Simon Property Group Reports Third Quarter Results And Raises Quarterly Dividend PR Newswire INDIANAPOLIS, Oct. 25, 2013 INDIANAPOLIS, Oct.25, 2013 /PRNewswire-FirstCall/ --Simon Property Group, Inc. (NYSE: SPG) today reported results for the quarter and nine months ended September 30, 2013. Results for the Quarter oFunds from Operations ("FFO") was $802.8 million, or $2.21 per diluted share, as compared to $720.1 million, or $1.99 per diluted share, in the prior year period. The FFO increase on a per diluted share basis was 11.1%. oNet income attributable to common stockholders was $311.7 million, or $1.00 per diluted share, as compared to $254.9 million, or $0.84 per diluted share, in the prior year period. Results for the Nine Months oFunds from Operations ("FFO") was $2.311 billion, or $6.38 per diluted share, as compared to $2.057 billion, or $5.70 per diluted share, in the prior year period. The FFO increase on a per diluted share basis was 11.9%. oNet income attributable to common stockholders was $934.7 million, or $3.01 per diluted share, as compared to $1.116 billion, or $3.71 per diluted share, in the prior year period. Results for 2012 include primarily non-cash net gains from acquisitions and dispositions of $1.36 per diluted share. "We achieved excellent financial performance for the quarter and had successful openings of three new Premium Outlet Centers^®. We have also completed our acquisition of ownership interests in the European designer outlet business of McArthurGlen," said David Simon, Chairman and CEO. "Our relentless focus on operating performance and executing our growth strategy through expansions,new Premium Outlets development and smart acquisitions delivered strong results, including 4.9% growth in comparable property net operating income for our U.S. Malls and Premium Outlets for the quarter. We are pleased to raise our dividend and increase our 2013 FFO guidance based on our results to date and our expectations for the remainder of 2013." U.S. Malls and Premium Outlets Operating Statistics As of % September 30, 2013 2012 Increase + 90 Occupancy^(1) 95.5% 94.6% basis points Total Sales per sq. ft. ^(2) $579 $562 3.0% Base Minimum Rent per sq. ft. ^(1) $41.73 $40.33 3.5% Releasing Spread per sq. ft. ^(1)(3) $8.05 $4.86 + $3.19 + 480 Releasing Spread (percentage change) ^(1)(3) 15.2% 10.4% basis points (1) Represents mall stores in Malls and all owned square footage in Premium Outlets. (2) Trailing 12-month sales per square foot for mall stores less than 10,000 square feet in Malls and all owned square footage in Premium Outlets. (3) Same space measure that compares opening and closing rates on individual spaces leased during trailing 12-month period. Dividends Today the Company announced that the Board of Directors declared a quarterly common stock dividend of $1.20 per share. This is an increase of $0.05 per share from the previous quarter, and a year over year increase of 9.1%. The dividend will be payable on November 29, 2013 to stockholders of record on November 15, 2013. The Company also declared the quarterly dividend on its 8 3/8% Series J Cumulative Redeemable Preferred Stock (NYSE: SPGPrJ) of $1.046875 per share, payable on December 31, 2013 to stockholders of record on December 17, 2013. Development Activity Three new Premium Outlets opened during the quarter: oAugust 1^st- Toronto Premium Outlets in Halton Hills (Toronto), Canada is a 360,000 square foot center with over 100 high quality outlet stores. The center is the Canadian entry point for many upscale, U.S. retailers and designer brands and opened 98% leased. The Company owns a 50% interest in this project. oAugust 22^nd- St. Louis Premium Outlets in Chesterfield (St. Louis), Missouri is located on the south side of I-64/US Highway 40 east of the Daniel Boone Bridge. The center's first phase of 350,000 square feet with 85 stores opened 100% leased. St. Louis Premium Outlets is a part of Chesterfield Blue Valley, a mixed-use development to include office space, hotel, restaurant and entertainment venues. The Company owns a 60% interest in the project. oAugust 29^th- Busan Premium Outlets in Busan, Korea is a 360,000 square foot center that serves the southeastern Korean peninsula, including the cities of Busan, Ulsan and Daegu, as well as local and overseas visitors. The center opened 99% leased. The Company owns a 50% interest in this project, which is its third Premium Outlet Center in Korea. Four new Premium Outlets are currently under construction: oCharlotte Premium Outlets in Charlotte, North Carolina is a 400,000 square foot center scheduled to open in July of 2014. The Company owns a 