SIMON PROPERTY GROUP

EARNINGS RELEASE &
SUPPLEMENTAL INFORMATION
UNAUDITED SECOND QUARTER

	EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION FOR THE QUARTER ENDED JUNE 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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Contacts:

Tom Ward

317-685-7330 Investors

Nicole Kennon

704-804-1960 Media

Simon® Reports Second Quarter 2025 Results,
Increases Full Year 2025 Real Estate FFO Per Share Guidance
and Raises Quarterly Dividend

INDIANAPOLIS, August 4, 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 June 30, 2025.

“We delivered another successful quarter, driven by the quality of our portfolio and disciplined execution,” said David Simon, Chairman, Chief Executive Officer and President. “Our strategic investments and A-rated balance sheet position us for sustained long-term cash flow growth. Today, we are raising our dividend and increasing the mid-point of our full-year 2025 Real Estate FFO guidance.”

Results for the Quarter

•

Net income attributable to common stockholders was $556.1 million, or $1.70 per diluted share, as compared to $493.5 million, or $1.51 per diluted share in 2024.

•

Real Estate Funds From Operations (“FFO”) was $1.154 billion, or $3.05 per diluted share as compared to $1.100 billion, or $2.93 per diluted share in the prior year, an increase of 4.1%.

•

FFO was $1.189 billion, or $3.15 per diluted share as compared to $1.088 billion, or $2.90 per diluted share in the prior year.

•

Domestic property Net Operating Income (“NOI”) increased 4.2% and portfolio NOI increased 4.7% compared to the prior year period.

Results for the Six Months

•

Net income attributable to common stockholders was $969.8 million, or $2.97 per diluted share, as compared to $1.225 billion, or $3.76 per diluted share in 2024.

•

Real Estate FFO was $2.268 billion, or $6.01 per diluted share as compared to $2.191 billion, or $5.84 per diluted share in the prior year.

•

FFO was $2.194 billion, or $5.82 per diluted share as compared to $2.421 billion, or $6.46 per diluted share in the prior year.

•

Domestic property NOI increased 3.8% and portfolio NOI increased 4.2% compared to the prior year period.

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U.S. Malls and Premium Outlets Operating Statistics

•

Occupancy at June 30, 2025 was 96.0%, a 0.4% increase compared to 95.6% at June 30, 2024.

•

Base minimum rent per square foot was $58.70 at June 30, 2025, compared to $57.94 at June 30, 2024, an increase of 1.3%.

•

Reported retailer sales per square foot was $736 for the trailing 12 months ended June 30, 2025.

Acquisition Activity

On June 27, 2025, the Company acquired its partner’s interest in the retail and parking facilities at Brickell City Centre, located in Miami, Florida. Simon now wholly-owns and manages the asset.

Capital Markets and Balance Sheet Liquidity

During the first six months, the Company completed 21 secured loan transactions totaling approximately $3.8 billion (U.S. dollar equivalent). The weighted average interest rate on these loans was 5.84%.

As of June 30, 2025, Simon had approximately $9.2 billion of liquidity consisting of $1.8 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 $2.15 for the third quarter of 2025. This is an increase of $0.10, or 4.9% year-over-year. The dividend will be payable on September 30, 2025 to shareholders of record on September 9, 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 September 30, 2025 to shareholders of record on September 16, 2025.

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 $12.45 to $12.65 per diluted share.

	Low End			High End
Estimated net income attributable to common stockholders per diluted share		$	6.63		$	6.83
Estimated Real Estate FFO per diluted share		$	12.45		$	12.65

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 Daylight Time, Monday, August 4, 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 August 11, 2025. To access the audio replay, dial 1-844-512-2921 (international +1-412-317-6671) passcode 13754744.

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Supplemental Materials and Website

Supplemental information on our second 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 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 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

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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 Ended June 30,						For the Six Months Ended June 30,
	2025			2024			2025			2024
REVENUE:
Lease income		$	1,379,454		$	1,315,740		$	2,746,882		$	2,618,412
Management fees and other revenues			37,931			33,186			71,723			62,642
Other income			81,074			109,340			152,867			219,802
Total revenue			1,498,459			1,458,266			2,971,472			2,900,856
EXPENSES:
Property operating			139,816			131,292			276,637			257,406
Depreciation and amortization			339,058			310,016			667,109			617,384
Real estate taxes			105,315			96,640			212,768			205,849
Repairs and maintenance			26,238			24,524			56,380			50,253
Advertising and promotion			36,310			38,828			70,566			66,909
Home and regional office costs			57,564			50,481			122,630			111,204
General and administrative			14,298			10,839			26,927			19,970
Other			35,663			41,545			66,641			82,600
Total operating expenses			754,262			704,165			1,499,658			1,411,575
OPERATING INCOME BEFORE OTHER ITEMS			744,197			754,101			1,471,814			1,489,281
Interest expense			(232,724)			(221,338)			(459,720)			(451,960)
Gain due to disposal, exchange, or revaluation of equity interests, net			104,499			—			80,507			414,769
Income and other tax expense			(35,107)			(4,961)			(27,470)			(52,564)
Income from unconsolidated entities			122,875			42,214			153,234			7,872
Unrealized (losses) gains in fair value of publicly traded equity instruments and derivative instrument, net			(50,455)			2,405			(87,220)			(4,787)
(Loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net			(9,604)			(2,986)			(9,604)			7,980
CONSOLIDATED NET INCOME			643,681			569,435			1,121,541			1,410,591
Net income attributable to noncontrolling interests			86,714			75,136			150,040			183,755
Preferred dividends			834			834			1,669			1,669
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS		$	556,133		$	493,465		$	969,832		$	1,225,167
BASIC AND DILUTED EARNINGS PER COMMON SHARE:
Net income attributable to common stockholders		$	1.70		$	1.51		$	2.97		$	3.76

