            |
| 36 | Deferred compensation plan                                                                                                                                | 105,245            |            |      | 96,322      |    |            |
| 37 | Other liabilities                                                                                                                                         | 311,132            |            |      | 268,166     |    |            |
| 38 | Total liabilities                                                                                                                                         | 9,843,931          |            |      | 9,980,263   |    |            |
| 39 | Commitments and contingencies                                                                                                                             |                    |            |      |             |    |            |
| 40 | Redeemable noncontrolling interests:                                                                                                                      |                    |            |      |             |    |            |
| 41 | Class A units - 17,000,030 and 14,416,891 units outstanding                                                                                               | 480,251            |            |      | 345,157     |    |            |
| 42 | Series D cumulative redeemable preferred units - 141,400 units outstanding                                                                                | 3,535              |            |      | 3,535       |    |            |
| 43 | Total redeemable noncontrolling partnership units                                                                                                         | 483,786            |            |      | 348,692     |    |            |
| 44 | Redeemable noncontrolling interest in a consolidated subsidiary                                                                                           | 154,662            |            |      | 88,040      |    |            |
| 45 | Total redeemable noncontrolling interests                                                                                                                 | 638,448            |            |      | 436,732     |    |            |
| 46 | Shareholders' equity:                                                                                                                                     |                    |            |      |             |    |            |
| 47 | Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 48,792,902 shares                  | 1,182,459          |            |      | 1,182,459   |    |            |
| 48 | Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 190,390,703 and 191,866,880 shares | 7,594              |            |      | 7,654       |    |            |
| 49 | Additional capital                                                                                                                                        | 8,263,291          |            |      | 8,369,228   |    |            |
| 50 | Earnings less than distributions                                                                                                                          | (4,009,395)        |            |      | (3,894,580) |    |            |
| 51 | Accumulated other comprehensive income                                                                                                                    | 65,115             |            |      | 174,967     |    |            |
| 52 | Total shareholders' equity                                                                                                                                | 5,509,064          |            |      | 5,839,728   |    |            |
| 53 | Noncontrolling interests in consolidated subsidiaries                                                                                                     | 196,222            |            |      | 236,652     |    |            |
| 54 | Total equity                                                                                                                                              | 5,705,286          |            |      | 6,076,380   |    |            |
| 55 |                                                                                                                                                           | $                  | 16,187,665 |      |             | $  | 16,493,375 |
See notes to the consolidated financial statements.
62




, 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






Question: Compare the debt-to-equity ratio for Simon Property Group and Vornado Realty Trust as of December 31, 2023.
Answer: The debt-to-equity ratio for Simon Property Group and Vornado Realty Trust as of December 31, 2023, can be calculated using the total debt and total equity figures. For Simon Property Group, the total debt were $26,518,284,000 and the total equity was $3,491,649,000, resulting in a debt-to-equity ratio of approximately 7.59. For Vornado Realty Trust, the total debt were $8,984,311,000, and the total equity was $5,705,286,000, resulting in a debt-to-equity ratio of approximately 1.57. Simon Property Group's debt-to-equity ratio was significantly higher than that of Vornado Realty Trust, indicating a more leveraged financial structure. This higher leverage could provide opportunities for growth but also poses higher financial risk compared to Vornado Realty Trust.