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 tables below represent combined summary financial information, after intercompany eliminations, of our other platform investments.
December 31,
December 31,
2025
2024
Total assets .............................................. $ Totalliabilities.............................................
8,030,819 6,336,013
$
7,362,494 7,093,528
For the Year Ended December 31,
2025
2024
2023
Totalrevenues................................... $ 12,461,291
$ 12,627,806
$ 13,865,845
Operating income before other items . . . . . . . . . . . . . . . . . Consolidatednetincome(loss)...................... Shareofnetincome(loss),netoftax................. Amortization of excess investment . . . . . . . . . . . . . . . . . . .
262,844 90,383 60,296
10,438
683,723 239,491 40,002
(201,170) (21,920)
(2,768)
(2,768)
(6,740)
International Investments We conduct our international operations primarily through joint venture arrangements and account for the majority of these international joint venture investments using the equity method of accounting. European Investments At December 31, 2025, we owned 63,355,252 shares, or approximately 22.2%, of Klépierre, which had a quoted market price of $39.61 per share. During the year ended December 31, 2025, we exchanged 568,896 shares of Klépierre to settle the conversion of €15.4 million of the Operating Partnership’s exchangeable bonds, which are exchangeable into shares of Klépierre at the option of the bondholder. In connection with these transactions, we recorded a gain of $9.2 million, which is included in gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the consolidated statement of operations and comprehensive income. Subsequent to 2025, in the first quarter of 2026 we have settled the exchange of an additional 975,271 shares of Klépierre upon the conversion of €26.4 million of the Klépierre exchangeable bonds. The tables below represent summary financial information with respect to our investment in Klépierre. This information is based on applicable Euro:USD exchange rates and after our conversion of Klépierre’s results to GAAP.
December 31,
December 31,
2025
2024
$
Total assets ............................................. Totalliabilities............................................ Noncontrollinginterests....................................
17,379,529 11,595,140 1,275,727
$ 15,114,097
9,843,187 1,138,385
120
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