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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

SIMON PROPERTY GROUP, INC.

SIMON PROPERTY GROUP, L.P.

(Exact name of registrant as specified in its charter)

Indiana
(Simon Property Group, Inc.)
Indiana
(Simon Property Group, L.P.)
(State or other jurisdiction of

incorporation or organization)

001-14469
(Simon Property Group, Inc.)
001-36110
(Simon Property Group, L.P.)
(Commission File No.)

04-6268599
(Simon Property Group, Inc.)
34-1755769
(Simon Property Group, L.P.)
(I.R.S. Employer
Identification No.)

225 West Washington Street
Indianapolis, Indiana 46204
(Address of principal executive offices)

(317) 636-1600
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


	Title of each class	Trading Symbols	Name of each exchange on which registered
Simon Property Group, Inc.	Common stock, $0.0001 par value	SPG	New York Stock Exchange
Simon Property Group, Inc.	8³/₈% Series J Cumulative Redeemable Preferred Stock, $0.0001 par value	SPGJ	New York Stock Exchange

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.


Simon Property Group, Inc. Yes ⌧ No ◻	Simon Property Group, L.P. Yes ⌧ No ◻

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).


Simon Property Group, Inc. Yes ⌧ No ◻	Simon Property Group, L.P. Yes ⌧ No ◻

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Simon Property Group, Inc.:
Large accelerated filer ⌧	Accelerated filer ◻	Non-accelerated filer ◻	Smaller reporting company ◻
			Emerging growth company ◻

Simon Property Group, L.P.:
Large accelerated filer ◻	Accelerated filer ◻	Non-accelerated filer ⌧	Smaller reporting company ◻
			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.

Simon Property Group, Inc. ◻

Simon Property Group, L.P. ◻

Indicate by check mark whether Registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act).

Simon Property Group, Inc. Yes ◻ No ⌧

Simon Property Group, L.P. Yes ◻ No ⌧

As of September 30, 2025, Simon Property Group, Inc. had 326,462,060 shares of common stock, par value $0.0001 per share, and 8,000 shares of Class B common stock, par value $0.0001 per share, outstanding. Simon Property Group, L.P. has no common stock outstanding.

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EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the quarterly period ended September 30, 2025 of Simon Property Group, Inc., an Indiana corporation, and Simon Property Group, L.P., an Indiana limited partnership. Unless stated otherwise or the context otherwise requires, references to “Simon” mean Simon Property Group, Inc. and references to the “Operating Partnership” mean Simon Property Group, L.P. References to “we,” “us” and “our” mean collectively Simon, the Operating Partnership and those entities/subsidiaries owned or controlled by Simon and/or the Operating Partnership.

Simon is a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. We are structured as an umbrella partnership REIT under which substantially all of our business is conducted through the Operating Partnership, Simon’s majority-owned partnership subsidiary, for which Simon is the general partner. As of September 30, 2025, Simon owned an approximate 86.6% ownership interest in the Operating Partnership, with the remaining 13.4% ownership interest owned by limited partners. As the sole general partner of the Operating Partnership, Simon has exclusive control of the Operating Partnership’s day-to-day management.

We operate Simon and the Operating Partnership as one business. The management of Simon consists of the same members as the management of the Operating Partnership. As general partner with control of the Operating Partnership, Simon consolidates the Operating Partnership for financial reporting purposes, and Simon has no material assets or liabilities other than its investment in the Operating Partnership. Therefore, the assets and liabilities of Simon and the Operating Partnership are the same on their respective financial statements.

We believe that combining the quarterly reports on Form 10-Q of Simon and the Operating Partnership into this single report provides the following benefits:

●

enhances investors’ understanding of Simon and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;

●

eliminates duplicative disclosure and provides a more streamlined presentation since substantially all of the disclosure in this report applies to both Simon and the Operating Partnership; and

●

creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.

We believe it is important for investors to understand the few differences between Simon and the Operating Partnership in the context of how we operate as a consolidated company. The primary difference is that Simon itself does not conduct business, other than acting as the general partner of the Operating Partnership and issuing equity or equity-related instruments from time to time. In addition, Simon itself does not incur any indebtedness, as all debt is incurred by the Operating Partnership or entities/subsidiaries owned or controlled by the Operating Partnership.