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Simon Property Group, Inc.

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

	June 30, 2025			December 31, 2024
ASSETS:
Investment properties, at cost		$	42,353,405		$	40,242,392
Less – accumulated depreciation			20,017,666			19,047,078
			22,335,739			21,195,314
Cash and cash equivalents			1,231,437			1,400,345
Tenant receivables and accrued revenue, net			777,538			796,513
Investment in TRG, at equity			2,952,066			3,069,297
Investment in Klépierre, at equity			1,534,383			1,384,267
Investment in other unconsolidated entities, at equity			2,613,543			2,670,739
Right-of-use assets, net			515,455			519,607
Deferred costs and other assets			1,335,441			1,369,609
Total assets		$	33,295,602		$	32,405,691
LIABILITIES:
Mortgages and unsecured indebtedness		$	25,401,250		$	24,264,495
Accounts payable, accrued expenses, intangibles, and deferred revenues			1,630,964			1,712,465
Cash distributions and losses in unconsolidated entities, at equity			1,746,426			1,680,431
Dividend payable			2,057			2,410
Lease liabilities			516,065			520,283
Other liabilities			907,770			626,155
Total liabilities			30,204,532			28,806,239
Commitments and contingencies
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests			243,504			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 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			40,614			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			11,593,787			11,583,051
Accumulated deficit			(6,837,606)			(6,382,515)
Accumulated other comprehensive loss			(256,308)			(193,026)
Common stock held in treasury, at cost, 16,575,924 and 16,675,701 shares, respectively			(2,089,012)			(2,106,396)
Total stockholders’ equity			2,451,508			2,941,925
Noncontrolling interests			396,058			472,798
Total equity			2,847,566			3,414,723
Total liabilities and equity		$	33,295,602		$	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 Ended June 30,						For the Six Months Ended June 30,
	2025			2024			2025			2024
REVENUE:
Lease income		$	757,888		$	741,887		$	1,507,695		$	1,493,917
Other income			112,941			94,773			207,008			185,764
Total revenue			870,829			836,660			1,714,703			1,679,681
OPERATING EXPENSES:
Property operating			165,960			162,138			332,607			323,183
Depreciation and amortization			159,675			158,107			318,687			317,921
Real estate taxes			58,606			61,104			117,398			124,284
Repairs and maintenance			18,204			18,142			38,967			37,634
Advertising and promotion			22,474			21,532			44,623			43,195
Other			61,308			53,630			118,155			108,510
Total operating expenses			486,227			474,653			970,437			954,727
OPERATING INCOME BEFORE OTHER ITEMS			384,602			362,007			744,266			724,954
Interest expense			(174,995)			(179,359)			(345,363)			(356,110)
NET INCOME		$	209,607		$	182,648		$	398,903		$	368,844
Third-Party Investors’ Share of Net Income		$	107,651		$	92,849		$	204,248		$	187,219
Our Share of Net Income			101,956			89,799			194,655			181,625
Amortization of Excess Investment (A)			(13,871)			(14,463)			(28,336)			(29,160)
Income from Unconsolidated Entities (B)		$	88,085		$	75,336		$	166,319		$	152,465

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)

