Simon’s net income attributable to noncontrolling interests increased $21.0 million due to an increase in the net income of the Operating Partnership. Liquidity and Capital Resources Because we own long-lived income-producing assets, our financing strategy relies primarily on long-term fixed rate debt. Floating rate debt comprised 0.9% of our total consolidated debt at December 31, 2024. We also enter into interest rate protection agreements from time to time to manage our interest rate risk. We derive most of our liquidity from positive net cash flow from operations and distributions of capital from unconsolidated entities that totaled $4.1 billion in the aggregate during 2024. The Credit Facilities and the Commercial Paper program provide alternative sources of liquidity as our cash needs vary from time to time. Borrowing capacity under these sources may be increased as discussed further below. Our balance of cash and cash equivalents increased $231.4 million during 2024 to $1.4 billion as of December 31, 2024 as further discussed below. On December 31, 2024, we had an aggregate available borrowing capacity of approximately $8.2 billion under the Credit Facilities, net of letters of credit of $8.6 million. For the year ended December 31, 2024, the maximum aggregate outstanding balance under the Credit Facilities was $325.1 million and the weighted average outstanding balance was $311.1 million. The weighted average interest rate was 5.29% for the year ended December 31, 2024. Simon has historically had access to public equity markets and the Operating Partnership has historically had access to private and public, short and long-term unsecured debt markets and access to secured debt and private equity from institutional investors at the property level. Our business model and Simon’s status as a REIT require us to regularly access the debt markets to raise funds for acquisition, development and redevelopment activity, and to refinance maturing debt. Simon may also, from time to time, access the equity capital markets to accomplish our business objectives. We believe we have sufficient cash on hand and availability under the Credit Facilities and the Commercial Paper program to address our debt maturities and capital needs through 2025. Cash Flows Our net cash flow from operating activities and distributions of capital from unconsolidated entities totaled $4.1 billion during 2024. In addition, we had net repayments of debt from our debt financing and repayment activities of $1.9 billion in 2024. These activities are further discussed below under “Financing and Debt.” During 2024, we also: • paid stockholder dividends and unitholder distributions totaling approximately $3.0 billion and preferred unit distributions totaling $4.9 million, • funded consolidated capital expenditures of $755.6 million (including development and other costs of $75.3 million, redevelopment and expansion costs of $320.8 million, and tenant costs and other operational capital expenditures of $359.5 million), • funded the redemption of $42.3 million Operating Partnership units, • funded investments in unconsolidated entities of $112.7 million, • received net proceeds from the redemption of short-term investments of $1.0 billion, • received proceeds from the sale of equity instruments of $1.2 billion. In general, we anticipate that cash generated from operations will be sufficient to meet operating expenses, monthly debt service, recurring capital expenditures, and dividends to stockholders and/or distributions to partners necessary to maintain Simon’s REIT qualification on a long-term basis. In addition, we expect to be able to generate or obtain capital for nonrecurring capital expenditures, such as acquisitions, major building redevelopments and expansions, as well as for scheduled principal maturities on outstanding indebtedness, from the following, however a severe and prolonged disruption and instability in the global financial markets, including the debt and equity capital markets, may affect our ability to access necessary capital: • excess cash generated from operating performance and working capital reserves, • borrowings on the Credit Facilities and Commercial Paper program,
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