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)
7. Indebtedness Our mortgages and unsecured indebtedness, excluding the impact of derivative instruments, consist of the following as of December 31: 2024 2023 Fixed-Rate Debt:
Mortgage notes, including $1,518 and $1,977 of net premiums and $8,749 and $10,408 of debt issuance costs, respectively. Weighted average interest and maturity of 3.96% and 2.2 years at December 31, 2024. . . . . . . . . . . . . . . . . . . . . Unsecured notes and Credit Facilities (see below), including $74,733 and $74,968 of net discounts and $120,559 and $125,557 of debt issuance costs, respectively. ....................................................... Total Fixed-Rate Debt ................................................ Variable-Rate Debt: Mortgage notes, including $1,954 and $4,477 of debt issuance costs, respectively. Weighted average interest and maturity of 5.61% and 1.1 years atDecember31,2024................................................ Credit Facilities ...................................................... Total Variable-Rate Debt .............................................. Other Debt Obligations ...............................................
$ 4,788,845 $ 4,832,884
19,187,150 23,975,995
20,811,917 25,644,801
210,739 18,696 229,435 59,065
328,027
—
328,027
60,595 Total Mortgages and Unsecured Indebtedness .......................... $ 24,264,495 $ 26,033,423 General. Our unsecured debt agreements contain financial covenants and other non-financial covenants. If we were to fail to comply with these covenants, after the expiration of the applicable cure periods, the debt maturity could be accelerated or other remedies could be sought by the lender, including adjustments to the applicable interest rate. As of December 31, 2024, we were in compliance with all covenants of our unsecured debt. At December 31, 2024, our consolidated subsidiaries were the borrowers under 35 non-recourse mortgage notes secured by mortgages on 38 properties and other assets, including two separate pools of cross-defaulted and cross-collateralized mortgages encumbering a total of five properties. Under these cross-default provisions, a default under any mortgage included in the cross-defaulted pool may constitute a default under all mortgages within that pool and may lead to acceleration of the indebtedness due on each property within the pool. Certain of our secured debt instruments contain financial and other non-financial covenants which are specific to the properties that serve as collateral for that debt. If the applicable borrower under these non-recourse mortgage notes were to fail to comply with these covenants, the lender could accelerate the debt and enforce its rights against their collateral. At December 31, 2024, the applicable borrowers under these non-recourse mortgage notes were in compliance with all covenants where non-compliance could individually or in the aggregate, giving effect to applicable cross-default provisions, have a material adverse effect on our financial condition, liquidity or results of operations. Unsecured Debt At December 31, 2024, our unsecured debt consisted of $19.1 billion of senior unsecured notes of the Operating Partnership and $323.7 million outstanding under the Operating Partnership’s $5.0 billion unsecured revolving credit facility, or Credit Facility. The Operating Partnership also has a $3.5 billion unsecured revolving credit facility, or Supplemental Facility, and together with the Credit Facility, the Credit Facilities. The Credit Facility can be increased in the form of additional commitments in an aggregate not to exceed $1.0 billion, for a total aggregate size of $6.0 billion, subject to obtaining additional lender commitments and satisfying certain customary conditions precedent. Borrowings may be denominated in U.S. dollars, Euro, Yen, Pounds, Sterling, Canadian
123
Powered by FlippingBook