The Operating Partnership holds, directly or indirectly, substantially all of our assets, including our ownership interests in our joint ventures. The Operating Partnership conducts substantially all of our business and is structured as a partnership with no publicly traded equity. Except for the net proceeds from equity issuances by Simon, which are contributed to the capital of the Operating Partnership in exchange for, in the case of common stock issuances by Simon, common units of partnership interest in the Operating Partnership, or units, or, in the case of preferred stock issuances by Simon, preferred units of partnership interest in the Operating Partnership, or preferred units, the Operating Partnership, directly or indirectly, generates the capital required by our business through its operations, the incurrence of indebtedness, proceeds received from the disposition of certain properties and joint ventures and the issuance of units or preferred units to third parties.

The presentation of stockholders’ equity, partners’ equity and noncontrolling interests are the main areas of difference between the consolidated financial statements of Simon and those of the Operating Partnership. The differences between stockholders’ equity and partners’ equity result from differences in the equity issued at the Simon and Operating Partnership levels. The units held by limited partners in the Operating Partnership are accounted for as partners’ equity in the Operating Partnership’s financial statements and as noncontrolling interests in Simon’s financial statements. The noncontrolling interests in the Operating Partnership’s financial statements include the interests of unaffiliated partners in various consolidated partnerships. The noncontrolling interests in Simon’s financial statements include the same noncontrolling interests at the Operating Partnership level and, as previously stated, the units held by limited partners of the Operating Partnership. Although classified differently, total equity of Simon and the Operating Partnership is the same.

To help investors understand the differences between Simon and the Operating Partnership, this report provides:

●

separate consolidated financial statements for Simon and the Operating Partnership;

●

a single set of condensed notes to such consolidated financial statements that includes separate discussions of noncontrolling interests and stockholders’ equity or partners’ equity, accumulated other comprehensive income (loss) and per share and per unit data, as applicable;

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●

a combined Management’s Discussion and Analysis of Financial Condition and Results of Operations section that also includes discrete information related to each entity; and

●

separate Part II, Item 2. Unregistered Sales of Equity Securities and Use of Proceeds sections related to each entity.

This report also includes separate Part I, Item 4. Controls and Procedures sections and separate Exhibits 31 and 32 certifications for each of Simon and the Operating Partnership in order to establish that the requisite certifications have been made and that Simon and the Operating Partnership are each compliant with Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934 and 18 U.S.C. §1350. The separate discussions of Simon and the Operating Partnership in this report should be read in conjunction with each other to understand our results on a consolidated basis and how management operates our business.

In order to highlight the differences between Simon and the Operating Partnership, the separate sections in this report for Simon and the Operating Partnership specifically refer to Simon and the Operating Partnership. In the sections that combine disclosure of Simon and the Operating Partnership, this report refers to actions or holdings of Simon and the Operating Partnership as being “our” actions or holdings. Although the Operating Partnership is generally the entity that directly or indirectly enters into contracts and joint ventures, holds assets and incurs debt, we believe that references to “we,” “us” or “our” in this context is appropriate because the business is one enterprise and we operate substantially all of our business through the Operating Partnership.

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Simon Property Group, Inc.

Simon Property Group, L.P.

Form 10-Q

INDEX

			Page
Part I — Financial Information

	Item 1.	Consolidated Financial Statements of Simon Property Group, Inc. (Unaudited)
		Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024	5
		Consolidated Statements of Operations and Comprehensive Income for the three and nine months ended September 30, 2025 and 2024	6
		Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024	7
		Consolidated Statements of Equity at September 30, 2025 and 2024	8

		Consolidated Financial Statements of Simon Property Group, L.P. (Unaudited)
		Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024	10
		Consolidated Statements of Operations and Comprehensive Income for the three and nine months ended September 30, 2025 and 2024	11
		Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024	12
		Consolidated Statements of Equity at September 30, 2025 and 2024	13

		Condensed Notes to Consolidated Financial Statements	15
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	42
	Item 3.	Qualitative and Quantitative Disclosures About Market Risk	57
	Item 4.	Controls and Procedures	57

Part II — Other Information

	Item 1.	Legal Proceedings	58
	Item 1A.	Risk Factors	58
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	58
	Item 3.	Defaults Upon Senior Securities	58
	Item 4.	Mine Safety Disclosures	58
	Item 5.	Other Information	58
	Item 6.	Exhibits	59

Signatures			60

Table of Contents

Simon Property Group, Inc.

