8-K - SPG - Equibles

SECURITIES AND EXCHANGE COMMISSION

Washington,

D.C. 20549

FORM

8-K

CURRENT

REPORT

Pursuant

to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 3, 2025

SIMON

PROPERTY GROUP, INC.

(Exact name of registrant as specified in its charter)

Indiana	001-14469	04-6268599
(State<br> or other jurisdiction	(Commission	(IRS<br> Employer
of incorporation)	File Number)	Identification<br> No.)
225 West Washington Street<br><br> <br>Indianapolis, Indiana	46204
---	---
(Address<br> of principal executive offices)	(Zip<br> Code)

Registrant’s

telephone number, including area code: 317.636.1600

Not

Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨	Written<br> communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨	Soliciting<br> material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
---	---
¨	Pre-commencement<br> communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
---	---
¨	Pre-commencement<br> communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
---	---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Securitiesregistered pursuant to Section 12(b) of the Act:

Title of each class	TradingSymbols	Name of each exchange on which registered
Common<br> stock, $0.0001 par value	SPG	New<br> York Stock Exchange
8^3^/8%<br> Series J Cumulative Redeemable Preferred Stock, $0.0001 par value	SPGJ	New<br> York Stock Exchange
Item 2.02.	Results of Operations and Financial Condition
---	---

On November 3, 2025, Simon Property Group, Inc. issued a press release containing information on earnings for the quarter ended September 30, 2025 and other matters. A copy of the press release is furnished with this report as Exhibit 99.1 and is incorporated by reference into this report.

Item 7.01.	Regulation FD Disclosure

Exhibit 99.1 also includes supplemental financial and operating information for the quarter ended September 30, 2025.

Item 9.01. Financial Statements and Exhibits

Financial Statements:

None

Exhibits:

Exhibit No.	Description
99.1	Earnings Release<br> dated November 3, 2025 and supplemental information
104	The cover page from this Current Report on Form 8-K formatted in Inline XBRL<br> (included as Exhibit 101)

The exhibit filed with this report contains measures of financial or operating performance that are not specifically defined by generally accepted accounting principles (“GAAP”) in the United States, including funds from operations (“FFO”), FFO per share, Real Estate FFO, Real Estate FFO per share, funds available for distribution, net operating income (“NOI”), domestic property NOI and portfolio NOI. FFO and NOI are performance measures that are standard in the REIT business. We believe FFO and NOI provide investors with additional information concerning our operating performance and a basis to compare our performance with the performance of other REITs. We also use these measures internally to monitor the operating performance of our portfolio. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs.

These non-GAAP financial measures should not be considered as alternatives to net income as a measure of our operating performance or to cash flows computed in accordance with GAAP as a measure of liquidity nor are they indicative of cash flows from operating and financial activities.

Reconciliations of each of these non-GAAP measures to the most-directly comparable GAAP measure are included in the exhibit.

The information in this report and the exhibit filed herewith is being furnished, not filed, for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and pursuant to Items 2.02 and 7.01 of Form 8-K, will not be incorporated by reference into any filing under the Securities Act of 1933, as amended.

Page 2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: November 3, 2025

SIMON<br> PROPERTY GROUP, INC.
By:	/s/ BRIAN J. MCDADE
	Brian J. McDade,
	Executive Vice President<br>and
	Chief Financial Officer

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SIMON PROPERTY GROUP

EARNINGS RELEASE & SUPPLEMENTAL INFORMATION UNAUDITED THIRD QUARTER

TABLE OF CONTENTS

	EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION <br> <br><br> FOR THE QUARTER ENDED SEPTEMBER 30, 2025			PAGE
	Earnings Release(1)			2−11
	Overview			12
	The Company			12
	Stock Information, Credit Ratings and Senior Unsecured Debt Covenants			13
	Financial Data
	Selected Financial and Equity Information			14
	Net Operating Income (NOI) Composition			15
	Net Operating Income Overview (at Share)			16
	Reconciliations of Non-GAAP Financial Measures			17
	Consolidated Net Income to NOI			17
	FFO of the Operating Partnership to Funds Available for Distribution (Our Share)			18
	Lease Income, Other Income, Other Expense, Income from Unconsolidated Entities, and Capitalized Interest			19
	Operational Data
	Operating Information			20
	U.S. Malls and Premium Outlets Lease Expirations			21
	U.S. Malls and Premium Outlets Top Tenants			22
	Development Activity
	Capital Expenditures			23
	Development Activity Summary			24
	Balance Sheet Information
	Common and Preferred Stock Information			25
	Changes in Common Share and Limited Partnership Unit Ownership			25
	Preferred Stock/Units Outstanding			25
	Credit Profile			26
	Summary of Indebtedness			27
	Total Debt Amortization and Maturities by Year (Our Share)			28
	Unsecured Debt Information			29
	Property and Debt Information			30–39
	Other
	Non-GAAP Pro-Rata Financial Information			40–43
	Guidance Reconciliation			44

(1)

Includes reconciliation of consolidated net income to funds from operations.

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[MISSING IMAGE: lg_simon-bw.jpg]

Contacts:

Tom Ward

317-685-7330 Investors

Nicole Kennon

704-804-1960 Media

Simon® Reports Third Quarter 2025 Results

•

Increases Full Year 2025 Real Estate FFO per share guidance

•

Raises quarterly dividend by 4.8% year-over-year to $2.20 per share

•

Completes acquisition of remaining 12% interest in The Taubman Realty Group

INDIANAPOLIS, November 3, 2025 − Simon®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today reported results for the quarter ended September 30, 2025.

“We delivered a strong quarter highlighted by excellent financial and operational performance,” said David Simon, Chairman, Chief Executive Officer and President. “Healthy demand was seen across all our platforms and is reflected in our results. Occupancy gains continued, retailer sales accelerated, and cash flow increased. We are also pleased to have acquired the remaining interest in Taubman Realty Group.”

Results for the Quarter

•

Net income attributable to common stockholders was $606.2 million, or $1.86 per diluted share, as compared to $475.2 million, or $1.46 per diluted share in 2024.

•

Funds From Operations (“FFO”) was $1.228 billion, or $3.25 per diluted share as compared to $1.067 billion, or $2.84 per diluted share in the prior year.

•

Real Estate Funds From Operations (“Real Estate FFO”) was $1.215 billion, or $3.22 per diluted share as compared to $1.144 billion, or $3.05 per diluted share in the prior year, an increase of 5.6%.

•

Domestic property Net Operating Income (“NOI”) increased 5.1% and portfolio NOI increased 5.2% compared to the prior year period.

Results for the Nine Months

•

Net income attributable to common stockholders was $1.576 billion, or $4.83 per diluted share, as compared to $1.700 billion, or $5.22 per diluted share in 2024.

•

FFO was $3.421 billion, or $9.07 per diluted share as compared to $3.488 billion, or $9.30 per diluted share in the prior year.

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•

Real Estate FFO was $3.484 billion, or $9.24 per diluted share as compared to $3.335 billion, or $8.90 per diluted share in the prior year, an increase of 3.8%.

•

Domestic property NOI increased 4.2% and portfolio NOI increased 4.5% compared to the prior year period.

U.S. Malls and Premium Outlets Operating Statistics

•

Occupancy at September 30, 2025 was 96.4%, a 0.2% increase compared to 96.2% at September 30, 2024.

•

Base minimum rent per square foot was $59.14 at September 30, 2025, compared to $57.71 at September 30, 2024, an increase of 2.5%.

•

Reported retailer sales per square foot was $742 for the trailing 12 months ended September 30, 2025.

Acquisition Activity

On October 31, 2025, Simon closed on the acquisition of the remaining 12% interest in The Taubman Realty Group Limited Partnership which it did not own in exchange for 5.06 million limited partnership units in Simon Property Group, L.P.

Capital Markets and Balance Sheet Liquidity

During the quarter, the Company completed a two tranche senior notes offering totaling $1.5 billion. Combined, the two new issues of senior notes had a weighted-average term of 7.8 years and a weighted-average coupon rate of 4.775%.

During the first nine months, the Company completed 33 secured loan transactions totaling approximately $5.4 billion (U.S. dollar equivalent). The weighted average interest rate on these loans was 5.38%.

As of September 30, 2025, Simon had approximately $9.5 billion of liquidity consisting of $2.1 billion of cash on hand, including its share of joint venture cash, and $7.4 billion of available capacity under its revolving credit facilities.

Dividends

Today, Simon’s Board of Directors declared a quarterly common stock dividend of $2.20 for the fourth quarter of 2025. This is an increase of $0.10, or 4.8% year-over-year. The dividend will be payable on December 31, 2025 to shareholders of record on December 10, 2025.

Simon’s Board of Directors declared the quarterly dividend on its 8 3/8% Series J Cumulative Redeemable Preferred Stock (NYSE: SPGPrJ) of $1.046875 per share, payable on December 31, 2025 to shareholders of record on December 17, 2025.

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2025 Guidance

The Company’s estimates for net income attributable to common stockholders per diluted share and Real Estate FFO per diluted share for the year ending December 31, 2025 are included in the table below and are reconciled in the Company’s supplemental information. The Company is increasing its outlook for Real Estate FFO to $12.60 to $12.70 per diluted share.

				Low<br> <br><br> End						High<br> <br><br> End
	Estimated net income attributable to common stockholders per diluted share				$	6.74					$	6.84
	Estimated Real Estate FFO per diluted share				$	12.60					$	12.70

Conference Call

Simon will hold a conference call to discuss the quarterly financial results today from 5:00 p.m. to 6:00 p.m. Eastern Time, Monday, November 3, 2025. A live webcast of the conference call will be accessible in listen-only mode at investors.simon.com. An audio replay of the conference call will be available until November 10, 2025. To access the audio replay, dial 1-844-512-2921 (international +1-412-317-6671) passcode 13756323.

Supplemental Materials and Website

Supplemental information on our third quarter 2025 performance is available at investors.simon.com. This information has also been furnished to the SEC in a current report on Form 8-K.

We routinely post important information online on our investor relations website, investors.simon.com. We use this website, press releases, SEC filings, quarterly conference calls, presentations and webcasts to disclose material, non-public information in accordance with Regulation FD. We encourage members of the investment community to monitor these distribution channels for material disclosures. Any information accessed through our website is not incorporated by reference into, and is not a part of, this document.

Non-GAAP Financial Measures

This press release includes FFO, FFO per share, Real Estate FFO, Real Estate FFO per share and domestic and portfolio NOI growth which are financial performance measures not defined by generally accepted accounting principles in the United States (“GAAP”). Real estate FFO is FFO of the operating partnership less other platform investments and loss (gain) due to disposal, exchange, or revaluation of equity interests, in each case, net of tax; and unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in Simon’s supplemental information for the quarter. FFO and NOI growth are financial performance measures widely used in the REIT industry. Our definitions of these non-GAAP measures may not be the same as similar measures reported by other REITs.

Forward-Looking Statements

Certain statements made in this press release may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company

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can give no assurance that its expectations will be attained, and it is possible that the Company’s actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: the intensely competitive market environment in the retail real estate industry, the retail industry, including e-commerce; the inability to renew leases and relet vacant space at existing properties on favorable terms; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; the potential loss of anchor stores or major tenants; an increase in vacant space at our properties; the loss of key management personnel; changes in economic and market conditions that may adversely affect the general retail environment, including but not limited to those caused by inflation, the impact of tariffs and global trade disruptions on us to the extent impacting our tenants, recessionary pressures, wars, escalating geopolitical tensions as a result of the war in Ukraine and the conflicts in the Middle East, and supply chain disruptions; the potential for violence, civil unrest, criminal activity or terrorist activities at our properties; the availability of comprehensive insurance coverage; security breaches that could compromise our information technology or infrastructure; changes in market rates of interest; our international activities subjecting us to risks that are different from or greater than those associated with our domestic operations, including changes in foreign exchange rates; the impact of our substantial indebtedness on our future operations, including covenants in the governing agreements that impose restrictions on us that may affect our ability to operate freely; any disruption in the financial markets that may adversely affect our ability to access capital for growth and satisfy our ongoing debt service requirements; any change in our credit rating; our continued ability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; risks associated with the acquisition, development, redevelopment, expansion, leasing and management of properties; the inability to lease newly developed properties on favorable terms; risks relating to our joint venture properties, including guarantees of certain joint venture indebtedness; reducing emissions of greenhouse gases; environmental liabilities; natural disasters; uncertainties regarding the impact of pandemics, epidemics or public health crises, and the associated governmental restrictions on our business, financial condition, results of operations, cash flow and liquidity; and general risks related to real estate investments, including the illiquidity of real estate investments.

The Company discusses these and other risks and uncertainties under the heading “Risk Factors” in its annual and quarterly periodic reports filed with the SEC. The Company may update that discussion in subsequent other periodic reports, but except as required by law, the Company undertakes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.

About Simon

Simon® is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.

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Simon Property Group, Inc.

Unaudited Consolidated Statements of Operations (Dollars in thousands, except per share amounts)

				For the Three Months<br> <br><br> Ended September 30,							For the Nine Months<br> <br><br> Ended September 30,
				2025				2024			2025			2024
	REVENUE:
	Lease income				$	1,452,930			$	1,339,824		$	4,199,812		$	3,958,236
	Management fees and other revenues					36,925				33,461			108,648			96,103
	Other income					111,717				107,425			264,583			327,227
	Total revenue					1,601,572				1,480,710			4,573,043			4,381,566
	EXPENSES:
	Property operating					149,811				141,114			426,447			398,520
	Depreciation and amortization					338,639				320,365			1,005,748			937,749
	Real estate taxes					115,400				93,999			328,168			299,848
	Repairs and maintenance					25,595				23,019			81,975			73,272
	Advertising and promotion					38,645				34,138			109,211			101,046
	Home and regional office costs					64,282				53,351			186,912			164,556
	General and administrative					16,091				9,171			43,018			29,141
	Other					40,195				37,784			106,837			120,384
	Total operating expenses					788,658				712,941			2,288,316			2,124,516
	OPERATING INCOME BEFORE OTHER ITEMS					812,914				767,769			2,284,727			2,257,050
	Interest expense					(242,790)				(226,424)			(702,509)			(678,382)
	(Loss) gain due to disposal, exchange, or revaluation of equity interests, net					(8,871)				—			71,636			414,769
	Income and other tax expense					(15,114)				(2,605)			(42,584)			(55,170)
	Income from unconsolidated entities					143,916				58,504			297,150			66,375
	Unrealized gains (losses) in fair value of publicly traded equity instruments and derivative instrument, net					2,243				(49,345)			(84,977)			(54,132)
	Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and <br>interests in unconsolidated entities and impairment, net					10,398				(1,228)			794			6,752
	CONSOLIDATED NET INCOME					702,696				546,671			1,824,237			1,957,262
	Net income attributable to noncontrolling interests					95,688				70,676			245,728			254,431
	Preferred dividends					834				834			2,503			2,503
	NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS				$	606,174			$	475,161		$	1,576,006		$	1,700,328
	BASIC AND DILUTED EARNINGS PER COMMON SHARE:
	Net income attributable to common stockholders				$	1.86			$	1.46		$	4.83		$	5.22
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Simon Property Group, Inc.

