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)
COMBINED STATEMENTS OF OPERATIONS
December 31,
2025
2024
2023
REVENUE: Leaseincome...................................... $ 3,189,131
$ 3,060,755
$
2,984,455
440,052
385,004
464,058
Other income ...................................... Total revenue ................................. OPERATING EXPENSES: Propertyoperating.................................. Depreciation and amortization ........................ Realestatetaxes................................... Repairsandmaintenance............................ Advertisingandpromotion............................ Other............................................. Total operating expenses ....................... Operating Income Before Other Items ................ Interest expense ................................... Gain (loss) on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net ............................................. Net Income ....................................... $ Third-Party Investors’ Share of Net Income ........... $ Our Share of Net Income ........................... $ Amortization of Excess Investment .................. Our Share of Loss due to disposal, exchange, or revaluation of equity interests, net in the Consolidated Financial Statements ................. Our Share of (Gain) loss on Acquisition of Controlling Interest, Sale or Disposal of, or Recovery on, Assets and Interests in Unconsolidated Entities and Impairment, net ..................................
3,629,183
3,445,759
3,448,513
687,216 653,488 231,945 88,091 96,718 257,799
660,004 636,218 231,843 74,172 88,693 299,645
638,638 656,089 237,809 77,093 83,279 236,955
2,015,257 1,613,926
1,990,575 1,455,184
1,929,863 1,518,650
(719,938)
(711,402)
(685,193)
23,865 917,853 479,160 438,693 (79,338)
(36,536) 707,246 360,792 346,454 (58,163)
20,529 853,986 436,408 417,578 (59,707)
$ $ $
$ $ $
—
36,470
—
(722)
18,236 342,997
(454)
Income from Unconsolidated Entities ................ $ 357,417 Our share of income from unconsolidated entities in the above table, aggregated with our share of results from our investments in Klépierre, as well as our other platform investments, is presented in income from unconsolidated entities in the accompanying consolidated statements of operations and comprehensive income. Unless otherwise noted, our share of the gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net is reflected within (loss) gain 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. 358,633 $ $
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