Simon Property Group, Inc. Consolidated Statements of Operations and Comprehensive Income (Dollars in thousands, except per share amounts)
For the Year Ended December 31,
2025
2024
2023
REVENUE: Leaseincome..................................................... $ 5,839,160
$ 5,389,760 $ 5,164,335
144,426 380,919
133,250 440,788
125,995 368,506
Managementfeesandotherrevenues.................................. Otherincome ..................................................... Total revenue ................................................... EXPENSES: Propertyoperating ................................................. Depreciationandamortization ........................................ Realestatetaxes.................................................. Repairsandmaintenance............................................ Advertisingandpromotion ........................................... Homeandregionalofficecosts ....................................... Generalandadministrative........................................... Other ........................................................... Total operating expenses ......................................... OPERATING INCOME BEFORE OTHER ITEMS ........................... Interestexpense.................................................... (Loss) gain due to disposal, exchange, or revaluation of equity interests, net. . . . . . Incomeandothertaxexpense ......................................... Incomefromunconsolidatedentities..................................... Unrealized (losses) gains in fair value of publicly traded equity instruments and derivativeinstrument,net............................................ Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net ............................................................. CONSOLIDATED NET INCOME ....................................... Net income attributable to noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . . . . . Preferreddividends..................................................
6,364,505
5,963,798
5,658,836
580,975
529,753
489,346
1,426,423
1,265,340
1,262,107
451,128 119,915 155,826 251,748 60,888 142,206
408,641 105,020 144,551 223,277 44,743 149,677
441,783 97,257 127,346 207,618 38,513 187,844
3,189,109 3,175,396 (974,835) (86,119) (35,788) 504,088
2,871,002 3,092,796 (905,797) 451,172 (23,262) 207,322
2,851,814 2,807,022 (854,648) 362,019 (81,874) 375,663
(106,082)
(17,392)
11,892
2,887,460 5,364,120
(75,818)
(3,056)
2,729,021
2,617,018
736,508
358,125
333,892
3,337
3,337
3,337
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS ............. $ 4,624,275 BASIC AND DILUTED EARNINGS PER COMMON SHARE: Net income attributable to common stockholders ..................... $ 14.17
$ 2,367,559 $ 2,279,789
$ 7.26 $ 6.98
Consolidated Net Income ............................................ $ 5,364,120
$ 2,729,021 $ 2,617,018
(31,402)
16,491
18,350
Unrealized (loss) gain on derivative hedge agreements . . . . . . . . . . . . . . . . . . . . . Net loss (gain) reclassified from accumulated other comprehensive loss into earnings........................................................ Currencytranslationadjustments...................................... Changes in available-for-sale securities and other . . . . . . . . . . . . . . . . . . . . . . . . . Comprehensiveincome ............................................. Comprehensive income attributable to noncontrolling interests . . . . . . . . . . . . . . .
9,652
(5,623) (34,282)
(4,084) (26,513)
(52,683)
3,086
(923)
2,254
5,292,773
2,704,684
2,607,025
723,495
354,028
331,814
Comprehensive income attributable to common stockholders ............ $ 4,569,278
$ 2,350,656 $ 2,275,211
The accompanying notes are an integral part of these statements.
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