	June 30, 2025			December 31, 2024
Assets:
Investment properties, at cost		$	18,556,864		$	18,875,241
Less – accumulated depreciation			8,961,791			8,944,188
			9,595,073			9,931,053
Cash and cash equivalents			1,149,366			1,270,594
Tenant receivables and accrued revenue, net			494,651			533,676
Right-of-use assets, net			121,280			113,014
Deferred costs and other assets			559,208			531,059
Total assets		$	11,919,578		$	12,379,396
Liabilities and Partners’ Deficit:
Mortgages		$	13,630,447		$	13,666,090
Accounts payable, accrued expenses, intangibles, and deferred revenue			970,489			1,037,015
Lease liabilities			112,587			104,120
Other liabilities			344,860			363,488
Total liabilities			15,058,383			15,170,713
Preferred units			67,450			67,450
Partners’ deficit			(3,206,255)			(2,858,767)
Total liabilities and partners’ deficit		$	11,919,578		$	12,379,396
Our Share of:
Partners’ deficit		$	(1,240,860)		$	(1,180,960)
Add: Excess Investment (A)			1,008,071			1,077,204
Our net Investment in unconsolidated entities, at equity		$	(232,789)		$	(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 June 30,						For the Six Months Ended June 30,
	2025			2024			2025			2024
Consolidated Net Income (D)		$	643,681		$	569,435		$	1,121,541		$	1,410,591
Adjustments to Arrive at FFO:
Depreciation and amortization from consolidated properties			335,157			306,318			659,479			609,990
Our share of depreciation and amortization from unconsolidated entities, including Klépierre, TRG and other corporate investments			207,587			216,257			416,551			421,235
Loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net			9,604			2,986			9,604			(7,980)
Net (gain) loss attributable to noncontrolling interest holders in properties			(26)			(785)			1,266			685
Noncontrolling interests portion of depreciation and amortization, gain on consolidation of properties, and loss (gain) on disposal of properties			(6,346)			(5,087)			(12,339)			(10,598)
Preferred distributions and dividends			(1,126)			(1,266)			(2,252)			(2,532)
FFO of the Operating Partnership		$	1,188,531		$	1,087,858		$	2,193,850		$	2,421,391
FFO allocable to limited partners			159,806			141,733			295,091			315,537
FFO allocable to common stockholders		$	1,028,725		$	946,125		$	1,898,759		$	2,105,854
FFO of the Operating Partnership		$	1,188,531		$	1,087,858		$	2,193,850		$	2,421,391
Gain due to disposal, exchange, or revaluation of equity interests, net of tax			(78,374)			—			(60,381)			(311,077)
Other platform investments, net of tax			(6,594)			15,008			47,591			75,784
Unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net			50,455			(2,405)			87,220			4,787
Real Estate FFO		$	1,154,018		$	1,100,461		$	2,268,280		$	2,190,885
Diluted net income per share to diluted FFO per share reconciliation:
Diluted net income per share		$	1.70		$	1.51		$	2.97		$	3.76
Depreciation and amortization from consolidated properties and our share of depreciation and amortization from unconsolidated entities, including Klépierre, TRG and other corporate investments, net of noncontrolling interests portion of depreciation and amortization			1.42			1.38			2.82			2.72
Loss (gain) 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			0.03			(0.02)
Diluted FFO per share		$	3.15		$	2.90		$	5.82		$	6.46
Gain due to disposal, exchange, or revaluation of equity interests, net of tax			(0.21)			—			(0.16)			(0.83)
Other platform investments, net of tax			(0.02)			0.04			0.12			0.20
Unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net			0.13			(0.01)			0.23			0.01
Real Estate FFO per share		$	3.05		$	2.93		$	6.01		$	5.84
			4.1%						2.9%

Details for per share calculations:
FFO of the Operating Partnership	$	1,188,531	$	1,087,858	$	2,193,850	$	2,421,391
Diluted FFO allocable to unitholders		(159,806)		(141,733)		(295,091)		(315,537)
Diluted FFO allocable to common stockholders	$	1,028,725	$	946,125	$	1,898,759	$	2,105,854
Basic and Diluted weighted average shares outstanding		326,487		326,039		326,401		325,975
Weighted average limited partnership units outstanding		50,714		48,844		50,727		48,843
Basic and Diluted weighted average shares and units outstanding		377,201		374,883		377,128		374,818
Basic and Diluted FFO per Share	$	3.15	$	2.90	$	5.82	$	6.46
Percent Change		8.6%				-9.9%

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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 $1.2 million and $0.0 million for the three months ended June 30, 2025 and 2024, respectively, and $1.2 million and $7.5 million for the six months ended June 30, 2025 and 2024, respectively.

–

Straight-line adjustments increased (decreased) income by $3.7 million and ($4.2) million for the three months ended June 30, 2025 and 2024, respectively, and $5.9 million and ($8.8) million for the six months ended June 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 June 30, 2025 and 2024, respectively, and $0.6 million and $0.3 million for the six months ended June 30, 2025 and 2024, respectively.

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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 June 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 June 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 June 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 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).

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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 Redeemable Preferred	SPGPrJ
CREDIT RATINGS
	Standard & Poor’s
	Corporate	A-	(Positive Outlook)
	Senior Unsecured	A-	(Positive Outlook)
	Commercial Paper	A2	(Positive Outlook)
	Preferred Stock	BBB	(Positive 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%	38%	Yes
Total Secured Debt to Total Assets (1)	≤50%	16%	Yes
Fixed Charge Coverage Ratio	>1.5X	4.6X	Yes
Total Unencumbered Assets to Unsecured Debt	≥125%	304%	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.

