Simon Property Group Reports Second Quarter Results, Announces Increase In Quarterly Dividend And Raises 2012 Guidance

News provided by

Simon Property Group, Inc.

Jul 24, 2012, 07:00 ET

INDIANAPOLIS, July 24, 2012 /PRNewswire/ -- Simon Property Group, Inc. (the "Company" or "Simon") (NYSE:SPG) today reported results for the quarter and six months ended June 30, 2012.

Results for the Quarter

  • Funds from Operations ("FFO") was $688.8 million, or $1.89 per diluted share, as compared to $583.0 million, or $1.65 per diluted share, in the prior year period. The increase on a per share basis was 14.5%.
  • Net income attributable to common stockholders was $215.4 million, or $0.71 per diluted share, as compared to $205.1 million, or $0.70 per diluted share, in the prior year period.

Results for the Six Months

  • Funds from Operations ("FFO") was $1.337 billion, or $3.71 per diluted share, as compared to $1.154 billion, or $3.26 per diluted share, in the prior year period. The increase on a per share basis was 13.8%.
  • Net income attributable to common stockholders was $860.9 million, or $2.87 per diluted share, as compared to $384.5 million, or $1.31 per diluted share, in the prior year period.

"We continue to deliver strong results as demonstrated by 5.1% growth in Mall and Premium Outlets® comparable property net operating income," said David Simon, Chairman and Chief Executive Officer. "Today we are pleased to raise our dividend for the fourth consecutive quarter and once again increase guidance for 2012."

U.S. Operational Statistics(1)


As of

As of

%

June 30, 2012

June 30, 2011

Increase

Occupancy(2)

94.2%

93.6%

+ 60 basis points

Total Sales per Sq. Ft. (3)

$554

$504

9.9%

Base Minimum Rent per Sq. Ft. (2)

$39.99

$38.57

3.7%

(1)     Combined information for U.S. Malls and Premium Outlets.  2011 statistics have been restated to include Malls previously owned by The Mills Limited Partnership, now owned by Simon Property Group, L.P., and Premium Outlets acquired in the 2010 acquisition of Prime Outlets Acquisition Company.

(2)     Represents mall stores in Malls and all owned square footage in Premium Outlets.

(3)     Rolling 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.

Dividends

Today the Company announced that the Board of Directors declared a quarterly common stock dividend of $1.05 per share, an increase of 5% from the previous quarter and an increase of 31.3% from the year earlier period. The dividend is payable on August 31, 2012 to stockholders of record on August 17, 2012.

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 September 28, 2012 to stockholders of record on September 14, 2012.

Development Activity

The grand opening of Merrimack Premium Outlets was held on June 14th. This upscale outlet shopping center serves the Greater Boston and Nashua markets and is located on a 170-acre site in Merrimack, New Hampshire. The center's Phase I is comprised of 410,000 square feet, housing 100 outlet stores featuring high-quality designer and name brands. The Company owns 100% of this center, which was 99% leased at opening.  

Construction continues on several new Premium Outlets:

  • In Texas City (Houston), Texas - a 350,000 square foot upscale outlet center located approximately 30 miles south of Houston and 20 miles north of Galveston and scheduled to open in October of 2012. The Company owns a 50% interest in this project.
  • In Shisui (Chiba), Japan – a 234,000 square foot upscale outlet center located one hour from central Tokyo and 15 minutes from Narita International Airport. The center is scheduled to open in April of 2013 with approximately 110 stores, including international brands, Japanese brands and restaurants. The Company owns a 40% interest in this project, its ninth Premium Outlet Center in Japan.
  • In Chandler (Phoenix), Arizona – an upscale outlet center adjacent to the Wild Horse Pass Hotel & Casino located on Interstate 10. Phase I of the project will be comprised of 360,000 square feet housing approximately 90 outlet stores featuring high-quality designer and name brands. The Company owns 100% of this project which is scheduled to open in May of 2013.
  • In Halton Hills (Toronto), Canada – a 358,000 square foot upscale outlet center that will house over 100 high quality outlet stores. Toronto Premium Outlets is expected to be the Canadian entry point for selected upscale, U.S. retailers and designer brands. The Company owns a 50% interest in this project which is scheduled to open in August of 2013.
  • In Busan, Korea – a 343,000 square foot upscale outlet center that will serve southeastern Korea, including the cities of Busan, Ulsan and Daegu, as well as local and overseas visitors. The center is scheduled to open in September of 2013. The Company owns a 50% interest in this project, which will be its third Premium Outlet Center in Korea.

