Simon Property Group, L.P. 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 entities and impairment,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 revenues andother.................................................. Net cash provided by operating activities ...................... CASH FLOWS FROM INVESTING ACTIVITIES: Acquisitions ................................................. Fundingofloanstorelatedparties................................ Repaymentsofloanstorelatedparties ............................ Capitalexpenditures,net ....................................... Cash impact from the consolidation of properties . . . . . . . . . . . . . . . . . . . . . Netproceedsfromsaleofassets................................. Investments in unconsolidated entities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Purchaseofshort-terminvestments............................... Proceeds from redemption of short-term investments . . . . . . . . . . . . . . . . . Purchaseofequityinstruments .................................. Proceedsfromsaleofequityinstruments........................... Insurance proceeds for property restoration . . . . . . . . . . . . . . . . . . . . . . . . . Distributions of capital from unconsolidated entities and other . . . . . . . . . . . Net cash (used in) provided by investing activities .............. CASH FLOWS FROM FINANCING ACTIVITIES: Issuanceofunitsandother...................................... Purchase of units related to stock grant recipients' tax withholdings . . . . . . Redemptionoflimitedpartnerunits ............................... Purchaseofgeneralpartnerunits................................. Preferredunitredemptions ..................................... Distributions to noncontrolling interest holders in properties. . . . . . . . . . . . . Contributions from noncontrolling interest holders in properties . . . . . . . . . . Partnershipdistributions........................................ Mortgage and unsecured indebtedness proceeds, net of transaction costs ..................................................... Mortgage and unsecured indebtedness principal payments . . . . . . . . . . . . . Net cash used in financing activities .......................... (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS ............. CASH AND CASH EQUIVALENTS, beginning 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) (375,663)
362,734
458,709
36,161
(11,802) 24,423
(235,884)
44,525
127,244
245,513
4,136,551
3,814,655
3,930,793
(1,114,368)
(56,105) (111,000)
(65,829) (15,250) 16,188
—
16,956
82,289
(934,346) 104,829
(755,584) (793,283)
46,228 55,203
— —
—
(62,418)
(112,655) (600,000) 1,600,000 (241,186) 1,183,528
(83,961)
— —
(1,000,000)
—
(48,704) 96,194
(31,742) 304,129
—
4,587
7,427
341,153
313,016
299,140
(1,600,704)
1,408,321
(1,363,181)
(328)
(328)
(328)
(13,912) (7,281) (226,826) (5,000) (23,404)
(10,558) (42,293) (7,500) (21,049) —
(5,795) (13,524) (140,593) (2,500) (41,956)
6,705
9,807
9,813
(3,233,422)
(3,045,959) (2,796,681)
3,668,892 (3,278,469) (3,113,045) (577,198) 1,400,345
1,095,546
3,629,840
(2,969,288) (2,658,525) (4,991,622) (2,020,249)
231,354 1,168,991
547,363 621,628
CASH AND CASH EQUIVALENTS, end of period ........................ $ 823,147
$ 1,400,345 $ 1,168,991
The accompanying notes are an integral part of these statements.
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