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

	THREE MONTHS ENDED JUNE 30,						SIX MONTHS ENDED JUNE 30,
	2025			2024			2025			2024
Financial Highlights
Total Revenue – Consolidated Properties		$	1,498,459		$	1,458,266		$	2,971,472		$	2,900,856
Consolidated Net Income		$	643,681		$	569,435		$	1,121,541		$	1,410,591
Net Income Attributable to Common Stockholders		$	556,133		$	493,465		$	969,832		$	1,225,167
Basic and Diluted Earnings per Common Share (EPS)		$	1.70		$	1.51		$	2.97		$	3.76
Real Estate Funds from Operations (Real Estate FFO) of the Operating Partnership		$	1,154,018		$	1,100,461		$	2,268,280		$	2,190,885
Basic and Diluted Real Estate FFO per Share		$	3.05		$	2.93		$	6.01		$	5.84
Funds from Operations (FFO) of the Operating Partnership		$	1,188,531		$	1,087,858		$	2,193,850		$	2,421,391
Basic and Diluted FFO per Share (FFOPS)		$	3.15		$	2.90		$	5.82		$	6.46
Dividends/Distributions per Share/Unit		$	2.10		$	2.00		$	4.20		$	3.95

	AS OF JUNE 30, 2025			AS OF DECEMBER 31, 2024
Stockholders’ Equity Information
Limited Partners’ Units Outstanding at end of period			50,714			50,760
Common Shares Outstanding at end of period			326,493			326,278
Total Common Shares and Limited Partnership Units Outstanding at end of period			377,207			377,038
Weighted Average Limited Partnership Units Outstanding			50,727			49,338
Weighted Average Common Shares Outstanding:
Basic and Diluted – for purposes of EPS and FFOPS			326,401			326,097
Equity Market Capitalization
Common Stock Price at end of period		$	160.76		$	172.21
Common Equity Capitalization, including Limited Partnership Units		$	60,639,750		$	64,929,673
Preferred Equity Capitalization, including Limited Partnership Preferred Units			59,975			61,944
Total Equity Market Capitalization		$	60,699,725		$	64,991,617

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NET OPERATING INCOME (NOI) COMPOSITION (1)
For the Six Months Ended June 30, 2025

(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.

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

	FOR THE THREE MONTHS ENDED JUNE 30,						% GROWTH			FOR THE SIX MONTHS ENDED JUNE 30,						% GROWTH
	2025			2024			% GROWTH			2025			2024			% GROWTH

Domestic Property NOI (1)		$	1,387,418		$	1,331,079		4.2	%		$	2,760,262		$	2,659,360		3.8	%
International Properties (2)			93,227			82,476						175,730			159,127

Portfolio NOI		$	1,480,645		$	1,413,555		4.7	%		$	2,935,992		$	2,818,487		4.2	%
NOI from Other Platform Investments (3)			41,688			6,485						227			(84,638)
NOI from Investments (4)			66,272			60,547						119,662			109,902
Corporate and Other NOI Sources (5)			59,182			68,142						114,133			159,998

Beneficial interest of Combined NOI		$	1,647,787		$	1,548,729					$	3,170,014		$	3,003,749

(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.

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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(In thousands, except as noted)

RECONCILIATION OF NET INCOME TO NOI

	THREE MONTHS ENDED JUNE 30,						SIX MONTHS ENDED JUNE 30,
	2025			2024			2025			2024
Reconciliation of NOI of consolidated entities:
Consolidated Net Income		$	643,681		$	569,435		$	1,121,541		$	1,410,591
Income and other tax expense			35,107			4,961			27,470			52,564
Gain due to disposal, exchange, or revaluation of equity interests, net			(104,499)			—			(80,507)			(414,769)
Interest expense			232,724			221,338			459,720			451,960
Income from unconsolidated entities			(122,875)			(42,214)			(153,234)			(7,872)
Unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net			50,455			(2,405)			87,220			4,787
Loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net			9,604			2,986			9,604			(7,980)
Operating Income Before Other Items			744,197			754,101			1,471,814			1,489,281
Depreciation and amortization			339,058			310,016			667,109			617,384
Home and regional office costs			57,564			50,481			122,630			111,204
General and administrative			14,298			10,839			26,927			19,970
Other expenses			9			21			9			21
NOI of consolidated entities		$	1,155,126		$	1,125,458		$	2,288,489		$	2,237,860
Less: Noncontrolling interest partners share of NOI			(8,766)			(8,382)			(16,150)			(15,853)
Beneficial NOI of consolidated entities		$	1,146,360		$	1,117,076		$	2,272,339		$	2,222,007
Reconciliation of NOI of unconsolidated entities:
Net Income		$	209,607		$	182,648		$	398,903		$	368,844
Interest expense			174,995			179,359			345,363			356,110
Operating Income Before Other Items			384,602			362,007			744,266			724,954
Depreciation and amortization			159,675			158,107			318,687			317,921
NOI of unconsolidated entities		$	544,277		$	520,114		$	1,062,953		$	1,042,875
Less: Joint Venture partners share of NOI			(284,903)			(273,503)			(555,664)			(547,441)
Beneficial NOI of unconsolidated entities		$	259,374		$	246,611		$	507,289		$	495,434
Add: Beneficial interest of NOI from TRG			134,093			120,932			270,497			251,410
Add: Beneficial interest of NOI from Other Platform Investments and Investments (1)			107,960			64,110			119,889			34,898
Beneficial interest of Combined NOI		$	1,647,787		$	1,548,729		$	3,170,014		$	3,003,749

