Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated Net Income	$ 1,824,237	$ 1,957,262
Adjustments to reconcile consolidated net income to net cash provided by operating activities
Depreciation and amortization	1,098,029	999,262
Gain on acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	(794)	(6,752)
Gain due to disposal, exchange, or revaluation of equity interests, net	(71,636)	(414,769)
Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net	84,977	54,132
Straight-line lease (income) loss	(17,786)	5,954
Equity in income of unconsolidated entities	(297,150)	(66,375)
Distributions of income from unconsolidated entities	324,646	273,006
Changes in assets and liabilities
Tenant receivables and accrued revenue, net	19,642	55,212
Deferred costs and other assets	(47,789)	(98,763)
Accounts payable, accrued expenses, intangibles, deferred revenues and other	16,434	(29,063)
Net cash provided by operating activities	2,932,810	2,729,106
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions	(961,080)
Funding of loans to related parties		(111,000)
Repayments of loans to related parties	13,189	61,094
Capital expenditures, net	(679,448)	(537,714)
Cash impact from the consolidation of properties	64,880	10,454
Investments in unconsolidated entities	(46,194)	(34,957)
Purchase of short-term investments		(600,000)
Proceeds from redemption of short-term investments		1,300,000
Purchase of equity instruments	(47,025)	(111,799)
Proceeds from sale of equity instruments	87,027	1,157,363
Distributions of capital from unconsolidated entities and other	329,954	266,060
Net cash (used in) provided by investing activities	(1,238,697)	1,399,501
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sales of common stock and other, net of transaction costs	(246)	(246)
Purchase of shares related to stock grant recipients' tax withholdings	(13,912)	(10,558)
Redemption of limited partner units	(6,533)	(40,864)
Preferred unit redemptions		(7,500)
Distributions to noncontrolling interest holders in properties	(5,701)	(12,718)
Contributions from noncontrolling interest holders in properties	3,253	4,511
Preferred distributions of the Operating Partnership	(874)	(1,269)
Preferred dividends and distributions to stockholders	(2,075,359)	(1,959,151)
Distributions to limited partners	(322,777)	(293,321)
Proceeds from issuance of debt, net of transaction costs	3,072,892	1,095,546
Repayments of debt	(2,192,624)	(1,901,926)
Net cash used in financing activities	(1,541,881)	(3,127,496)
INCREASE IN CASH AND CASH EQUIVALENTS	152,232	1,001,111
CASH AND CASH EQUIVALENTS, beginning of period	1,400,345	1,168,991
CASH AND CASH EQUIVALENTS, end of period	1,552,577	2,170,102
Simon Property Group, L.P.
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated Net Income	1,824,237	1,957,262
Adjustments to reconcile consolidated net income to net cash provided by operating activities
Depreciation and amortization	1,098,029	999,262
Gain on acquisition of controlling interests, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net	(794)	(6,752)
Gain due to disposal, exchange, or revaluation of equity interests, net	(71,636)	(414,769)
Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net	84,977	54,132
Straight-line lease (income) loss	(17,786)	5,954
Equity in income of unconsolidated entities	(297,150)	(66,375)
Distributions of income from unconsolidated entities	324,646	273,006
Changes in assets and liabilities
Tenant receivables and accrued revenue, net	19,642	55,212
Deferred costs and other assets	(47,789)	(98,763)
Accounts payable, accrued expenses, intangibles, deferred revenues and other	16,434	(29,063)
Net cash provided by operating activities	2,932,810	2,729,106
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions	(961,080)
Funding of loans to related parties		(111,000)
Repayments of loans to related parties	13,189	61,094
Capital expenditures, net	(679,448)	(537,714)
Cash impact from the consolidation of properties	64,880	10,454
Investments in unconsolidated entities	(46,194)	(34,957)
Purchase of short-term investments		(600,000)
Proceeds from redemption of short-term investments		1,300,000
Purchase of equity instruments	(47,025)	(111,799)
Proceeds from sale of equity instruments	87,027	1,157,363
Distributions of capital from unconsolidated entities and other	329,954	266,060
Net cash (used in) provided by investing activities	(1,238,697)	1,399,501
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sales of common stock and other, net of transaction costs	(246)	(246)
Purchase of shares related to stock grant recipients' tax withholdings	(13,912)	(10,558)
Redemption of limited partner units	(6,533)	(40,864)
Preferred unit redemptions		(7,500)
Distributions to noncontrolling interest holders in properties	(5,701)	(12,718)
Contributions from noncontrolling interest holders in properties	3,253	4,511
Preferred distributions of the Operating Partnership	(2,399,010)	(2,253,741)
Proceeds from issuance of debt, net of transaction costs	3,072,892	1,095,546
Repayments of debt	(2,192,624)	(1,901,926)
Net cash used in financing activities	(1,541,881)	(3,127,496)
INCREASE IN CASH AND CASH EQUIVALENTS	152,232	1,001,111
CASH AND CASH EQUIVALENTS, beginning of period	1,400,345	1,168,991
CASH AND CASH EQUIVALENTS, end of period	$ 1,552,577	$ 2,170,102

SIMON PROPERTY GROUP INC. 10-Q