FINANCIAL HIGHLIGHTS
2024
2023
YEAR ENDED DECEMBER 31
Operating Data (in millions) Consolidated Revenue
$ $ $
5,659
$ $ $
5,964 4,597 4,877
Real Estate Funds from Operations (Real Estate FFO)
4,409
Funds from Operations (FFO)
4,686
Per Share Data Net Income Per Diluted Share Real Estate FFO Per Diluted Share
$ $ $ $ $
6.98
$ $ $ $ $
7.26
11.78
12.24 12.99
FFO Per Diluted Share
12.51
Dividends Per Share
7.45
8.10
Common Stock Price at December 31
142.64
172.21
Stock And Limited Partnership Units Outstanding Shares of Common Stock (in thousands)
325,920
326,278
Limited Partnership Units (in thousands)
48,914
50,760
Total Common Stock and Limited Partnership Units
374,834
377,038
Total Equity Capitalization (in millions)
$ 53,537 $ 89,973
$ 64,992 $ 99,129
Total Market Capitalization (1) (in millions)
Other Data (2) Total Number of Properties in the U.S.
195
194
U.S. Square Footage (in thousands)
171,770
170,675
Total Number of International Properties International Square Footage (in thousands)
35
35
11,715
11,898
(1) Includes our share of consolidated and joint venture debt. (2) We also owned an 88% interest in The Taubman Realty Group (TRG) which owns 22 regional, super-regional, and outlet malls in the U.S. and Asia.
Consolidated Revenue $ in billions
Beneficial Interest of Combined NOI $ in billions
FFO Per Diluted Share
Dividends Declared Per Share
24 20 21 22 23
24 20 21 22 23
24 20 21 22 23
24 20 21 22 23
This annual report contains a number of forward-looking statements. For more information, refer to the Company’s fourth quarter and full-year 2024 results and SEC filings on our website at investors.simon.com. This report also references non-GAAP financial measures including funds from operations, or FFO, Real Estate FFO, and net operating income, or NOI. These financial measures are commonly used in the real estate industry and we believe they provide useful information to investors when used in conjunction with GAAP measures. For a definition of FFO and reconciliations of each of the non-GAAP measures used in this report to the most directly comparable GAAP measure, refer to the Company’s fourth quarter and full-year 2024 results and SEC filings under Financials / Quarterly Reports at investors.simon.com .
For more information, visit simon.com .
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2024 Annual Report XI
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