The following schedule reconciles consolidated net income to our beneficial share of NOI.
For the Year Ended December 31, 2024 2023 (in thousands)
Reconciliation of NOI of consolidated entities: Consolidated Net Income ..................................................... Incomeandothertaxexpense .................................................. Gain due to disposal, exchange, or revaluation of equity interests, net. . . . . . . . . . . . . . . . . . . . Interestexpense............................................................. Incomefromunconsolidatedentities.............................................. Unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument,net............................................................. Loss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Operating Income Before Other Items ........................................... Depreciationandamortization................................................... Homeandregionalofficecosts.................................................. Generalandadministrative..................................................... Otherexpenses(1)........................................................... NOI of consolidated entities ................................................... Less: Noncontrolling interest partners share of NOI ............................... Beneficial NOI of consolidated entities .......................................... Reconciliation of NOI of unconsolidated entities: Net Income ................................................................. Interestexpense............................................................. Loss (gain) on sale or disposal of, or recovery on, assets and interests in unconsolidated entities,net................................................................ Operating Income Before Other Items ........................................... Depreciationandamortization................................................... Otherexpenses(2)........................................................... NOI of unconsolidated entities ................................................. Less: Joint Venture partners share of NOI ....................................... Beneficial NOI of unconsolidated entities ........................................ Add: BeneficialinterestofNOIfromTRG.......................................... Add: Beneficial interest of NOI from other platform investments and investments . . . . . . Beneficial interest of Combined NOI ............................................ Less: Beneficial interest of Corporate and Other NOI Sources (3) .................... Less: Beneficial interest of NOI from other platform investments (4) ................. Less: Beneficial interest of NOI from Investments (5) .............................. Beneficial interest of Portfolio NOI ............................................. Beneficial interest of Portfolio NOI Change ......................................
$ 2,729,021
$ 2,617,018
23,262
81,874
(451,172) 905,797 (207,322)
(362,019) 854,648 (375,663)
17,392
(11,892)
75,818
3,056
3,092,796 1,265,340 223,277
2,807,022 1,262,107 207,618
44,743
38,513
818
320
$ 4,626,974
$ 4,315,580
(32,605)
(30,918)
$ 4,594,369
$ 4,284,662
$ 707,246
$ 853,986
711,402
685,193
36,536
(20,529)
1,455,184 636,218
1,518,650 656,089
73,152
143
$ 2,164,554 (1,134,573) $ 1,029,981
$ 2,174,882
(1,132,334)
$ 1,042,548
533,009 208,043
503,858 399,341
$ 6,365,402
$ 6,230,409
319,090 (33,977) 239,063
319,830 91,303 232,919
$ 5,841,226
$ 5,586,357
4.6 %
(1) Represents the write-off of pre-development costs in consolidated entities. (2) Represents the gross amount of write-offs at unconsolidated entities of pre-development costs, our share of which was $57.0 million and $0.1 million, including costs that SPG has capitalized outside of the venture, for the year ended December 31, 2024 and 2023, respectively. (3) Includes income components excluded from portfolio NOI and domestic property NOI (domestic lease termination income, interest income, land sale gains, straight line lease income, above/below market lease adjustments), Simon
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