Unaudited Consolidated Balance Sheets (Dollars in thousands, except share amounts)

				September 30,<br> <br><br> 2025
	ASSETS:
	Investment properties, at cost				$	42,619,293		$	40,242,392
	Less – accumulated depreciation					20,335,226			19,047,078
						22,284,067			21,195,314
	Cash and cash equivalents					1,552,577			1,400,345
	Tenant receivables and accrued revenue, net					819,487			796,513
	Investment in TRG, at equity					2,895,019			3,069,297
	Investment in Klépierre, at equity					1,489,548			1,384,267
	Investment in other unconsolidated entities, at equity					2,590,008			2,670,739
	Right-of-use assets, net					529,116			519,607
	Deferred costs and other assets					1,442,365			1,369,609
	Total assets				$	33,602,187		$	32,405,691
	LIABILITIES:
	Mortgages and unsecured indebtedness				$	25,789,055		$	24,264,495
	Accounts payable, accrued expenses, intangibles, and deferred revenues					1,648,577			1,712,465
	Cash distributions and losses in unconsolidated entities, at equity					1,747,430			1,680,431
	Dividend payable					2,386			2,410
	Lease liabilities					529,708			520,283
	Other liabilities					910,495			626,155
	Total liabilities					30,627,651			28,806,239
	Commitments and contingencies
	Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests					244,965			184,729
	EQUITY:
	Stockholders’ Equity
	Capital stock (850,000,000 total shares authorized, $0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of <br>preferred stock):
	Series J 8 3/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding with a liquidation value of $39,847					40,531			40,778
	Common stock, $0.0001 par value, 511,990,000 shares authorized, 343,060,687 and 342,945,839 issued and outstanding, respectively					33			33
	Class B common stock, $0.0001 par value, 10,000 shares authorized, 8,000 issued and outstanding					—			—
	Capital in excess of par value					11,618,355			11,583,051
	Accumulated deficit					(6,934,926)			(6,382,515)
	Accumulated other comprehensive loss					(281,298)			(193,026)
	Common stock held in treasury, at cost, 16,598,627 and 16,675,701 shares, respectively					(2,093,084)			(2,106,396)
	Total stockholders’ equity					2,349,611			2,941,925
	Noncontrolling interests					379,960			472,798
	Total equity					2,729,571			3,414,723
	Total liabilities and equity				$	33,602,187		$	32,405,691
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Simon Property Group, Inc.

Unaudited Joint Venture Combined Statements of Operations (Dollars in thousands)

	For the Three Months <br> <br><br> Ended September 30,						For the Nine Months <br> <br><br> Ended September 30,
	2025			2024			2025			2024
REVENUE:
Lease income		$	758,148		$	763,185		$	2,265,844		$	2,257,101
Other income			110,101			92,151			317,108			277,915
Total revenue			868,249			855,336			2,582,952			2,535,016
OPERATING EXPENSES:
Property operating			166,804			171,027			499,411			494,210
Depreciation and amortization			152,713			155,472			471,399			473,394
Real estate taxes			50,187			56,683			167,586			180,967
Repairs and maintenance			23,564			17,382			62,531			55,016
Advertising and promotion			20,963			20,098			65,586			63,292
Other			62,078			53,225			180,233			161,735
Total operating expenses			476,309			473,887			1,446,746			1,428,614
OPERATING INCOME BEFORE OTHER ITEMS			391,940			381,449			1,136,206			1,106,402
Interest expense			(175,580)			(176,583)			(520,944)			(532,692)
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net			1,217			—			1,217			—
NET INCOME		$	217,577		$	204,866		$	616,479		$	573,710
Third-Party Investors’ Share of Net Income		$	110,051		$	104,298		$	314,298		$	291,517
Our Share of Net Income			107,526			100,568			302,181			282,193
Amortization of Excess Investment (A)			(13,822)			(14,404)			(42,158)			(43,564)
Our Share of Gain on Sale or Disposal of, or Recovery on, Assets and Interests in Unconsolidated Entities, net			(722)			—			(722)			—
Income from Unconsolidated Entities (B)		$	92,982		$	86,164		$	259,301		$	238,629

Note:

The above financial presentation does not include any information related to our investments in Klépierre S.A. (“Klépierre”), The Taubman Realty Group (“TRG”) and other platform investments. For additional information, see footnote B.

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Simon Property Group, Inc.

Unaudited Joint Venture Combined Balance Sheets (Dollars in thousands)


Assets:
Investment properties, at cost	$	18,547,075	$	18,875,241
Less – accumulated depreciation		9,058,890		8,944,188
		9,488,185		9,931,053
Cash and cash equivalents		1,195,219		1,270,594
Tenant receivables and accrued revenue, net		512,706		533,676
Right-of-use assets, net		114,870		113,014
Deferred costs and other assets		550,523		531,059
Total assets	$	11,861,503	$	12,379,396
Liabilities and Partners’ Deficit:
Mortgages	$	13,593,433	$	13,666,090
Accounts payable, accrued expenses, intangibles, and deferred revenue		1,004,424		1,037,015
Lease liabilities		106,488		104,120
Other liabilities		335,959		363,488
Total liabilities		15,040,304		15,170,713
Preferred units		67,450		67,450
Partners’ deficit		(3,246,251)		(2,858,767)
Total liabilities and partners’ deficit	$	11,861,503	$	12,379,396
Our Share of:
Partners’ deficit	$	(1,259,415)	$	(1,180,960)
Add: Excess Investment (A)		994,349		1,077,204
Our net Investment in unconsolidated entities, at equity	$	(265,066)	$	(103,756)

Note:

The above financial presentation does not include any information related to our investments in Klépierre, TRG and other platform investments. For additional information, see footnote B.

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Simon Property Group, Inc.

Unaudited Reconciliation of Non-GAAP Financial Measures (C) (Amounts in thousands, except per share amounts)

Reconciliation of Consolidated Net Income to FFO and Real Estate FFO

				For the Three Months Ended <br> <br><br> September 30,												For the Nine Months Ended <br> <br><br> September 30,
				2025						2024						2025						2024
	Consolidated Net Income (D)				$	702,696					$	546,671					$	1,824,237					$	1,957,262
	Adjustments to Arrive at FFO:
	Depreciation and amortization from consolidated properties					334,409						316,593						993,888						926,582
	Our share of depreciation and amortization from unconsolidated entities, including Klépierre, TRG and other corporate investments					209,612						209,225						626,162						630,460
	(Gain) loss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net					(10,398)						1,228						(794)						(6,752)
	Net (gain) loss attributable to noncontrolling interest holders in properties					(1,231)						1,047						34						1,733
	Noncontrolling interests portion of depreciation and amortization, gain on consolidation of properties, and loss (gain) on disposal of properties					(6,419)						(6,820)						(18,757)						(17,416)
	Preferred distributions and dividends					(1,126)						(1,239)						(3,377)						(3,772)
	FFO of the Operating Partnership				$	1,227,543					$	1,066,705					$	3,421,393					$	3,488,097
	FFO allocable to limited partners					165,045						139,191						460,136						454,729
	FFO allocable to common stockholders				$	1,062,498					$	927,514					$	2,961,257					$	3,033,368
	FFO of the Operating Partnership				$	1,227,543					$	1,066,705					$	3,421,393					$	3,488,097
	Loss (gain) due to disposal, exchange, or revaluation of equity interests, net of tax					6,654						—						(53,727)						(311,077)
	Other platform investments, net of tax					(16,707)						28,306						30,884						104,089
	Unrealized (gains) losses in fair value of publicly traded equity instruments and derivative instrument, net					(2,243)						49,345						84,977						54,132
	Real Estate FFO				$	1,215,247					$	1,144,356					$	3,483,527					$	3,335,241
	Diluted net income per share to diluted FFO per share reconciliation:
	Diluted net income per share				$	1.86					$	1.46					$	4.83					$	5.22
	Depreciation and amortization from consolidated properties and our share of depreciation and amortization from unconsolidated entities, including <br>Klépierre, TRG and other corporate investments, net of noncontrolling interests portion of depreciation and amortization					1.42						1.37						4.25						4.10
	(Gain) loss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net					(0.03)						0.01						(0.01)						(0.02)
	Diluted FFO per share				$	3.25					$	2.84					$	9.07					$	9.30
	Loss (gain) due to disposal, exchange, or revaluation of equity interests, net of tax					0.02						—						(0.14)						(0.83)
	Other platform investments, net of tax					(0.04)						0.08						0.08						0.29
	Unrealized (gains) losses in fair value of publicly traded equity instruments and derivative instrument, net					(0.01)						0.13						0.23						0.14
	Real Estate FFO per share				$	3.22					$	3.05					$	9.24					$	8.90
						5.6%												3.8%
		Details for per share calculations:
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		FFO of the Operating Partnership				$	1,227,543					$	1,066,705					$	3,421,393					$	3,488,097
		Diluted FFO allocable to unitholders					(165,045)						(139,191)						(460,136)						(454,729)
		Diluted FFO allocable to common stockholders				$	1,062,498					$	927,514					$	2,961,257					$	3,033,368
		Basic and Diluted weighted average shares outstanding					326,486						326,158						326,429						326,036
		Weighted average limited partnership units outstanding					50,713						48,939						50,723						48,876
		Basic and Diluted weighted average shares and units outstanding					377,199						375,097						377,152						374,912
		Basic and Diluted FFO per Share				$	3.25					$	2.84					$	9.07					$	9.30
		Percent Change					14.4%												-2.5%
	3Q 2025 SUPPLEMENTAL					10
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EARNINGS RELEASE

Simon Property Group, Inc.

Footnotes to Unaudited Financial Information

Notes:

(A)

Excess investment represents the unamortized difference of our investment over equity in the underlying net assets of the related partnerships and joint ventures shown therein. The Company generally amortizes excess investment over the life of the related assets.

(B)

The Unaudited Joint Venture Combined Statements of Operations do not include any operations or our share of net income or excess investment amortization related to our investments in Klépierre, TRG and other platform investments. Amounts included in Footnote D below exclude our share of related activity for our investments in Klépierre, TRG and other platform investments. For further information on Klépierre, reference should be made to financial information in Klépierre’s public filings and additional discussion and analysis in our Form 10-K.

(C)

This report contains measures of financial or operating performance that are not specifically defined by GAAP, including FFO, FFO per share, Real Estate FFO and Real Estate FFO per share. FFO is a performance measure that is standard in the REIT business. We believe FFO provides investors with additional information concerning our operating performance and a basis to compare our performance with those of other REITs. We also use these measures internally to monitor the operating performance of our portfolio. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs.

We determine FFO based upon the definition set forth by the National Association of Real Estate Investment Trusts (“NAREIT”) Funds From Operations White Paper – 2018 Restatement. Our main business includes acquiring, owning, operating, developing, and redeveloping real estate in conjunction with the rental of retail real estate. Gains and losses of assets incidental to our main business are included in FFO. We determine FFO to be our share of consolidated net income computed in accordance with GAAP, excluding real estate related depreciation and amortization, excluding gains and losses from extraordinary items, excluding gains and losses from the sale, disposal or property insurance recoveries of, or any impairment related to, depreciable retail operating properties, 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. However, you should understand that FFO does 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 is not an alternative to cash flows as a measure of liquidity.

(D)

Includes our share of:

–

Gain on land sales of $18.5 million and $7.8 million for the three months ended September 30, 2025 and 2024, respectively, and $19.7 million and $15.3 million for the nine months ended September 30, 2025 and 2024, respectively.

–

Straight-line adjustments increased (decreased) income by $16.0 million and $3.7 million for the three months ended September 30, 2025 and 2024, respectively, and $21.9 million and ($5.1) million for the nine months ended September 30, 2025 and 2024, respectively.

–

Amortization of fair market value of leases increased income by $0.3 million and $0.1 million for the three months ended September 30, 2025 and 2024, respectively, and $0.9 million and $0.4 million for the nine months ended September 30, 2025 and 2024, respectively.

	3Q 2025 SUPPLEMENTAL					11

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OVERVIEW

THE COMPANY

Simon Property Group, Inc. (NYSE:SPG) is a self-administered and self-managed real estate investment trust (“REIT”). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc., the Operating Partnership, and its subsidiaries. We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets®, The Mills®, and International Properties. At September 30, 2025, we owned or had an interest in 232 properties comprising 183 million square feet in North America, Asia and Europe. We also owned an 88% interest in The Taubman Realty Group, or TRG, which owns 22 regional, super-regional, and outlet malls in the U.S. and Asia. Additionally, at September 30, 2025, we had a 22.4% ownership interest in Klépierre, a publicly traded, Paris-based real estate company, which owns shopping centers in 14 European countries.

This package was prepared to provide operational and balance sheet information as of September 30, 2025 for the Company and the Operating Partnership.

Certain statements made in this Supplemental Package may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained, and it is possible that our actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: the intensely competitive market environment in the retail real estate industry, the retail industry, including e-commerce; the inability to renew leases and relet vacant space at existing properties on favorable terms; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; the potential loss of anchor stores or major tenants; an increase in vacant space at our properties; the loss of key management personnel; changes in economic and market conditions that may adversely affect the general retail environment, including but not limited to those caused by inflation, the impact of tariffs and global trade disruptions on us to the extent impacting our tenants, recessionary pressures, wars, escalating geopolitical tensions as a result of the war in Ukraine and the conflicts in the Middle East, and supply chain disruptions; the potential for violence, civil unrest, criminal activity or terrorist activities at our properties; the availability of comprehensive insurance coverage; security breaches that could compromise our information technology or infrastructure; changes in market rates of interest; our international activities subjecting us to risks that are different from or greater than those associated with our domestic operations, including changes in foreign exchange rates; the impact of our substantial indebtedness on our future operations, including covenants in the governing agreements that impose restrictions on us that may affect our ability to operate freely; any disruption in the financial markets that may adversely affect our ability to access capital for growth and satisfy our ongoing debt service requirements; any change in our credit rating; our continued ability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; risks associated with the acquisition, development, redevelopment, expansion, leasing and management of properties; the inability to lease newly developed properties on favorable terms; risks relating to our joint venture properties, including guarantees of certain joint venture indebtedness; reducing emissions of greenhouse gases; environmental liabilities; natural disasters; uncertainties regarding the impact of pandemics, epidemics or public health crises, and the associated governmental restrictions on our business, financial condition, results of operations, cash flow and liquidity; and general risks related to real estate investments, including the illiquidity of real estate investments. We discuss these and other risks and uncertainties under the heading “Risk Factors” in our annual and quarterly periodic reports filed with the SEC. We may update that discussion in subsequent other periodic reports, but, except as required by law, we undertake no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.

