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,
2024 2022 Totalrevenues......................................... $12,627,806 $13,865,845 $14,895,379 Operating income before other items . . . . . . . . . . . . . . . . . . . . . . . 10,438 683,723 972,360 Consolidatednet(loss)income............................ (201,170) 239,491 738,255 Shareofnet(loss)income,netoftax....................... (21,920) 40,002 238,412 Amortization of excess investment . . . . . . . . . . . . . . . . . . . . . . . . . (2,768) (6,740) (6,659) 2023 International Investments We conduct our international operations primarily through joint venture arrangements and account for the majority of these international joint venture investments using the equity method of accounting. European Investments At December 31, 2024, we owned 63,924,148 shares, or approximately 22.4%, of Klépierre, which had a quoted market price of $28.88 per share. The tables below represent summary financial information with respect to our investment in Klépierre. This information is based on applicable Euro:USD exchange rates and after our conversion of Klépierre’s results to GAAP.
December 31, December 31, 2024 2023 $ 15,114,097 $ 16,114,513
Total assets ......................................................... Totalliabilities........................................................ Noncontrollinginterests................................................
9,843,187 1,138,385
10,282,111 1,255,479
For the Year Ended December 31,
2024
2023
2022
$ 1,421,595 $ 1,359,246 $ 1,308,409
Totalrevenues.......................................... Operating income before other items . . . . . . . . . . . . . . . . . . . . . . . . Consolidatednetincome.................................. Our share of net income .................................. Amortization of excess investment . . . . . . . . . . . . . . . . . . . . . . . . . .
659,553 441,371 83,806 (15,029)
618,260 347,311 64,805 (17,658)
590,829 581,075 116,084 (13,937)
During the years ended December 31, 2024 and 2023, Klépierre completed the disposal of its interests in certain shopping centers and our share of the net loss was $4.1 million and $11.2 million, respectively. During the year ended December 31, 2022, Klépierre completed the disposal of its interests in certain shopping centers and our share of the net gain was $1.3 million. These transactions are 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 statements of operations and comprehensive income We have an interest in a European investee that had interests in 12 Designer Outlet properties as of December 31, 2024, 12 Designer Outlet properties as of December 31, 2023, and 11 Designer Outlet properties as of December 31, 2022. Eight of these Designer Outlets are consolidated by us as of December 31, 2024. As of December 31, 2024, our legal percentage ownership interests in these properties ranged from 23% to 94%. Due to certain redemption rights held by our venture partner, which will require us to purchase their interests under certain circumstances, the noncontrolling
118
Powered by FlippingBook