The following schedule reconciles total FFO and real estate FFO to consolidated net income and, for Simon, diluted net income per share to diluted FFO per share and real estate FFO per share. 2025 2024 2023 (in thousands) Consolidated Net Income ............................................... $ 5,364,120 $ 2,729,021 $ 2,617,018 Adjustments to Arrive at FFO: Depreciation and amortization from consolidated properties . . . . . . . . . . . . . . . . . . . 1,410,595 1,250,440 1,250,550 Our share of depreciation and amortization from unconsolidated entities, including Klépierre, TRG and other corporate investments . . . . . . . . . . . . 811,690 848,188 841,862
(Gain) loss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities andimpairment,net ................................................ Net (gain) loss attributable to noncontrolling interest holders in properties . . . . . . . . Noncontrolling interests portion of depreciation and amortization . . . . . . . . . . . . . . . Preferreddistributionsanddividends..................................... FFO of the Operating Partnership ........................................ FFOallocabletolimitedpartners........................................... Dilutive FFO allocable to common stockholders ............................ FFO of the Operating Partnership ........................................ Loss (gain) due to disposal, exchange, or revaluation of equity interests, netoftax......................................................... Otherplatforminvestments,netoftax.................................... Unrealized losses (gains) in fair value of publicly traded equity instruments andderivativeinstrument,net......................................... Real Estate FFO ....................................................... Diluted net income per share to diluted FFO per share reconciliation: Diluted net income per share ............................................ Depreciation and amortization from consolidated properties and our share of depreciation and amortization from unconsolidated entities, including Klépierre, TRG and other corporate investments, net of noncontrolling interests portion of depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . (Gain) loss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment,net.................................................... Diluted FFO per share .................................................. Loss (gain) due to disposal, exchange, or revaluation of equity interests, netoftax......................................................... Otherplatforminvestments,netoftax.................................... Unrealized losses (gains) in fair value of publicly traded equity instruments andderivativeinstrument,net......................................... Real Estate FFO per share .............................................. Basic and Diluted weighted average shares outstanding . . . . . . . . . . . . . . . . . . . . . . . . Weighted average limited partnership units outstanding . . . . . . . . . . . . . . . . . . . . . . . . . Basic and Diluted weighted average shares and units outstanding. . . . . . . . . . . . . . . . .
(2,887,460)
75,818
3,056 1,336
(4,815) (26,322) (4,503)
1,641
(23,367) (4,897)
(22,719) (5,237)
$ 4,663,305
$ 4,876,844 $ 4,685,866
636,189
640,886
597,727
$ 4,027,116
$ 4,235,958 $ 4,088,139
4,663,305
4,876,844
4,685,866
66,981
(386,417)
(271,009)
(24,590)
88,902
6,166
106,082
17,392
(11,892)
$ 4,811,778
$ 4,596,721 $ 4,409,131
$ 14.17
$ 7.26 $ 6.98
5.81
5.53
5.52
(7.64)
0.20
0.01
$ 12.34
$ 12.99 $ 12.51
0.18
(1.03) $ (0.72)
(0.07)
0.23
0.02
0.28
0.05
(0.03)
$ 12.73
$ 12.24 $ 11.78
326,367 51,558 377,925
326,097 49,338 375,435
326,808 47,782 374,590
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