Any questions, comments or suggestions regarding this Supplemental Information should be directed to Tom Ward, Senior Vice President of Investor Relations (tom.ward@simon.com or 317.685.7330).

	3Q 2025 SUPPLEMENTAL					12

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OVERVIEW

STOCK INFORMATION

The Company’s common stock and one series of preferred stock are traded on the New York Stock Exchange under the following symbols:

	Common Stock	SPG
	8.375% Series J Cumulative<br>Redeemable Preferred	SPGPrJ
CREDIT RATINGS
	Standard & Poor’s
	Corporate	A	(Stable Outlook)
	Senior Unsecured	A	(Stable Outlook)
	Commercial Paper	A1	(Stable Outlook)
	Preferred Stock	BBB+	(Stable Outlook)
	Moody’s
	Senior Unsecured	A3	(Stable Outlook)
	Commercial Paper	P2	(Stable Outlook)
	Preferred Stock	Baa1	(Stable Outlook)

SENIOR UNSECURED DEBT COVENANTS (1)

	Required	Actual	Compliance
Total Debt to Total Assets (1)	≤65%	37%	Yes
Total Secured Debt to Total Assets (1)	≤50%	16%	Yes
Fixed Charge Coverage Ratio	>1.5X	4.7X	Yes
Total Unencumbered Assets to Unsecured Debt	≥125%	303%	Yes

(1)

Covenants for indentures dated June 7, 2005 and later. Total Assets are calculated in accordance with the indenture and essentially represent net operating income (NOI) divided by a 7.0% capitalization rate plus the value of other assets at cost.

	3Q 2025 SUPPLEMENTAL					13

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SELECTED FINANCIAL AND EQUITY INFORMATION (In thousands, except as noted)

					THREE MONTHS ENDED<br> <br><br> SEPTEMBER 30,													NINE MONTHS ENDED<br> <br><br> SEPTEMBER 30,
					2025							2024						2025			2024
	Financial Highlights
	Total Revenue – Consolidated Properties					$	1,601,572						$	1,480,710					$	4,573,043		$	4,381,566
	Consolidated Net Income					$	702,696						$	546,671					$	1,824,237		$	1,957,262
	Net Income Attributable to Common Stockholders					$	606,174						$	475,161					$	1,576,006		$	1,700,328
	Basic and Diluted Earnings per Common Share (EPS)					$	1.86						$	1.46					$	4.83		$	5.22
	Real Estate Funds from Operations (Real Estate FFO) of the Operating Partnership					$	1,215,247						$	1,144,356					$	3,483,527		$	3,335,241
	Basic and Diluted Real Estate FFO per Share					$	3.22						$	3.05					$	9.24		$	8.90
	Funds from Operations (FFO) of the Operating Partnership					$	1,227,543						$	1,066,705					$	3,421,393		$	3,488,097
	Basic and Diluted FFO per Share (FFOPS)					$	3.25						$	2.84					$	9.07		$	9.30
	Dividends/Distributions per Share/Unit					$	2.15						$	2.05					$	6.35		$	6.00
					AS OF<br> <br><br> SEPTEMBER 30,<br> <br><br> 2025							AS OF<br> <br><br> DECEMBER 31,<br> <br><br> 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Stockholders’ Equity Information
	Limited Partners’ Units Outstanding at end of period						50,713							50,760
	Common Shares Outstanding at end of period						326,470							326,278
	Total Common Shares and Limited Partnership Units Outstanding at end of period						377,183							377,038
	Weighted Average Limited Partnership Units Outstanding						50,723							49,338
	Weighted Average Common Shares Outstanding:
	Basic and Diluted – for purposes of EPS and FFOPS						326,429							326,097
	Equity Market Capitalization
	Common Stock Price at end of period					$	187.67						$	172.21
	Common Equity Capitalization, including Limited Partnership Units					$	70,785,964						$	64,929,673
	Preferred Equity Capitalization, including Limited Partnership Preferred Units						58,166							61,944
	Total Equity Market Capitalization					$	70,844,130						$	64,991,617
	3Q 2025 SUPPLEMENTAL					14
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NET OPERATING INCOME (NOI) COMPOSITION (1)

      For the Nine Months Ended September 30, 2025

[MISSING IMAGE: pc_netoper-pn.jpg]

(1)

Based on our beneficial interest of NOI.

(2)

Includes TRG U.S. assets.

(3)

Includes Klépierre, international Premium Outlets, Designer Outlets, The Mall Luxury Outlets, and international TRG assets.

	3Q 2025 SUPPLEMENTAL					15

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NET OPERATING INCOME OVERVIEW (AT SHARE) (In thousands)

	FOR THE THREE MONTHS<br> <br><br> ENDED SEPTEMBER 30,
	2025			2024			2025				2024

Domestic Property NOI (1)		$	1,430,535		$	1,361,404	5.1	%	$	4,190,799		$	4,020,765	4.2	%
International Properties (2)			91,726			85,747				267,456			244,874

Portfolio NOI		$	1,522,261		$	1,447,151	5.2	%	$	4,458,255		$	4,265,639	4.5	%
NOI from Other Platform Investments (3)			54,083			(7,568)				54,311			(84,089)
NOI from Investments (4)			74,157			67,896				193,819			177,798
Corporate and Other NOI Sources (5)			100,391			75,045				214,520			226,924

Beneficial interest of Combined NOI		$	1,750,892		$	1,582,524			$	4,920,905		$	4,586,272

(1)

All properties in North America (including TRG’s 17 in the U.S., 4 in Canada and 2 in Mexico).

(2)

International properties outside of North America at constant currency (including TRG’s 4 international properties).

(3)

Includes investment in retail operations (Catalyst Brands); an e-commerce company (Rue Gilt Groupe, or RGG); and a global real estate investment and management company (Jamestown).

(4)

NOI of Klépierre at constant currency and HBS.

(5)

Includes income components excluded from Domestic Property NOI and Portfolio NOI including domestic lease termination income, interest income, land sale gains, straight line lease income, above/below market lease adjustments, Simon management company revenues, foreign exchange impact, and other assets.

	3Q 2025 SUPPLEMENTAL					16

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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

      \(In thousands, except as noted\)

RECONCILIATION OF NET INCOME TO NOI

	THREE MONTHS ENDED<br> <br><br> SEPTEMBER 30,						NINE MONTHS ENDED<br> <br><br> SEPTEMBER 30,
	2025			2024			2025			2024
Reconciliation of NOI of consolidated entities:
Consolidated Net Income		$	702,696		$	546,671		$	1,824,237		$	1,957,262
Income and other tax expense			15,114			2,605			42,584			55,170
Loss (gain) due to disposal, exchange, or revaluation of equity interests, net			8,871			—			(71,636)			(414,769)
Interest expense			242,790			226,424			702,509			678,382
Income from unconsolidated entities			(143,916)			(58,504)			(297,150)			(66,375)
Unrealized (gains) losses in fair value of publicly traded equity instruments and derivative instrument, net			(2,243)			49,345			84,977			54,132
(Gain) loss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net			(10,398)			1,228			(794)			(6,752)
Operating Income Before Other Items			812,914			767,769			2,284,727			2,257,050
Depreciation and amortization			338,639			320,365			1,005,748			937,749
Home and regional office costs			64,282			53,351			186,912			164,556
General and administrative			16,091			9,171			43,018			29,141
Other expenses			—			—			9			21
NOI of consolidated entities		$	1,231,926		$	1,150,656		$	3,520,414		$	3,388,517
Less: Noncontrolling interest partners share of NOI			(10,135)			(8,292)			(26,286)			(24,144)
Beneficial NOI of consolidated entities		$	1,221,791		$	1,142,364		$	3,494,128		$	3,364,373
Reconciliation of NOI of unconsolidated entities:
Net Income		$	217,577		$	204,866		$	616,479		$	573,710
Interest expense			175,580			176,583			520,944			532,692
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net			(1,217)			—			(1,217)			—
Operating Income Before Other Items			391,940			381,449			1,136,206			1,106,402
Depreciation and amortization			152,713			155,472			471,399			473,394
Other expenses			—			6			—			6
NOI of unconsolidated entities		$	544,653		$	536,927		$	1,607,605		$	1,579,802
Less: Joint Venture partners share of NOI			(282,371)			(282,105)			(838,033)			(829,548)
Beneficial NOI of unconsolidated entities		$	262,282		$	254,822		$	769,572		$	750,254
Add: Beneficial interest of NOI from TRG			138,579			128,813			409,075			380,222
Add: Beneficial interest of NOI from Other Platform Investments and Investments (1)			128,240			56,525			248,130			91,423
Beneficial interest of Combined NOI		$	1,750,892		$	1,582,524		$	4,920,905		$	4,586,272

(1)

See footnotes 3 and 4 on prior page.

	3Q 2025 SUPPLEMENTAL					17

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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

      \(In thousands, except as noted\)

RECONCILIATION OF FFO OF THE OPERATING PARTNERSHIP TO FUNDS AVAILABLE FOR DISTRIBUTION (OUR SHARE)


FFO of the Operating Partnership	$	1,227,543	$	3,421,393
Non-cash impacts to FFO (1)		14,323		61,522
FFO of the Operating Partnership excluding non-cash impacts		1,241,866		3,482,915
Tenant allowances		(74,772)		(232,573)
Operational capital expenditures		(77,224)		(184,438)
Funds available for distribution	$	1,089,870	$	3,065,904

(1)

Non-cash impacts to FFO of the Operating Partnership include:


Deductions:
Gain due to disposal, exchange or revaluation or equity interests, net of tax		—		(83,313)
Fair market value of lease amortization		(305)		(866)
Straight line lease income		(15,974)		(21,858)
Additions:
Stock based compensation expense		24,325		57,087
Unrealized (gains) losses in fair value of publicly traded equity instruments and derivative instrument, net		(2,243)		84,977
Write-off of pre-development costs		—		9
Fair value of debt amortization		561		447
Mortgage, financing fee, accretion interest, and terminated swap amortization expense		7,959		25,039
	$	14,323	$	61,522

This report contains measures of financial or operating performance that are not specifically defined by generally accepted accounting principles (GAAP) in the United States, including FFO, FFO per share, Real Estate FFO, Real Estate FFO per share, funds available for distribution, net operating income (NOI), domestic property NOI and portfolio NOI. FFO and NOI are performance measures that are standard in the REIT business. We believe FFO and NOI provide investors with additional information concerning our operating performance and a basis to compare our performance with the performance of other REITs. We also use these measures internally to monitor the operating performance of our portfolio. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs.

The non-GAAP financial measures used in this report should not be considered as alternatives to net income as a measure of our operating performance or to cash flows computed in accordance with GAAP as a measure of liquidity nor are they indicative of cash flows from operating and financial activities. Reconciliations of other non-GAAP measures used in this report to the most-directly comparable GAAP measure are included in the tables on Reconciliations of Non-GAAP Financial Measures and in the Earnings Release for the latest period.

	3Q 2025 SUPPLEMENTAL					18

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LEASE INCOME, OTHER INCOME, OTHER EXPENSE, INCOME FROM

      UNCONSOLIDATED ENTITIES, AND CAPITALIZED INTEREST

      \(In thousands\)

	THREE MONTHS ENDED<br> <br><br> SEPTEMBER 30,						NINE MONTHS ENDED<br> <br><br> SEPTEMBER 30,
Consolidated Properties	2025			2024			2025			2024
Lease Income
Fixed lease income (1)		$	1,173,555		$	1,093,064		$	3,430,471		$	3,234,501
Variable lease income (2)			279,375			246,760			769,341			723,735
Total Lease Income		$	1,452,930		$	1,339,824		$	4,199,812		$	3,958,236
Other Income
Interest, dividend and distribution income (3)		$	26,511		$	42,536		$	76,690		$	125,669
Lease settlement income			1,072			1,422			4,902			9,719
Gains on land sales			18,745			7,826			19,915			15,304
Mixed-use and franchise operations income			14,921			17,211			38,780			59,888
Other (4)			50,468			38,430			124,296			116,647
Total Other Income		$	111,717		$	107,425		$	264,583		$	327,227
Other Expense
Ground leases		$	12,000		$	11,678		$	36,506		$	36,971
Mixed-use and franchise operations expense			10,583			15,328			28,709			52,986
Professional fees and other			17,612			10,778			41,622			30,427
Total Other Expense		$	40,195		$	37,784		$	106,837		$	120,384
Income from Unconsolidated Entities
Share of Joint Ventures (5)		$	92,982		$	86,164		$	259,301		$	238,629
Share of Klépierre net income, net of amortization of excess investment			24,402			13,331			64,959			50,341
Share of Other Platform Investments net income (loss), net of amortization of excess <br>investment, pre-tax			32,160			(28,009)			(7,680)			(161,857)
Share of TRG net loss including amortization of excess investment			(5,628)			(12,982)			(19,430)			(60,738)
Total Income from Unconsolidated Entities		$	143,916		$	58,504		$	297,150		$	66,375
Capitalized Interest
Our Share of Consolidated Properties		$	7,383		$	9,013		$	24,251		$	27,773
Our Share of Joint Venture Properties		$	195		$	142		$	371		$	314

(1)

Fixed lease income under our operating leases includes fixed minimum lease consideration and fixed CAM reimbursements recorded on a straight-line basis.

(2)

Variable lease income primarily includes consideration based on sales, as well as reimbursements for real estate taxes, utilities, and marketing.

(3)

Includes distributions from other international investments and preferred unit distributions from TRG.

(4)

Includes ancillary property revenues, marketing, media, parking and sponsorship revenues, gains on sale of non-retail real estate investments, non-real estate investments, insurance proceeds from business interruption and other miscellaneous income items.

(5)

Includes U.S. joint venture operations and international outlet joint ventures.

	3Q 2025 SUPPLEMENTAL					19

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OPERATING INFORMATION

				AS OF SEPTEMBER 30,
				2025						2024
	U.S. Malls and Premium Outlets
	Total Number of Properties					162						163
	Total Square Footage of Properties (in millions)					136.0						136.9
	Ending Occupancy (1):
	Consolidated Assets					96.4%						96.2%
	Unconsolidated Assets					96.1%						96.2%
	Total Portfolio					96.4%						96.2%
	Base Minimum Rent PSF (2):
	Consolidated Assets				$	57.41					$	56.18
	Unconsolidated Assets				$	64.39					$	62.04
	Total Portfolio				$	59.14					$	57.71
	U.S. TRG
	Total Number of Properties					17						18
	Total Square Footage of Properties (in millions)					17.1						17.9
	Ending Occupancy (1)					94.2%						94.2%
	Base Minimum Rent PSF (2)				$	72.36					$	66.74
				AS OF SEPTEMBER 30,
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
				2025						2024
	The Mills
	Total Number of Properties					14						14
	Total Square Footage of Properties (in millions)					21.3						21.3
	Ending Occupancy (3)					99.4%						98.6%
	Base Minimum Rent PSF (2)				$	38.25					$	37.56
	International Properties
	Premium Outlets
	Total Number of Properties					24						23
	Total Square Footage of Properties (in millions)					9.2						8.9
	Designer Outlets
	Total Number of Properties					12						12
	Total Square Footage of Properties (in millions)					3.0						3.0
	The Mall Luxury Outlets
	Total Number of Properties					2						—
	Total Square Footage of Properties (in millions)					0.4						—
	TRG
	Total Number of Properties					4						4
	Total Square Footage of Properties (in millions)					4.7						4.7

(1)

Ending Occupancy is the percentage of total owned square footage (GLA) which is leased as of the last day of the reporting period. We include all company owned space except for mall anchors, mall majors, mall freestanding and mall outlots in the calculation.

