Directors, in its sole discretion, based on actual and projected financial condition, liquidity and results of operations, cash available for distributions, cash reserves as deemed necessary for capital and operating expenditures, financing covenants, if any, and the distributions that may be required to maintain Simon’s status as a REIT. Distributions during 2024 aggregated $8.10 per unit. Distributions during 2023 aggregated $7.45 per unit. On February 4, 2025, Simon’s Board of Directors declared a quarterly cash dividend for the first quarter of 2025 of $2.10 per share, payable on March 31, 2025 to shareholders of record on March 10, 2025. The distribution rate on the Operating Partnership’s units is equal to the dividend rate on Simon’s common stock. Unregistered Sales of Equity Securities During the quarter ended December 31, 2024, we issued 1,572,500 units in the Operating Partnership to acquire an additional 4% ownership in TRG. The issuance of the units was exempt from registration pursuant to Section 4(a)2 of the Securities Act of 1933, as amended. Issuer Purchases of Equity Securities During the quarter ended December 31, 2024, the Operating Partnership redeemed 8,000 units from three limited partners for $1.4 million in cash. Item 6. Reserved
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