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)
For the year ended December 31, 2025, potentially dilutive securities include units that are exchangeable for common stock and long-term incentive performance units, or LTIP units, granted under our long-term incentive performance programs that are convertible into units and exchangeable for common stock. No securities had a material dilutive effect for the years ended December 31, 2025, 2024, and 2023. We have not adjusted net income attributable to common stockholders and weighted average shares outstanding for income allocable to limited partners or units, respectively, as doing so would have no dilutive impact. We accrue dividends when they are declared.
The Operating Partnership
For the Year Ended December 31,
2025
2024
2023
Net Income attributable to Unitholders — Basic and Diluted ....................... Weighted Average Units Outstanding — Basic and Diluted .......................
$ 5,354,802
$ 2,725,765 $ 2,613,117
377,924,881 374,589,788 For the year ended December 31, 2025, potentially dilutive securities include LTIP units. No securities had a material dilutive effect for the years ended December 31, 2025, 2024, and 2023. We accrue distributions when they are declared. The taxable nature of the dividends declared and Operating Partnership distributions declared for each of the years ended as indicated is summarized as follows: For the Year Ended December 31, 2025 2024 2023 Total dividends/distributions paid per common share/unit .............. $ 8.55 $ 8.10 $ 7.45 Percenttaxableasordinaryincome................................ 100.00 % 99.40 % 99.70 % Percent taxable as long-term capital gains .......................... 0.00 % 0.60 % 0.30 % 100.00% 100.00% 100.00% 375,434,534
6. Investments in Unconsolidated Entities and International Investments Real Estate Joint Ventures and Investments
Joint ventures are common in the real estate industry. We use joint ventures to finance properties, develop new properties and diversify our risk in a particular property or portfolio of properties. As discussed in Note 2, we held joint venture interests in 88 properties as of December 31, 2025 and 79 properties as of December 31, 2024. Certain of our joint venture properties are subject to various rights of first refusal, buy-sell provisions, put and call rights, or other sale or marketing rights for partners which are customary in real estate joint venture agreements and the industry. We and our partners in these joint ventures may initiate these provisions (subject to any applicable lock up or similar restrictions), which may result in either the sale of our interest or the use of available cash or borrowings, or the use of limited partnership interests in the Operating Partnership, to acquire the joint venture interest from our partner. We may provide financing to joint venture properties primarily in the form of interest bearing loans. As of December 31, 2025 and 2024, we had construction loans and other advances to these related parties totaling $48.3 million and $59.6 million, respectively, which are included in deferred costs and other assets in the accompanying consolidated balance sheets. During the fourth quarter of 2025, we recorded a non-cash gain of $21.6 million related to the disposition of one unconsolidated property in satisfaction of its $84.3 million non-recourse mortgage loan, which is included in (Loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and
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