(2)

Base Minimum Rent PSF is the average base minimum rent charge in effect for the reporting period for all tenants that would qualify to be included in Ending Occupancy as defined above.

(3)

See footnote 1 for definition, except Ending Occupancy is calculated on all company owned space.

	3Q 2025 SUPPLEMENTAL					20

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U.S. MALLS AND PREMIUM OUTLETS LEASE EXPIRATIONS (1)(2)

Year
Inline Stores and Freestanding
Month to Month Leases	931	3,274,592	$	66.21	3.8	%
2025 (10/1/25 – 12/31/25)	353	902,299	$	62.88	1.0	%
2026	2,973	10,365,105	$	54.96	9.8	%
2027	2,699	10,097,966	$	59.71	10.3	%
2028	2,296	9,557,026	$	65.34	10.9	%
2029	1,803	7,671,163	$	64.78	8.4	%
2030	1,243	5,698,762	$	74.99	7.2	%
2031	573	3,060,511	$	70.77	3.6	%
2032	537	2,049,177	$	89.86	3.2	%
2033	608	2,385,030	$	96.44	3.9	%
2034	667	2,533,535	$	93.74	4.1	%
2035	605	2,895,946	$	91.74	4.5	%
2036 and Thereafter	663	3,206,853	$	63.80	3.0	%
Specialty Leasing Agreements w/ terms in excess of 12 months	2,217	6,432,890	$	16.32	1.8	%
Anchors
2025 (10/1/25 – 12/31/25)	1	59,895	$	17.09	0.0	%
2026	9	688,182	$	7.95	0.1	%
2027	12	1,525,268	$	5.81	0.2	%
2028	16	1,988,747	$	5.72	0.2	%
2029	16	1,669,076	$	6.40	0.2	%
2030	17	1,781,902	$	7.83	0.2	%
2031	17	1,817,485	$	5.87	0.2	%
2032	4	282,245	$	25.21	0.1	%
2033	7	1,028,383	$	8.48	0.2	%
2034	7	559,597	$	21.82	0.2	%
2035	7	797,120	$	8.73	0.1	%
2036 and Thereafter	25	2,347,994	$	15.43	0.6	%

(1)

Does not include TRG portfolio lease expirations.

(2)

Does not consider the impact of renewal options that may be contained in leases.

(3)

Average Base Minimum Rent psf reflects base minimum rent in the respective year of expiration.

(4)

Annual rental revenues represent 2024 consolidated and joint venture combined base rental revenue.

	3Q 2025 SUPPLEMENTAL					21

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U.S. MALLS AND PREMIUM OUTLETS TOP TENANTS (1)

Top Inline Store Tenants (sorted by percentage of total base minimum rent for U.S. properties)

Tenant
The Gap	286	3,065	1.8	%	2.7	%
Knitwell Group	424	1,933	1.1	%	1.7	%
Tapestry	202	901	0.5	%	1.7	%
Signet Jewelers	330	484	0.3	%	1.5	%
American Eagle Outfitters	227	1,444	0.8	%	1.5	%
LVMH Fashion	130	500	0.3	%	1.5	%
Capri Holdings	130	532	0.3	%	1.4	%
Victoria’s Secret & Co.	126	1,089	0.6	%	1.4	%
PVH Corporation	145	1,094	0.6	%	1.4	%
VF Corporation	207	902	0.5	%	1.3	%

Top Anchors (sorted by percentage of total square footage in U.S. properties) (2)

Tenant
Macy’s	97	18,845	11.0	%	0.3	%
J.C. Penney	53	8,668	5.1	%	0.3	%
Dillard’s	33	6,113	3.6	%	*
Nordstrom	22	3,814	2.2	%	0.1	%
Dick’s Sporting Goods	41	3,398	2.0	%	0.7	%
Saks Global	19	2,281	1.3	%	0.2	%
Belk	7	1,194	0.7	%	*
Target	7	968	0.6	%	0.1	%
Von Maur	7	892	0.5	%	*
Primark	13	695	0.4	%	0.2	%

(1)

Does not include TRG portfolio top tenants.

(2)

Includes space leased and owned by anchors in U.S. Malls; does not include Bloomingdale’s The Outlet Store, Neiman Marcus Last Call, Nordstrom Rack, and Saks Fifth Avenue Off 5th.

Less than one-tenth of one percent.

	3Q 2025 SUPPLEMENTAL					22

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CAPITAL EXPENDITURES (1) (In thousands)

				UNCONSOLIDATED <br> <br><br> PROPERTIES
	CONSOLIDATED<br> <br><br> PROPERTIES			TOTAL			OUR<br> <br><br> SHARE
New development projects		$	7,217		$	20,143		$	10,071
Redevelopment projects with incremental square footage and/or anchor replacement			247,908			127,950			63,319
Redevelopment projects with no incremental square footage			22,054			10,838			5,602
Subtotal new development and redevelopment projects			277,179			158,931			78,992
Tenant allowances			202,031			63,459			30,542
Operational capital expenditures (CAM and non-CAM)			139,074			101,414			45,364
Totals		$	618,284		$	323,804		$	154,898
Conversion from accrual to cash basis			61,164			41,990			20,087
Capital Expenditures for the Nine Months Ended 9/30/25 (2)		$	679,448		$	365,794		$	174,985
Capital Expenditures for the Nine Months Ended 9/30/24 (2)		$	537,714		$	419,296		$	201,577

(1)

Does not include TRG portfolio capital expenditures.

(2)

Agrees with the line item “Capital expenditures” on the Combined Statements of Cash Flows for the consolidated properties. No statement of cash flows is prepared for the joint venture properties; however, the above reconciliation was completed in the same manner as the reconciliation for the consolidated properties.

	3Q 2025 SUPPLEMENTAL					23

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DEVELOPMENT ACTIVITY SUMMARY (1)

As of September 30, 2025 (in thousands, except percent)

PLATFORM<br> <br><br> PROJECT TYPE
Malls
Redevelopments	$	1,144,073	9	%	$	252,694	$	116,921	$	369,615	$	392,111	$	761,726
Premium Outlets
New Developments	$	55,851	11	%	$	11,783	$	1,380	$	13,163	$	—	$	13,163
Redevelopments	$	13,836	14	%	$	4,236	$	3,095	$	7,331	$	6,191	$	13,522
The Mills
Redevelopments	$	40,318	15	%	$	14,698	$	10,218	$	24,916	$	11,472	$	36,388
Total Investment (1)	$	1,254,078	9	%	$	283,411	$	131,614	$	415,025	$	409,774	$	824,799
Less funding from: Construction Loans, International JV Cash on hand, etc.	$	(153,229)			$	(22,138)	$	(2,784)	$	(24,922)	$	(61,662)	$	(86,584)
Total Net Cash Investment	$	1,100,849			$	261,273	$	128,830	$	390,103	$	348,112	$	738,215

Notes:

(1)

Does not include TRG.

	3Q 2025 SUPPLEMENTAL					24

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COMMON AND PREFERRED STOCK INFORMATION

CHANGES IN COMMON SHARE AND LIMITED PARTNERSHIP UNIT OWNERSHIP

      For the Period December 31, 2024 through September 30, 2025


Number Outstanding at December 31, 2024	326,278,138	50,759,627
Activity During the First Six Months of 2025
Redemption of Limited Partnership Units for Cash	—	(36,591)
Restricted Stock/Restricted Stock Unit Awards and Long-Term Incentive Performance (LTIP) Units Earned (3)	157,360	107,462
Exchange of Limited Partnership Units for Common Stock	116,558	(116,558)
Shares Repurchased to Satisfy Employee Tax Obligations	(59,293)	—
Number Outstanding at June 30, 2025	326,492,763	50,713,940
Third Quarter Activity
Redemption of Limited Partnership Units for Cash	—	(840)
Shares Repurchased to Satisfy Employee Tax Obligations	(22,703)	—
Number Outstanding at September 30, 2025	326,470,060	50,713,100
Number of Limited Partnership Units and Common Shares at September 30, 2025	377,183,160

PREFERRED STOCK/UNITS OUTSTANDING AS OF SEPTEMBER 30, 2025
($ in 000’s, except per share amounts)

ISSUER	DESCRIPTION						TICKER<br> <br><br> SYMBOL
Preferred Stock:
Simon Property Group, Inc.	Series J 8.375% Cumulative Redeemable (4)	796,948	$	50.00	$	39,847	SPGPrJ
Preferred Units:
Simon Property Group, L.P.	7.50% Cumulative Redeemable (5)	155,373	$	100.00	$	15,537	N/A

(1)

Excludes Limited Partnership preferred units relating to preferred stock outstanding.

(2)

Excludes units owned by the Company (shown here as Common Shares) and Limited Partnership Units not exchangeable for common shares.

(3)

Represents restricted stock/restricted stock unit awards and earned LTIP units issued pursuant to the Operating Partnership’s 2019 Stock Incentive Plan, net of forfeitures.

(4)

Each share is redeemable on or after October 15, 2027. The shares are traded on the New York Stock Exchange. The closing price on September 30, 2025 was $53.49 per share.

(5)

Each preferred unit is redeemable upon the occurrence of certain tax triggering events.

	3Q 2025 SUPPLEMENTAL					25

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CREDIT PROFILE (1)

[MISSING IMAGE: bc_creditprofile-pn.jpg]

(1)

As of year end, unless otherwise indicated.

(2)

Non-recourse mortgage net debt includes our pro-rata share of consolidated non-recourse mortgage debt and our pro-rata share of joint venture non-recourse mortgage debt.

(3)

Includes TRG secured, corporate and other debt.

	3Q 2025 SUPPLEMENTAL					26

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SUMMARY OF INDEBTEDNESS (1)

As of September 30, 2025 (In thousands)

				TOTAL<br> <br><br> INDEBTEDNESS							OUR<br> <br><br> SHARE OF<br> <br><br> INDEBTEDNESS							WEIGHTED<br> <br><br> AVERAGE<br> <br><br> END OF PERIOD<br> <br><br> INTEREST RATE							WEIGHTED<br> <br><br> AVERAGE<br> <br><br> YEARS TO<br> <br><br> MATURITY
	Consolidated Indebtedness
	Mortgage Debt
	Fixed Rate				$	4,752,920						$	4,581,752							4.05	%						1.5
	Floating Rate Debt (Swapped <br>to Fixed)					226,519							206,919							4.65	%						2.2
	Floating Rate Debt (Hedged) (2)					294,832							249,224							4.72	%						2.3
	Variable Rate Debt					35,680							32,112							4.53	%						1.5
	Total Mortgage Debt					5,309,951							5,070,007							4.11	%						1.5
	Unsecured Debt
	Fixed Rate Notes					19,160,404							19,160,404							3.64	%						9.5
	Euro Term Loan (Swapped to <br>Fixed)					410,789							410,789							2.60	%						1.5
	Revolving Credit Facility – USD Currency (Swapped to Fixed)					305,000							305,000							5.22	%						2.7
	Revolving Credit Facility – USD Currency					155,000							155,000							4.94	%						2.7
	Supplemental Credit Facility – EUR Currency					586,840							586,840							2.58	%						4.3
	Total Revolving Credit Facilities					1,046,840							1,046,840							3.70	%						3.6
	Total Unsecured Debt					20,618,033							20,618,033							3.62	%						9.0
	Premium					1,176							1,176
	Discount					(76,942)							(76,942)
	Debt Issuance Costs					(122,228)							(121,348)
	Other Debt Obligations					59,065							59,065
	Consolidated Mortgages and Unsecured Indebtedness (2)				$	25,789,055						$	25,549,991							3.72	%						7.6
	Joint Venture Indebtedness
	Mortgage Debt
	Fixed Rate				$	11,003,472						$	5,199,708							4.87	%						4.5
	Floating Rate Debt (Swapped <br>to Fixed)					784,690							343,557							4.51	%						3.6
	Floating Rate Debt (Hedged) (2)					1,129,529							527,741							6.40	%						1.2
	Variable Rate Debt					457,411							222,375							5.95	%						2.8
	TMLP Debt (3)					258,980							—
	Total Mortgage Debt					13,634,082							6,293,381							5.02	%						4.1
	Debt Issuance Costs					(40,649)							(20,104)
	Joint Venture Mortgages and Other Indebtedness (2)				$	13,593,433						$	6,273,277							5.02	%						4.1
	Our Share of Total Indebtedness											$	31,823,268							3.98	%						6.9
				TOTAL<br> <br><br> INDEBTEDNESS							OUR<br> <br><br> SHARE OF<br> <br><br> INDEBTEDNESS							WEIGHTED<br> <br><br> AVERAGE<br> <br><br> END OF PERIOD<br> <br><br> INTEREST RATE							WEIGHTED<br> <br><br> AVERAGE<br> <br><br> YEARS TO<br> <br><br> MATURITY
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Summary of Our Share of Fixed and Variable Rate Debt
	Consolidated
	Fixed					96.0	%					$	24,528,886							3.73	%						7.8
	Variable					4.0	%						1,021,105							3.52	%						3.5
						100.0	%						25,549,991							3.72	%						7.6
	Joint Venture
	Fixed					88.1	%					$	5,526,269							4.85	%						4.5
	Variable					11.9	%						747,008							6.27	%						1.6
						100.0	%						6,273,277							5.02	%						4.1
	Total Debt											$	31,823,268
	Total Fixed Debt					94.4	%					$	30,055,155							3.94	%						7.1
	Total Variable Debt					5.6	%					$	1,768,113							4.68	%						2.7
	Total Variable Debt Inclusive of In-the Money-Caps					3.2	%

(1)

Does not include TRG secured and corporate debt.

(2)

Amounts give effect to outstanding derivative instruments as footnoted in the Property and Debt Information.

(3)

See footnote 10 on the Property and Debt Information.