Unaudited Consolidated Balance Sheets

(Dollars in thousands, except share amounts)


	September 30,		December 31,
	2025		2024
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 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

The accompanying notes are an integral part of these statements.

Table of Contents

Simon Property Group, Inc.

Unaudited Consolidated Statements of Operations and Comprehensive Income

(Dollars in thousands, except per share amounts)


	For the Three Months Ended				For the Nine Months Ended
	September 30,				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 (Note 6)		(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 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

Consolidated Net Income	$	702,696	$	546,671	$	1,824,237	$	1,957,262
Unrealized gain (loss) on derivative hedge agreements		1,907		(54,297)		(30,521)		(10,281)
Net gain reclassified from accumulated other comprehensive loss into earnings		(1,579)		(1,289)		(4,488)		(4,168)
Currency translation adjustments		(31,013)		7,946		(69,629)		(25,668)
Changes in available-for-sale securities and other		1,812		2,096		2,699		1,385
Comprehensive income		673,823		501,127		1,722,298		1,918,530
Comprehensive income attributable to noncontrolling interests		91,803		64,567		232,062		249,251
Comprehensive income attributable to common stockholders	$	582,020	$	436,560	$	1,490,236	$	1,669,279

The accompanying notes are an integral part of these statements.

Table of Contents

Simon Property Group, Inc.

Unaudited Consolidated Statements of Cash Flows

(Dollars in thousands)


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

The accompanying notes are an integral part of these statements.

Table of Contents

Simon Property Group, Inc.

Unaudited Consolidated Statements of Equity

(Dollars in thousands)