50% interest in this project. oTwin Cities Premium Outlets in Eagan, Minnesota is a 410,000 square foot center scheduled to open in August of 2014. The Company owns a 35% interest in this project. oMontreal Premium Outlets in Mirabel, Quebec, Canada is a 360,000 square foot center scheduled to open in October of 2014. The Company owns a 50% interest in this project. oVancouver Designer Outlet in Vancouver, British Columbia, Canada is a 215,000 square foot center scheduled to open in March of 2015. The Company owns a 45% interest in this project. In early October, we opened The Shops at Nanuet, a 750,000 square foot open-air, state-of-the-art center located in Rockland County, New York. This project transformed the property from an enclosed mall to a main-street outdoor shopping destination providing customers with a wide variety of fashion and specialty retail, dining and entertainment opportunities. In October, we also completed a 105,000 square foot expansion of Orlando Premium Outlets-Vineland Ave which is 100% leased. Redevelopment and expansion projects, including the addition of anchors and big box tenants, are underway at more than 35 properties in the U.S. and Asia. The Company's share of the cost of these projects is approximately $1.1 billion. Acquisitions On October 16, 2013, the Company completed the closing of its acquisition of ownership interests in four McArthurGlen Designer Outlets: Parndorf (Vienna, Austria), La Reggia (Naples, Italy), Noventa di Piave (Venice, Italy) and Roermond (Roermond, the Netherlands). McArthurGlen is the leader in upscale, European designer outlet centers. Simon Property Group previously completed the acquisition of a 50% ownership in McArthurGlen's management and development company through a joint venture, as well as an interest in Ashford Designer Outlets in Kent, UK, and became a partner in a new designer outletunder development in Vancouver, British Columbia, Canada. Total cash consideration for the McArthurGlen transaction was approximately $500 million. Dispositions During the third quarter, the Company completed the sale of the following assets: oArsenal Mall and Office in Watertown (Boston), Massachusetts oTerrace at The Florida Mall in Orlando, Florida Proceeds from the sale of these assets were approximately $76 million. Financing Activity On August 7, 2013, Moody's Investors Service upgraded its rating of Simon Property Group's senior unsecured debt to A2, with a stable outlook. On October 2, 2013, Simon Property Group, L.P., the Company's majority-owned operating partnership subsidiary, issued €750 million 7-year senior unsecured notes at 2.375%. This represents the Company's first offering in the euro-denominated debt market. Net proceeds from the public offering were used to repay euro-denominated borrowings under the Company's unsecured revolving credit facility and for general corporate purposes. The Company has also been active in the secured debt markets in 2013, closing or locking rates on 22 new loans totaling approximately $3.0 billion, of which SPG's share is $2.2 billion. The weighted average interest rate on these new loans is 2.85% and the weighted average term is 7.6 years. 2013 Guidance Today the Company updated and raised its guidance, estimating that FFO will be within a range of $8.72 to $8.78 per diluted share for the year ending December 31, 2013, and net income will be within a range of $4.10 to $4.16 per diluted share. This represents an increase of $0.10 per diluted share for midpoint of the range provided on July 29, 2013. The following table provides the reconciliation for the expected range of estimated net income available to common stockholders per diluted share to estimated FFO per diluted share: For the year ending December 31, 2013 Low High End End Estimated net income available to common stockholders per $4.10 $4.16 diluted share Depreciation and amortization including the Company's share of unconsolidated 4.90 4.90 entities Gain upon acquisition of controlling interests, sale or disposal of assets and (0.28) (0.28) interests in unconsolidated entities, net Estimated FFO per diluted share $8.72 $8.78 Sustainability During the quarter, Simon Property Group was honored for its leadership and transparency on sustainable practices and was named to the 2013 CDP Global 500 Climate Disclosure Leadership Index (CDLI). This annual index highlights FTSE Global 500 companies that demonstrate leadership through disclosure of information regarding climate change and score within the top 10% of the five hundred companies assessed. This is the third time Simon Property Group has been awarded the CDLI distinction due to its