The Company started construction on St. Louis Premium Outlets on July 11th. The project is located in Chesterfield, Missouri and is a part of Chesterfield Blue Valley, a mixed-use development to include office space, hotel, restaurant and entertainment venues. 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 and 85 stores will open in the fall of 2013. Simon owns a 60% interest in this project, which is a joint venture with Woodmont Outlets.

On April 9th, the Company signed a 50/50 joint venture agreement with BR Malls Participacoes S.A., the largest mall owner and operator in Brazil, to develop and own Premium Outlet Centers in Brazil. The first Premium Outlet Center in the joint venture is expected to be open in the State of Sao Paulo in 2013.

Redevelopment and expansion projects are underway at 25 properties in the U.S. and two properties in Japan.  Approximately 70 new anchor and big box tenants are currently scheduled to open in 2012 and 2013 in the Company's U.S. portfolio.  

Capital Markets

On June 1st, the Company entered into a new $2.0 billion unsecured supplemental revolving credit facility that complements its existing $4.0 billion revolving credit facility. This facility, which can be increased to $2.5 billion during its term, will initially mature on June 30, 2016 and can be extended for an additional year to June 30, 2017 at the Company's sole option. Like the existing facility, the interest rate on the Company's new revolver is LIBOR plus 100 basis points. The facility provides for a money market competitive bid option program that allows the Company to hold auctions to achieve lower pricing for short-term borrowings.

On July 20th, the Company redeemed 2.0 million limited partnership units of its majority-owned operating partnership subsidiary, Simon Property Group, L.P. (the "Operating Partnership"), owned by an affiliate of JCPenney for $124.00 per unit in cash.   

2012 Guidance

Today the Company updated and raised its guidance for 2012, estimating that FFO will be within a range of $7.60 to $7.70 per diluted share for the year ending December 31, 2012, and diluted net income will be within a range of $4.34 to $4.44 per share. 

The following table provides a reconciliation of the range of estimated diluted net income available to common stockholders per share to estimated diluted FFO per share.

For the year ending December 31, 2012    


Low

High

End

End



Estimated diluted net income available to common stockholders per share

$4.34

$4.44



Gain upon acquisition of controlling interests, sale or disposal of assets and interests in 
  unconsolidated entities, and impairment charge on investment in unconsolidated entities,
  net                                                                          

(1.39)

(1.39)



Depreciation and amortization including the Company's share of joint ventures 

4.65

4.65



Estimated diluted FFO per share                                                             

$7.60

$7.70

Conference Call

The Company will provide an online simulcast of its quarterly conference call at www.simon.com (Investors tab), www.earnings.com, and www.streetevents.com. To listen to the live call, please go to any of these websites at least fifteen minutes prior to the call to register, download and install any necessary audio software. The call will begin at 11:00 a.m. Eastern Time (New York time) today, July 24, 2012. An online replay will be available for approximately 90 days at www.simon.com, www.earnings.com, and www.streetevents.com. A fully searchable podcast of the conference call will also be available at www.REITcafe.com.  

Supplemental Materials and Website

The Company has prepared a supplemental information package which is available at www.simon.com in the Investors section, Financial Information tab. It has also been furnished to the SEC as part of a current report on Form 8-K. If you wish to receive a copy via mail or email, please call 800-461-3439.

We routinely post important information for investors on our website, www.simon.com, in the "Investors" section. We use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be 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 adjusted from financial performance measures defined by accounting principles generally accepted in the United States ("GAAP"). Reconciliations of these measures to the most directly comparable GAAP measures are included within this press release or the Company's supplemental information package.  FFO and comparable property net operating income growth are financial performance measures widely used in the REIT industry.

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 our 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, environ-mental liabilities, international, national, regional and local economic climates, 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, 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 its annual and quarterly periodic reports filed with the SEC.  The Company may update that discussion in its periodic reports, but otherwise 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.

