Simon 2021 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,

2021

2020

2019

REVENUE: Lease income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Management fees and other revenues. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EXPENSES: Property operating . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Real estate taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repairs and maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Advertising and promotion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Home and regional office costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . General and administrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . OPERATING INCOME BEFORE OTHER ITEMS . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Loss on extinguishment of debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gain on sale or exchange of equity interests (Note 6). . . . . . . . . . . . . . . . . . . . . . . . Income and other tax (expense) benefit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Income from unconsolidated entities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Unrealized losses in fair value of equity instruments . . . . . . . . . . . . . . . . . . . . . . . . . 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 (loss) income attributable to noncontrolling interests . . . . . . . . . . . . . . . . . . . . . Preferred unit requirements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NET INCOME ATTRIBUTABLE TO UNITHOLDERS . . . . . . . . . . . . . . . . . . . . . . . . NET INCOME ATTRIBUTABLE TO UNITHOLDERS ATTRIBUTABLE TO: General Partner. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Limited Partners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net income attributable to unitholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BASIC AND DILUTED EARNINGS PER UNIT: Net income attributable to unitholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net (gain) loss reclassified from accumulated other comprehensive loss into earnings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Currency translation adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Changes in available-for-sale securities and other . . . . . . . . . . . . . . . . . . . . . . . . . Comprehensive income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Comprehensive income attributable to noncontrolling interests . . . . . . . . . . . . . . . Comprehensive income attributable to unitholders . . . . . . . . . . . . . . . . . . . .

$4,736,719 $4,302,367 $ 5,243,771

106,483 273,587

96,882

112,942 398,476

208,254 4,607,503 349,154 1,318,008 457,142

5,116,789

5,755,189

415,720 1,262,715 458,953

453,145

1,340,503

468,004 100,495 150,344 190,109 34,860 104,942

96,391 114,303 184,660 30,339 140,518

80,858 98,613

171,668

22,572

137,679 2,635,694 1,971,809

2,703,599 2,413,190

2,842,402 2,912,787 (789,353) (116,256)

(795,712) (784,400)

(51,841) 178,672 (157,199) 782,837

— —

—

4,637

(30,054) 444,349 (13,168)

219,870

(8,095)

(19,632)

206,855

(114,960) 1,277,324

14,883

2,568,707

2,423,188

(6,053) 5,252

(4,378) 5,252

991

5,252

$2,569,508 $1,276,450 $ 2,416,945

$2,246,294 $1,109,227 $ 2,098,247

323,214

167,223

318,698

$2,569,508 $1,276,450 $ 2,416,945

$ 6.84 $ 3.59 $ 6.81

Consolidated Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,568,707 $1,277,324 $ 2,423,188 Unrealized gain (loss) on derivative hedge agreements . . . . . . . . . . . . . . . . . . . . . 51,114 (106,548) (4,066)

(7,285) (38,772) (1,014)

(106)

13,634 (1,850)

27,288

180

718

2,572,750

1,198,138

2,431,624

(2,634)

1,666

1,422

$2,575,384 $1,196,472 $ 2,430,202

The accompanying notes are an integral part of these statements.

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