Simon Property Group, Inc. Consolidated Statements of Cash Flows (Dollars in thousands)
For the Year Ended December 31,
2025
2024
2023
CASH FLOWS FROM OPERATING ACTIVITIES: Consolidated Net Income ................................... $ 5,364,120
$ 2,729,021
$ 2,617,018
Adjustments to reconcile consolidated net income to net cash provided by operating activities Depreciationandamortization ............................... (Gain) loss on acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entitiesandimpairment,net................................ Loss (gain) due to disposal, exchange, or revaluation of equity interests,net ........................................... Unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net . . . . . . . . . . . . . . . . . . . . Straight-linelease(income)loss.............................. Equity in income of unconsolidated entities . . . . . . . . . . . . . . . . . . . . . Distributions of income from unconsolidated entities . . . . . . . . . . . . . . Changes in assets and liabilities Tenant receivables and accrued revenue, net . . . . . . . . . . . . . . . . . . . Deferredcostsandotherassets.............................. Accounts payable, accrued expenses, intangibles, deferred revenuesandother...................................... Net cash provided by operating activities .................. CASH FLOWS FROM INVESTING ACTIVITIES: Acquisitions ............................................. Fundingofloanstorelatedparties............................ Repayments of loans to related parties . . . . . . . . . . . . . . . . . . . . . . . . Capitalexpenditures,net ................................... Cash impact from the consolidation of properties . . . . . . . . . . . . . . . . . Netproceedsfromsaleofassets............................. Investments in unconsolidated entities . . . . . . . . . . . . . . . . . . . . . . . . . Purchase of short-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . Proceeds from redemption of short-term investments . . . . . . . . . . . . . Purchaseofequityinstruments .............................. Proceeds from sale of equity instruments. . . . . . . . . . . . . . . . . . . . . . . Insurance proceeds for property restoration . . . . . . . . . . . . . . . . . . . . . Distributions of capital from unconsolidated entities and other . . . . . . Net cash (used in) provided by investing activities .......... Proceeds from sales of common stock and other, net of transactioncosts........................................ Purchase of shares related to stock grant recipients' tax withholdings............................................ Redemptionoflimitedpartnerunits ........................... Purchaseoftreasurystock.................................. Preferredunitredemptions.................................. Distributions to noncontrolling interest holders in properties. . . . . . . . . Contributions from noncontrolling interest holders in properties . . . . . . Preferred distributions of the Operating Partnership. . . . . . . . . . . . . . . CASH FLOWS FROM FINANCING ACTIVITIES: Preferred dividends and distributions to stockholders. . . . . . . . . . . . . . Distributionstolimitedpartners .............................. Proceeds from issuance of debt, net of transaction costs. . . . . . . . . . . Repaymentsofdebt....................................... Net cash used in financing activities ...................... (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS ......... CASH AND CASH EQUIVALENTS, beginning of period ............... CASH AND CASH EQUIVALENTS, end of period .................... $
1,554,346
1,359,861
1,333,584
(2,887,460)
75,818
3,056
86,119
(451,172)
(362,019)
106,082 (27,790) (504,088) 445,901 (59,769) 14,565
17,392
(11,892)
802
9,866
(207,322) 362,734 36,161 (235,884) 127,244 3,814,655 (56,105) (111,000) 82,289 (755,584) (112,655) (600,000) 1,600,000 (241,186) 1,183,528 4,587 313,016 1,408,321 46,228 55,203
(375,663) 458,709 (11,802) 24,423 245,513 3,930,793 (65,829) (15,250) 16,188 (793,283)
44,525
4,136,551
(1,114,368)
—
16,956 (934,346) 104,829
— —
—
(62,418)
(83,961) (1,000,000)
— —
—
(48,704) 96,194
(31,742) 304,129 7,427 299,140
—
341,153 (1,600,704)
(1,363,181)
(328)
(328)
(328)
(13,912) (7,281) (226,826) (5,000) (23,404) 6,705 (1,166) (2,792,872) (439,384) 3,668,892 (3,278,469) (3,113,045) (577,198) 1,400,345 823,147
(10,558) (42,293) (7,500) (21,049) — 9,807 (1,560)
(5,795) (13,524) (140,593) (2,500) (41,956) (2,439,233) (355,548) 3,629,840 (2,658,525) (2,020,249) 9,813 (1,900)
(2,645,213) (399,186) 1,095,546 (2,969,288) (4,991,622) 231,354 1,168,991
547,363 621,628
$ 1,400,345
$ 1,168,991
The accompanying notes are an integral part of these statements.
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