Simon Property Group, L.P. Consolidated Statements of Cash Flows (Dollars in thousands)
For the Year Ended December 31,
2024
2023
2022
CASH FLOWS FROM OPERATING ACTIVITIES: Consolidated Net Income ........................................ $ 2,729,021 $ 2,617,018 $ 2,452,385 Adjustments to reconcile consolidated net income to net cash provided by operating activities Depreciationandamortization .................................... 1,359,861 1,333,584 1,292,113 Loss (gain) on acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment,net.............................................. 75,818 3,056 (5,647) Gain due to disposal, exchange, or revaluation of equity interests, net . . . . . (451,172) (362,019) (121,177) Unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net . . . . . . . . . . . . . . . . . . . . . . . . . 17,392 (11,892) 61,204 Straight-lineleaseloss.......................................... 802 9,866 25,234 Equity in income of unconsolidated entities . . . . . . . . . . . . . . . . . . . . . . . . . . (207,322) (375,663) (647,977) Distributions of income from unconsolidated entities . . . . . . . . . . . . . . . . . . . 362,734 458,709 561,583 Changes in assets and liabilities Tenant receivables and accrued revenue, net . . . . . . . . . . . . . . . . . . . . . . . . 36,161 (11,802) 63,350 Deferredcostsandotherassets................................... (235,884) 24,423 (104,567) Accounts payable, accrued expenses, intangibles, deferred revenues andother................................................... 127,244 245,513 190,103 Net cash provided by operating activities ....................... 3,814,655 3,930,793 3,766,604 CASH FLOWS FROM INVESTING ACTIVITIES: Acquisitions .................................................. (56,105) (65,829) (203,364) Fundingofloanstorelatedparties................................. (111,000) (15,250) (132,857) Repaymentsofloanstorelatedparties ............................. 82,289 16,188 82,371 Capitalexpenditures,net ........................................ (755,584) (793,283) (650,024) Cash impact from the consolidation of properties . . . . . . . . . . . . . . . . . . . . . . 46,228 — 20,988 Netproceedsfromsaleofassets.................................. 55,203 — 59,658 Investments in unconsolidated entities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (112,655) (83,961) (235,792) Purchaseofshort-terminvestments................................ (600,000) (1,000,000) — Proceeds from redemption of short-term investments . . . . . . . . . . . . . . . . . . 1,600,000 — — Purchaseofequityinstruments ................................... (241,186) (31,742) (66,140) Proceedsfromsaleofequityinstruments............................ 1,183,528 304,129 26,086 Insurance proceeds for property restoration . . . . . . . . . . . . . . . . . . . . . . . . . . 4,587 7,427 — Distributions of capital from unconsolidated entities and other . . . . . . . . . . . . 313,016 299,140 472,510 Net cash provided by (used in) investing activities ............... 1,408,321 (1,363,181) (626,564) CASH FLOWS FROM FINANCING ACTIVITIES: Issuanceofunitsandother....................................... (328) (328) (328) Purchase of units related to stock grant recipients’ tax withholdings . . . . . . . (10,558) (5,795) (6,788) Redemptionoflimitedpartnerunits ................................ (42,293) (13,524) (1,852) Purchaseofgeneralpartnerunits.................................. — (140,593) (180,387) Preferredunitredemptions....................................... (7,500) (2,500) — Proceeds from (establishment of) trust account for special purpose acquisitioncompany .......................................... — — 345,000 Liquidation of special purpose acquisition company . . . . . . . . . . . . . . . . . . . . — — (345,000) Distributions to noncontrolling interest holders in properties. . . . . . . . . . . . . . (21,049) (41,956) (27,741) Contributions from noncontrolling interest holders in properties . . . . . . . . . . . 9,807 9,813 29,681 Partnershipdistributions......................................... (3,045,959) (2,796,681) (2,592,472) Mortgage and unsecured indebtedness proceeds, net of transaction costs .. 1,095,546 3,629,840 3,449,403 Mortgage and unsecured indebtedness principal payments . . . . . . . . . . . . . . (2,969,288) (2,658,525) (3,721,864) Net cash used in financing activities ........................... (4,991,622) (2,020,249) (3,052,348) INCREASE IN CASH AND CASH EQUIVALENTS ......................... 231,354 547,363 87,692 CASH AND CASH EQUIVALENTS, beginning of period .................... 1,168,991 621,628 533,936 CASH AND CASH EQUIVALENTS, end of period ......................... $ 1,400,345 $ 1,168,991 $ 621,628 The accompanying notes are an integral part of these statements.
95
Powered by FlippingBook