top score on disclosure of greenhouse gas emissions and energy use, and SPG is the only real estate company included in 2013. Simon Property Group has also been named to the S&P 500 Climate Disclosure Leadership Index five times including this year. In addition, Simon Property Group was recognized as the leading retail real estate company in North America for its sustainability practices by The Global Real Estate Sustainability Benchmark (GRESB), and ranked #1 among fifteen U.S. retail real estate peers in GRESB's recently released 2013 Report. Conference Call Simon Property Group will hold a conference call to discuss our financial results today at 9:00 a.m. Eastern Time, Friday, October 25, 2013. Live streaming audio of the conference call will be accessible at investors.simon.com. An online replay will be available until January 25, 2014 at investors.simon.com. A searchable podcast of the conference call will be available at www.REITcafe.com. Supplemental Materials and Website The Company has provided supplemental information on its third quarter performance at investors.simon.com. This information has also been furnished to the SEC in a current report on Form 8-K. We routinely post important information online at our investor relations website, investors.simon.com. We use this website, press releases, SEC filings, quarterly conference calls, presentations and webcasts to disclose material, non-public information in accordance with Regulation FD. We encourage members of the investment community to monitor these distribution channels for material disclosures. Any information accessed through our website is not incorporated by reference into, and is not a part of, this document. Non-GAAP Financial Measures This press release includes FFO and comparable property net operating income growth, which are financial performance measures not defined by generally accepted accounting principles in the United States ("GAAP"). Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in this press release and in the Company's supplemental information for the quarter. FFO and comparable property net operating income growth are financial performance measures widely used in the REIT industry. Our definitions of these non-GAAP measures may not be the same as similar measures reported by other REITs. Forward-Looking Statements Certain statements made in this press release may be deemed "forward‑looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward‑looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be attained, and it is possible that actual results may differ materially from those indicated by these forward‑looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: the Company's ability to meet debt service requirements, the availability and terms of financing, changes in the Company's credit rating, changes in market rates of interest and foreign exchange rates for foreign currencies, changes in value of investments in foreign entities, the ability to hedge interest rate and currency risk, risks associated with the acquisition, development, expansion, leasing and management of properties, general risks related to retail real estate, the liquidity of real estate investments, environmental liabilities, international, national, regional and local economic conditions, changes in market rental rates, trends in the retail industry, relationships with anchor tenants, the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise, risks relating to joint venture properties, costs of common area maintenance, and the intensely competitive market environment in the retail industry, risks related to international activities, insurance costs and coverage, terrorist activities, changes in economic and market conditions and maintenance of our status as a real estate investment trust. The Company discusses these and other risks and uncertainties under the heading "Risk Factors" in our annual and quarterly reports filed with the SEC. The Company undertakes no duty or obligation to update or revise these forward‑looking statements, whether as a result of new information, future developments, or otherwise unless required by law. About Simon Property Group Simon Property Group, Inc. (NYSE: SPG) is an S&P 100 company and a global leader in the retail real estate industry. The Company currently owns or has an interest in more than 325 retail real estate properties in North America and Asia comprising approximately 242 million square feet. We are headquartered in Indianapolis, Indiana and employ approximately 5,500 people in the U.S. For more information, visit simon.com. Simon Property Group, Inc. and Subsidiaries Unaudited