The following schedule reconciles consolidated net income to our beneficial share of NOI.
For the Year Ended December 31, 2023 2022 (in thousands)
Reconciliation of NOI of consolidated entities: Consolidated Net Income ...................................................... $ 2,617,018
$ 2,452,385
81,874
83,512
Incomeandothertaxexpense ................................................... Gain on disposal, exchange, or revaluation of equity interests, net. . . . . . . . . . . . . . . . . . . . . . . . Interestexpense.............................................................. Incomefromunconsolidatedentities............................................... Unrealized (gains) losses in fair value of publicly traded equity instruments and derivative instrument,net.............................................................. Loss (gain) 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)............................................................
(362,019) 854,648 (375,663)
(121,177) 761,253 (647,977)
(11,892)
61,204
3,056
(5,647)
2,807,022 1,262,107
2,583,553 1,227,371
207,618 38,513
184,592 34,971 13,413
320
NOI of consolidated entities .................................................... $ 4,315,580
$ 4,043,900
Less: Noncontrolling interest partners share of NOI ................................
(30,918)
(27,685)
Beneficial NOI of consolidated entities ........................................... $ 4,284,662 Reconciliation of NOI of unconsolidated entities: Net Income .................................................................. $ 853,986
$ 4,016,215
$ 807,435
685,193 (20,529)
Interestexpense.............................................................. Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net . Operating Income Before Other Items ............................................ Depreciationandamortization.................................................... Otherexpenses(1)............................................................
599,245 (50,336)
1,518,650
1,356,344
656,089
666,762
143
1,309
NOI of unconsolidated entities .................................................. $ 2,174,882
$ 2,024,415
Less: Joint Venture partners share of NOI ........................................
(1,132,334)
(1,059,095)
Beneficial NOI of unconsolidated entities ......................................... $ 1,042,548
$ 965,320
Add: BeneficialinterestofNOIfromTRG........................................... Add: Beneficial interest of NOI from Other Platform Investments and Investments . . . . . . . . . . .
503,858 399,341
474,214 604,750
Beneficial interest of Combined NOI ............................................. $ 6,230,409
$ 6,060,499
Less: Beneficial interest of Corporate and Other NOI Sources (2) . . . . . . . . . . . . . . . . . . . . . . . . Less: Beneficial interest of NOI from Other Platform Investments (3). . . . . . . . . . . . . . . . . . . . . . Less: BeneficialinterestofNOIfromInvestments(4)..................................
287,231 138,686 233,562
154,309 355,019 238,695
Beneficial interest of Portfolio NOI .............................................. $ 5,570,930
$ 5,312,476
Beneficial interest of Portfolio NOI Change .......................................
4.9 %
(1) Represents the write-off of pre-development costs, our beneficial interest of which was $0.3 million and $11.4 million with respect to consolidated entities and $0.1 million and $0.4 million with respect to our share of unconsolidated entities, for the year ended December 31, 2023 and 2022, respectively. (2) 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 management company revenues, foreign exchange impact, and other assets.
76
Powered by FlippingBook