	3Q 2025 SUPPLEMENTAL					27

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TOTAL DEBT AMORTIZATION AND MATURITIES BY YEAR (OUR SHARE) (1)

As of September 30, 2025 (In thousands)

	UNSECURED CONSOLIDATED DEBT						SECURED CONSOLIDATED DEBT						UNCONSOLIDATED JOINT VENTURE DEBT						TOTAL
Year	OUR SHARE<br> <br><br> OF DEBT			WEIGHTED <br> <br><br> AVERAGE<br> <br><br> RATE			OUR SHARE<br> <br><br> OF DEBT			WEIGHTED <br> <br><br> AVERAGE<br> <br><br> RATE			OUR SHARE<br> <br><br> OF DEBT			WEIGHTED <br> <br><br> AVERAGE<br> <br><br> RATE			OUR SHARE<br> <br><br> OF DEBT			WEIGHTED <br> <br><br> AVERAGE<br> <br><br> RATE
2025		$	—		—			$	658,326		4.23	%		$	138,388		4.33	%		$	796,714		4.25	%
2026			2,430,143		3.36	%			2,935,368		4.11	%			1,371,840		4.76	%			6,737,351		3.96	%
2027			2,460,789		2.80	%			438,618		4.32	%			1,145,916		4.63	%			4,045,323		3.49	%
2028			1,260,000		2.98	%			48,808		3.85	%			970,300		4.11	%			2,279,108		3.48	%
2029			1,250,000		2.45	%			561,065		3.44	%			71,824		6.67	%			1,882,889		2.85	%
2030			2,036,840		3.22	%			76,500		5.73	%			421,160		3.86	%			2,534,500		3.44	%
2031			700,000		2.20	%			227,043		3.20	%			93,608		4.45	%			1,020,651		2.61	%
2032			1,400,000		2.45	%			—		—				386,043		5.30	%			1,786,043		3.11	%
2033			1,530,261		2.98	%			124,279		6.46	%			598,425		6.86	%			2,252,965		4.24	%
2034			1,500,000		5.25	%			—		—				363,329		6.15	%			1,863,329		5.42	%
2035			800,000		5.13	%			—		—				732,548		5.79	%			1,532,548		5.45	%
Thereafter			5,250,000		4.71	%			—		—				—		—				5,250,000		4.71	%
Face Amounts of Indebtedness		$	20,618,033		3.62	%		$	5,070,007		4.11	%		$	6,293,381		5.02	%		$	31,981,421		3.98	%
Premiums (Discounts) on Indebtedness, Net			(76,942)						1,176						—						(75,766)
Debt Issuance Costs			(112,302)						(9,046)						(20,104)						(141,452)
Other Debt Obligations			—						59,065						—						59,065
Our Share of Total Indebtedness		$	20,428,789					$	5,121,202					$	6,273,277					$	31,823,268

(1)

Does not include TRG.

	3Q 2025 SUPPLEMENTAL					28

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Unsecured Debt Information As of September 30, 2025

	DEBT INFORMATION
	MATURITY<br> <br><br> DATE			INTEREST<br> <br><br> RATE(7)			TYPE	INDEBTEDNESS<br> <br> TOTAL<br> <br> ( IN 000’S)
Unsecured Indebtedness:
Simon Property Group, LP (Sr. Notes)		1/15/2026			3.30	%	Fixed		800,000
Simon Property Group, LP (Exchangable Euro Sr. Bonds)		11/14/2026	(2)		3.50	%	Fixed		880,143(8)
Simon Property Group, LP (Sr. Notes)		11/30/2026			3.25	%	Fixed		750,000
Simon Property Group, LP (Sr. Notes)		1/15/2027			1.38	%	Fixed		550,000
Euro Term Loan		3/20/2027	(7)		2.60	%	Fixed		410,789(7)
Simon Property Group, LP (Sr. Notes)		6/15/2027			3.38	%	Fixed		750,000
Simon Property Group, LP (Sr. Notes)		12/1/2027			3.38	%	Fixed		750,000
Simon Property Group, LP (Sr. Notes)		2/1/2028			1.75	%	Fixed		800,000
Revolving Credit Facility – USD Currency		6/30/2028	(5)		4.94	%	Variable		155,000
Revolving Credit Facility – USD Currency		6/30/2028	(4)(5)		5.22	%	Fixed		305,000
Simon Property Group, LP (Sr. Notes)		9/13/2029			2.45	%	Fixed		1,250,000
Supplemental Credit Facility – Euro Currency		1/31/2030	(5)		2.58	%	Variable		586,840(1)
Simon Property Group, LP (Sr. Notes)		7/15/2030			2.65	%	Fixed		750,000
Simon Property Group, LP (Sr. Notes)		10/1/2030			4.38	%	Fixed		700,000
Simon Property Group, LP (Sr. Notes)		2/1/2031			2.20	%	Fixed		700,000
Simon Property Group, LP (Sr. Notes)		1/15/2032			2.25	%	Fixed		700,000
Simon Property Group, LP (Sr. Notes)		2/1/2032			2.65	%	Fixed		700,000
Simon Property Group, LP (Sr. Notes)		3/8/2033			5.50	%	Fixed		650,000
Simon Property Group, LP (Euro Sr. Notes)		3/19/2033			1.13	%	Fixed		880,261(3)
Simon Property Group, LP (Sr. Notes)		1/15/2034			6.25	%	Fixed		500,000
Simon Property Group, LP (Sr. Notes)		9/26/2034			4.75	%	Fixed		1,000,000
Simon Property Group, LP (Sr. Notes)		10/1/2035			5.13	%	Fixed		800,000
Simon Property Group, LP (Sr. Notes)		2/1/2040			6.75	%	Fixed		600,000
Simon Property Group, LP (Sr. Notes)		3/15/2042			4.75	%	Fixed		550,000
Simon Property Group, LP (Sr. Notes)		10/1/2044			4.25	%	Fixed		400,000
Simon Property Group, LP (Sr. Notes)		11/30/2046			4.25	%	Fixed		550,000
Simon Property Group, LP (Sr. Notes)		9/13/2049			3.25	%	Fixed		1,250,000
Simon Property Group, LP (Sr. Notes)		7/15/2050			3.80	%	Fixed		750,000
Simon Property Group, LP (Sr. Notes)		3/8/2053			5.85	%	Fixed		650,000
		1/15/2054			6.65	%	Fixed		500,000
Total Unsecured Indebtedness at Face Value									20,618,033 (6)

All values are in US Dollars.

(1)

Amount shown in USD equivalent; EUR equivalent is 500.0 million.

(2)

Notes exchangable into ordinary shares of Klépierre S.A., at a common stock price of €27.0693.

(3)

Amount shown in USD equivalent; EUR equivalent is 750.0 million.

(4)

Through an interest rate swap agreement which matures on December 31, 2025, interest is essentially fixed at the all-in-rate presented.

(5)

Includes applicable extensions available at our option.

(6)

Also represents our share of Total Unsecured Indebtedness.

(7)

Amount shown in USD equivalent; EUR equivalent is 350.0 million. Through an interest rate swap agreement which matures on March 20, 2026, interest is essentially fixed at the all-in-rate presented.

(8)

Amount shown in USD equivalent; EUR equivalent is 749.9 million.

	3Q 2025 SUPPLEMENTAL					29

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PROPERTY AND DEBT INFORMATION As of September 30, 2025

							DEBT INFORMATION
	PROPERTY NAME	STATE	CITY (CBSA)	LEGAL<br> <br><br> OWNERSHIP		TOTAL<br> <br><br> SQUARE FEET	MATURITY<br> <br><br> DATE		INTEREST<br> <br><br> RATE(1)	TYPE	INDEBTEDNESS ( in 000’s)
											TOTAL	OUR SHARE
	Malls
1.	Apple Blossom Mall	VA	Winchester	49.1%		470,086	(2)
2.	Auburn Mall	MA	Auburn	56.4%		498,385	(2)
3.	Aventura Mall (3)	FL	Miami Beach (Miami)	33.3%		2,156,151	07/01/28		4.12%	Fixed	1,750,000	583,333
4.	Barton Creek Square	TX	Austin	100.0%		1,448,718	(2)
5.	Battlefield Mall	MO	Springfield	100.0%		1,180,690	(2)
6.	Bay Park Square	WI	Green Bay	100.0%		690,444	(2)
7.	Brea Mall	CA	Brea (Los Angeles)	100.0%		1,355,046	(2)
8.	Briarwood Mall	MI	Ann Arbor	100.0%		925,773	09/01/26		3.29%	Fixed	165,000	165,000
9.	Brickell City Centre	FL	Miami	100.0%		471,577	(2)
10.	Broadway Square	TX	Tyler	100.0%		613,413	(2)
11.	Burlington Mall	MA	Burlington (Boston)	100.0%		1,258,305	(2)
12.	Cape Cod Mall	MA	Hyannis	56.4%		705,966	06/01/35		6.46%	Fixed	54,000	30,440
13.	Castleton Square	IN	Indianapolis	100.0%		1,363,654	(2)
14.	Cielo Vista Mall	TX	El Paso	100.0%		1,245,387	(2)
15.	Coconut Point	FL	Estero	50.0%		1,121,280	10/01/26		3.95%	Fixed	164,525	82,263
16.	College Mall	IN	Bloomington	100.0%		577,649	(2)
17.	Columbia Center	WA	Kennewick	100.0%		763,678	(2)
18.	Copley Place	MA	Boston	94.4%	(4)	1,252,052	(2)
19.	Coral Square	FL	Coral Springs (Miami)	97.2%		944,349	(2)
20.	Cordova Mall	FL	Pensacola	100.0%		932,320	(2)
21.	Dadeland Mall	FL	Miami	50.0%		1,510,712	01/05/27		3.11%	Fixed	354,823	177,412
22.	Del Amo Fashion Center	CA	Torrance (Los Angeles)	50.0%		2,503,072	06/01/27		3.66%	Fixed	585,000	292,500
23.	Domain, The	TX	Austin	100.0%		1,227,682	07/01/31		3.09%	Fixed	210,000	210,000
24.	Empire Mall	SD	Sioux Falls	100.0%		1,166,233	12/01/25		4.31%	Fixed	166,614	166,614
25.	Falls, The	FL	Miami	50.0%		710,219	09/01/26		3.45%	Fixed	150,000	75,000
26.	Fashion Centre at Pentagon City, The	VA	Arlington (Washington, DC)	42.5%		1,034,832	05/09/26	(31)	6.94%	Variable	455,000	193,376
27.	Fashion Mall at Keystone, The	IN	Indianapolis	100.0%		702,940	(2)
28.	Fashion Valley	CA	San Diego	50.0%		1,683,829	06/01/33		5.73%	Fixed	450,000	225,000
29.	Firewheel Town Center	TX	Garland (Dallas)	100.0%		993,050	(2)
30.	Florida Mall, The	FL	Orlando	50.0%		1,725,304	02/09/27	(5)(32)	6.30%	Variable	600,000	300,000
31.	Forum Shops at Caesars Palace, The	NV	Las Vegas	100.0%		673,046	(2)
32.	Galleria, The	TX	Houston	50.4%		1,995,048	02/01/35		5.65%	Fixed	1,200,000	604,440
33.	Greenwood Park Mall	IN	Greenwood (Indianapolis)	100.0%		1,285,095	(2)
34.	Haywood Mall	SC	Greenville	100.0%		1,238,248	(2)
35.	King of Prussia	PA	King of Prussia (Philadelphia)	100.0%		2,686,869	(2)
36.	La Plaza	TX	McAllen	100.0%		1,323,417	(2)
37.	Lakeline Mall	TX	Cedar Park (Austin)	100.0%		1,099,065	(2)
38.	Lehigh Valley Mall	PA	Whitehall	50.0%		1,192,743	11/01/27		4.06%	Fixed	169,498	84,749
39.	Lenox Square	GA	Atlanta	100.0%		1,546,028	(2)

All values are in US Dollars.

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TABLE OF CONTENTS

PROPERTY AND DEBT INFORMATION

As of September 30, 2025

							DEBT INFORMATION
	PROPERTY NAME	STATE	CITY (CBSA)	LEGAL<br> <br><br> OWNERSHIP		TOTAL<br> <br><br> SQUARE FEET	MATURITY<br> <br><br> DATE		INTEREST<br> <br><br> RATE(1)	TYPE	INDEBTEDNESS ( in 000’s)
											TOTAL	OUR SHARE
40.	Mall at Rockingham Park, The	NH	Salem (Boston)	28.2%		1,067,994	06/01/26		4.04%	Fixed	262,000	73,845
41.	Mall of Georgia	GA	Buford (Atlanta)	100.0%		1,849,242	(2)
42.	Mall of New Hampshire, The	NH	Manchester	56.4%		802,214	07/01/28		4.11%	Fixed	150,000	84,555
43.	McCain Mall	AR	N. Little Rock	100.0%		789,502	(2)
44.	Meadowood Mall	NV	Reno	50.0%		931,177	12/01/26		5.70%	Fixed	99,749	49,875
45.	Menlo Park Mall	NJ	Edison (New York)	100.0%		1,246,735	(2)
46.	Miami International Mall	FL	Miami	95.0%		1,080,449	02/06/26		7.92%	Fixed	152,298	144,677
47.	Midland Park Mall	TX	Midland	100.0%		645,702	(2)
48.	Miller Hill Mall	MN	Duluth	100.0%		827,591	(2)
49.	North East Mall	TX	Hurst (Dallas)	100.0%		1,544,968	(2)
50.	Northshore Mall	MA	Peabody (Boston)	56.4%		1,591,193	07/05/26		8.02%	Fixed	171,505	96,678
51.	Ocean County Mall	NJ	Toms River (New York)	100.0%		889,899	(2)
52.	Orland Square	IL	Orland Park (Chicago)	100.0%		1,230,536	(2)
53.	Penn Square Mall	OK	Oklahoma City	94.5%		1,082,982	01/01/26		3.84%	Fixed	310,000	292,938
54.	Pheasant Lane Mall	NH	Nashua	(6)		977,464	(2)
55.	Phipps Plaza	GA	Atlanta	100.0%		1,126,839	(2)
56.	Plaza Carolina	PR	Carolina (San Juan)	100.0%		1,149,529	(2)
57.	Prien Lake Mall	LA	Lake Charles	100.0%		717,777	(2)
58.	Quaker Bridge Mall	NJ	Lawrenceville	50.0%		1,079,938	05/01/26		4.50%	Fixed	180,000	90,000
59.	Rockaway Townsquare	NJ	Rockaway (New York)	100.0%		1,241,778	(2)
60.	Roosevelt Field	NY	Garden City (New York)	100.0%		2,349,138	(2)
61.	Ross Park Mall	PA	Pittsburgh	100.0%		1,185,066	(2)
62.	Santa Rosa Plaza	CA	Santa Rosa	100.0%		697,758	(2)
63.	Shops at Chestnut Hill, The	MA	Chestnut Hill (Boston)	94.4%		470,200	08/31/33		6.66%	Fixed	91,836	86,730
64.	Shops at Clearfork, The	TX	Fort Worth	45.0%		552,573	03/11/30	(25)	2.81%	Fixed	145,000	65,250
65.	Shops at Crystals, The	NV	Las Vegas	50.0%		282,964	07/01/26		3.74%	Fixed	550,000	275,000
66.	Shops at Mission Viejo, The	CA	Mission Viejo (Los Angeles)	51.0%		1,261,003	01/01/35		6.73%	Fixed	180,000	91,800
67.	Shops at Riverside, The	NJ	Hackensack (New York)	100.0%		726,763	(2)
68.	Smith Haven Mall	NY	Lake Grove (New York)	100.0%		1,257,669	(2)
69.	South Hills Village	PA	Pittsburgh	100.0%		1,126,702	(2)
70.	South Shore Plaza	MA	Braintree (Boston)	100.0%		1,583,451	(2)
71.	Southdale Center	MN	Edina (Minneapolis)	100.0%		1,161,291	(2)
72.	SouthPark	NC	Charlotte	100.0%		1,699,914	(2)
73.	Springfield Mall (3)	PA	Springfield (Philadelphia)	50.0%		610,120	10/06/25		4.45%	Fixed	52,722	26,361
74.	St. Charles Towne Center	MD	Waldorf (Washington, DC)	100.0%		979,709	(2)
75.	St. Johns Town Center	FL	Jacksonville	50.0%		1,417,655	06/01/34		5.95%	Fixed	360,000	180,001
76.	Stanford Shopping Center	CA	Palo Alto (San Jose)	94.4%	(4)	1,321,561	(2)
77.	Stoneridge Shopping Center	CA	Pleasanton (San Francisco)	49.9%		1,295,577	09/05/26		3.50%	Fixed	330,000	164,670
78.	Summit Mall	OH	Akron	100.0%		774,473	10/01/26		3.31%	Fixed	85,000	85,000
79.	Tacoma Mall	WA	Tacoma (Seattle)	100.0%		1,264,098	(2)

All values are in US Dollars.