Simon Property Group

Simon Property Group, Inc. (NYSE:SPG) is an S&P 100 company and the largest real estate company in the world.  The Company currently owns or has an interest in 336 retail real estate properties in North America and Asia comprising 244 million square feet. We are headquartered in Indianapolis, Indiana and employ approximately 5,500 people in the U.S.  For more information, visit the Simon Property Group website at www.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 Six Months

Ended June 30,

Ended June 30,

2012

2011

2012

2011








REVENUE:






  Minimum rent

$ 746,198

$ 649,570

$1,448,295

$1,293,902

  Overage rent

31,427

21,980

59,107

39,121

  Tenant reimbursements

330,470

285,623

636,857

567,048

  Management fees and other revenues

28,347

31,259

60,634

61,751

  Other income

51,624

52,429

102,142

98,913

    Total revenue

1,188,066

1,040,861

2,307,035

2,060,735








EXPENSES:






  Property operating

116,018

109,025

220,758

208,567

  Depreciation and amortization

311,863

261,298

596,972

527,608

  Real estate taxes

106,777

93,424

205,479

186,688

  Repairs and maintenance

26,665

24,657

52,307

55,492

  Advertising and promotion

28,549

24,958

49,648

46,846

  Provision for credit losses

2,906

274

6,451

1,679

  Home and regional office costs

35,104

31,453

67,962

60,509

  General and administrative

14,733

8,974

28,622

16,640

  Other

24,096

19,226

41,873

38,244

    Total operating expenses

666,711

573,289

1,270,072

1,142,273








OPERATING INCOME

521,355

467,572

1,036,963

918,462








Interest expense

(288,560)

(244,517)

(546,636)

(492,634)

Income tax expense of taxable REIT subsidiaries

(991)

(703)

(1,883)

(1,846)

Income from unconsolidated entities

29,132

13,821

59,484

32,441

Gain upon acquisition of controlling 
  interests, sale or disposal of assets and 
  interests in unconsolidated entities, and
  impairment charge on investment in
  unconsolidated entities, net (A)




















-

14,349

494,837

13,765








CONSOLIDATED NET INCOME

260,936

250,522

1,042,765

470,188








Net income attributable to noncontrolling interests 

44,657

44,567

180,241

83,987

Preferred dividends

834

834

1,669

1,669








NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS

$ 215,445

$ 205,121

$ 860,855

$ 384,532
















BASIC EARNINGS PER COMMON SHARE:






Net income attributable to common stockholders

$ 0.71

$ 0.70

$ 2.87

$ 1.31








DILUTED EARNINGS PER COMMON SHARE:






Net income attributable to common stockholders

$ 0.71

$ 0.70

$ 2.87

$ 1.31
















Simon Property Group, Inc. and Subsidiaries

Unaudited Consolidated Balance Sheets

(Dollars in thousands, except share amounts)









June 30,

December 31,

2012

2011

ASSETS:


    Investment properties at cost

$ 34,063,214

$ 29,657,046

        Less - accumulated depreciation

8,827,205

8,388,130

25,236,009

21,268,916

    Cash and cash equivalents

638,499

798,650

    Tenant receivables and accrued revenue, net

423,917

486,731

    Investment in unconsolidated entities, at equity

2,000,509

1,378,084

    Investment in Klépierre, at equity

1,942,153

-

    Deferred costs and other assets

1,745,496

1,633,544

    Notes receivable from related party

-

651,000

        Total assets

$ 31,986,583

$ 26,216,925




LIABILITIES:


    Mortgages and other indebtedness

$ 22,466,558

$ 18,446,440

    Accounts payable, accrued expenses, intangibles, and deferred
      revenues

1,168,636

1,091,712

    Cash distributions and losses in partnerships and joint ventures,
      at equity

730,636

695,569

    Other liabilities and accrued dividends

226,675

170,971

        Total liabilities

24,592,505

20,404,692




Commitments and contingencies


Limited partners' preferred interest in the Operating Partnership and 
  noncontrolling redeemable interests in properties


263,479

267,945




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, 796,948 issued and outstanding
          with a liquidation value of $ 39,847


44,883

45,047




        Common stock, $ 0.0001 par value, 511,990,000 shares
          authorized, 307,084,372 and 297,725,698 issued and
          outstanding, respectively


31

30




        Class B common stock, $ 0.0001 par value, 10,000
           shares authorized, 8,000 issued and outstanding


-

-




    Capital in excess of par value

9,091,935

8,103,133

    Accumulated deficit

(2,974,231)

(3,251,740)

    Accumulated other comprehensive loss

(81,656)

(94,263)

    Common stock held in treasury at cost, 3,762,595 and
      3,877,448 shares, respectively

(135,781)

(152,541)