(1)

See footnotes 3 and 4 on prior page.

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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)

	THREE MONTHS ENDED JUNE 30, 2025			SIX MONTHS ENDED JUNE 30, 2025
FFO of the Operating Partnership		$	1,188,531		$	2,193,850
Non-cash impacts to FFO (1)			(11,363)			47,198
FFO of the Operating Partnership excluding non-cash impacts			1,177,168			2,241,048
Tenant allowances			(104,510)			(157,801)
Operational capital expenditures			(61,154)			(107,214)
Funds available for distribution		$	1,011,504		$	1,976,033

(1)

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

	THREE MONTHS ENDED JUNE 30, 2025			SIX MONTHS ENDED JUNE 30, 2025
Deductions:
Fair value of debt amortization			(72)			(114)
Gain due to disposal, exchange or revaluation or equity interests, net of tax			(83,313)			(83,313)
Fair market value of lease amortization			(254)			(561)
Straight line lease income			(3,643)			(5,884)
Additions:
Stock based compensation expense			16,521			32,762
Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net			50,455			87,220
Write-off of pre-development costs			9			9
Mortgage, financing fee, accretion interest, and terminated swap amortization expense			8,934			17,079
		$	(11,363)		$	47,198

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.

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LEASE INCOME, OTHER INCOME, OTHER EXPENSE, INCOME FROM
UNCONSOLIDATED ENTITIES, AND CAPITALIZED INTEREST
(In thousands)

	THREE MONTHS ENDED JUNE 30,						SIX MONTHS ENDED JUNE 30,
Consolidated Properties	2025			2024			2025			2024
Lease Income
Fixed lease income (1)		$	1,132,802		$	1,073,031		$	2,256,916		$	2,141,437
Variable lease income (2)			246,652			242,709			489,966			476,975
Total Lease Income		$	1,379,454		$	1,315,740		$	2,746,882		$	2,618,412
Other Income
Interest, dividend and distribution income (3)		$	27,275		$	44,602		$	50,179		$	83,133
Lease settlement income			2,475			2,963			3,830			8,297
Gains on land sales			1,170			—			1,170			7,478
Mixed-use and franchise operations income			12,633			21,459			23,859			42,677
Other (4)			37,521			40,316			73,829			78,217
Total Other Income		$	81,074		$	109,340		$	152,867		$	219,802
Other Expense
Ground leases		$	12,236		$	13,037		$	24,506		$	25,292
Mixed-use and franchise operations expense			8,895			18,710			18,126			37,658
Professional fees and other			14,532			9,798			24,009			19,650
Total Other Expense		$	35,663		$	41,545		$	66,641		$	82,600
Income from Unconsolidated Entities
Share of Joint Ventures (5)		$	88,085		$	75,336		$	166,319		$	152,465
Share of Klépierre net income, net of amortization of excess investment			21,290			21,373			40,557			37,010
Share of Other Platform Investments net income (loss), net of amortization of excess investment, pre-tax			20,935			(18,079)			(39,840)			(133,847)
Share of TRG net loss including amortization of excess investment			(7,435)			(36,416)			(13,802)			(47,756)
Total Income from Unconsolidated Entities		$	122,875		$	42,214		$	153,234		$	7,872
Capitalized Interest
Our Share of Consolidated Properties		$	7,869		$	9,699		$	16,868		$	18,760
Our Share of Joint Venture Properties		$	106		$	104		$	176		$	172

(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.

