filings.toolsItem 6. Selected Financial Data
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Item 6. Selected Financial Data
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 | ||||||||||||||||
| 2017 (1) | 2016 (2) | 2015 (3) | 2014 (4) | 2013 | ||||||||||||
| (in thousands, except per share data) | ||||||||||||||||
| OPERATING DATA: | ||||||||||||||||
| Total consolidated revenue | $ | 5,538,640 | $ | 5,435,229 | $ | 5,266,103 | $ | 4,870,818 | $ | 4,543,849 | ||||||
| Consolidated income from continuing operations | 2,244,903 | 2,134,706 | 2,139,375 | 1,622,165 | 1,366,793 | |||||||||||
| Consolidated net income | 2,244,903 | 2,134,706 | 2,139,375 | 1,651,526 | 1,551,590 | |||||||||||
| Net income attributable to common stockholders - SPG Inc. | 1,944,625 | 1,835,559 | 1,824,383 | 1,405,251 | 1,316,304 | |||||||||||
| Net income attributable to unitholders - SPG L.P. | 2,239,638 | 2,122,236 | 2,131,139 | 1,643,783 | 1,537,348 | |||||||||||
| BASIC AND DILUTED EARNINGS PER SHARE/UNIT: | ||||||||||||||||
| Simon Property Group, Inc. | ||||||||||||||||
| Income from continuing operations | $ | 6.24 | $ | 5.87 | $ | 5.88 | $ | 4.44 | $ | 3.73 | ||||||
| Discontinued operations | — | — | — | 0.08 | 0.51 | |||||||||||
| Net income attributable to common stockholders | $ | 6.24 | $ | 5.87 | $ | 5.88 | $ | 4.52 | $ | 4.24 | ||||||
| Basic weighted average shares outstanding | 311,517 | 312,691 | 310,103 | 310,731 | 310,255 | |||||||||||
| Diluted weighted average shares outstanding | 311,517 | 312,691 | 310,103 | 310,731 | 310,255 | |||||||||||
| Dividends per share (5) | $ | 7.15 | $ | 6.50 | $ | 6.05 | $ | 5.15 | $ | 4.65 | ||||||
| Simon Property Group, L.P. | ||||||||||||||||
| Income from continuing operations | $ | 6.24 | $ | 5.87 | $ | 5.88 | $ | 4.44 | $ | 3.73 | ||||||
| Discontinued operations | — | — | — | 0.08 | 0.51 | |||||||||||
| Net income attributable to unitholders | $ | 6.24 | $ | 5.87 | $ | 5.88 | $ | 4.52 | $ | 4.24 | ||||||
| Basic weighted average units outstanding | 358,777 | 361,527 | 362,244 | 363,476 | 362,356 | |||||||||||
| Diluted weighted average units outstanding | 358,777 | 361,527 | 362,244 | 363,476 | 362,356 | |||||||||||
| Distributions per unit (5) | $ | 7.15 | $ | 6.50 | $ | 6.05 | $ | 5.15 | $ | 4.65 | ||||||
| BALANCE SHEET DATA: | ||||||||||||||||
| Cash and cash equivalents | $ | 1,482,309 | $ | 560,059 | $ | 701,134 | $ | 612,282 | $ | 1,691,006 | ||||||
| Total assets | 32,257,638 | 31,103,578 | 30,565,182 | 29,447,591 | 33,239,161 | |||||||||||
| Mortgages and other indebtedness | 24,632,463 | 22,977,104 | 22,416,682 | 20,768,254 | 22,584,504 | |||||||||||
| Total equity | 4,238,764 | 4,959,912 | 5,216,369 | 5,951,505 | 6,822,632 | |||||||||||
| OTHER DATA: | ||||||||||||||||
| Cash flow provided by (used in): | ||||||||||||||||
| Operating activities | $ | 3,593,788 | $ | 3,372,694 | $ | 3,024,685 | $ | 2,730,420 | $ | 2,700,996 | ||||||
| Investing activities | (761,467) | (969,026) | (1,462,720) | (897,266) | (948,088) | |||||||||||
| Financing activities | (1,910,071) | (2,544,743) | (1,473,113) | (2,937,735) | (1,220,563) | |||||||||||
| Simon Property Group, Inc. | ||||||||||||||||
| Ratio of Earnings to Fixed Charges and Preferred Stock Dividends | 3.26x | 2.95x | 2.70x | 2.39x | 2.22x | |||||||||||
| Funds from Operations (FFO) (6) | $ | 4,020,505 | $ | 3,792,951 | $ | 3,571,237 | $ | 3,235,298 | $ | 3,205,693 | ||||||
| Dilutive FFO allocable to common stockholders | $ | 3,490,910 | $ | 3,280,590 | $ | 3,057,193 | $ | 2,765,819 | $ | 2,744,770 | ||||||
| Diluted FFO per share | $ | 11.21 | $ | 10.49 | $ | 9.86 | $ | 8.90 | $ | 8.85 | ||||||
| Simon Property Group, L.P. | ||||||||||||||||
| Ratio of Earnings to Fixed Charges | 3.28x | 2.97x | 2.71x | 2.40x | 2.23x | |||||||||||
| Funds from Operations (FFO) (6) | $ | 4,020,505 | $ | 3,792,951 | $ | 3,571,237 | $ | 3,235,298 | $ | 3,205,693 |
| (1) | During the year ended December 31, 2017, we recorded a $128.6 million loss on extinguishment of debt associated with the early redemption of a series of senior unsecured notes, reducing diluted earnings per share/units and diluted FFO per share by $0.36. |
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| (2) | 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/units and diluted FFO per share by $0.38. |
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| (3) | 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/units and diluted FFO per share |
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| by $0.33. We also recorded a gain on sale of marketable securities of $80.2 million, increasing diluted earnings per share/unit and diluted FFO per share by $0.22. |
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| (4) | 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/unit 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/unit. 2014 FFO includes results for five months of Washington Prime of $146.2 million or $0.40 per share. |
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| (5) | Represents dividends per share of Simon common stock/distributions per unit of Operating Partnership units declared per period. |
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| (6) | 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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