        Total stockholder's equity

5,945,181

4,649,666

Noncontrolling interests

1,185,418

894,622

        Total equity

7,130,599

5,544,288

        Total liabilities and equity

$ 31,986,583

$ 26,216,925




Simon Property Group, Inc. and Subsidiaries

Unaudited Joint Venture Statements of Operations

(Dollars in thousands)










For the Three Months

For the Six Months

Ended June 30,

Ended June 30,

2012

2011

2012

2011








Revenue:






  Minimum rent

$ 371,664

$ 360,466

$ 738,019

$ 710,027

  Overage rent

36,143

27,126

84,837

57,354

  Tenant reimbursements

170,478

166,726

342,571

332,346

  Other income

37,488

40,546

88,435

71,898

    Total revenue

615,773

594,864

1,253,862

1,171,625








Operating Expenses:






  Property operating

115,615

112,918

233,520

224,266

  Depreciation and amortization

126,783

123,032

258,174

245,092

  Real estate taxes

45,164

47,103

93,216

92,690

  Repairs and maintenance

15,919

15,595

30,807

32,311

  Advertising and promotion

12,917

11,559

28,344

25,000

  (Recovery of) provision for credit losses

(1,102)

1,113

(114)

1,917

  Other

38,793

44,158

92,356

73,289

    Total operating expenses

354,089

355,478

736,303

694,565








Operating Income

261,684

239,386

517,559

477,060








Interest expense

(155,393)

(153,970)

(315,554)

(305,002)

Loss from unconsolidated entities

(316)

(631)

(631)

(459)

Income from Continuing Operations

105,975

84,785

201,374

171,599








Loss from operations of discontinued joint venture interests

(1,173)

(9,559)

(11,623)

(15,661)

Gain on disposal of discontinued operations, net

-

15,506

-

15,506

Net Income

$ 104,802

$ 90,732

$ 189,751

$ 171,444








Third-Party Investors' Share of Net Income

$ 56,787

$ 56,455

$ 96,800

$ 106,470








Our Share of Net Income

48,015

34,277

92,951

64,974

Amortization of Excess Investment (B)

(18,749)

(12,703)

(33,333)

(24,780)

Our Share of Gain on Sale or Disposal of Assets and






  Interests in Unconsolidated Entities, net

-

(7,753)

-

(7,753)

Income from Unconsolidated Entities (C)

$ 29,266

$ 13,821

$ 59,618

$ 32,441
























Note:  The above financial presentation does not include any information related to our investment in Klépierre. 

            For additional information, see footnote C attached hereto.









Simon Property Group, Inc. and Subsidiaries

Unaudited Joint Venture Balance Sheets

(Dollars in thousands)






June 30,

December 31,

2012

2011

Assets:


Investment properties, at cost

$ 14,491,236

$ 20,481,657

Less - accumulated depreciation

4,725,920

5,264,565

9,765,316

15,217,092

Cash and cash equivalents

483,433

806,895

Tenant receivables and accrued revenue, net

198,773

359,208

Investment in unconsolidated entities, at equity

39,855

133,576

Deferred costs and other assets

366,900

526,101

Total Assets

$ 10,854,277

$ 17,042,872




Liabilities and Partners' Deficit:


Mortgages and other indebtedness

$ 11,499,568

$ 15,582,321

Accounts payable, accrued expenses, intangibles, and deferred revenue

527,701

775,733

Other liabilities

308,912

981,711

Total liabilities

12,336,181

17,339,765




Preferred units

67,450

67,450

Partners' deficit

(1,549,354)

(364,343)

Total liabilities and partners' deficit

$ 10,854,277

$ 17,042,872




Our Share of:


Partners' deficit

$ (708,641)

$ (32,000)

Add: Excess Investment (B)

1,978,514

714,515

Our net Investment in unconsolidated entities

$ 1,269,873

$ 682,515




















Note:  The above financial presentation does not include any information related to our investment in Klépierre.  