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TABLE OF CONTENTS

PROPERTY AND DEBT INFORMATION

As of September 30, 2025

						DEBT INFORMATION
	PROPERTY NAME	STATE	CITY (CBSA)	LEGAL<br> <br><br> OWNERSHIP	TOTAL<br> <br><br> SQUARE FEET	MATURITY<br> <br><br> DATE		INTEREST<br> <br><br> RATE(1)	TYPE	INDEBTEDNESS ( in 000’s)
										TOTAL	OUR SHARE
80.	Tippecanoe Mall	IN	Lafayette	100.0%	864,871	(2)
81.	Town Center at Boca Raton	FL	Boca Raton (Miami)	100.0%	1,778,027	(2)
82.	Towne East Square	KS	Wichita	100.0%	1,157,219	(2)
83.	Treasure Coast Square	FL	Jensen Beach	100.0%	873,907	(2)
84.	Tyrone Square	FL	St. Petersburg (Tampa)	100.0%	955,987	(2)
85.	University Park Mall	IN	Mishawaka	100.0%	910,370	(2)
86.	Walt Whitman Shops	NY	Huntington Station (New York)	100.0%	1,082,678	(2)
87.	West Town Mall	TN	Knoxville	50.0%	1,279,275	(2)
88.	Westchester, The	NY	White Plains (New York)	40.0%	802,693	02/01/30		3.25%	Fixed	400,000	160,000
89.	White Oaks Mall	IL	Springfield	88.6%	922,129	06/15/27		6.98%	Fixed	34,000	30,138
90.	Wolfchase Galleria	TN	Memphis	94.5%	1,147,016	11/01/26		4.15%	Fixed	155,152	146,612
91.	Woodfield Mall	IL	Schaumburg (Chicago)	50.0%	2,152,231	12/01/33		6.71%	Fixed	294,000	147,000
92.	Woodland Hills Mall	OK	Tulsa	94.5%	1,238,750	(2)
	Total Mall Square Footage				105,328,702

	Lifestyle Centers
1.	ABQ Uptown	NM	Albuquerque	100.0%	228,779	(2)
2.	Hamilton Town Center	IN	Noblesville (Indianapolis)	50.0%	679,382	02/24/30	(5)	6.28%	Variable	92,942	46,471
3.	Liberty Tree Mall	MA	Danvers	49.1%	861,590	05/03/28	(25)	6.18%	Fixed	27,733	13,627
4.	Northgate Station	WA	Seattle	100.0%	400,220	(2)
5.	Pier Park	FL	Panama City Beach	65.6%	948,132	(2)
6.	University Park Village	TX	Fort Worth	100.0%	170,787	05/01/28		3.85%	Fixed	49,228	49,228
	Total Lifestyle Centers Square <br> <br><br> Footage				3,288,890

All values are in US Dollars.

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TABLE OF CONTENTS

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As of September 30, 2025

						DEBT INFORMATION
	PROPERTY NAME	STATE	CITY (CBSA)	LEGAL<br> <br><br> OWNERSHIP	TOTAL<br> <br><br> SQUARE FEET	MATURITY<br> <br><br> DATE		INTEREST<br> <br><br> RATE(1)	TYPE	INDEBTEDNESS ( in 000’s)
										TOTAL	OUR SHARE
	Premium Outlets
1.	Albertville Premium Outlets	MN	Albertville (Minneapolis)	100.0%	301,148	(2)
2.	Allen Premium Outlets	TX	Allen (Dallas)	100.0%	548,450	(2)
3.	Aurora Farms Premium Outlets	OH	Aurora (Cleveland)	100.0%	262,130	(2)
4.	Birch Run Premium Outlets	MI	Birch Run (Detroit)	100.0%	593,925	02/06/26		4.21%	Fixed	123,000	123,000
5.	Camarillo Premium Outlets	CA	Camarillo (Los Angeles)	100.0%	691,759	(2)
6.	Carlsbad Premium Outlets	CA	Carlsbad (San Diego)	100.0%	288,917	(2)
7.	Carolina Premium Outlets	NC	Smithfield (Raleigh)	100.0%	439,078	(2)
8.	Charlotte Premium Outlets	NC	Charlotte	50.0%	398,384	07/01/28		4.27%	Fixed	96,268	48,134
9.	Chicago Premium Outlets	IL	Aurora (Chicago)	100.0%	685,208	(2)
10.	Cincinnati Premium Outlets	OH	Monroe (Cincinnati)	100.0%	398,932	(2)
11.	Clarksburg Premium Outlets	MD	Clarksburg (Washington, DC)	66.0%	376,984	01/01/28		3.95%	Fixed	152,165	100,429
12.	Clinton Premium Outlets	CT	Clinton	100.0%	276,225	(2)
13.	Denver Premium Outlets	CO	Thornton (Denver)	100.0%	328,107	(2)
14.	Desert Hills Premium Outlets	CA	Cabazon (Palm Springs)	100.0%	655,346	(2)
15.	Ellenton Premium Outlets	FL	Ellenton (Tampa)	100.0%	477,101	12/01/25		4.30%	Fixed	178,000	178,000
16.	Finger Lakes Premium Outlets	NY	Waterloo	100.0%	422,606	(2)
17.	Folsom Premium Outlets	CA	Folsom (Sacramento)	100.0%	297,902	(2)
18.	Gilroy Premium Outlets	CA	Gilroy (San Jose)	100.0%	505,366	(2)
19.	Gloucester Premium Outlets	NJ	Blackwood (Philadelphia)	66.0%	376,008	03/01/33		6.12%	Fixed	75,000	50,003
20.	Grand Prairie Premium Outlets	TX	Grand Prairie (Dallas)	100.0%	419,507	(2)
21.	Grove City Premium Outlets	PA	Grove City (Pittsburgh)	100.0%	525,514	12/01/25		4.31%	Fixed	140,000	140,000
22.	Gulfport Premium Outlets	MS	Gulfport	100.0%	297,498	12/01/25		4.35%	Fixed	50,000	50,000
23.	Hagerstown Premium Outlets	MD	Hagerstown (Baltimore/<br>Washington, DC)	100.0%	485,612	02/06/26		4.26%	Fixed	68,365	68,365
24.	Houston Premium Outlets	TX	Cypress (Houston)	100.0%	556,217	(2)
25.	Indiana Premium Outlets	IN	Edinburgh (Indianapolis)	100.0%	378,389	(2)
26.	Jackson Premium Outlets	NJ	Jackson (New York)	100.0%	285,822	(2)
27.	Jersey Shore Premium Outlets	NJ	Tinton Falls (New York)	100.0%	434,765	(2)
28.	Johnson Creek Premium Outlets	WI	Johnson Creek	100.0%	275,063	(2)
29.	Kittery Premium Outlets	ME	Kittery	100.0%	259,952	(2)
30.	Las Americas Premium Outlets	CA	San Diego	100.0%	689,526	(2)
31.	Las Vegas North Premium Outlets	NV	Las Vegas	100.0%	675,750	(2)
32.	Las Vegas South Premium Outlets	NV	Las Vegas	100.0%	535,636	(2)
33.	Lee Premium Outlets	MA	Lee	100.0%	223,642	06/01/26	(8)	4.17%	Fixed	44,138	44,138
34.	Leesburg Premium Outlets	VA	Leesburg (Washington, DC)	100.0%	478,434	(2)
35.	Lighthouse Place Premium Outlets	IN	Michigan City (Chicago, IL)	100.0%	448,821	(2)
36.	Merrimack Premium Outlets	NH	Merrimack	100.0%	409,081	(2)
37.	Napa Premium Outlets	CA	Napa	100.0%	178,917	(2)
38.	Norfolk Premium Outlets	VA	Norfolk	65.0%	329,788	04/01/32		4.50%	Fixed	73,346	47,675

All values are in US Dollars.

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TABLE OF CONTENTS

PROPERTY AND DEBT INFORMATION

As of September 30, 2025

						DEBT INFORMATION
	PROPERTY NAME	STATE	CITY (CBSA)	LEGAL<br> <br><br> OWNERSHIP	TOTAL<br> <br><br> SQUARE FEET	MATURITY<br> <br><br> DATE		INTEREST<br> <br><br> RATE(1)	TYPE	INDEBTEDNESS ( in 000’s)
										TOTAL	OUR SHARE
39.	North Bend Premium Outlets	WA	North Bend (Seattle)	100.0%	189,132	(2)
40.	North Georgia Premium Outlets	GA	Dawsonville (Atlanta)	100.0%	536,629	(2)
41.	Orlando International Premium Outlets	FL	Orlando	100.0%	774,081	(2)
42.	Orlando Vineland Premium Outlets	FL	Orlando	100.0%	657,551	(2)
43.	Petaluma Village Premium Outlets	CA	Petaluma (San Francisco)	100.0%	201,661	(2)
44.	Philadelphia Premium Outlets	PA	Limerick (Philadelphia)	100.0%	549,040	(2)
45.	Phoenix Premium Outlets	AZ	Chandler (Phoenix)	100.0%	356,521	(2)
46.	Pismo Beach Premium Outlets	CA	Pismo Beach	100.0%	147,903	09/06/26	(9)	3.33%	Fixed	29,632	29,632
47.	Pleasant Prairie Premium Outlets	WI	Pleasant Prairie (Chicago, IL/	100.0%	396,208	09/01/27		4.00%	Fixed	145,000	145,000
			Milwaukee)
48.	Pocono Premium Outlets	PA	Tannersville	100.0%	411,752	(2)
49.	Puerto Rico Premium Outlets	PR	Barceloneta	100.0%	350,789	(2)
50.	Queenstown Premium Outlets	MD	Queenstown (Baltimore)	100.0%	289,596	09/06/26	(9)	3.33%	Fixed	52,055	52,055
51.	Rio Grande Valley Premium Outlets	TX	Mercedes (McAllen)	100.0%	593,747	(2)
52.	Round Rock Premium Outlets	TX	Round Rock (Austin)	100.0%	498,380	(2)
53.	San Francisco Premium Outlets	CA	Livermore (San Francisco)	100.0%	697,062	(2)
54.	San Marcos Premium Outlets	TX	San Marcos (Austin/	100.0%	730,055	(2)
			San Antonio)
55.	Seattle Premium Outlets	WA	Tulalip (Seattle)	100.0%	554,811	(2)
56.	Silver Sands Premium Outlets	FL	Destin	50.0%	445,900	03/01/32		3.96%	Fixed	140,000	70,000
57.	St. Augustine Premium Outlets	FL	St. Augustine (Jacksonville)	100.0%	327,754	(2)
58.	St. Louis Premium Outlets	MO	St. Louis (Chesterfield)	60.0%	351,166	10/06/27		7.56%	Fixed	82,775	49,665
59.	Tampa Premium Outlets	FL	Lutz (Tampa)	100.0%	468,093	(2)
60.	Tanger Outlets — Columbus (3)	OH	Sunbury (Columbus)	50.0%	354,838	10/01/32		6.25%	Fixed	71,000	35,500
61.	Tanger Outlets — Galveston/Houston (3)	TX	Texas City	50.0%	352,705	06/26/30	(29)	5.06%	Fixed	60,000	30,000
62.	Tucson Premium Outlets	AZ	Marana (Tucson)	100.0%	367,203	(2)
63.	Tulsa Premium Outlets	OK	Jenks (Tulsa)	100.0%	338,472	(2)
64.	Twin Cities Premium Outlets	MN	Eagan	35.0%	400,745	11/01/34		6.70%	Fixed	95,000	33,250
65.	Vacaville Premium Outlets	CA	Vacaville	100.0%	442,523	(2)
66.	Waikele Premium Outlets	HI	Waipahu (Honolulu)	100.0%	219,371	(2)
67.	Williamsburg Premium Outlets	VA	Williamsburg	100.0%	513,358	02/06/26		4.23%	Fixed	185,000	185,000
68.	Woodburn Premium Outlets	OR	Woodburn (Portland)	100.0%	389,223	(2)
69.	Woodbury Common Premium Outlets	NY	Central Valley (New York)	100.0%	915,629	(2)
70.	Wrentham Village Premium Outlets	MA	Wrentham (Boston)	100.0%	672,947	(2)
	Total U.S. Premium Outlet Square Footage				30,706,355

All values are in US Dollars.

