• should not be considered as an alternative to net income determined in accordance with GAAP as a measure of operating performance, and • are not an alternative to cash flows as a measure of liquidity. The following schedule reconciles total FFO to consolidated net income and, for Simon, diluted net income per share to diluted FFO per share.
2023
2022
2021
(in thousands)
Consolidated Net Income .............................................. Adjustments to Arrive at FFO: Depreciation and amortization from consolidated properties . . . . . . . . . . . . . . . . . . Our share of depreciation and amortization from unconsolidated entities, including Klépierre, TRG and other corporate investments. . . . . . . . . . . . . . . . . . Loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net . . . . . . . Unrealized losses in fair value of publicly traded equity instruments, net, excludedfromFFO(A)............................................. Net loss (income) attributable to noncontrolling interest holders in properties . . . . . Noncontrolling interests portion of depreciation and amortization, gain on consolidation of properties, and gain on disposal of properties . . . . . . . . . . . . . . Preferreddistributionsanddividends.................................... FFO of the Operating Partnership ....................................... FFOallocabletolimitedpartners.......................................... Dilutive FFO allocable to common stockholders ........................... Diluted net income per share to diluted FFO per share reconciliation: Diluted net income per share ........................................... Depreciation and amortization from consolidated properties and our share of depreciation and amortization from unconsolidated entities, including Klépierre, TRG and other corporate investments, net of noncontrolling interests portion of depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . Loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net . . . . . . . Unrealized losses in fair value of publicly traded equity instruments, net, excludedfromFFO(A)............................................. Diluted FFO per share ................................................. Basic and Diluted weighted average shares outstanding . . . . . . . . . . . . . . . . . . . . . . . Weighted average limited partnership units outstanding . . . . . . . . . . . . . . . . . . . . . . . . Basic and Diluted weighted average shares and units outstanding. . . . . . . . . . . . . . . .
$ 2,617,018
$ 2,452,385 $ 2,568,707
1,250,550
1,214,441
1,254,039
841,862
845,784
887,390
3,056
(5,647)
(206,855)
—
—
3,177 6,053
1,336
(2,738)
(22,719) (5,237)
(18,234) (5,252)
(20,295) (5,252)
$ 4,685,866
$ 4,480,739 $ 4,486,964
597,727
564,946
564,407
$ 4,088,139
$ 3,915,793 $ 3,922,557
$ 6.98
$ 6.52 $ 6.84
5.52
5.44
5.64
0.01
(0.01)
(0.55)
—
—
0.01
$ 12.51
$ 11.95 $ 11.94
326,808 47,782 374,590
327,817 47,295 375,112
328,587 47,280 375,867
(A) Unrealized losses in fair value of publicly traded equity instruments, net, excluded from FFO relate to mark-to-market adjustments of retail real estate. Unrealized losses in fair value of publicly traded equity instruments, net, included in FFO relate to mark-to-market adjustments of non-retail real estate.
75
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