            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 Ended

For the Six Months Ended





June 30,

June 30,





2012

2011

2012

2011












Consolidated Net Income (E) (F) (G) (H)

$260,936

$250,522

$1,042,765

$ 470,188

Adjustments to Consolidated Net Income to Arrive at FFO:






  Depreciation and amortization from
    consolidated properties 






308,186

257,770

589,536

520,316

  Simon's share of depreciation and
    amortization from unconsolidated
    entities, including Klepierre






124,989

94,376

211,130

187,757

  Gain upon acquisition of controlling
    interests, sale or disposal of
    assets and interests in
    unconsolidated entities, and
    impairment charge on investment
    in unconsolidated entities, net













-

(14,349)

(494,837)

(13,765)

  Net income attributable to
    noncontrolling interest holders in
    properties






(1,855)

(1,939)

(3,963)

(4,050)

  Noncontrolling interests portion of
   depreciation and amortization

(2,174)

(2,100)

(4,582)

(4,210)

  Preferred distributions and
   dividends

(1,313)

(1,313)

(2,627)

(2,626)

FFO of the Operating Partnership

$688,769

$582,967

$1,337,422

$1,153,610












Diluted net income per share to diluted FFO per share reconciliation:






Diluted net income per share

$      0.71

$     0.70

$        2.87

$         1.31

Depreciation and amortization from
   consolidated properties and
   Simon's share of depreciation and
   amortization from unconsolidated
   entities, including Klepierre, net of
   noncontrolling interests portion of
   depreciation and amortization




















1.18

0.99

2.21

1.99

Gain upon acquisition of controlling
   interests, sale or disposal of
   assets and interests in
   unconsolidated entities, and

   impairment charge on investment
   in unconsolidated entities, net













-

(0.04)

(1.37)

(0.04)

Diluted FFO per share

$      1.89

$     1.65

$         3.71

$         3.26












Details for per share calculations:


















FFO of the Operating Partnership

$688,769

$582,967

$1,337,422

$1,153,610












Adjustments for dilution calculation:






Diluted FFO of the Operating Partnership

$688,769

$582,967

$1,337,422

$1,153,610

Diluted FFO allocable to unitholders

(115,421)

(99,251)

(226,290)

(196,498)

Diluted FFO allocable to common stockholders

$573,348

$483,716

$1,111,132

$   957,112












Basic weighted average shares outstanding

303,252

293,368

299,473

293,225

Adjustments for dilution calculation:






   Effect of stock options

1

35

1

128












Diluted weighted average shares outstanding

303,253

293,403

299,474

293,353

Weighted average limited partnership units outstanding

61,048

60,202

60,990

60,226












Diluted weighted average shares and units outstanding

364,301

353,605

360,464

353,579












Basic FFO per Share

$      1.89

$      1.65

$         3.71

$         3.26

    Percent Change

14.5%


13.8%

Diluted FFO per Share

$      1.89

$      1.65

$         3.71

$         3.26

    Percent Change

14.5%


13.8%













Simon Property Group, Inc. and Subsidiaries          
Footnotes to Unaudited Reconciliation of Non-GAAP Financial Measures

Notes:            
          
(A) Primarily consists of 2012 non-cash gains resulting from our acquisition activity and the remeasurement of our previously held interest to fair value for those properties in which we now have a controlling interest.         
          
(B) Excess investment represents the unamortized difference of the Company's 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.         
          
(C) 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 Klépierre.  Amounts included in Footnotes E - H below exclude our share of related activity for our investment in Klepierre.  For further information, reference should be made to financial information in Klépierre's public filings and additional discussion and analysis in our Form 10-Q.         
          
(D) 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 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.         
          
The Company determines FFO based upon the definition set forth by the National Association of Real Estate Investment Trusts ("NAREIT"). The Company determines 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 of, or any impairment charges related to, previously depreciated 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.          
          
The Company has 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 of, or any impairment charges relating to, previously depreciated 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 the Company's share of gains on land sales of $6.6 million and $1.7 million for the three months ended June 30, 2012 and 2011, respectively, and $9.8 million and $4.4 million for the six months ended June 30, 2012 and 2011, respectively.         
          
(F) Includes the Company's share of straight-line adjustments to minimum rent of $11.4 million and $8.1 million for the three months ended June 30, 2012 and 2011, respectively, and $20.2 million and $15.4 million for the six months ended June 30, 2012 and 2011, respectively.         
          
(G) Includes the Company's share of the amortization of fair market value of leases from acquisitions of $5.6 million and $5.9 million for the three months ended June 30, 2012 and 2011, respectively, and $10.7 million and $11.7 million for the six months ended June 30, 2012 and 2011, respectively.         
          
(H) Includes the Company's share of debt premium amortization of $13.4 million and $2.1 million for the three months ended June 30, 2012 and 2011, respectively, and $20.1 million and $4.7 million for the six months ended June 30, 2012 and 2011, respectively.          
          
 

SOURCE Simon Property Group, Inc.

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