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)
We may provide financing to joint ventures primarily in the form of interest bearing construction loans. As of December 31, 2024 and 2023, we had construction loans and other advances to these related parties totaling $59.6 million and $98.0 million, respectively, which are included in deferred costs and other assets in the accompanying consolidated balance sheets. During the third quarter of 2023, we disposed of our interest in one unconsolidated property through foreclosure in satisfaction of the $114.8 million non-recourse mortgage loan. We recognized no gain or loss in connection with this disposal. During 2022, we recorded a non-cash gain of $19.9 million related to the disposition and foreclosure of two unconsolidated properties in satisfaction of the respective $99.6 million and $83.1 million non-recourse mortgage loans, which is included in 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 statement of operations and comprehensive income. This non-cash investing and financing activity is excluded from our consolidated statement of cash flows. Taubman Realty Group During the fourth quarter of 2024, we acquired an additional 4% ownership in TRG for approximately $266.7 million by issuing 1,572,500 units in the Operating Partnership, bringing our noncontrolling ownership interest in TRG to 88%. In the third quarter of 2023, we acquired an additional 4% ownership in TRG for approximately $199.6 million by issuing 1,725,000 units in the Operating Partnership. Substantially all our investment has been determined to relate to investment property. Our investment includes 6.38% Series A Cumulative Redeemable Preferred Units for $362.5 million issued to us. Neither transaction included or resulted in any change to the rights and obligations or decision making authority of the members of the TRG partnership. The tables below represent summary financial information of TRG. December 31, December 31, 2024 2023 Totalassets ......................................................... $ 3,210,634 $ 3,416,630 Totalliabilities........................................................ 4,171,378 4,386,131 Noncontrollinginterests................................................ 167,251 164,720 2024 2022 Totalrevenues.......................................... $ 716,668 $ 695,222 $ 693,835 Operating income before other items . . . . . . . . . . . . . . . . . . . . . . . . 289,827 281,349 254,395 Consolidatednetincome(loss)............................. 243,169 42,910 164,072 Our share of net income (loss) ............................. 203,518 32,728 129,065 Amortization of excess investment . . . . . . . . . . . . . . . . . . . . . . . . . . (264,942) (113,333) (189,629) 2023 Other Platform Investments During the fourth quarter of 2024, J.C. Penney completed an all-equity transaction where it acquired the retail operations of SPARC Group, resulting in the recognition of a non-cash pre-tax gain, our share of which was $100.5 million, which is included in gain due to disposal, exchange, or revaluation of equity interests, net in the consolidated statement of operations and comprehensive income. The combined business was renamed Catalyst post transaction. This non-cash investment activity is excluded from our consolidated statement of cash flows. In connection with this transaction, we recorded deferred taxes of $25.1 million, which is included in income and other tax expense in the consolidated statement of operations and comprehensive income. As of December 31, 2024, we own a 31.3% noncontrolling interest in Catalyst. For the Year Ended December 31,
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