Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions)
The primary assumptions that are not yet finalized relate to the determination and review of the fair value of rents related to each space in each property where we are the lessor, as well as leases in which we are the lessee. These assumptions are required in order to finalize estimates underlying the valuation of lease-related intangible assets and liabilities, as well as investment property and the related nonredeemable noncontrolling interest in a consolidated property. Our estimates and assumptions are provisional pending determination and review of the assumptions discussed above and are subject to change during the measurement period, not to exceed one year from the date of the transaction. The following table summarizes our preliminary acquisition date fair value of the assets acquired and liabilities assumed, which is based on significant inputs not observable in the market and thus represent Level 3 inputs (primarily capitalization rates used to value each of the 22 consolidated and unconsolidated properties and the implied noncontrolling interest value of a consolidated property). The non-cash components of these investing and financing activities are excluded from our consolidated statement of cash flows. October 31, 2025 Assets: Investment properties ..................................................... $ 7,823,038 Cashandcashequivalents................................................. 39,949 Tenantreceivablesandaccruedrevenue,net.................................. 25,414 Investment in other unconsolidated entities, at equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,769,613 Right-of-use assets, net.................................................... 229,174 Deferredcostsandotherassets............................................. 726,683 Total assets acquired ................................................ $ 10,613,871 Liabilities: Mortgagesandunsecuredindebtedness...................................... $ 3,143,977 Accounts payable, accrued expenses, intangibles, and deferred revenues .......... 102,686 Leaseliabilities........................................................... 229,174 Other liabilities ........................................................... 96,692 Total liabilities assumed .............................................. 3,572,529
354,729
Nonredeemable noncontrolling interest in a property, net.........................
5,767,814
Fair value of previously held equity interest .................................
Total acquisition consideration ............................................ $
918,799
From the date of acquisition, we recognized $136.9 million of total consolidated revenue and a consolidated net loss of $26.5 million, which includes an estimate of depreciation on the preliminary allocation of fair value to tangible and intangible assets acquired. We recorded amortization of acquisition related intangibles related to the TRG Acquisition of $22.7 million for the year ended December 31, 2025. Transaction costs in connection with this acquisition were not significant. Refer to Note 6 for further discussion and summarized financial information of the revenue and earnings of TRG prior to the date of acquisition. On June 27, 2025, we acquired the remaining 75% interest in the retail component and 100% of the parking component of Brickell City Centre, resulting in the consolidation of the retail component which had previously been accounted for under the equity method. The cash consideration for this transaction, including working capital, was $497.7 million. Cash acquired was $24.0 million. Upon consolidation, we recorded $544.6 million of investment property and lease
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