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TABLE OF CONTENTS

PROPERTY AND DEBT INFORMATION

As of September 30, 2025

							DEBT INFORMATION
	PROPERTY NAME	STATE	CITY (CBSA)	LEGAL<br> <br><br> OWNERSHIP		TOTAL<br> <br><br> SQUARE FEET	MATURITY<br> <br><br> DATE		INTEREST<br> <br><br> RATE(1)	TYPE	INDEBTEDNESS ( in 000’s)
											TOTAL	OUR SHARE
	The Mills
1.	Arizona Mills	AZ	Tempe (Phoenix)	100.0%		1,221,069	09/01/26		3.80%	Fixed	92,506	92,506
2.	Arundel Mills	MD	Hanover (Baltimore)	59.3%		1,955,312	11/01/33		7.70%	Fixed	360,000	213,301
3.	Colorado Mills	CO	Lakewood (Denver)	37.5%		1,352,725	11/01/26		4.28%	Fixed	102,951	38,607
							07/01/31		2.80%	Fixed	30,000	11,250
4.	Concord Mills	NC	Concord (Charlotte)	59.3%		1,368,205	11/01/32		6.55%	Fixed	227,848	135,023
5.	Grapevine Mills	TX	Grapevine (Dallas)	59.3%		1,779,825	07/01/34		6.26%	Fixed	250,000	148,150
6.	Great Mall	CA	Milpitas (San Jose)	100.0%		1,365,059	(2)
7.	Gurnee Mills	IL	Gurnee (Chicago)	100.0%		1,931,339	10/01/26		3.99%	Fixed	257,710	257,710
8.	Katy Mills	TX	Katy (Houston)	62.5%	(7)	1,679,417	08/01/32		5.77%	Fixed	124,915	78,072
9.	Mills at Jersey Gardens, The	NJ	Elizabeth	100.0%		1,315,424	(2)
10.	Ontario Mills	CA	Ontario (Riverside)	50.0%		1,430,465	(2)
11.	Opry Mills	TN	Nashville	100.0%		1,119,889	07/01/26		4.09%	Fixed	375,000	375,000
12.	Outlets at Orange, The	CA	Orange (Los Angeles)	100.0%		863,941	(2)
13.	Potomac Mills	VA	Woodbridge (Washington, DC)	100.0%		1,564,569	11/01/26		3.46%	Fixed	416,000	416,000
14.	Sawgrass Mills	FL	Sunrise (Miami)	100.0%		2,368,712	(2)
	Total The Mills Square Footage					21,315,951

	Other Properties
	Calhoun Outlet Marketplace, Dover Mall, Florida Keys Outlet Marketplace, <br>Gaffney Outlet Marketplace, Orlando Outlet Marketplace, Oxford Valley <br>Mall, Philadelphia Mills, Southridge Mall, Square One Mall, Solomon Pond Mall, <br>Sugarloaf Mills, The Avenues							(7)(8)(10)			823,340	344,046
	Total Other Properties Square <br> <br><br> Footage					10,048,924

	TOTAL U.S. SQUARE FOOTAGE (11)(12)					170,688,822

All values are in US Dollars.

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TABLE OF CONTENTS

PROPERTY AND DEBT INFORMATION

As of September 30, 2025

						DEBT INFORMATION
	PROPERTY NAME	STATE	CITY (CBSA)	LEGAL<br> <br><br> OWNERSHIP	TOTAL<br> <br><br> SQUARE FEET	MATURITY<br> <br><br> DATE		INTEREST<br> <br><br> RATE(1)	TYPE	INDEBTEDNESS ( in 000’s)
										TOTAL	OUR SHARE
	International Properties
	AUSTRIA
1.	Parndorf Designer Outlet Phases 3 & 4	Vienna		90.0%	118,000	07/04/29	(13)	2.00%	Fixed	212,246	191,021
	Austria Square Footage				118,000
	CANADA
2.	Premium Outlet Collection <br>Edmonton IA	Edmonton (Alberta)		50.0%	421,900	11/30/25	(14)	4.16%	Variable	98,062	49,031
3.	Premium Outlets Montréal	Montréal (Quebec)		50.0%	367,500	09/01/31	(14)	4.69%	Fixed	86,220	43,110
4.	Toronto Premium Outlets	Toronto (Ontario)		50.0%	504,900	(2)
5.	Vancouver Designer Outlet	Vancouver (British Columbia)		45.0%	326,000	12/01/27	(14)(25)	5.81%	Fixed	59,276	26,674
						12/01/27	(14)(27)	6.13%	Fixed	59,276	26,674
	Canada Square Footage				1,620,300
	FRANCE
6.	Paris-Giverny Designer Outlet	Vernon		73.8%	228,000	06/11/26	(13)(28)	4.66%	Variable	99,411	73,345
7.	Provence Designer Outlet	Miramas		90.0%	269,000	07/27/27	(5)(13)(38)	4.00%	Variable	110,421	99,379
	France Square Footage				497,000
	GERMANY
8.	Ochtrup Designer Outlet	Ochtrup		70.5%	191,500	06/30/26	(13)	2.10%	Fixed	58,684	41,372
	Germany Square Footage				191,500
	INDONESIA
9.	Jakarta Premium Outlets	Tangerang (Jakarta)		50.0%	302,000	12/29/33	(35)	9.25%	Fixed	45,662	22,831
	Indonesia Square Footage				302,000
	ITALY
10.	La Reggia Designer Outlet	Marcianise (Naples)		90.0%	344,000	03/31/27	(13)	4.53%	Variable	35,680	32,112
						03/31/27	(13)(25)	4.25%	Fixed	150,231	135,208
11.	Noventa Di Piave Designer Outlet	Venice		90.0%	353,000	01/26/26	(13)	4.48%	Fixed	325,805	293,225
12.	The Mall Luxury Outlets Firenze	Leccio (Florence)		100.0%	264,750	(2)
13.	The Mall Luxury Outlets Sanremo	Sanremo		100.0%	122,300	(2)
	Italy Square Footage				1,084,050
	JAPAN
14.	Ami Premium Outlets	Ami (Tokyo)		40.0%	315,000	(2)
15.	Fukaya-Hanazono Premium Outlets	Fukaya City (Saitama)		40.0%	296,300	10/01/32	(15)	0.70%	Fixed	72,257	28,903
16.	Gotemba Premium Outlets	Gotemba City (Tokyo)		40.0%	659,500	05/31/27	(15)	0.31%	Fixed	87,787	35,115
17.	Kobe-Sanda Premium Outlets	Kobe (Osaka)		40.0%	441,000	(2)
18.	Rinku Premium Outlets	Izumisano (Osaka)		40.0%	512,500	07/31/27	(15)	0.30%	Fixed	39,842	15,937
19.	Sano Premium Outlets	Sano (Tokyo)		40.0%	390,800	02/29/28	(15)	1.28%	Fixed	30,727	12,291
20.	Sendai-Izumi Premium Outlets	Izumi Park Town (Sendai)		40.0%	164,200	(2)
21.	Shisui Premium Outlets	Shisui (Chiba)		40.0%	434,600	05/31/29	(15)	0.68%	Fixed	5,402	2,161
						11/30/28	(15)	1.03%	Fixed	17,557	7,023
22.	Toki Premium Outlets	Toki (Nagoya)		40.0%	367,700	(2)
23.	Tosu Premium Outlets	Fukuoka (Kyushu)		40.0%	328,400	10/31/26	(15)	0.82%	Fixed	41,868	16,747
	Japan Square Footage				3,910,000

All values are in US Dollars.

	3Q 2025 SUPPLEMENTAL					36

TABLE OF CONTENTS

PROPERTY AND DEBT INFORMATION

As of September 30, 2025

						DEBT INFORMATION
	PROPERTY NAME	STATE	CITY (CBSA)	LEGAL<br> <br><br> OWNERSHIP	TOTAL<br> <br><br> SQUARE FEET	MATURITY<br> <br><br> DATE		INTEREST<br> <br><br> RATE(1)	TYPE	INDEBTEDNESS ( in 000’s)
										TOTAL	OUR SHARE
	KOREA
24.	Busan Premium Outlets	Busan		50.0%	544,200	04/28/28	(16)	3.64%	Fixed	136,994	68,497
25.	Jeju Premium Outlets	Jeju Province		50.0%	92,000	(2)
26.	Paju Premium Outlets	Paju (Seoul)		50.0%	558,900	03/13/27	(16)	3.75%	Fixed	39,181	19,591
27.	Siheung Premium Outlets	Siheung (Seoul)		50.0%	444,400	03/15/26	(16)	4.38%	Fixed	99,737	49,869
28.	Yeoju Premium Outlets	Yeoju (Seoul)		50.0%	551,600	05/23/26	(16)	4.06%	Fixed	40,607	20,304
	South Korea Square Footage				2,191,100
	MALAYSIA
29.	Genting Highlands Premium Outlets	Pahang (Kuala Lumpur)		50.0%	277,500	(2)
30.	Johor Premium Outlets	Johor (Singapore)		50.0%	309,400	09/30/31	(17)	5.13%	Variable	2,256	1,128
	Malaysia Square Footage				586,900
	MEXICO
31.	Premium Outlets Punta Norte	Mexico City		50.0%	333,000	(2)
32.	Premium Outlets Querétaro	Querétaro		50.0%	274,800	12/20/33	(18)	11.01%	Fixed	19,990	9,996
	Mexico Square Footage				607,800
	NETHERLANDS
33.	Roermond Designer Outlet <br>Phases 2, 3 & 4	Roermond		(19)	298,000	06/06/29	(13)	3.90%	Fixed	328,631	295,768
						08/18/30	(13)(25)	4.02%	Fixed	234,736	110,943
34.	Roosendaal Designer Outlet	Roosendaal		94.0%	247,500	02/28/29	(13)(26)	5.40%	Fixed	76,288	71,711
	Netherlands Square Footage				545,500
	SPAIN
35.	Malaga Designer Outlet	Malaga		46.1%	191,000	05/05/28	(13)(30)	4.28%	Variable	74,529	34,365
	Spain Square Footage				191,000
	THAILAND
36.	Siam Premium Outlets Bangkok	Bangkok		50.0%	264,000	06/05/31	(20)	4.69%	Fixed	58,447	29,224
	Thailand Square Footage				264,000
	UNITED KINGDOM
37.	Ashford Designer Outlet	Kent		45.0%	281,000	05/23/27	(21)	6.12%	Variable	27,826	12,522
						05/23/27	(21)(25)	4.29%	Fixed	111,298	50,084
38.	West Midlands Designer Outlet	Staffordshire		23.2%	197,000	06/06/26	(21)(25)	7.49%	Fixed	87,371	20,305
	United Kingdom Square Footage				478,000
	TOTAL INTERNATIONAL SQUARE FOOTAGE (11)(22)				12,587,150

	TOTAL SQUARE FOOTAGE				183,275,972

All values are in US Dollars.

	3Q 2025 SUPPLEMENTAL					37

TABLE OF CONTENTS

PROPERTY AND DEBT INFORMATION

As of September 30, 2025

						DEBT INFORMATION
	PROPERTY NAME	STATE	CITY (CBSA)	TRG<br> <br><br> OWNERSHIP	TOTAL<br> <br><br> SQUARE FEET	MATURITY<br> <br><br> DATE		INTEREST<br> <br><br> RATE(1)	TYPE	INDEBTEDNESS ( in 000’s)
										TOTAL	TRG SHARE
	Taubman Realty Group
1.	Beverly Center	CA	Los Angeles	100.0%	842,111	(2)
2.	Cherry Creek Shopping Center	CO	Denver	50.0%	1,238,013	06/01/28		3.85%	Fixed	550,000	275,000
3.	City Creek Center	UT	Salt Lake City	100.0%	680,047	05/01/29		7.63%	Fixed	70,000	70,000
4.	Dolphin Mall	FL	Miami	100.0%	1,396,285	12/09/29	(5)(34)	5.35%	Fixed	1,000,000	1,000,000
5.	Gardens Mall, The	FL	Palm Beach Gardens	50.0%	1,403,614	07/15/28		5.63%	Fixed	205,000	102,500
6.	Gardens on El Paseo, The	CA	Palm Desert	100.0%	234,336	(2)
7.	Great Lakes Crossing Outlets	MI	Auburn Hills	100.0%	1,361,617	02/01/33		6.52%	Fixed	180,000	180,000
8.	International Market Place	HI	Waikiki, Honolulu	93.5%	339,414	(2)
9.	International Plaza	FL	Tampa	50.1%	1,378,201	10/09/26	(5)(33)	6.07%	Variable	477,000	238,977
10.	Mall at Green Hills, The	TN	Nashville	100.0%	1,050,700	(2)
11.	Mall at Millenia, The	FL	Orlando	50.0%	1,124,135	10/15/29		5.41%	Fixed	450,000	225,000
12.	Mall at Short Hills, The	NJ	Short Hills	100.0%	1,416,649	10/01/27		3.48%	Fixed	1,000,000	1,000,000
13.	Mall at University Town Center, The	FL	Sarasota	50.0%	848,815	11/01/26		3.40%	Fixed	264,511	132,256
14.	Mall of San Juan, The	PR	San Juan	95.0%	674,546	(2)
15.	Twelve Oaks Mall	MI	Novi	100.0%	1,530,172	03/06/28		4.85%	Fixed	262,242	262,242
16.	Waterside Shops	FL	Naples	50.0%	304,314	04/15/26		3.86%	Fixed	154,337	77,168
17.	Westfarms	CT	West Hartford	78.9%	1,263,730	09/06/28		7.80%	Fixed	242,000	191,035
18.	CityOn.Xian	Xi’an, China		25.0%	995,000	03/14/29	(23)(37)	3.60%	Fixed	92,608	23,152
19.	CityOn.Zhengzhou	Zhengzhou, China		24.5%	919,000	03/22/32	(23)(39)	3.85%	Fixed	110,928	27,177
20.	Starfield Anseong	Anseong, South Korea		49.0%	1,068,000	02/28/28	(24)	3.75%	Fixed	250,465	122,728
21.	Starfield Hanam	Hanam, South Korea		17.2%	1,709,000	07/28/30	(24)	3.72%	Fixed	493,774	84,682
	Total Taubman Realty Group Square Footage				21,777,699

	TOTAL TRG SECURED INDEBTEDNESS										$4,011,917

	TRG – Corporate & Other
	TRG – $525M Revolving Credit Facility			100.0%		03/31/30	(5)	5.28%	Variable	20,000	20,000
							(36)	5.15%	Fixed	150,000	150,000
	TRG – $65M Revolving Credit Facility			100.0%		04/18/26		5.63%	Variable	6,825	6,825
22.	Other Property			50.0%	1,430,072	09/01/25	(5)(40)	4.44%	Fixed	135,651	0
	Other Debt			50.0%		11/01/27	(5)	6.38%	Variable	24,000	12,000
	TOTAL TRG CORPORATE AND OTHER INDEBTEDNESS				23,207,771						$188,825

All values are in US Dollars.

	3Q 2025 SUPPLEMENTAL					38

TABLE OF CONTENTS

PROPERTY AND DEBT INFORMATION

As of September 30, 2025

FOOTNOTES:

(1)

Variable rate debt interest rates are based on the following base rates as of September 30, 2025: Overnight SOFR 4.24%; 1 month CME Term SOFR 4.1292%; 30 Day Average SOFR 4.3076%; 1M EURIBOR at 1.929%; 3M EURIBOR at 2.032%; 6M EURIBOR at 2.096%; 1M YEN TIBOR at 0.6018%; 6M YEN TIBOR at 0.8809%; 1M CORRA at 2.56%; Overnight SONIA 3.96710% and Cost of Funds Rate at 3.63%.

