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
2024
2023
$
Totalrevenues................................... Operating income before other items . . . . . . . . . . . . . . . . . Consolidatednetincome........................... Our share of net income ........................... Amortization of excess investment . . . . . . . . . . . . . . . . . . .
1,540,407
$ 1,421,595
$ 1,359,246
756,757 478,896 93,123 (11,057)
659,553 441,371 83,806 (15,029)
618,260 347,311 64,805 (17,658)
During the years ended December 31, 2025, 2024, and 2023, Klépierre completed the disposal of its interests in certain shopping centers and our share of the net loss was $4.0 million, $4.1 million, and $11.2 million, respectively. These transactions are 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 accompanying consolidated statements of operations and comprehensive income. We have an interest in a European investee that had interests in 12 Designer Outlet properties as of December 31, 2025, 2024, and 2023. Eight of these Designer Outlets are consolidated by us as of December 31, 2025. As of December 31, 2025, our legal percentage ownership interests in these properties ranged from 23% to 94%. Due to certain redemption rights held by our venture partner, which will require us to purchase their interests under certain circumstances, the noncontrolling interest is presented (i) in the accompanying Simon consolidated balance sheets outside of equity in limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties and (ii) in the accompanying Operating Partnership consolidated balance sheets within preferred units, various series, at liquidation value, and noncontrolling redeemable interests in properties. In addition, we have a 50% noncontrolling interest in a European property management and development company that provides services to the Designer Outlet properties. Asian Joint Ventures We conduct our international Premium Outlet operations in Japan through a joint venture with Mitsubishi Estate Co., Ltd. We have a 40% noncontrolling ownership interest in this joint venture. The carrying amount of our investment in this joint venture was $245.0 million and $221.5 million as of December 31, 2025 and 2024, respectively, including all related components of accumulated other comprehensive income (loss). We conduct our international Premium Outlet operations in South Korea through a joint venture with Shinsegae International Co. We have a 50% noncontrolling ownership interest in this joint venture. The carrying amount of our investment in this joint venture was $216.8 million and $209.1 million as of December 31, 2025 and 2024, respectively, including all related components of accumulated other comprehensive income (loss). We also have an interest in two full-price mall operating joint venture properties located in the People’s Republic of China and two full-price mall operating joint venture properties located in South Korea. Our ownership in these properties ranges from 17% to 49%. Summary Financial Information The following tables present a summary of the combined balance sheets and statements of operations of our equity method investments and share of income from such investments, excluding our investments in Klépierre as well as TRG prior to the TRG Acquisition, as well as our other platform investments.
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