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OPERATING INFORMATION

	AS OF JUNE 30,
	2025			2024
U.S. Malls and Premium Outlets
Total Number of Properties			162			162
Total Square Footage of Properties (in millions)			136.1			136.6
Ending Occupancy (1):
Consolidated Assets			96.0%			95.6%
Unconsolidated Assets			95.9%			95.5%
Total Portfolio			96.0%			95.6%
Base Minimum Rent PSF (2):
Consolidated Assets		$	56.86		$	56.45
Unconsolidated Assets		$	64.19		$	62.13
Total Portfolio		$	58.70		$	57.94
U.S. TRG
Total Number of Properties			17			18
Total Square Footage of Properties (in millions)			17.1			17.9
Ending Occupancy (1)			92.9%			94.7%
Base Minimum Rent PSF (2)		$	71.88		$	66.64

	AS OF JUNE 30,
	2025			2024
The Mills
Total Number of Properties			14			14
Total Square Footage of Properties (in millions)			21.4			21.3
Ending Occupancy (3)			99.3%			98.2%
Base Minimum Rent PSF (2)		$	37.65		$	37.43
International Properties
Premium Outlets
Total Number of Properties			24			23
Total Square Footage of Properties (in millions)			9.2			8.7
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.

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

Year	Number of Leases Expiring		Square Feet		Avg. Base Minimum Rent PSF at Expiration (3)			Percentage of Gross Annual Rental Revenues (4)
Inline Stores and Freestanding
Month to Month Leases		1,098		3,963,929		$	65.91		4.5	%
2025 (7/1/25 – 12/31/25)		778		2,513,052		$	64.85		2.9	%
2026		3,007		10,602,671		$	54.74		10.1	%
2027		2,600		9,860,844		$	60.15		10.1	%
2028		2,172		9,194,453		$	65.54		10.5	%
2029		1,777		7,575,838		$	64.58		8.3	%
2030		1,153		5,378,314		$	74.23		6.7	%
2031		530		2,777,261		$	72.19		3.4	%
2032		524		1,991,733		$	90.62		3.1	%
2033		600		2,365,121		$	96.94		3.9	%
2034		664		2,542,508		$	93.22		4.1	%
2035		353		1,515,891		$	92.39		2.3	%
2036 and Thereafter		671		3,289,058		$	59.04		2.8	%
Specialty Leasing Agreements w/ terms in excess of 12 months		2,184		6,363,670		$	16.25		1.8	%
Anchors
Month to Month Leases		2		263,650		$	2.52		0.0	%
2025 (7/1/25 – 12/31/25)		1		59,895		$	17.09		0.0	%
2026		13		1,363,624		$	4.93		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		12		1,033,844		$	7.87		0.1	%
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		21		2,027,160		$	15.40		0.5	%

(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.

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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	Number of Stores		Square Feet (000’s)		Percent of Total Sq. Ft. in U.S. Properties			Percent of Total Base Minimum Rent for U.S. Properties
The Gap		283		3,038		1.8	%		2.7	%
Tapestry		215		929		0.5	%		1.7	%
Knitwell Group		426		1,936		1.1	%		1.7	%
Signet Jewelers		334		489		0.3	%		1.5	%
American Eagle Outfitters		227		1,441		0.8	%		1.5	%
LVMH Fashion		129		497		0.3	%		1.4	%
Victoria’s Secret & Co.		125		1,081		0.6	%		1.4	%
Capri Holdings		130		532		0.3	%		1.4	%
Kering		79		353		0.2	%		1.3	%
VF Corporation		196		863		0.5	%		1.3	%

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

Tenant	Number of Stores		Square Feet (000’s)		Percent of Total Sq. Ft. in U.S. Properties			Percent of Total Base Minimum Rent for U.S. Properties
Macy’s		97		18,845		11.0	%		0.3	%
J.C. Penney		53		8,668		5.1	%		0.2	%
Dillard’s		35		6,377		3.7	%		*
Nordstrom		22		3,814		2.2	%		0.1	%
Dick’s Sporting Goods		39		3,191		1.9	%		0.6	%
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.

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CAPITAL EXPENDITURES (1)
(In thousands)

				UNCONSOLIDATED PROPERTIES
	CONSOLIDATED PROPERTIES			TOTAL			OUR SHARE
New development projects		$	7,033		$	21,309		$	10,654
Redevelopment projects with incremental square footage and/or anchor replacement			155,172			71,294			35,485
Redevelopment projects with no incremental square footage			14,835			7,325			3,832
Subtotal new development and redevelopment projects			177,040			99,928			49,971
Tenant allowances			136,508			43,808			21,293
Operational capital expenditures (CAM and non-CAM)			77,770			66,285			29,444
Totals		$	391,318		$	210,021		$	100,708
Conversion from accrual to cash basis			82,907			40,992			19,656
Capital Expenditures for the Six Months Ended 6/30/25 (2)		$	474,225		$	251,013		$	120,364
Capital Expenditures for the Six Months Ended 6/30/24 (2)		$	351,342		$	240,981		$	115,714

(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.