(2)

Unencumbered asset.

(3)

This property is managed by a third party. Reported amounts may be provided in arrears.

(4)

The Operating Partnership receives substantially all the economic benefit of the property due to a preference or advance.

(5)

Includes applicable extensions available at our option.

(6)

The Operating Partnership owns a mortgage note that encumbers Pheasant Lane Mall that entitles it to 100% of the economics of this property.

(7)

The Operating Partnership’s direct and indirect interests in some joint venture properties are subject to preferences on distributions and/or capital allocation in favor of other partners or the Operating Partnership.

(8)

Three properties (Lee Premium Outlets, Calhoun Outlet Marketplace and Gaffney Outlet Marketplace) are secured by cross-collateralized and cross-defaulted mortgages.

(9)

These two properties are secured by cross-collateralized and cross-defaulted mortgages.

(10)

Consists of 10 encumbered properties with interest rates ranging from 3.60% to 8.02% and maturities between 2025 and 2029, of which one property is held within TMLP.

(11)

Does not include any other spaces in joint ventures which are not listed above.

(12)

GLA includes office space.

(13)

Amount shown in USD equivalent; EUR equivalent is 5 billion.

(14)

Amount shown in USD equivalent; CAD equivalent is 421.5 million.

(15)

Amounts shown in USD equivalent; JPY equivalent is 43.8 billion.

(16)

Amounts shown in USD equivalent; KRW equivalent is 444.3 billion.

(17)

Amounts shown in USD equivalent; MYR equivalent is 9.5 million.

(18)

Amounts shown in USD equivalent; MXN equivalent is 366.6 million.

(19)

The Company owns a 90.0% interest in Phases 2 & 3 and a 47.3% interest in Phase 4.

(20)

Amounts shown in USD equivalent; THB equivalent is 1.9 billion.

(21)

Amount shown in USD equivalent; GBP equivalent is 168.5 million.

(22)

Does not include Klépierre.

(23)

Amounts shown in USD equivalent; CNY equivalent is 1.4 billion.

(24)

Amounts shown in USD equivalent; KRW equivalent is 1.0 trillion.

(25)

Through an interest rate swap agreement, interest is essentially fixed at the all-in-rate presented.

(26)

Through an interest rate swap agreement, interest is essentially fixed at the all-in-rate presented until February 26, 2027.

(27)

Through interest rate swap agreements, the interest is essentially fixed at the all-in rate presented until December 1, 2025.

(28)

Through an interest rate cap agreement, interest is essentially capped at the all-in-rate presented.

(29)

Through interest rate swap agreements, the interest is essentially fixed at the all-in rate presented until June 26, 2029.

(30)

Through interest rate cap agreements, the interest is essentially fixed at the all-in rate presented until May 5, 2027.

(31)

Through an interest rate cap agreement, interest is essentially capped at the all-in-rate presented until May 15, 2026.

(32)

Through an interest rate cap agreement, interest is essentially capped at the all-in-rate presented until February 15, 2026.

(33)

Through an interest rate cap agreement, interest is essentially capped at the all-in-rate presented until October 15, 2025.

(34)

Through interest rate swap agreements, the interest is essentially fixed at the all-in rate presented until December 15, 2027.

(35)

Amount shown in USD equivalent; IDR equivalent is 761.8 billion.

(36)

Through interest rate swap agreements, interest is essentially fixed at the all-in-rate presentated through April 1, 2026.

(37)

The interest rate resets on January 1st of each year.

(38)

Through an interest rate cap agreement, interest is essentially capped at the all-in-rate presented until July 27, 2026.

(39)

The interest rate resets on April 16th of each year.

(40)

Mortgage is outstanding as of September 30, 2025

	3Q 2025 SUPPLEMENTAL					39

TABLE OF CONTENTS

NON-GAAP PRO-RATA FINANCIAL INFORMATION

The following pro-rata financial information is not, and is not intended to be, a presentation in accordance with GAAP. The non-GAAP pro-rata financial information aggregates our proportionate economic ownership of each asset in our property portfolio that we do not wholly own. The amounts in the column labeled “Our Share of Joint Ventures” were derived on a property-by-property or entity-by-entity basis by applying to each line item the ownership percentage interest used to arrive at our share of the net operations for the period consistent with the application of the equity method of accounting to each of our unconsolidated joint ventures. A similar calculation was performed for the amounts in the column labeled “Noncontrolling Interests,” which represents the share of consolidated assets and net income or loss attributable to any noncontrolling interest.

We do not control the unconsolidated joint ventures and the presentations of the assets and liabilities and revenues and expenses do not represent our legal claim to such items. The operating agreements of the unconsolidated joint ventures generally provide that partners may receive cash distributions (1) to the extent there is available cash from operations, (2) upon a capital event, such as a refinancing or sale or (3) upon liquidation of the venture. The amount of cash each partner receives is based upon specific provisions of each operating agreement and varies depending on factors including the amount of capital contributed by each partner and whether any contributions are entitled to priority distributions. Upon liquidation of the joint venture and after all liabilities, priority distributions and initial equity contributions have been repaid, the partners generally would be entitled to any residual cash remaining based on their respective legal ownership percentages.

We provide pro-rata financial information because we believe it assists investors and analysts in estimating our economic interest in our unconsolidated joint ventures when read in conjunction with the Company’s reported results under GAAP. The presentation of pro-rata financial information has limitations as an analytical tool. Some of these limitations include:

•

The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses; and

•

Other companies in our industry may calculate their pro-rata interest differently than we do, limiting the usefulness as a comparative measure.

Because of these limitations, the pro-rata financial information should not be considered in isolation or as a substitute for our financial statements as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP results and using the pro-rata financial information only supplementally.

	3Q 2025 SUPPLEMENTAL					40

TABLE OF CONTENTS

NON-GAAP PRO-RATA FINANCIAL INFORMATION (In thousands)

					For the Three Months Ended <br> <br><br> September 30, 2025						For the Three Months Ended <br> <br><br> September 30, 2024
					Noncontrolling<br> <br><br> Interests (1)			Our<br> <br><br> Share of<br> <br><br> Joint Ventures			Noncontrolling<br> <br><br> Interests (1)			Our<br> <br><br> Share of<br> <br><br> Joint Ventures
	REVENUE:
	Lease income					$	(17,604)		$	357,737		$	(16,205)		$	354,272
	Management fees and other revenues						—			—			—			—
	Other income						(2,172)			55,919			(916)			43,712
	Total revenue						(19,776)			413,656			(17,121)			397,984
	EXPENSES:
	Property operating						(3,617)			77,541			(3,204)			75,287
	Depreciation and amortization						(5,822)			85,770			(6,211)			86,633
	Real estate taxes						(587)			23,320			(594)			26,212
	Repairs and maintenance						(418)			10,829			(397)			7,701
	Advertising and promotion						(2,735)			9,853			(2,461)			9,428
	Home and regional office costs						—			—			—			—
	General and administrative						—			—			—			—
	Other						(2,284)			29,830			(2,173)			24,534
	Total operating expenses						(15,463)			237,143			(15,040)			229,795
	OPERATING INCOME BEFORE OTHER ITEMS						(4,313)			176,513			(2,081)			168,189
	Interest expense						3,559			(84,008)			3,546			(82,443)
	Loss on extinguishment of debt						—			—			—			—
	Loss due to disposal, exchange, or revaluation of equity interests, net						—			—			—			—
	Income and other tax expense						—			—			—			—
	Income from unconsolidated entities						(477)			(92,505)			(418)			(85,746)
	Unrealized gains in fair value of publicly traded equity instruments and derivative <br>instrument, net						—			—			—			—
	Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net						—			—			—			—
	Consolidated income from continuing operations						(1,231)			0			1,047			—
	CONSOLIDATED NET INCOME						(1,231)			0			1,047			—
	Net income attributable to noncontrolling interests						(1,231)			—			1,047			—
	Preferred dividends						—			—			—			—
	NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS					$	—		$	—		$	—		$	—
	3Q 2025 SUPPLEMENTAL					41
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TABLE OF CONTENTS

NON-GAAP PRO-RATA FINANCIAL INFORMATION

(In thousands)

	For the Nine Months Ended <br> <br><br> September 30, 2025						For the Nine Months Ended <br> <br><br> September 30, 2024
	Noncontrolling<br> <br><br> Interests (1)			Our<br> <br><br> Share of<br> <br><br> Joint Ventures			Noncontrolling<br> <br><br> Interests (1)			Our<br> <br><br> Share of<br> <br><br> Joint Ventures
REVENUE:
Lease income		$	(48,967)		$	1,063,244		$	(46,638)		$	1,046,551
Management fees and other revenues			—			—			—			—
Other income			(3,773)			159,805			(2,395)			132,010
Total revenue			(52,740)			1,223,049			(49,033)			1,178,561
EXPENSES:
Property operating			(10,243)			230,848			(9,309)			217,301
Depreciation and amortization			(17,034)			262,268			(15,722)			263,204
Real estate taxes			(1,327)			77,660			(1,810)			83,163
Repairs and maintenance			(1,335)			28,510			(1,251)			24,343
Advertising and promotion			(7,790)			30,821			(6,414)			29,691
Home and regional office costs			—			—			—			—
General and administrative			—			—			—			—
Other			(5,760)			85,639			(6,105)			73,809
Total operating expenses			(43,489)			715,746			(40,611)			691,511
OPERATING INCOME BEFORE OTHER ITEMS			(9,251)			507,303			(8,422)			487,050
Interest expense			10,329			(249,046)			10,238			(248,505)
Loss on extinguishment of debt			—			—			—			—
Gain due to disposal, exchange, or revaluation of equity interests, net			—			—			—			—
Income and other tax expense			—			—			—			—
Income from unconsolidated entities			(1,044)			(258,257)(2)			(83)			(238,545)(2)
Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net			—			—			—			—
Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net			—			—			—			—
Consolidated income from continuing operations			34			—			1,733			—
CONSOLIDATED NET INCOME			34			—			1,733			—
Net income attributable to noncontrolling interests			34			—(3)			1,733			—(3)
Preferred dividends			—			—			—			—
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS		$	—		$	—		$	—		$	—

(1)

Represents our venture partners’ share of operations from consolidated properties.

(2)

Our Total Share of income from unconsolidated entities excludes our share of net results related to our investment in Klépierre, TRG, RGG, Catalyst and Jamestown.

(3)

Represents limited partners’ interest in the Operating Partnership.

	3Q 2025 SUPPLEMENTAL					42

TABLE OF CONTENTS

NON-GAAP PRO-RATA FINANCIAL INFORMATION

(In thousands)

					As of September 30, 2025						As of September 30, 2024
					Noncontrolling<br> <br><br> Interests			Our<br> <br><br> Share of<br> <br><br> Joint Ventures			Noncontrolling<br> <br><br> Interests			Our<br> <br><br> Share of<br> <br><br> Joint Ventures
	ASSETS:
	Investment properties, at cost					$	(685,489)		$	9,831,993		$	(589,263)		$	10,194,677
	Less – accumulated depreciation						(192,481)			4,270,907			(163,218)			4,250,513
							(493,008)			5,561,086			(426,045)			5,944,164
	Cash and cash equivalents						(35,981)			565,833			(26,216)			588,044
	Short-term investments						—			—			—			—
	Tenant receivables and accrued revenue, net						(6,962)			244,276			(7,401)			237,178
	Investment in TRG, at equity						—			—			—			—
	Investment in Klépierre, at equity						—			—			—			—
	Investment in unconsolidated entities, at equity						(3,583)			(2,586,425)			(7,668)			(2,620,491)
	Right-of-use assets, net						(848)			52,825			(857)			53,019
	Investments held in trust – special purpose acquisition company						—			—			—			—
	Deferred costs and other assets						(21,914)			1,344,888			(28,613)			1,223,906
	Total assets					$	(562,296)		$	5,182,483		$	(496,800)		$	5,425,820
	LIABILITIES:
	Mortgages and unsecured indebtedness						(239,064)			6,273,277			(233,494)			6,480,573
	Accounts payable, accrued expenses, intangibles, and deferred revenues						(21,209)			465,840			(27,364)			449,602
	Cash distributions and losses in unconsolidated entities, at equity						—			(1,747,430)			—			(1,733,935)
	Dividend payable						—			—			—			—
	Lease liabilities						(848)			48,634			(857)			48,211
	Other liabilities						(50,473)			142,162			(44,438)			181,369
	Total liabilities					$	(311,594)			5,182,483		$	(306,153)			5,425,820
	Commitments and contingencies
	Limited partners’ preferred interest in the Operating Partnership						(229,428)			—			(167,342)			—
	EQUITY:
	Stockholders’ equity
	Capital stock
	Series J 8 3/8% cumulative redeemable preferred stock						—			—			—			—
	Common stock, $.0001 par value						—			—			—			—
	Class B common stock, $.0001 par value						—			—			—			—
	Capital in excess of par value						—			—			—			—
	Accumulated deficit						—			—			—			—
	Accumulated other comprehensive loss						—			—			—			—
	Common stock held in treasury at cost						—			—			—			—
	Total stockholders’ equity						—			—			—			—
	Noncontrolling interests						(21,274)			—			(23,305)			—
	Total equity						(21,274)			—			(23,305)			—
	Total liabilities and equity					$	(562,296)		$	5,182,483		$	(496,800)		$	5,425,820
	3Q 2025 SUPPLEMENTAL					43
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TABLE OF CONTENTS

GUIDANCE RECONCILIATION

The following table provides the GAAP to non-GAAP reconciliation for the expected range of estimated net income attributable to common stockholders per diluted share to estimated Real Estate FFO per diluted share:


FOR THE YEAR ENDING DECEMBER 31, 2025
Estimated net income attributable to common stockholders per diluted share*	$	6.74	$	6.84
Add: Depreciation and amortization including Simon’s share of unconsolidated entities		5.70		5.70
Less: Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interest in unconsolidated entities and impairment, net**		(0.01)		(0.01)
Estimated FFO per diluted share	$	12.43	$	12.53
Less: Gain due to disposal, exchange or revaluation of equity interests, net**		(0.14)		(0.14)
Add: Other platform investments, net of tax**		0.08		0.08
Add: Unrealized losses in fair value adjustments of the Klépierre exchangeable bonds and publicly traded equity instruments, net**		0.23		0.23
Estimated Real Estate FFO per diluted share	$	12.60	$	12.70

Excludes any gain on the Taubman Realty Group transaction and purchase accounting.

Amounts represent year-to-date actual results for the respective line items. The Company is not providing guidance for these line items.

	3Q 2025 SUPPLEMENTAL					44