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)
Debt Maturity and Other Our scheduled principal repayments on indebtedness as of December 31, 2025, assuming the obligations remain outstanding through the initial maturities, are as follows: 2026 ............................................................... $ 5,905,606 2027 ............................................................... 3,936,773 2028 ............................................................... 2,296,651 2029 ............................................................... 2,940,031 2030 ............................................................... 1,657,864 Thereafter........................................................... 11,858,614 Total principal maturities ............................................... 28,595,539 Netunamortizeddebtpremium.......................................... 1,065 Net unamortized debt discount .......................................... (73,175) Debt issuance costs, net ............................................... (117,853) OtherDebtObligationsandOther........................................ 24,599 Total mortgages and unsecured indebtedness ............................. $ 28,430,175 Our cash paid for interest in each period, net of any amounts capitalized, was as follows: For the Year Ended December 31, 2025 2024 2023 Cashpaidforinterest........................... $ 945,736 $ 911,349 $ 856,110 Debt Issuance Costs Our debt issuance costs consist primarily of financing fees we incurred in order to obtain long-term financing. We record amortization of debt issuance costs on a straight-line basis over the terms of the respective loans or agreements. Details of those debt issuance costs as of December 31 are as follows: 2025 2024 Debtissuancecosts.............................................. $ 266,286 $ 252,560 Accumulated amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (148,433) (121,298) Debt issuance costs, net .......................................... $ 117,853 $ 131,262 We report amortization of debt issuance costs, amortization of premiums, and accretion of discounts as part of interest expense. We amortize debt premiums and discounts, which are included in mortgages and unsecured indebtedness, over the remaining terms of the related debt instruments. These debt premiums or discounts arise either at the time of the debt issuance or as part of purchase accounting for the fair value of debt assumed in acquisitions. The accompanying consolidated statements of operations and comprehensive income include amortization as follows:
2025
2024
2023
$ 32,291 $ 32,477 $ 28,660
Amortization of debt issuance costs ............... Amortization of debt discounts/(premiums). . . . . . . . . .
8,958
5,829
433
Fair Value of Debt The carrying value of our variable-rate mortgages and other loans approximates their fair values. We estimate the fair values of consolidated fixed-rate mortgages using cash flows discounted at current borrowing rates and other indebtedness using cash flows discounted at current market rates. We estimate the fair values of consolidated fixed-rate
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