Simon Property Group, L.P. Consolidated Balance Sheets (Dollars in thousands, except unit amounts)
December 31, December 31, 2025 2024
ASSETS: Investmentproperties,atcost .............................................. Less—accumulateddepreciation........................................... Cashandcashequivalents ................................................ Tenantreceivablesandaccruedrevenue,net.................................. Investment in other unconsolidated entities, at equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . InvestmentinKlépierre,atequity............................................ InvestmentinTRG,atequity............................................... Right-of-useassets,net................................................... Deferredcostsandotherassets ............................................ Total assets .......................................................... LIABILITIES: Mortgagesandunsecuredindebtedness...................................... Accounts payable, accrued expenses, intangibles, and deferred revenues . . . . . . . . . . . . Cash distributions and losses in unconsolidated entities, at equity . . . . . . . . . . . . . . . . . . Distributionpayable...................................................... Leaseliabilities.......................................................... Otherliabilities.......................................................... Total liabilities ........................................................ Commitments and contingencies Preferred units, various series, at liquidation value, and noncontrolling redeemable interests................................................................ EQUITY: Partners’ Equity Preferred units, 796,948 units outstanding. Liquidation value of $39,847 . . . . . . . . . . . . . General Partner, 325,223,870 and 326,278,138 units outstanding, respectively . . . . . . . . Limited Partners, 55,689,714 and 50,759,627 units outstanding, respectively. . . . . . . . . . Totalpartners’equity.................................................... Nonredeemable noncontrolling interests in properties, net . . . . . . . . . . . . . . . . . . . . . . . . . . . Total equity .......................................................... Total liabilities and equity ..............................................
$ 50,946,067
$ 40,242,392
20,701,510 30,244,557
19,047,078 21,195,314 1,400,345
823,147 934,077
796,513
4,362,339 1,505,377
2,670,739 1,384,267 3,069,297
—
755,934
519,607
1,981,035
1,369,609
$ 40,606,466
$ 32,405,691
$ 28,430,175
$ 24,264,495
1,954,402 1,739,418
1,712,465 1,680,431
2,723
2,410
756,539
520,283 626,155
1,017,816 33,901,073
28,806,239
233,306
184,729
40,451
40,778
5,167,817
2,901,147
884,913
451,339
6,093,181
3,393,264
378,906
21,459
6,472,087
3,414,723
$ 40,606,466
$ 32,405,691
The accompanying notes are an integral part of these statements.
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