Consolidated Statements of Operations (Dollars in thousands, except per share amounts) For the Three Months For the Nine Months Ended September 30, Ended September 30, 2013 2012 2013 2012 REVENUE: Minimum rent $ 795,809 $ 759,039 $ 2,351,876 $ 2,207,334 Overage rent 56,511 51,170 134,458 110,277 Tenant reimbursements 367,702 342,443 1,059,834 979,300 Management fees and other 33,613 32,294 95,156 92,928 revenues Other income 48,621 43,671 112,553 145,813 Total revenue 1,302,256 1,228,617 3,753,877 3,535,652 EXPENSES: Property operating 126,706 132,378 354,094 353,136 Depreciation and 326,073 310,244 961,344 907,217 amortization Real estate taxes 113,145 105,694 332,259 311,173 Repairs and maintenance 27,747 26,556 84,579 78,862 Advertising and promotion 30,725 28,114 81,343 77,762 Provision for (recovery 2,774 (1,180) 4,207 5,271 of) credit losses Home and regional office 34,171 27,057 106,021 95,019 costs General and administrative 14,546 14,165 44,476 42,787 Other 25,804 20,636 62,411 58,424 Total operating expenses 701,691 663,664 2,030,734 1,929,651 OPERATING INCOME 600,565 564,953 1,723,143 1,606,001 Interest expense (284,491) (288,896) (849,482) (835,532) Income and other taxes (7,768) (3,904) (29,943) (9,872) Income from unconsolidated 47,916 37,129 158,663 96,613 entities Gain (loss) upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated 11,071 (2,911) 99,906 491,926 ^(A) entities, and impairment charge on investment in unconsolidated entities, net CONSOLIDATED NET INCOME 367,293 306,371 1,102,287 1,349,136 Net income attributable to 54,784 50,616 165,035 230,857 noncontrolling interests Preferred dividends 834 834 2,503 2,503 NET INCOME ATTRIBUTABLE TO $ 311,675 $ 254,921 $ 934,749 $ 1,115,776 COMMON STOCKHOLDERS BASIC EARNINGS PER COMMON SHARE: Net income attributable to $ 1.00 $ 0.84 $ 3.01 $ 3.71 common stockholders DILUTED EARNINGS PER COMMON SHARE: Net income attributable to $ 1.00 $ 0.84 $ 3.01 $ 3.71 common stockholders Simon Property Group, Inc. and Subsidiaries Unaudited Consolidated Balance Sheets (Dollars in thousands, except share amounts) September 30, December 31, 2013 2012 ASSETS: Investment properties at cost $ 34,764,669 $ 34,252,521 Less - accumulated depreciation 9,804,069 9,068,388 24,960,600 25,184,133 Cash and cash equivalents 1,099,321 1,184,518 Tenant receivables and accrued revenue, net 529,893 521,301 Investment in unconsolidated entities, at equity 1,991,900 2,108,966 Investment in Klepierre, at equity 1,971,230 2,016,954 Deferred costs and other assets 1,558,465 1,570,734 Total assets $ 32,111,409 $ 32,586,606 LIABILITIES: Mortgages and unsecured indebtedness $ 22,729,654 $ 23,113,007 Accounts payable, accrued expenses, intangibles, 1,328,089 1,374,172 and deferred revenues Cash distributions and losses in partnerships and 842,062 724,744 joint ventures, at equity Other liabilities 227,319 303,588 Total liabilities 25,127,124 25,515,511 Commitments and contingencies Limited partners' preferred interest in the Operating Partnership and noncontrolling 179,792 178,006 redeemable interests in properties EQUITY: Stockholders' Equity 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): Series J 8 3/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 44,472 44,719 796,948 issued and outstanding with a liquidation value of $ 39,847 Common stock, $ 0.0001 par value, 511,990,000 shares authorized, 313,976,863 and 31 31 313,658,419 issued and outstanding, respectively Class B common stock, $ 0.0001 par value, 10,000 shares authorized, 8,000 - - issued and outstanding Capital in excess of par value 9,197,939 9,175,724 Accumulated deficit (3,218,890) (3,083,190) Accumulated other comprehensive loss (76,702) (90,900) Common stock held in treasury at cost, 3,651,580 (118,031) (135,781) and 3,762,595 shares, respectively Total stockholders' equity 5,828,819 5,910,603 Noncontrolling interests 975,674 982,486 Total equity 6,804,493 6,893,089 Total liabilities and equity $ 32,111,409 $ 32,586,606 Simon Property Group, Inc. and Subsidiaries Unaudited Joint Venture Statements of Operations (Dollars in thousands) For the Three Months For the Nine Months Ended September 30, Ended September 30, 2013 2012 2013 2012 Revenue: Minimum rent $ 408,204 $ 370,183 $ 1,201,748 $ 1,091,701 Overage rent 40,784 44,002 128,565 128,622 Tenant reimbursements 197,494 176,544 569,044 508,698 Other income 40,903 34,754 122,505 121,686 Total revenue 687,385 625,483 2,021,862 1,850,707 Operating Expenses Property operating 125,329 125,162 364,494 351,963 Depreciation and 135,457 125,828 389,843 375,280 amortization Real estate taxes 55,374 45,068 160,152 132,618 Repairs and maintenance 15,653 