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DEVELOPMENT ACTIVITY SUMMARY (1)

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

PLATFORM PROJECT TYPE	OUR SHARE OF NET INVESTMENT			EXPECTED STABILIZED RATE OF RETURN			ACTUAL 2025 INVESTMENT THRU Q2 2025			FORECASTED INVESTMENT Q3 - Q4 2025			FORECASTED INVESTMENT FY 2025			FORECASTED INVESTMENT FY 2026			FORECASTED TOTAL INVESTMENT FY 2025 - 2026
Malls
Redevelopments		$	910,386		9	%		$	172,586		$	230,824		$	403,410		$	195,311		$	598,721
Premium Outlets
New Developments		$	57,510		11	%		$	8,809		$	3,500		$	12,309		$	2,512		$	14,821
Redevelopments		$	12,050		9	%		$	346		$	8,694		$	9,040		$	2,696		$	11,736
The Mills
Redevelopments		$	37,867		15	%		$	8,278		$	16,572		$	24,850		$	8,064		$	32,914
Total Investment (1)		$	1,017,813		9	%		$	190,019		$	259,590		$	449,609		$	208,583		$	658,192
Less funding from: Construction Loans, International JV Cash on hand, etc.		$	(144,887)					$	(17,808)		$	(7,786)		$	(25,594)		$	(58,798)		$	(84,392)
Total Net Cash Investment		$	872,926					$	172,211		$	251,804		$	424,015		$	149,785		$	573,800

Notes:

(1)

Does not include TRG.

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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 June 30, 2025

	COMMON SHARES (1)		LIMITED PARTNERSHIP UNITS (2)
Number Outstanding at December 31, 2024		326,278,138		50,759,627
First Quarter Activity
Redemption of Limited Partnership Units for Cash		—		(36,291)
Restricted Stock/Restricted Stock Unit Awards and Long-Term Incentive Performance (LTIP) Units Earned (3)		39,949		107,462
Exchange of Limited Partnership Units for Common Stock		116,558		(116,558)
Shares Repurchased to Satisfy Employee Tax Obligations		(9,606)		—
Number Outstanding at March 31, 2025		326,425,039		50,714,240
Second Quarter Activity
Redemption of Limited Partnership Units for Cash		—		(300)
Restricted Stock/Restricted Stock Unit Awards and Long-Term Incentive Performance (LTIP) Units Earned (3)		117,411		—
Shares Repurchased to Satisfy Employee Tax Obligations		(49,687)		—
Number Outstanding at June 30, 2025		326,492,763		50,713,940
Number of Limited Partnership Units and Common Shares at June 30, 2025		377,206,703

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

ISSUER	DESCRIPTION	NUMBER OF SHARES/UNITS		PER SHARE LIQUIDATION PREFERENCE			AGGREGATE LIQUIDATION PREFERENCE			TICKER 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		$	23,037	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 June 30, 2025 was $55.76 per share.

(5)

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

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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.

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SUMMARY OF INDEBTEDNESS (1)

As of June 30, 2025
(In thousands)

	TOTAL INDEBTEDNESS			OUR SHARE OF INDEBTEDNESS			WEIGHTED AVERAGE END OF PERIOD INTEREST RATE			WEIGHTED AVERAGE YEARS TO MATURITY
Consolidated Indebtedness
Mortgage Debt
Fixed Rate		$	4,867,812		$	4,685,500		3.92	%		1.7
Floating Rate Debt (Swapped to Fixed)			226,637			207,026		4.65	%		2.4
Floating Rate Debt (Hedged) (2)			184,462			149,883		5.30	%		2.9
Variable Rate Debt			35,698			32,128		4.44	%		1.7
Total Mortgage Debt			5,314,609			5,074,537		3.99	%		1.7
Unsecured Debt
Fixed Rate Notes			18,761,438			18,761,438		3.54	%		9.3
Euro Term Loan (Swapped to Fixed)			411,002			411,002		2.60	%		1.7
Revolving Credit Facility – USD Currency (Swapped to Fixed)			305,000			305,000		5.22	%		3.0
Revolving Credit Facility – USD Currency			155,000			155,000		5.12	%		3.0
Supplemental Credit Facility – EUR Currency			587,145			587,145		2.69	%		4.6
Total Revolving Credit Facilities			1,047,145			1,047,145		3.78	%		3.9
Total Unsecured Debt			20,219,585			20,219,585		3.53	%		8.9
Premium			2,485			2,485
Discount			(73,891)			(73,891)
Debt Issuance Costs			(120,603)			(119,648)
Other Debt Obligations			59,065			59,065
Consolidated Mortgages and Unsecured Indebtedness (2)		$	25,401,250		$	25,162,133		3.63	%		7.5
Joint Venture Indebtedness
Mortgage Debt
Fixed Rate		$	10,973,189		$	5,197,179		4.92	%		4.7
Floating Rate Debt (Swapped to Fixed)			753,643			328,357		4.70	%		2.3
Floating Rate Debt (Hedged) (2)			1,156,528			541,239		6.42	%		1.4
Variable Rate Debt			528,421			244,517		4.86	%		2.2
TMLP Debt (3)			258,980			–		–			–
Total Mortgage Debt			13,670,761			6,311,292		5.03	%		4.2
Debt Issuance Costs			(40,314)			(19,739)
Joint Venture Mortgages and Other Indebtedness (2)		$	13,630,447		$	6,291,553		5.03	%		4.2
Our Share of Total Indebtedness					$	31,453,686		3.91	%		6.8

