The following tables set forth selected financial data. The selected financial data should be read in conjunction with the financial statements and notes thereto and with Management’s Discussion and Analysis of Financial Condition and Results of Operations. Other data we believe is important in understanding trends in our business is also included in the tables.
As of or for the Year Ended December 31
2016 (1)
2015 (2)
2014 (3)
2013
2012
(in thousands, except per share data)
OPERATING DATA:
Total consolidated revenue
$
5,435,229
$
5,266,103
$
4,870,818
$
4,543,849
$
4,256,157
Consolidated income from continuing operations
2,134,706
2,139,375
1,622,165
1,366,793
1,563,242
Consolidated net income
2,134,706
2,139,375
1,651,526
1,551,590
1,719,632
Net income attributable to common stockholders - SPG Inc.
1,835,559
1,824,383
1,405,251
1,316,304
1,431,159
Net income attributable to unitholders - SPG L.P.
2,122,236
2,131,139
1,643,783
1,537,348
1,705,860
BASIC AND DILUTED EARNINGS PER SHARE/UNIT:
SPG Inc.
Income from continuing operations
$
5.87
$
5.88
$
4.44
$
3.73
$
4.29
Discontinued operations
—
—
0.08
0.51
0.43
Net income attributable to common stockholders
$
5.87
$
5.88
$
4.52
$
4.24
$
4.72
Basic weighted average shares outstanding
312,691
310,103
310,731
310,255
303,137
Diluted weighted average shares outstanding
312,691
310,103
310,731
310,255
303,138
Dividends per share (4)
$
6.50
$
6.05
$
5.15
$
4.65
$
4.10
SPG L.P.
Income from continuing operations
$
5.87
$
5.88
$
4.44
$
3.73
$
4.29
Discontinued operations
—
—
0.08
0.51
0.43
Net income attributable to unitholders
$
5.87
$
5.88
$
4.52
$
4.24
$
4.72
Basic weighted average units outstanding
361,527
362,244
363,476
362,356
361,323
Diluted weighted average units outstanding
361,527
362,244
363,476
362,356
361,324
Distributions per unit (4)
$
6.50
$
6.05
$
5.15
$
4.65
$
4.10
BALANCE SHEET DATA:
Cash and cash equivalents
$
560,059
$
701,134
$
612,282
$
1,691,006
$
1,153,532
Total assets
31,103,578
30,565,182
29,447,591
33,239,161
32,487,435
Mortgages and other indebtedness
22,977,104
22,416,682
20,768,254
22,584,504
22,087,677
Total equity
4,959,912
5,216,369
5,951,505
6,822,632
6,893,089
OTHER DATA:
Cash flow provided by (used in):
Operating activities
$
3,372,694
$
3,024,685
$
2,730,420
$
2,700,996
$
2,513,072
Investing activities
(969,026)
(1,462,720)
(897,266)
(948,088)
(3,580,671)
Financing activities
(2,544,743)
(1,473,113)
(2,937,735)
(1,220,563)
1,453,467
SPG Inc.
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
2.95x
2.70x
2.39x
2.22x
2.43x
Funds from Operations (FFO) (5)
$
3,792,951
$
3,571,237
$
3,235,298
$
3,205,693
$
2,884,915
Dilutive FFO allocable to common stockholders
$
3,280,590
$
3,057,193
$
2,765,819
$
2,744,770
$
2,420,348
Diluted FFO per share
$
10.49
$
9.86
$
8.90
$
8.85
$
7.98
SPG L.P.
Ratio of Earnings to Fixed Charges
2.97x
2.71x
2.40x
2.23x
2.44x
Funds from Operations (FFO) (5)
$
3,792,951
$
3,571,237
$
3,235,298
$
3,205,693
$
2,884,915
(1)
During the year ended December 31, 2016, we recorded a $136.8 million loss on extinguishment of debt associated with the early redemption of a series of senior unsecured notes, reducing diluted earnings per share and diluted FFO per share by $0.38.
(2)
During the year ended December 31, 2015, we recorded a $121.0 million loss on extinguishment of debt associated with the early redemption of two series of unsecured senior notes, reducing diluted earnings per share and diluted FFO per share by $0.33. We also recorded a gain on sale of marketable securities of $80.2 million, increasing diluted earnings per share and diluted FFO per share by $0.22.
(3)
During the year ended December 31, 2014, we recorded a $127.6 million loss on extinguishment of debt associated with five unsecured note tender offers and one early unsecured note redemption, reducing diluted earnings per share and diluted FFO per share by $0.35. We also recorded transaction expenses related to the spin‑off of Washington Prime Group Inc., or Washington Prime, of $38.2 million or $0.10 per share. 2014 FFO includes results for five months of Washington Prime of $146.2 million or $0.40 per share.
(4)
Represents dividends per share of Simon common stock/distributions per unit of Operating Partnership units declared per period.
(5)
FFO is a non‑GAAP financial measure that we believe provides useful information to investors. Please refer to Management’s Discussion and Analysis of Financial Condition and Results of Operations for a definition and reconciliation of FFO to consolidated net income and, for Simon, FFO per share to net income per share.
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