Simon Property Group, L.P. Consolidated Statements of Operations and Comprehensive Income (Dollars in thousands, except per unit 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
Managementfeesandotherrevenues.................................. Otherincome.....................................................
133,250 440,788
125,995 368,506
Total revenue ................................................... 6,364,505
5,963,798
5,658,836
EXPENSES: Propertyoperating................................................. Depreciationandamortization........................................ Realestatetaxes.................................................. Repairsandmaintenance ........................................... Advertisingandpromotion........................................... Homeandregionalofficecosts....................................... Generalandadministrative .......................................... Other ........................................................... 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 . . . . . . . . . Net income (loss) attributable to noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . Preferredunitrequirements.............................................
580,975 1,426,423 451,128 119,915 155,826 251,748 60,888 142,206
529,753 1,265,340 408,641 105,020
489,346 1,262,107 441,783
97,257 127,346 207,618 38,513 187,844
144,551 223,277 44,743 149,677
Total operating expenses ......................................... 3,189,109 OPERATING INCOME BEFORE OTHER ITEMS ............................ 3,175,396
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
(974,835) (86,119) (35,788) 504,088
(106,082)
(17,392)
11,892
2,887,460
(75,818)
(3,056)
CONSOLIDATED NET INCOME ........................................ 5,364,120
2,729,021
2,617,018
4,815 4,503
(1,641) 4,897
(1,336) 5,237
NET INCOME ATTRIBUTABLE TO UNITHOLDERS ......................... $ 5,354,802 NET INCOME ATTRIBUTABLE TO UNITHOLDERS ATTRIBUTABLE TO: GeneralPartner.................................................. $ 4,624,275 LimitedPartners ................................................. Net income attributable to unitholders .............................. $ 5,354,802 730,527
$ 2,725,765 $ 2,613,117
$ 2,367,559 $ 2,279,789
358,206
333,328
$ 2,725,765 $ 2,613,117
BASIC AND DILUTED EARNINGS PER UNIT: Net income attributable to unitholders .............................. $ 14.17 $
7.26 $ 6.98
Consolidated Net Income ............................................. $ 5,364,120 Unrealized (loss) gain on derivative hedge agreements . . . . . . . . . . . . . . . . . . . . . . (31,402)
$ 2,729,021 $ 2,617,018
16,491
18,350
Net loss (gain) reclassified from accumulated other comprehensive loss into earnings......................................................... Currencytranslationadjustments....................................... Changes in available-for-sale securities and other . . . . . . . . . . . . . . . . . . . . . . . . . . Comprehensiveincome .............................................. Comprehensive income loss 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
6,002
1,543
610
Comprehensive income attributable to unitholders ..................... $ 5,286,771
$ 2,703,141 $ 2,606,415
The accompanying notes are an integral part of these statements.
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