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, 2023 All other & Real estate eliminations, segment net Consolidated
For the period ended December 31, 2023: Income: LeaseIncome................................................ $ 5,199,120 $
(34,785) $ 5,164,335
Managementfeesandotherrevenues............................. OtherIncome................................................ Total...................................................... Expenses: PropertyOperating............................................ Realestatetaxes............................................. Repairsandmaintenance....................................... Advertisingandpromotion ...................................... Other ...................................................... Total......................................................
—
125,995 244,431 335,641
125,995 368,506
124,075
5,323,195
5,658,836
616,190 439,885 95,331 130,660 63,536
(126,844)
489,346 441,783 97,257 127,346 187,524
1,898 1,926
(3,314)
123,988
1,345,602
(2,346)
1,343,256
NOI of consolidated entities ..................................... $ 3,977,593 $
337,987 $ 4,315,580
Other Income: Gain due to disposal, exchange, or revaluation of equity interests, net . . . . Incomefromunconsolidatedentities .............................. Unrealized gains in fair value of publicly traded equity instruments and derivativeinstrument,net ..................................... Other Expenses: Depreciationandamortization ................................... Homeandregionalofficecosts................................... Generalandadministrative...................................... Interestexpense.............................................. Incomeandothertaxexpense................................... Loss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment,net............................................. Other expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
362,019 375,663
11,892
1,262,107 207,618
38,513 854,648 81,874
3,056
320
Consolidated net income .......................................
$ 2,617,018
12. Related Party Transactions Transactions with Affiliates
Our management company provides office space and legal, human resource administration, property specific financing and other support services to Melvin Simon & Associates, Inc., or MSA, a related party, for which we received a fee of $0.8 million, $0.6 million, and $0.6 million in 2025, 2024 and 2023, respectively. In addition, pursuant to management agreements that provide for our receipt of a management fee and reimbursement of our direct and indirect costs, we have managed since 1993 two shopping centers owned by entities in which David Simon and members of his family have ownership interests, for which we received a fee of $4.7 million, $3.9 million, and $3.9 million in 2025, 2024, and 2023, respectively. Transactions with Unconsolidated Joint Ventures As described in Note 2, our management company provides management, insurance, and other services to certain unconsolidated joint ventures. Amounts received for such services were $138.9 million, $128.6 million, and $121.2 million
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