					Accumulated						Common
					Other		Capital in				Stock
	Preferred		Common		Comprehensive		Excess of		Accumulated		Held in		Noncontrolling		Total
	Stock		Stock		Income (Loss)		Par Value		Deficit		Treasury		interests		Equity
December 31, 2024	$	40,778	$	33	$	(193,026)	$	11,583,051	$	(6,382,515)	$	(2,106,396)	$	472,798	$	3,414,723
Exchange of limited partner units (116,558 common shares, note 8)								922						(922)		—
Series J preferred stock premium amortization		(82)														(82)
Stock incentive program (39,949 common shares)								(7,502)				7,502				—
Redemption of limited partner units (36,291 units)								(6,048)						(287)		(6,335)
Amortization of stock incentive								7,300								7,300
Long-term incentive performance units														12,042		12,042
Issuance of unit equivalents and other (9,606 common shares repurchased)								(1)		(55,534)		(1,588)		471		(56,652)
Unrealized loss on hedging activities						(11,964)								(1,869)		(13,833)
Currency translation adjustments						(14,447)								(2,193)		(16,640)
Changes in available-for-sale securities and other						951								147		1,098
Net gain reclassified from accumulated other comprehensive loss into earnings						(1,259)								(196)		(1,455)
Other comprehensive income (loss)						(26,719)								(4,111)		(30,830)
Adjustment to limited partners’ interest from change in ownership in the Operating Partnership								16,969						(16,969)		—
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests										(686,102)				(106,934)		(793,036)
Distributions to other noncontrolling interest partners														(693)		(693)
Net income, excluding $292 attributable to preferred interests in the Operating Partnership and a $1,804 loss attributable to noncontrolling redeemable interests in properties										414,533				64,839		479,372
March 31, 2025	$	40,696	$	33	$	(219,745)	$	11,594,691	$	(6,709,618)	$	(2,100,482)	$	420,234	$	3,025,809
Series J preferred stock premium amortization		(82)														(82)
Stock incentive program (117,411 common shares, net)								(19,721)				19,721				—
Redemption of limited partner units (300 units)								(47)						(2)		(49)
Amortization of stock incentive								11,302								11,302
Long-term incentive performance units														9,381		9,381
Issuance of unit equivalents and other (49,687 common shares repurchased)								223		1,528		(8,251)		838		(5,662)
Unrealized loss on hedging activities						(16,091)								(2,502)		(18,593)
Currency translation adjustments						(19,029)								(2,947)		(21,976)
Changes in available-for-sale securities and other						(183)								(28)		(211)
Net gain reclassified from accumulated other comprehensive loss into earnings						(1,260)								(195)		(1,455)
Other comprehensive income (loss)						(36,563)								(5,672)		(42,235)
Adjustment to limited partners’ interest from change in ownership in the Operating Partnership								7,339						(7,339)		—
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests										(686,484)				(106,616)		(793,100)
Distributions to other noncontrolling interest partners														(1,597)		(1,597)
Net income, excluding $291 attributable to preferred interests in the Operating Partnership and a $409 loss attributable to noncontrolling redeemable interests in properties										556,968				86,831		643,799
June 30, 2025	$	40,614	$	33	$	(256,308)	$	11,593,787	$	(6,837,606)	$	(2,089,012)	$	396,058	$	2,847,566
Series J preferred stock premium amortization		(83)														(83)
Redemption of limited partner units (840 units)								(143)						(6)		(149)
Amortization of stock incentive								9,328								9,328
Long-term incentive performance units														18,482		18,482
Issuance of unit equivalents and other (22,703 common shares repurchased)								58		(1,555)		(4,072)		(8)		(5,577)
Unrealized gain on hedging activities						1,651								255		1,906
Currency translation adjustments						(26,842)								(4,171)		(31,013)
Changes in available-for-sale securities and other						1,568								244		1,812
Net gain reclassified from accumulated other comprehensive loss into earnings						(1,367)								(212)		(1,579)
Other comprehensive income (loss)						(24,990)								(3,884)		(28,874)
Adjustment to limited partners’ interest from change in ownership in the Operating Partnership								15,325						(15,325)		—
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests										(702,773)				(109,227)		(812,000)
Distributions to other noncontrolling interest partners														(975)		(975)
Net income, excluding $291 attributable to preferred interests in the Operating Partnership and $552 attributable to noncontrolling redeemable interests in properties										607,008				94,845		701,853
September 30, 2025	$	40,531	$	33	$	(281,298)	$	11,618,355	$	(6,934,926)	$	(2,093,084)	$	379,960	$	2,729,571

The accompanying notes are an integral part of these statements.

Table of Contents

Simon Property Group, Inc.

Unaudited Consolidated Statements of Equity

(Dollars in thousands)