15,418 48,156 45,269 Advertising and promotion 14,141 11,706 44,164 39,600 Provision for (recovery 192 (646) 1,772 (247) of) credit losses Other 37,948 36,089 110,129 128,134 Total operating expenses 384,094 358,625 1,118,710 1,072,617 Operating Income 303,291 266,858 903,152 778,090 Interest expense (151,579) (148,891) (453,573) (451,581) Income from Continuing 151,712 117,967 449,579 326,509 Operations Gain (loss) from operations of discontinued joint 7 (1,978) (339) (20,769) venture interests Gain (loss) on disposal of 6,580 (4,904) 24,936 (4,904) discontinued operations, net Net Income $ 158,299 $ 111,085 $ 474,176 $ 300,836 Third-party investors' share $ 85,211 $ 66,308 $ 263,926 $ 163,108 of net income Our share of net income 73,088 44,777 210,250 137,728 Amortization of Excess (25,733) (21,726) (75,415) (55,059) Investment ^(B) Our share of loss on sale or disposal of assets and - 9,245 - 9,245 interests in unconsolidated entities, net Income from Unconsolidated $ 47,355 $ 32,296 $ 134,835 $ 91,914 Entities ^(C) Note: The above financial presentation does not include any information related to our investment in Klepierre S.A. ("Klepierre"). For additional information, see footnote C. Simon Property Group, Inc. and Subsidiaries Unaudited Joint Venture Balance Sheets (Dollars in thousands) September 30, December 31, 2013 2012 Assets: Investment properties, at cost $ 14,828,264 $ 14,607,291 Less - accumulated depreciation 5,144,189 4,926,511 9,684,075 9,680,780 Cash and cash equivalents 653,185 619,546 Tenant receivables and accrued revenue, net 270,770 252,774 Investment in unconsolidated entities, at equity 38,669 39,589 Deferred costs and other assets 442,831 438,399 Total assets $ 11,089,530 $ 11,031,088 Liabilities and Partners' Deficit: Mortgages $ 11,979,021 $ 11,584,863 Accounts payable, accrued expenses, intangibles, 723,143 672,483 and deferred revenue Other liabilities 394,461 447,132 Total liabilities 13,096,625 12,704,478 Preferred units 67,450 67,450 Partners' deficit (2,074,545) (1,740,840) Total liabilities and partners' deficit $ 11,089,530 $ 11,031,088 Our Share of: Partners' deficit $ (943,037) $ (799,911) Add: Excess Investment ^(B) 2,092,875 2,184,133 Our net Investment in Joint Ventures $ 1,149,838 $ 1,384,222 Note: The above financial presentation does not include any information related to our investment in Klepierre. For additional information, see footnote C attached hereto. Simon Property Group, Inc. and Subsidiaries Unaudited Reconciliation of Non-GAAP Financial Measures ^(D) (Amounts in thousands, except per share amounts) Reconciliation of Consolidated Net Income to FFO For the Three Months For the Nine Months Ended September 30, Ended September 30, 2013 2012 2013 2012 Consolidated Net Income ^(E) $ 367,293 $ 306,371 $ $ 1,102,287 1,349,136 Adjustments to Arrive at FFO: Depreciation and amortization from 321,962 306,612 949,169 896,147 consolidated properties Our share of depreciation and amortization from 130,055 110,188 376,432 321,318 unconsolidated entities, including Klepierre (Gain) loss upon acquisition of controlling interests, sale or disposal of assets and interests in (11,071) 2,911 (99,906) (491,926) unconsolidated entities, and impairment charge on investment in unconsolidated entities, net Net income attributable to noncontrolling (1,958) (2,464) (6,517) (6,427) interest holders in properties Noncontrolling interests portion of (2,218) (2,253) (6,595) (6,835) depreciation and amortization Preferred distributions and (1,313) (1,313) (3,939) (3,939) dividends FFO of the Operating Partnership $ 802,750 $ 720,052 $ $ 2,310,931 2,057,474 Diluted net income per share to diluted FFO per share reconciliation: Diluted net income per share $ $ $ $ 1.00 0.84 3.01 3.71 Depreciation and amortization from consolidated properties and our share of depreciation and amortization from 1.24 1.14 3.65 3.35 unconsolidated entities, including Klepierre, net of noncontrolling interests portion of depreciation and amortization (Gain) loss upon acquisition of controlling interests, sale or disposal of assets and interests in (0.03) 0.01 (0.28) (1.36) unconsolidated entities, and impairment charge on investment in unconsolidated entities, net Diluted FFO per share $ $ $ $ 2.21 1.99 6.38 5.70 Details for per share calculations: FFO of the Operating $ 802,750 $ 720,052 $ $ Partnership 2,310,931 2,057,474 Diluted FFO allocable to (115,440) (116,207) (332,474) (342,704) unitholders Diluted FFO allocable to common $ 687,310 $ 603,845 $ $ stockholders 1,978,457 1,714,770 Basic weighted average shares 310,333 304,108 310,195 301,029 outstanding Adjustments for dilution