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)
The Operating Partnership
For the Year Ended December 31,
2023
2022
2021
Net Income attributable to Unitholders — Basic and Diluted ....................... Weighted Average Units Outstanding — Basic and Diluted .......................
$ 2,613,117
$ 2,444,395 $ 2,569,508
374,589,788 375,866,759 For the year ended December 31, 2023, potentially dilutive securities include LTIP units. No securities had a material dilutive effect for the years ended December 31, 2023, 2022, and 2021. We accrue distributions when they are declared. The taxable nature of the dividends declared and Operating Partnership distributions declared for each of the years ended as indicated is summarized as follows: For the Year Ended December 31, 2023 2022 2021 Total dividends/distributions paid per common share/unit. . . . $ 7.45 $ 6.90 $ 5.85 Percent taxable as ordinary income ..................... 99.70 % 98.60 % 93.10 % Percent taxable as long-term capital gains. . . . . . . . . . . . . . . . 0.30 % 1.40 % 6.90 % 100.00% 100.00 % 100.00% 375,111,997
6. Investments in Unconsolidated Entities and International Investments Real Estate Joint Ventures and Investments
Joint ventures are common in the real estate industry. We use joint ventures to finance properties, develop new properties and diversify our risk in a particular property or portfolio of properties. As discussed in Note 2, we held joint venture interests in 81 properties as of December 31, 2023 and 82 properties as of December 31, 2022. Certain of our joint venture properties are subject to various rights of first refusal, buy-sell provisions, put and call rights, or other sale or marketing rights for partners which are customary in real estate joint venture agreements and the industry. We and our partners in these joint ventures may initiate these provisions (subject to any applicable lock up or similar restrictions), which may result in either the sale of our interest or the use of available cash or borrowings, or the use of limited partnership interests in the Operating Partnership, to acquire the joint venture interest from our partner. We may provide financing to joint ventures primarily in the form of interest bearing construction loans. As of December 31, 2023 and 2022, we had construction loans and other advances to these related parties totaling $98.0 million and $112.0 million, respectively, which are included in deferred costs and other assets in the accompanying consolidated balance sheets. During the third quarter of 2023, we disposed of our interest in one unconsolidated property through foreclosure in satisfaction of the $114.8 million non-recourse mortgage loan. We recognized no gain or loss in connection with this disposal. During 2022, we recorded a non-cash gain of $19.9 million related to the disposition and foreclosure of two unconsolidated properties in satisfaction of the respective $99.6 million and $83.1 million non-recourse mortgage loans, which is included in gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the accompanying consolidated statement of operations and comprehensive income. This non-cash investing and financing activity is excluded from our consolidated statement of cash flows.
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