plus the allocable portion of FFO of unconsolidated joint ventures based upon economic ownership interest, and all determined on a consistent basis in accordance with GAAP. You should understand that our computations of these non-GAAP measures might not be comparable to similar measures reported by other REITs and that these non-GAAP measures: do not represent cash flow from operations as defined by GAAP, 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 and comparable FFO to consolidated net income and, for Simon, diluted net income per share to diluted FFO per share. (in thousands) Consolidated Net Income ....................................................... $ 2,452,385 $ 2,568,707 $ 1,277,324 Adjustments to Arrive at FFO: Depreciation and amortization from consolidated properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,214,441 1,254,039 1,308,419 2022 2021 2020
Our share of depreciation and amortization from unconsolidated entities, including Klépierre, TRGandothercorporateinvestments(A)........................................ (Gain) loss 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, excluded from FFO (B) . . Net (income) loss attributable to noncontrolling interest holders in properties . . . . . . . . . . . . . . . . Noncontrolling interests portion of depreciation and amortization, gain on consolidation of properties,andgainondisposalofproperties..................................... Preferreddistributionsanddividends.............................................
845,784
887,390
536,133
(5,647)
(206,855)
114,960 19,632
—
3,177 6,053
(2,738)
4,378
(18,234) (5,252)
(20,295) (5,252)
(18,631)
(5,252) FFO of the Operating Partnership ................................................ $ 4,480,739 $ 4,486,964 $ 3,236,963 Unrealized losses in fair value of publicly traded equity instruments, net, included in FFO (B). . . . . 61,204 4,918 $ — Non-cash gain related to the reversal of a deferred tax liability within an international investment . . — (118,428) — Gain on disposal, exchange, or revaluation of equity interests, net (after tax) . . . . . . . . . . . . . . . . (88,314) (122,763) — Debtrelatedcharges........................................................ — 51,841 — Comparable FFO of the Operating Partnership ...................................... $ 4,453,629 $ 4,302,532 $ 3,236,963 FFOallocabletolimitedpartners................................................... 564,946 564,407 424,063 DilutiveFFOallocabletocommonstockholders........................................ $ 3,915,793 $ 3,922,557 $ 2,812,900 Diluted net income per share to diluted FFO per share reconciliation: Diluted net income per share .................................................... $ 6.52 $ 6.84 $ 3.59
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 (A). . . . . . . (Gain) loss 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, excluded from FFO (B) . .
5.44
5.64
5.14
(0.01)
(0.55)
0.32
— 0.06 Diluted FFO per share ......................................................... $ 11.95 $ 11.94 $ 9.11 Unrealized losses in fair value of publicly traded equity instruments, net, included in FFO (B). . . . . 0.16 0.01 $ — Non-cash gain related to the reversal of a deferred tax liability within an international investment . . — (0.32) — Gain on disposal, exchange, or revaluation of equity interests, net (after tax) . . . . . . . . . . . . . . . . (0.24) (0.33) — Debtrelatedcharges........................................................ — 0.14 — Comparable FFO per share ..................................................... $ 11.87 $ 11.44 $ 9.11 Basic and Diluted weighted average shares outstanding. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 327,817 328,587 308,738 Weighted average limited partnership units outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,295 47,280 46,544 Basic and Diluted weighted average shares and units outstanding. . . . . . . . . . . . . . . . . . . . . . . . . . . 375,112 375,867 355,282 0.01 (A) The twelve months ended December 31, 2022 and 2021 include amortization of our excess investment in TRG of $195.3 million and $201.7 million, respectively. The three months ended December 31, 2021 includes $56.6 million of additional amortization expense related to the nine months ended September 30, 2021 as a result of the finalization of purchase accounting. (B) 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.
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