calculation: Effect of stock options - 1 - 1 Diluted weighted average shares 310,333 304,109 310,195 301,030 outstanding Weighted average limited 52,122 58,524 52,127 60,162 partnership units outstanding Diluted weighted average shares 362,455 362,633 362,322 361,192 and units outstanding Basic and Diluted FFO per Share $ $ $ $ 2.21 1.99 6.38 5.70 Percent Change 11.1% 11.9% Simon Property Group, Inc. and Subsidiaries Footnotes to Unaudited Reconciliation of Non-GAAP Financial Measures Notes: 2012 primarily represents non-cash gains resulting from our (A) acquisition/disposition activity and the remeasurement of our previously held interest to fair value for those properties in which we now have a controlling interest. Excess investment represents the unamortized difference of our (B) investment over equity in the underlying net assets of the related partnerships and joint ventures shown therein. The Company generally amortizes excess investment over the life of the related properties. The Unaudited Joint Venture Statements of Operations do not include any operations or our share of net income or excess investment amortization related to our investment in Klepierre. Amounts included in Footnotes E (C) below exclude our share of related activity for our investment in Klepierre. For further information, reference should be made to financial information in Klepierre's public filings and additional discussion and analysis in our Form 10-Q. This report contains measures of financial or operating performance that are not specifically defined by GAAP, including FFO and FFO per share. FFO is a performance measure that is standard in the REIT business. We believe FFO provides investors with additional information concerning (D) our operating performance and a basis to compare our performance with those of other REITs. We also use these measures internally to monitor the operating performance of our portfolio. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs. We determine FFO based upon the definition set forth by the National Association of Real Estate Investment Trusts ("NAREIT"). We determine FFO to be our share of consolidated net income computed in accordance with GAAP, excluding real estate related depreciation and amortization, excluding gains and losses from extraordinary items, excluding gains and losses from the sales or disposals of, or any impairment charges related to, previously depreciated retail operating properties, plus the allocable portion of FFO of unconsolidated joint ventures based upon economic ownership interest, and all determined on a consistent basis in accordance with GAAP. We have adopted NAREIT's clarification of the definition of FFO that requires it to include the effects of nonrecurring items not classified as extraordinary, cumulative effect of accounting changes, or a gain or loss resulting from the sale or disposal of, or any impairment charges relating to, previously depreciated retail operating properties. We include in FFO gains and losses realized from the sale of land, outlot buildings, marketable and non-marketable securities, and investment holdings of non-retail real estate. However, you should understand that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income determined in accordance with GAAP as a measure of operating performance, and is not an alternative to cash flows as a measure of liquidity. (E) Includes our share of: Gains on land sales of $4.2 million and $1.9 million for the three - months ended September 30, 2013 and 2012, respectively, and $5.4 million and $11.7 million for the nine months ended September 30, 2013 and 2012, respectively Straight-line adjustments to minimum rent of $13.6 million and $11.5 - million for the three months ended September 30, 2013 and 2012, respectively, and $39.7 million and $31.7 million for the nine months ended September 30, 2013 and 2012, respectively Amortization of fair market value of leases from acquisitions of $5.6 - million and $5.5 million for the three months ended September 30, 2013 and 2012, and $21.9 million and $16.2 million for the nine months ended September 30, 2013 and 2012, respectively Debt premium amortization of $10.1 million and $9.6 million for the - three months ended September 30, 2013 and 2012, respectively, and $32.3 million and $29.7 million for the nine months ended September 30, 2013 and 2012, respectively SOURCE Simon Property Group, Inc. Website: http://www.simon.com Contact: Investors: Liz Zale, 212.745.9623; Media: Les Morris, 317.263.7711
Simon Property Group Reports Third Quarter Results And Raises Quarterly Dividend
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