	TOTAL INDEBTEDNESS			OUR SHARE OF INDEBTEDNESS			WEIGHTED AVERAGE END OF PERIOD INTEREST RATE			WEIGHTED AVERAGE YEARS TO MATURITY
Summary of Our Share of Fixed and Variable Rate Debt
Consolidated
Fixed		96.3	%		$	24,240,262		3.63	%		7.7
Variable		3.7	%			921,871		3.58	%		4.0
		100.0	%			25,162,133		3.63	%		7.5
Joint Venture
Fixed		87.6	%		$	5,509,013		4.90	%		4.6
Variable		12.4	%			782,540		5.93	%		1.7
		100.0	%			6,291,553		5.03	%		4.2
Total Debt					$	31,453,686
Total Fixed Debt		94.6	%		$	29,749,275		3.87	%		7.0
Total Variable Debt		5.4	%		$	1,704,411		4.66	%		2.9
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.

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

As of June 30, 2025
(In thousands)

	UNSECURED CONSOLIDATED DEBT						SECURED CONSOLIDATED DEBT						UNCONSOLIDATED JOINT VENTURE DEBT						TOTAL
Year	OUR SHARE OF DEBT			WEIGHTED AVERAGE RATE			OUR SHARE OF DEBT			WEIGHTED AVERAGE RATE			OUR SHARE OF DEBT			WEIGHTED AVERAGE RATE			OUR SHARE OF DEBT			WEIGHTED AVERAGE RATE
2025		$	1,100,000		3.50	%		$	955,230		3.54	%		$	369,884		4.35	%		$	2,425,114		3.64	%
2026			2,430,719		3.36	%			2,642,570		4.06	%			1,371,807		4.76	%			6,445,096		3.94	%
2027			2,461,002		2.80	%			438,751		4.52	%			1,163,772		4.66	%			4,063,525		3.53	%
2028			1,260,000		3.00	%			48,809		3.85	%			879,136		4.13	%			2,187,945		3.48	%
2029			1,250,000		2.45	%			561,355		3.44	%			69,333		6.69	%			1,880,688		2.85	%
2030			1,337,145		2.67	%			76,500		5.92	%			309,716		3.83	%			1,723,361		3.09	%
2031			700,000		2.20	%			227,042		3.20	%			94,533		4.45	%			1,021,575		2.61	%
2032			1,400,000		2.45	%			—		—				358,004		5.23	%			1,758,004		3.06	%
2033			1,530,719		2.98	%			124,280		6.46	%			599,247		6.86	%			2,254,246		4.24	%
2034			1,500,000		5.25	%			—		—				363,331		6.15	%			1,863,331		5.42	%
2035			—		—				—		—				732,529		5.79	%			732,529		5.79	%
Thereafter			5,250,000		4.71	%			—		—				—		—				5,250,000		4.71	%
Face Amounts of Indebtedness		$	20,219,585		3.53	%		$	5,074,537		3.99	%		$	6,311,292		5.03	%		$	31,605,414		3.91	%
Premiums (Discounts) on Indebtedness, Net			(72,699)						1,293						—						(71,406)
Debt Issuance Costs			(109,456)						(10,192)						(19,739)						(139,387)
Other Debt Obligations			—						59,065						—						59,065
Our Share of Total Indebtedness		$	20,037,430					$	5,124,703					$	6,291,553					$	31,453,686

(1)

Does not include TRG.

2Q 2025 SUPPLEMENTAL

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Unsecured Debt Information
As of June 30, 2025

	DEBT INFORMATION
	MATURITY DATE			INTEREST RATE(7)			TYPE	INDEBTEDNESS TOTAL ($ IN 000’S)
Unsecured Indebtedness:
Simon Property Group, LP (Sr. Notes)		9/1/2025			3.50	%	Fixed		1,100,000
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		880,719(3)
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		411,002(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	(4)(5)		5.22	%	Fixed		305,000
Revolving Credit Facility – USD Currency		6/30/2028	(5)		5.12	%	Variable		155,000
Simon Property Group, LP (Sr. Notes)		9/13/2029			2.45	%	Fixed		1,250,000
Supplemental Credit Facility – Euro Currency		1/31/2030	(5)		2.69	%	Variable		587,145(1)
Simon Property Group, LP (Sr. Notes)

SIMON PROPERTY GROUP INC /DE/ 8-K