Simon 2021 Annual Report

Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions)

COMBINED STATEMENTS OF OPERATIONS

December 31,

2021

2020

2019

REVENUE: Lease income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,797,221 $ 2,544,134 $ 3,088,594 Other income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 319,956 300,634 322,398 Total revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,117,177 2,844,768 3,410,992 OPERATING EXPENSES: Property operating . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 575,584 519,979 587,062 Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 686,790 692,424 681,764 Real estate taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 263,325 262,351 266,013 Repairs and maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79,300 68,722 85,430 Advertising and promotion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,441 67,434 89,660 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,899 163,710 196,178 Total operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,878,339 1,774,620 1,906,107 Operating Income Before Other Items . . . . . . . . . . . . . . . . . . . . . . 1,238,838 1,070,148 1,504,885 Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (605,591) (616,332) (636,988) 24,609 Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 668,061 $ 453,816 $ 892,506 Third-Party Investors’ Share of Net Income . . . . . . . . . . . . . . . . . . $ 333,304 $ 226,364 $ 460,696 Our Share of Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 334,757 $ 227,452 $ 431,810 Amortization of Excess Investment . . . . . . . . . . . . . . . . . . . . . . . . . (64,974) (82,097) (83,556) (1,133) Income from Unconsolidated Entities . . . . . . . . . . . . . . . . . . . . . . . $ 254,301 $ 145,355 $ 337,965 Our share of income from unconsolidated entities in the above table, aggregated with our share of results from our investments in Klépierre and TRG, as well as our other platform investments, is presented in income from unconsolidated entities in the accompanying consolidated statements of operations and comprehensive income. Unless otherwise noted, our share of the gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net is reflected within gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net in the accompanying consolidated statements of operations and comprehensive income. Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,814 — Our Share of Gain on Sale or Disposal of Assets and Interests in Other Income in the Consolidated Financial Statements . . . Our Share of Gain on Sale or Disposal of, or Recovery on, Assets and Interests in Unconsolidated Entities, net . . . . . . . . (14,941) — (9,156) (541) —

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