					Accumulated						Common
					Other		Capital in				Stock
	Preferred		Common		Comprehensive		Excess of		Accumulated		Held in		Noncontrolling		Total
	Stock		Stock		Income (Loss)		Par Value		Deficit		Treasury		interests		Equity
December 31, 2023	$	41,106	$	33	$	(172,787)	$	11,406,236	$	(6,095,576)	$	(2,156,178)	$	468,815	$	3,491,649
Series J preferred stock premium amortization		(82)														(82)
Stock incentive program (54,075 common shares)								(8,234)				8,234				—
Redemption of limited partner units (279,350 units)								(38,160)						(2,556)		(40,716)
Amortization of stock incentive								5,118								5,118
Long-term incentive performance units														4,765		4,765
Issuance of unit equivalents and other (30,771 common shares repurchased)								(1)		11,979		(4,438)		(252)		7,288
Unrealized gain on hedging activities						24,138								3,606		27,744
Currency translation adjustments						(15,201)								(2,228)		(17,429)
Changes in available-for-sale securities and other						(545)								(81)		(626)
Net gain reclassified from accumulated other comprehensive loss into earnings						(1,401)								(210)		(1,611)
Other comprehensive income (loss)						6,991								1,087		8,078
Adjustment to limited partners’ interest from change in ownership in the Operating Partnership								5,781						(5,781)		—
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests										(636,453)				(95,349)		(731,802)
Distributions to other noncontrolling interest partners														(2,040)		(2,040)
Net income, excluding $432 attributable to preferred interests in the Operating Partnership and a $1,615 loss attributable to noncontrolling redeemable interests in properties										732,536				109,802		842,338
March 31, 2024	$	41,024	$	33	$	(165,796)	$	11,370,740	$	(5,987,514)	$	(2,152,382)	$	478,491	$	3,584,596
Series J preferred stock premium amortization		(82)														(82)
Stock incentive program (138,665 common shares, net)								(22,365)				22,365				—
Redemption of limited partner units (1,000 units)								(139)						(9)		(148)
Amortization of stock incentive								9,750								9,750
Long-term incentive performance units														4,326		4,326
Issuance of unit equivalents and other (39,108 common shares repurchased)										(9,756)		(6,120)		(84)		(15,960)
Unrealized gain on hedging activities						14,155								2,117		16,272
Currency translation adjustments						(14,086)								(2,099)		(16,185)
Changes in available-for-sale securities and other						(74)								(12)		(86)
Net gain reclassified from accumulated other comprehensive loss into earnings						(1,103)								(165)		(1,268)
Other comprehensive income (loss)						(1,108)								(159)		(1,267)
Adjustment to limited partners’ interest from change in ownership in the Operating Partnership								4,602						(4,602)		—
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests										(652,966)				(97,810)		(750,776)
Distributions to other noncontrolling interest partners														(1,066)		(1,066)
Net income, excluding $431 attributable to preferred interests in the Operating Partnership and $364 attributable to noncontrolling redeemable interests in properties										494,300				74,341		568,641
June 30, 2024	$	40,942	$	33	$	(166,904)	$	11,362,588	$	(6,155,936)	$	(2,136,137)	$	453,428	$	3,398,014
Exchange of limited partner units (55,000 common shares, note 8)								490						(490)		—
Series J preferred stock premium amortization		(82)														(82)
Stock incentive program (179,755 common shares, net)								(29,741)				29,741				—
Amortization of stock incentive								7,799								7,799
Long-term incentive performance units														5,668		5,668
Issuance of unit equivalents and other										(8,776)				4,873		(3,903)
Unrealized loss on hedging activities						(47,257)								(7,040)		(54,297)
Currency translation adjustments						7,116								830		7,946
Changes in available-for-sale securities and other						1,823								274		2,097
Net gain reclassified from accumulated other comprehensive loss into earnings						(1,118)								(171)		(1,289)
Other comprehensive income (loss)						(39,436)								(6,107)		(45,543)
Adjustment to limited partners’ interest from change in ownership in the Operating Partnership								2,292						(2,292)		—
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests										(669,732)				(100,162)		(769,894)
Distributions to other noncontrolling interest partners														(454)		(454)
Net income, excluding $406 attributable to preferred interests in the Operating Partnership and a $1,487 loss attributable to noncontrolling redeemable interests in properties										475,995				71,757		547,752
September 30, 2024	$	40,860	$	33	$	(206,340)	$	11,343,428	$	(6,358,449)	$	(2,106,396)	$	426,221	$	3,139,357

The accompanying notes are an integral part of these statements.

Table of Contents

Simon Property Group, L.P.

Unaudited Consolidated Balance Sheets

(Dollars in thousands, except unit amounts)


	September 30,		December 31,
	2025		2024
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
Distribution 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
Preferred units, various series, at liquidation value, and noncontrolling redeemable interests		244,965		184,729
EQUITY:
Partners’ Equity
Preferred units, 796,948 units outstanding. Liquidation value of $39,847		40,531		40,778
General Partner, 326,470,060 and 326,278,138 units outstanding, respectively		2,309,080		2,901,147
Limited Partners, 50,713,100 and 50,759,627 units outstanding, respectively		358,686		451,339
Total partners’ equity		2,708,297		3,393,264
Nonredeemable noncontrolling interests in properties, net		21,274		21,459
Total equity		2,729,571		3,414,723
Total liabilities and equity	$	33,602,187	$	32,405,691

The accompanying notes are an integral part of these statements.

Table of Contents

Simon Property Group, L.P.

Unaudited Consolidated Statements of Operations and Comprehensive Income

(Dollars in thousands, except per unit amounts)

For the Three Months Ended

For the Nine Months 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 (Note 6)

(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

SIMON PROPERTY GROUP INC. 10-Q