2022 SIMON® Annual Report

Simon Property Group, L.P. Consolidated Statements of Operations and Comprehensive Income (Dollars in thousands, except per unit amounts)

For the Year Ended December 31,

2022

2021

2020

REVENUE: Leaseincome ..................................................... $ 4,905,175 $ 4,736,719 $ 4,302,367 Managementfeesandotherrevenues................................... 116,904 106,483 96,882 Otherincome...................................................... 269,368 273,587 208,254 Total revenue .................................................... 5,291,447 5,116,789 4,607,503 EXPENSES: Propertyoperating.................................................. 464,135 415,720 349,154 Depreciationandamortization......................................... 1,227,371 1,262,715 1,318,008 Realestatetaxes................................................... 443,224 458,953 457,142 Repairsandmaintenance ............................................ 93,595 96,391 80,858 Advertisingandpromotion............................................ 107,793 114,303 98,613 Homeandregionalofficecosts ........................................ 184,592 184,660 171,668 Generalandadministrative ........................................... 34,971 30,339 22,572 Other ............................................................ 152,213 140,518 137,679 Total operating expenses .......................................... 2,707,894 2,703,599 2,635,694 OPERATING INCOME BEFORE OTHER ITEMS ............................. 2,583,553 2,413,190 1,971,809 Interestexpense...................................................... (761,253) (795,712) (784,400) Lossonextinguishmentofdebt........................................... — (51,841) — Gain on disposal, exchange, or revaluation of equity interests, net (Notes 3 and 6) . . . 121,177 178,672 — Incomeandothertax(expense)benefit .................................... (83,512) (157,199) 4,637 Incomefromunconsolidatedentities....................................... 647,977 782,837 219,870 Unrealized losses in fair value of publicly traded equity instruments, net . . . . . . . . . . . (61,204) (8,095) (19,632)

Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net . . . . . . . . . . . . . CONSOLIDATED NET INCOME ......................................... Net income (loss) attributable to noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . . Preferredunitrequirements..............................................

5,647

206,855

(114,960)

2,452,385

2,568,707

1,277,324

2,738 5,252

(6,053)

(4,378)

5,252 5,252 NET INCOME ATTRIBUTABLE TO UNITHOLDERS .......................... $ 2,444,395 $ 2,569,508 $ 1,276,450 NET INCOME ATTRIBUTABLE TO UNITHOLDERS ATTRIBUTABLE TO: GeneralPartner................................................... $ 2,136,198 $ 2,246,294 $ 1,109,227 LimitedPartners .................................................. 308,197 323,214 167,223 Net income attributable to unitholders ............................... $ 2,444,395 $ 2,569,508 $ 1,276,450 BASIC AND DILUTED EARNINGS PER UNIT: Net income attributable to unitholders ............................... $ 6.52 $ 6.84 $ 3.59 Consolidated Net Income .............................................. $ 2,452,385 $ 2,568,707 $ 1,277,324 Unrealized gain (loss) on derivative hedge agreements . . . . . . . . . . . . . . . . . . . . . . . 54,808 51,114 (106,548) Net gain reclassified from accumulated other comprehensive loss into earnings . . . . (1,595) (7,285) (106) Currencytranslationadjustments........................................ (28,119) (38,772) 27,288 Changes in available-for-sale securities and other . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,009) (1,014) 180 Comprehensiveincome ............................................... 2,475,470 2,572,750 1,198,138 Comprehensive income (loss) attributable to noncontrolling interests . . . . . . . . . . . . 1,572 (2,634) 1,666 Comprehensive income attributable to unitholders ...................... $ 2,473,898 $ 2,575,384 $ 1,196,472 The accompanying notes are an integral part of these statements.