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)
arrangements are classified as operating leases. We incurred ground lease expense and office lease expense, which are included in other expense and home office and regional expense, respectively, as follows: For the Year Ended December 31, 2024 2023 2022 Operating Lease Cost Fixedleasecost................................................. $ 35,518 $ 34,112 $ 30,257 Variable lease cost .............................................. 16,232 16,930 17,593 Total operating lease cost ....................................... $ 51,750 $ 51,042 $ 47,850
For the Year Ended December 31,
2024
2023
2022
Other Information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases . . . . . . . . . . . . . . . . . . . . $
51,690 $ 50,967 $ 47,754
32.0 years
32.3 years 32.7 years
Weighted-average remaining lease term - operating leases. . . . . . . . . . Weighted-average discount rate - operating leases ................
5.32%
4.93%
4.87%
Future minimum lease payments due under these leases for years ending December 31, excluding applicable extension options and renewal options unless reasonably certain of exercise and any sublease income, are as follows: 2025 ........................................................... $ 36,358 2026 ........................................................... 36,372 2027 ........................................................... 36,401 2028 ........................................................... 36,427 2029 ........................................................... 36,458 Thereafter....................................................... 923,037 $ 1,105,053 Impactofdiscounting.............................................. (584,770) Operatingleaseliabilities........................................... $ 520,283 Insurance We maintain insurance coverage with third-party carriers who provide a portion of the coverage for specific layers of potential losses, including commercial general liability, fire, flood, extended coverage and rental loss insurance on all of our properties in the United States as well as cyber coverage. The initial portion of coverage not provided by third-party carriers may be insured through our wholly-owned captive insurance company, or other financial arrangements controlled by us. If required, a third-party carrier has, in turn, agreed to provide evidence of coverage for this layer of losses under the terms and conditions of the carrier’s insurance policy with us. A similar insurance policy written either through our captive insurance company or other financial arrangements controlled by us also provides initial coverage for property insurance and certain windstorm risks. We currently maintain insurance coverage against acts of terrorism on all of our properties in the United States on an “all risk” basis in the amount of up to $1 billion. Despite the existence of this insurance coverage, any threatened or
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