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
2019 (1)
2018
2017 (2)
2016 (3)
2015 (4)
(in thousands, except per share data)
OPERATING DATA:
Total consolidated revenue (5)
$
5,755,189
$
5,645,288
$
5,527,336
$
5,427,910
$
5,259,468
Consolidated net income
2,423,188
2,822,343
2,244,903
2,134,706
2,139,375
Net income attributable to common stockholders - SPG Inc.
2,098,247
2,436,721
1,944,625
1,835,559
1,824,383
Net income attributable to unitholders - SPG L.P.
2,416,945
2,805,764
2,239,638
2,122,236
2,131,139
BASIC AND DILUTED EARNINGS PER SHARE/UNIT:
Simon Property Group, Inc.
Net income attributable to common stockholders
$
6.81
$
7.87
$
6.24
$
5.87
$
5.88
Basic weighted average shares outstanding
307,950
309,627
311,517
312,691
310,103
Diluted weighted average shares outstanding
307,950
309,627
311,517
312,691
310,103
Dividends per share (6)
$
8.30
$
7.90
$
7.15
$
6.50
$
6.05
Simon Property Group, L.P.
Net income attributable to unitholders
$
6.81
$
7.87
$
6.24
$
5.87
$
5.88
Basic weighted average units outstanding
354,724
356,520
358,777
361,527
362,244
Diluted weighted average units outstanding
354,724
356,520
358,777
361,527
362,244
Distributions per unit (6)
$
8.30
$
7.90
$
7.15
$
6.50
$
6.05
BALANCE SHEET DATA:
Cash and cash equivalents
$
669,373
$
514,335
$
1,482,309
$
560,059
$
701,134
Total assets (7)
31,231,630
30,686,223
32,257,638
31,103,578
30,565,182
Mortgages and other indebtedness
24,163,230
23,305,535
24,632,463
22,977,104
22,416,682
Total equity
2,911,250
3,796,956
4,238,764
4,959,912
5,216,369
OTHER DATA:
Cash flow provided by (used in):
Operating activities
$
3,807,831
$
3,750,796
$
3,593,788
$
3,372,694
$
3,024,685
Investing activities
(1,076,707)
(236,506)
(761,467)
(969,026)
(1,462,720)
Financing activities
(2,576,086)
(4,482,264)
(1,910,071)
(2,544,743)
(1,473,113)
Simon Property Group, Inc.
Funds from Operations (FFO) (8)
$
4,272,271
$
4,324,601
$
4,020,505
$
3,792,951
$
3,571,237
Dilutive FFO allocable to common stockholders
$
3,708,929
$
3,755,784
$
3,490,910
$
3,280,590
$
3,057,193
Diluted FFO per share
$
12.04
$
12.13
$
11.21
$
10.49
$
9.86
Simon Property Group, L.P.
Funds from Operations (FFO) (8)
$
4,272,271
$
4,324,601
$
4,020,505
$
3,792,951
$
3,571,237
(1)
During the year ended December 31, 2019, we recorded a $116.3 million loss on extinguishment of debt associated with the early redemption of a series of senior unsecured notes, reducing diluted earnings per share/unit and diluted FFO per share by $0.33.
(2)
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/unit and diluted FFO per share by $0.36.
(3)
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 unsecured senior notes, reducing diluted earnings per share/unit and diluted FFO per share by $0.38.
(4)
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/unit 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/unit and diluted FFO per share by $0.22.
(5)
Total consolidated revenue for the years ended December 31, 2018, 2017, 2016, and 2015 has been reclassified to conform to the current year presentation.
(6)
Represents dividends per share of Simon common stock/distributions per unit of Operating Partnership units declared per period.
(7)
On January 1, 2019, we recognized a right of use asset and corresponding lease liability of $524.0 million as a result of the adoption of ASU 2016-02.
(8)
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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